HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2021-04RESOLUTION NO. FWLDC-2021-04
RESOLUTION NO. FWLDC-2021-04
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Donation of $1,000,000 to City of Fort Worth for
the Economic Incentives Fund
WHEREAS the Fort Worth Local Development Corporation ("Corporation") was the owner of a 50+ acre
industrial complex located at the northeast corner of Blue Mound Road and Meacham Boulevard, Fort Worth,
Texas (Blue Mound Road Complex);
WHEREAS on September 25, 2018, the Board of Trustees approved a resolution to authorize the sale of the
Blue Mound Road Complex to two existing tenants, CHM Industries, Inc, and Anchor Fabrication, LLC and/or
their affiliates;
WHEREAS on February 25, 2021 the sale of 4600 Blue Mound Road and 1401 Meacham Boulevard was
closed and the property conveyed to Anchor Fabrication and 1401 Meacham Partners, respectively, and on
March 5, 2021, the sale of 4700 Blue Mound Road and 1035 Meacham Boulevard was closed and the property
conveyed to CHM Industries, Inc;
WHEREAS the City of Fort Worth ("City") established a fund entitled the Economic Incentives Fund to
support projects that meeting eligibility under Section 9, Technology Company Projects, and Section 14,
Employment Designated Project Fund, in the Economic Development Program Policy for Grants Authorized by
Chapter 380, as approved by City Council on January 26,2021 (M&C 21-0072, Resolution No. 5338-01-2021);
WHEREAS the Economic Incentives Fund was started with an initial deposit of $4,575,896.00, which was
transferred to the City from the LDC following the sale by the LDC of the 250 Lancaster project, and a second
deposit of $400,000.00 also from the LDC from 250 Lancaster sales proceeds; and
WHEREAS the Corporation desires to donate and transfer $1,000,000 of the net proceeds from the sale of the
Blue Mound Road Complex to the City of Fort Worth to provide additional funding to the Economic Incentives
Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE FORT
WORTH LOCAL DEVELOPMENT CORPORATION:
THAT $1,000,000 of net proceeds fiom the sale of the Blue Mound Road Complex be transferred from
and donated by the Corporation to the City of Fort Worth for the Economic Incentives Fund.
2. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted May 18, 2021.
FORT WORTH LOC L DEVELOPMENT CORPORATION
na Bivens, President