HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2014-01RESOLUTION NO. FWLDC-2014-01
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Approving Acquisition of Southwest Municipal Courthouse at
3741 SW Loop 820, Accept Assignment of Lease with the City of Fort Worth
and Other Related Documents from 3741 SW Loop 820, LLC, and
Approve Assumption of a Related Loan with Southwest Bank
WHEREAS, on December 10, 2010, 3741 SW Loop 820, LLC ("LLC") entered
into an Agreement to Donate with the City of Fort Worth ("City") (City Secretary
Contract No. 41234) under which the LLC donated approximately 2.043 acres of real
property (excluding improvements thereon) located at 3741 SW Loop 820, Fort Worth,
Texas ("Property"), to the City of Fort Worth ("City");
WHEREAS, the Agreement to Donate also provided that the LLC enter into a
lease agreement ("Lease") with the City with respect to the improvements located on the
Property, which consists of a building of approximately 30,600 square feet ("Building"),
and the Lease was executed by both parties on December 10, 2010 (City Secretary
Contract No. 41235);
WHEREAS, on July 1, 2011, the ten year term of the Lease commenced, and will
expire on June 30, 2021, with an annual rent of $229,500.00, for a total rent of
$4,590,000.00 over the term ("Total Rent");
WHEREAS, the Agreement to Donate also provided that upon payment in full of
the Total Rent, the LLC will donate the Building to the City;
WHEREAS, in August 2011, the LLC entered into a loan agreement with
Southwest Bank for $3,300,000.00 for the Building and tenant improvements thereto,
which has a current outstanding balance of approximately $2,600,000.00 ("Loan
Agreement");
WHEREAS, the LLC desires to convey the Building, valued at approximately
$4,000,000.00 to the Fort Worth Local Development Corporation ("Corporation"), and
assign all related documents to the Corporation, including the Lease, Agreement to
Donate, and the Loan Agreement, as well as any other necessary documents; and
WHEREAS, the Corporation has an interest in acquiring the Building due to the
City's use of the Building for its Southwest Municipal Court and other municipal uses.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby
authorized to execute any and all documents necessary to effect (i) the acquisition of the
Building, (ii) the assignment of the Loan Agreement, (iii) the assignment of the Lease;
and (iv) the assignment of the Agreement to Donate.
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 4 th day of February, 2014.
By:/
Dennis S*gletone-',Y
Secretary