HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2022-09RESOLUTION NO. FWLDC-2022-09
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Execution of a Tempormy Right of Enby Agreement
With Innovan Neighborhoods, LLC and Legacy Construction Solutions, Inc.
for 5401 and 5425 East Berry Street
WHEREAS, the Fort Worth Local Development Corporation ("Corporation") is the owner
of certain real property known as 5401 and 5425 E. Berry Street, Fort Worth, Texas 76119 (the
"Property"); and
WHEREAS, the Property is approximately 3.7 acres of vacant land (and is the site of a
former Dairy Queen), and is located in a Neighborhood Empowerment Zone, an Enterprise Zone,
the Lake Arlington/Berry/Stalcup Urban Village, and an area eligible for (i) Community
Development Block Grant (CDBG) funds from the United States Department of Housing and
Urban Development (HUD) and (ii) New Market Tax Credits; and
WHEREAS, on March 6, 2018, the Corporation approved a development agreement with
Housing Channel, a certified 501(c)(3) housing nonprofit organization and a Community Housing
Development Organization (CHDO), as defined by HUD, to develop a mixed -use project on the
Property (Resolution No. FWLDC-04-2018); and
WHEREAS, Housing Channel performed certain due diligence on the Property but
eventually declined to proceed with the project and, on February 18, 2020, the Corporation
authorized a reimbursement to Housing Channel for expenditures made by Housing Channel to
obtain a Letter of Map Revision for the Property to remove portions of the Property from the
Federal Emergency Management Agency flood plain maps; and
WHEREAS, on January 4, 2021, the Corporation issued a Request for Expressions of
Interest for the development of the Property and, on April 26, 2022, the Corporation selected two
finalists, Innovan Neighborhoods, LLC and Legacy Construction Solutions, Inc. (collectively, the
"Developers") (Resolution No. FWLDC-2022-07); and
WHEREAS, in order to allow the Developers to complete the due diligence necessary to
begin the development of the Property, the Corporation desires to authorize the execution of a
Temporary Right of Entry Agreement, and other ancillary agreements, with the Developers for the
Property.
NOW, THEREFORE, BE IT RESOLVED that the Board of Trustees of the Corporation
hereby authorizes the execution of a Temporary Right of Entry Agreement, and any other ancillary
agreements, with the Developers for the Property.
Resolution — FWLDC-2022-09
Page 2 of 2
FURTHER RESOLVED, D, that the Secretary or any Assistant Secretary of the Corporation
is hereby authorized and directed to certify the adoption of this Resolution.
Adopted this 28"' day of June, 2022.
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President
Attest:
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Jannette S. Goodall
It Corporate Secretary