HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-01-2018RESOLUTION
Authorizing the ,Vale of 250 Lancaster
WHEREAS, the Fort Worth Local Development Corporation ("Corporation") is an active party
to the development of a proposed mixed use development located along Lancaster Avenue
between Throckmorton Street and Jennings Street in order to promote revitalization of the area
and to benefit the citizens of Fort Worth by creating affordable housing, retail, jobs and
commercial opportunities in an area in need of revitalization;
WHEREAS, on August 2, 2011, the Corporation approved the certificate of formation of
Lancaster Corridor Redevelopment, LLC for purposes of owning and operating a portion of the
development and the Corporation created the Lancaster Corridor Redevelopment, LLC as its sole
member on November 4, 2011, for the purpose of ownership and development of the project
consisting of a 150,000 square foot mixed -use building with approximately 120 residential units
(including approximately 20% workforce housing), and approximately 25,000 square foot retail
space ("250 Lancaster");
WHEREAS, on June 5, 2012, the Corporation approved the assignment of all agreements
related to 250 Lancaster to the Lancaster Corridor Redevelopment, LLC;
WHEREAS, in May of 2017, construction of the development was completed and operation of
project began;
WHEREAS, in Fall of 2017, Staff invited and received purchase offers from interested parties
for the purchase of 250 Lancaster;
WHEREAS, Beachwold Partners LP desires to purchase 250 Lancaster from Lancaster Corridor
Redevelopment, LLC.
NOW, THEREFORE, BE IT RESOLVED that, the immediate sale of 250 Lancaster by
Lancaster Corridor Redevelopment, LLC to Beachwold Partners LP in an amount of no less than
$25,250,000 is hereby authorized;
FURTHER RESOLVED, that any authorized signatory for the Corporation is authorized to
execute any and all documents on behalf of the Corporation, as the sole member of Lancaster
Corridor Redevelopment, LLC, that are necessary to effect the sale of 250 Lancaster by
Lancaster Corridor Redevelopment, LLC; and F
FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the Corporation is
hereby authorized and directed to certify the adoption of this Resolution.
Adotitel tis 23rd day of jamuary, 2018.
By: tl'.,� �...e . �1, �� l w^, ° � ; r, f.......
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/Secretary ✓