HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2021-09RESOLUTION NO. FWLDC-2021-09
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Sale of Five Lots Located In and Near the Evans and Rosedale Urban Village to
the City of Fort Worthfor the Development of Mixed -Use Urban 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, the area includes a total of 36 properties, consisting of one City -owned
property, five Corporation -owned properties, and thirty HFC-owned properties;
WHEREAS, after significant community engagement and feedback, review of submitted
proposals, and negotiation, staff for the Corporation, the City, and the HFC are recommending
that Hoque Global Properties, LLC ("Hoque") be selected 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, due to market considerations, in order for the development to be financially
feasible, Hoque must be able to purchase the properties at a value less than fair market value;
WHEREAS, the City has received American Rescue Plan Act funds that can be used for
certain government functions, and it has been determined that the purchase of the Corporation's
properties is an eligible use of these funds; and
WHEREAS, it is recommended that the Corporation sell the properties identified in
Exhibit "A" to the City for fair market value so that the City can then convey the properties to
Hoque in an amount less than fair market value, as allowed by state and local law.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE CORORATION:
1. THAT the Board approves the sale of five lots more particularly described on the
attached Exhibit "A" (the "Property") to the City as -is for the fair market value price
of $537,076.29, plus the payment by the City of all closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of
the Property: (i) one or more sale and purchase agreements with the City, (ii) all
necessary deeds, and (iii) closing statements and other related documents necessary to
complete the sale of the Property.
FURTHER RESOLVED, that the President, Vice President, or any authorized signatory
is authorized to execute all necessary instruments and documentation to affect the sale of the
Property.
Adopted this 21" day of September, 2021.
BY4
-7G y nwens
Presi ent
EXHIBIT "A"
THE PROPERTY
ADDRESS
OWNER
PARCEL LEGAL DESCRIPTION
Area s.f.
Value x $21.27/s.f.
901 EVANS AVE
LDC
MC ANULTY & NESBITT SUB EVANS BLOCK 2 LOT 1
4799.548828
$ 102,086.40
901 EVANS AVE
LDC
MC ANULTY & NESBITT SUB EVANS BLOCK 2 LOT 2
5191.926758
$ 110,432.28
909 EVANS AVE
LDC
MC ANULTY & NESBITT SUB EVANS BLOCK 2 LOT 30
4727,975586
$100,564.04
1009 EVANS AVE
LDC
KRAUSE, A SUBDIVISION BLOCK 4 LOT 2E
4915.320313
$104,548.86
1013 EVANS AVE
LDC
KRASSE, A SUBDIVISION BLOCK 4 LOT 2F
5615.641602
$119,444.70
25250,41309 $537,078.29