HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2021-03RESOLUTION NO. FWLDC-2021-03
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Adopt the Fort Worth Local Development Corporation -Funded Project Policy and
Express Intent to Designate a Total of $7,000,000 in Fiscal Year 2022 for Selected Projects
WHEREAS, the City Council of the City of Fort Worth ("City") adopted the Economic
Development Strategic Plan on December 12, 2017 (the "Strategic Plan") that includes a goal to
"Ensure Community Vitality and Initiative", known as "Goal 3", and includes Outcome 44,
which is, "A commitment to `quality of place' throughout the community";
WHEREAS, the Fort Worth Local Development Corporation (the "Corporation") was
created in 1987 to assist the City with, among other things, the creation of jobs and other
economic development activities of the City;
WHEREAS, the Corporation desires to assist the City with the achievement of Goal 3 of
the Strategic Plan by funding certain community economic development and revitalization
efforts and the Fort Worth Local Development Corporation -Funded Projects Policy ("LDC-
Funded Projects Policy") has been developed to help facilitate said community economic
development and revitalization efforts, including incremental and catalytic development in, or
directly benefiting, Revitalization Zones, areas designated under the Neighborhood Improvement
Program, and Urban Villages within the City of Fort Worth, as defined by relevant City
ordinances and policies;
WHEREAS, a project funded by the Fort Worth Local Development Corporation under
the LDC-Funded Projects Policy ("LDC-Funded Project") could include rehabilitation of
existing facilities, ground -up development, land assembly, community enhancement and
infrastructure improvements; and
WHEREAS, the Corporation desires to adopt the LDC-Funded Projects Policy and to
express intent to designate a total of $7,000,000 in Fiscal Year 2022 for the purpose of LDC-
Funded Projects selected in accordance with the LDC-Funded Projects Policy.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH LOCAL DEVELOPMENT CORPORATION:
1. THAT the Board hereby adopts the LDC-Funded Projects Policy, attached hereto as
Exhibit "A".
2. THAT the Board hereby expresses its intent to designate a total of $7,000,000 in the
Corporation's Fiscal Year 2022 budget to be available for LDC-Funded Projects in
accordance with the LDC-Funded Project Policy.
RESOLUTION NO. FWLDC-2021-03
PAGE 2
3. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted May 18, 2021.
FORT WORTH LOCAL DEVELOPMENT CORPORATION
By�L.���,I�I ���i� II ',.,ICI li,...,�l..li
Gyna Bivens, President