HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2022-03RESOLUTION NO. FWLDC-2022-03
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Approving the sale of 722 E. Rosedale street to Hoque Global LLC or an affiliate to facilitate
swap of 912 Missouri Avenue for the Evans and Rosedale Urban Village Development
WHEREAS, in 2018, the Fort Worth Housing Finance Corporation ("HFC"), the City of
Fort Worth ("City"), and the Corporation issued a Request for Expressions of Interest ("RFEI")
seeking redevelopment proposals for the Evans and Rosedale Urban Village area that maximized
the use of the property for the current market while respecting the area's history;
WHEREAS, after significant community engagement and feedback, review of submitted
proposals, and negotiation, staff for the Corporation, the City, and the HFC selected Hoque Global
Properties, LLC ("Hoque") to redevelop the area;
WHEREAS, Hoque is proposing a two -phased approach that will result in a total of at
least $70 million worth of investment; approximately 292 multifamily units, 20 townhomes, and
28 live -work units, with a portion being affordable units; a cultural square; parks, and other public
spaces;
WHEREAS, all of the property in the area is owned by either the City, the Corporation,
or the HFC, except for one property located at 912 Missouri Avenue ("Missouri Property"). The
Missouri Property is presumptively owned by a third party who is willing to sell the Missouri
Property to Hoque in exchange for receiving 722 E. Rosedale Street, more particularly described
on Exhibit "A", attached hereto and made a part hereof for all purposes ("Rosedale Property"),
which is owned by the Corporation;
WHEREAS, the Corporation desires to sell the Rosedale Property to Hoque or an affiliate
under the terms and conditions of this resolution, conditioned on the acquisition of the Missouri
Property by Hoque or an affiliate;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE CORORATION:
1. THAT the Board approves the sale of the Rosedale Property to Hoque or an affiliate
as -is for $132,536.62, with the payment by Hoque or an affiliate of all closing costs.
The sale of the Rosedale Property to Hoque or an affiliate shall be conditioned upon
the prior acquisition of the Missouri Property by Hoque or an affiliate.
2. THAT the Board approves the execution and delivery of all documents necessary to
effect and complete the sale of the Rosedale Property to Hoque or an affiliate under the
terms and conditions set forth herein.
Resolution — FWLDC-2022-03
Page 2 of 3
FURTHER RESOLVED, that the President, Vice President, or any authorized signatory
of the Corporation is authorized to execute all necessary instruments and documentation to effect
and complete the sale of the Property.
Adopted this 22°d day of February, 2022.
BL"',
Gyna M. Bi ens
President
Attest:
tA'tte S.Goodall
rate Secretary
Resolution — FWLDC-2022-03
Page 3 of 3
EXHIBIT "A"
THE ROSEDALE PROPERTY
Lot 38, Block 5 of Evans South Addition, an addition to the City of Fort Worth, Tarrant County,
Texas, according to the plat recorded in Volume 35, Page 605, Official Public Records, Tarrant
County, Texas