HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2014-06RESOLUTION NO. FWHFC-2014-06
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION APPROVING THE SALE OF LAND LOCATED AT DASHWOOD
STREET AND MISSOURI AVENUE IN THE EVANS AND ROSEDALE AREA TO
CENTRAL SOUTHWEST DEVELOPMENT, L.L.C. AND APPROVING A CONTRACT
WITH CYPRESS EQUITIES MANAGED SERVICES, LP, TO ASSIST WITH THE
SALE AND DEVELOPMENT OF THE LAND
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") seeks to
foster the development of reasonably priced quality housing and promote homeownership and
neighborhood revitalization throughout the City of Fort Worth ("City") and is additionally an
eligible housing development entity which assists persons of low and moderate income in
acquiring and owning quality, accessible, affordable housing;
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 I, 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 a Purchase Contract (M&C L-14331; 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 because the total job
requirement has not been met, City is now required to repay a portion of the CDBG funds to the
United States Department of Housing and Urban Development ("HUD");
WHEREAS, on March 4, 2014, the Board of the Corporation accepted an assignment
from Cypress Equities I, LP of the Purchase Contract with the City for the remaining land and
agreed to an amended purchase price of $1,449,290.17 , the amount needed to repay HUD;
WHEREAS, Cypress has been negotiating with Central Southwest Texas Development,
L.L.C., to sell a 1 acre parcel, more or less, located at the corner of Dashwood Street and
Missouri Avenue in the Evans and Rosedale redevelopment area on which the purchaser
proposes to construct an occupational medical center to be known as Nova Medical Center;
WHEREAS, Cypress Equities Managed Services, LP, a Cypress affiliate, has
approached the Corporation with a proposal to act as a consultant to assist the Corporation in the
negotiation of the sale of the land, and with the activities necessary to develop it including
preparing a site plan, re -platting and utility relocation, and any other negotiations with the
purchaser which are needed to assure that the proposed development meets the approved design
guidelines for the redevelopment area as well as other required development activities; and
RESOLUTION NO. FWHFC-2014-06
PAGE 2
WHEREAS, the Board desires to approve the sale of 1 acre of land, more or less, located
at Dashwood Street and Missouri Avenue in the Evans and Rosedale redevelopment area to
Central Southwest Texas Development, L.L.C., and to approve a Developer Consultant Contract
with Cypress Equities Managed Services, LP to assist the Corporation with the sale and
development of the land.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the sale of 1 acre of land, more or less, located at Dashwood
Street and Missouri Avenue in the Evans and Rosedale redevelopment area (the
"Property") to Central Southwest Texas Development, L.L.C. for a sales price of $13.00
per square foot plus the payment of common and customary closing costs.
2. THAT the Board approves the execution and delivery of the sale and purchase agreement
for the sale of the Property, the execution and delivery of the deed, and the execution and
delivery of the closing statement and any other related documents necessary to complete
the sale of the Property.
3. THAT Tom Higgins, General Manager of the Corporation, or Jesus Chapa, Assistant
General Manager of the Corporation, are authorized to execute and deliver the sale and
purchase agreement for the sale of the Property, execute and deliver the deed and execute
the closing statement for and on behalf of the Corporation along with any related
documents necessary to sell the Property.
4. THAT the Board approves the execution and delivery of a Developer Consultant Contract
with Cypress Equities Managed Services, LP to assist the Corporation in the sale and
development of the Property.
5. THAT the Board approves all related activities necessary to prepare the Property for sale
and development.
6. THAT Tom Higgins, General Manager of the Corporation, or Jesus Chapa, Assistant
General Manager of the Corporation, are authorized to execute and deliver the Developer
Consultant Contract for and on behalf of the Corporation along with any related
documents necessary to fulfill the terms of the contract.
RESOLUTION NO. FWHFC-2014-06
PAGE 3
7. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted May 6, 2014.
FORT WORTH HOUSING FINANCE CORPORATION
By: i
alvador Espino, Presiders