HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2014-03RESOLUTION NO. FWHFC-2014-03
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE ACCEPTANCE OF AN ASSIGNMENT
OF CITY OF FORT WORTH CITY SECRETARY CONTRACTS NOS. 35570,
AND 35571 FROM CYPRESS EQUITIES 1, LP FOR THE PURCHASE OF
CERTAIN REAL PROPERTY LOCATED IN THE EVANS AND ROSEDALE
NEIGHBORHOOD FROM THE CITY OF FORT WORTH FOR $1,449,290.17
WHEREAS, the City Council of the City of Foil Worth ("City") has adopted
development and revitalization of the City's neighborhoods and affordable housing stock
as a strategic goal;
WHEREAS, the City Council established the Fort Worth Housing Finance
Corporation (the "Corporation") in 1979 pursuant to the Texas Housing Finance
Corporations Act, Chapter 394 of the Texas Local Government Code, to promote and
facilitate neighborhood revitalization and housing initiatives in the City, including but not
limited to issuing tax exempt bonds, developing, rehabilitating and promoting housing,
and assisting low to moderate income City citizens in acquiring quality, accessible,
affordable housing through lending and construction activities;
WHEREAS, in 1999, the City began purchasing properties for the Evans and
Rosedale redevelopment project with Community Development Block Grant ("CDBG")
funds which included a requirement that 108 jobs be created for low- to moderate -income
individuals. In 2007 the City Council selected Cypress Equities 1, LP ("Cypress") as the
Master Developer for the project and authorized the sale of 6.9 acres, more or less, of
City -owned property to Cypress under the terms of two Purchase Contracts (M&C L-
1433 1; City Secretary Contract Nos. 35570 and 35571);
WHEREAS, Cypress acquired and sold certain of the City properties to
businesses which created approximately 25 jobs to fulfill the job requirement, but if the
total job requirement is not met, City will be required to repay a portion of the CDBG
funds to the United States Department of Housing and Urban Development ("HUD");
WHEREAS, Cypress's option in the Purchase Contracts for the remaining City
land expires on March 31, 2014, and if Cypress does not secure a project creating jobs by
that date, the remaining HUD job creation requirement will be triggered and City will
have to repay $1,449,290.17 to HUD; and
WHEREAS, the Board of the Corporation desires to accept an assignment from
Cypress Equities 1, LP of the Purchase Contracts with the City for the remaining land and
agree to an amended purchase price of $1,449,290.17, the amount needed to repay HUD
and eliminate the job requirement tied to City's original acquisition of the land with
CDBG funds.
RESOLUTION NO. FWHFC-2014-03
PAGE 2
NOW THEREFORE, LET IT BE RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
I THAT the Board approves the execution and delivery of an Assignment
("Assignment") by and between Cypress Equities 1, LP ("Cypress"), the City of
Fort Worth ("City") and the Corporation which assigns Cypress's rights and
obligations under City Secretary Contracts Nos. 35570 and 35571, as amended
(the "Contracts") to the Corporation.
2. THAT the Board approves and accepts an amendment to the Contracts which
increases the total purchase price of the City land to $1,449,290.17 and removes
the requirement for a Planned Development Special Use with site plan before
closing.
3. THAT the Board approves and accepts the conveyance from City to the
Corporation of the remaining City land more particularly described in the
Contracts for the purchase price of $1,449,290.17 plus payment of all common
and customary closing costs, including payment of any post judgment taxes. .
4. THAT Tom Higgins, General Manager of the Corporation, or Jesus Chapa,
Assistant General Manager of the Corporation, are authorized to execute and
deliver the Assignment for and on behalf of the Corporation and any related
documents necessary to implement the Assignment, and each may extend, modify
and amend the Assignment, provided any such extensions, modifications and
amendments are in compliance with City Ordinances, and the goals and purposes
of the Corporation as amended from time to time.
5. THAT Tom Higgins, General Manager of the Corporation, or Jesus Chapa,
Assistant General Manager of the Corporation, are authorized to accept the deeds
for the purchase of the land described in the Contracts, execute and deliver the
closing statements for and on behalf of the Corporation along with any related
documents necessary to complete the purchase of the land.
6. THAT the Board approves all related activities necessary to market the land for
sale and development.
7. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted March 4, 2014.
FORT W04TH HOUJING FINANCE CORPORATION
By:
Salvador Espino, Presid6nt