HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2021-02RESOLUTION NO. FWLDC-2021-02
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Amend Resolution No. FWLDC-08-2018 Authorizing the Sale of the Blue Mound Road
Industrial Complex to CHMIndustries, Inc. and Anchor Fabrication, LLC
for n Combined Amount of Not Less Than $11.0 Million
to Accept n Combined Amount of Not Less Than $10.6 Million
WHEREAS, the Fort Worth Local Development Corporation ("Corporation") is the owner of an
approximately 50.4 acre industrial complex with addresses of 4600 Blue Mound Road, Fort Worth,
Texas ("4600 Blue Mound"), 4700 Blue Mound Road, Fort Worth, Texas ("4700 Blue Mound"),
1035 Meacham Boulevard, Fort Worth, Texas ("1035 Meacham"), 1381 Meacham Boulevard,
Fort Worth, Texas (" 1381 Meacham"), and 1401 Meacham Boulevard, Fort Worth, Texas (" 1401
Meacham"), all as more particularly described on Exhibit A attached hereto (collectively, the
"Property");
WHEREAS, prior to ownership by Corporation, the Property was purchased and improved with
the proceeds of industrial revenue bonds issued by the Fort Worth Industrial Development, Inc., a
non-profit corporation established by the Fort Worth Chamber of Commerce in 1966 ("FWID"),
for the purpose of inducing the Fruehauf Trailer Corporation to locate a trailer manufacturing plant
on the property;
WHEREAS, FWID held title to the property and leased the Property and improvements to
Fruehauf, with the lease payments being used to pay off the bonds; in order to make interest on
the bonds tax-exempt under the laws at the time, the bond indenture provided that the Property
would be transferred to the City of Fort Worth upon payment of the bond debt; the bonds were
retired in 1996 and property was conveyed to the City of Fort Worth, who subsequently conveyed
the Property to the Corporation for liability and other reasons in July 1999;
WHEREAS, all buildings on the Property are fully leased, and 5.8 acres of vacant land not under
lease;
WHEREAS, CHM Industries, Inc. ("CHM"), the tenant of 4700 Blue Mound, executed a lease
with Corporation on June 23, 2016, which lease contained an option to purchase 4700 Blue Mound
Road, as approved by Corporation in Resolution No. FWLDC-2016-04, and CHM has executed
its option to purchase;
WHEREAS, CHM has also offered to purchase 1035 Meacham and 1381 Meacham, currently
leased by A&R Logistics, Inc., and a portion of 4600 Blue Mound Road currently leased by
Integerys Transportation Fuels LLC dba Trillium CNG ("Trillium") (collectively, Trillium's
portion of 4600 Blue Mound Road, 1035 Meacham, and 1381 Meacham are referred to herein as
the "CHM Sale Properties");
WHEREAS, Anchor Fabrication, Inc. ("Anchor") executed a lease with the Corporation effective
December 4, 2015 and has offered to purchase their leased portion of 4600 Blue Mound, and 1401
Meacham, currently leased by L&W Supply Corporation (collectively, Anchor's portion of 4600
Blue Mound and 1401 Meacham are referred to herein as the "Anchor Sale Properties"); and
RESOLUTION NO. FWLDC-2021-01
PAGE 2
WHEREAS, on September 25, 2018, the Board of Trustees of the Corporation approved
Resolution No. FWLDC-08-2018 authorizing the sale of the Property to CHM and Anchor for a
combined amount of not less than $11.0 Million and the parties subsequently entered into
agreements for the sale of the Property for a combined amount of not less than $11.0 Million, with
the Anchor Properties having a sales price of $6,820,000; and
WHEREAS, certain maintenance issues have arisen related to the sprinkler system and a collapsed
sewer line on the Anchor Sale Properties that necessitate repairs that are the responsibility of
Corporation, however, Anchor is willing to address the maintenance issues in exchange for a
reduction in the sales price.
NOW, THEREFORE, BE IT RESOLVED that, the sale of the Anchor Sale Properties by
Corporation to Anchor or its affiliates in an approximate amount of $6,473,000.00 is hereby
authorized, provided that Anchor agrees in writing to perform necessary maintenance and repairs
to the sprinkler system and the sewer line; and
FURTHER RESOLVED that notwithstanding the approximate sales prices set forth herein, in
no event shall the total sales price for the Property be less than $10,600,000.00;
FURTHER RESOLVED that the President or Vice President is hereby authorized to execute any
documents necessary to carry out the purposes and terms of this Resolution; and
FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the Corporation is
hereby authorized and directed to certify the adoption of this Resolution.
Adopted this 121h day of January, 2021.
Mary J. Kayser, Secretary