HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2013-01RESOLUTION NO. FWLDC-2013-01
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Purchase of 5401 E. Berry from the Font Worth Housing Finance
Corporation and Tax Foreclosed Property Located at 5425 E. Berry
from the City of Fort Worth
WHEREAS, the City of Fort Worth, on its own behalf and as trustee for various other
taxing entities received 5401 E. Berry, Fort Worth, Texas in 1996 when it was struck off to the
City of Fort Worth following an unsuccessful Constable's sale;
WHEREAS, Fort Worth Housing Finance Corporation, a Texas housing finance
corporation ("FWHFC"), purchased 5401 E. Berry, Fort Worth, Texas in 2004 for $15,180.60
from the City of Fort Worth, on its own behalf and as trustee for various other taxing entities for
a potential development for affordable housing, which development did not occur;
WHEREAS, the City of Fort Worth, on its own behalf and as trustee for the State of
Texas, Tarrant County, Fort Worth Independent School District, Tarrant Regional Water
District, Tarrant County Hospital District, and Tarrant County Education District (collectively,
"Taxing Entities"), received 5425 E. Berry, Fort Worth, Texas, when it was struck off to the City
of Fort Worth following an unsuccessful Constable's sale and the Taxing Entities remain the
owners thereof;
WHEREAS, consistent with the economic development objectives of the Fort Worth
Local Development Corporation ("Corporation"), the Corporation desires to purchase 5401 E.
Berry, Fort Worth, Texas from the FWHFC and 5425 E. Berry, Fort Worth Texas from the
Taxing Entities; and
WHEREAS, Corporation desires to purchase the Properties in order to promote
revitalization of the area with development in order to benefit the citizens of Fort Worth by
creating jobs and commercial opportunities in an area in need of revitalization.
WHEREAS, the statutory sales price, pursuant to Section 34.05(h) of the Texas Tax
Code, for 5425 E. Berry, Fort Worth, Texas is $123,737.30, which is greater than the market
value of $19,750.00 as determined by the most recent certified appraisal roll by Tarrant
Appraisal District, and pursuant to Texas Tax Code Section 34.050), the Taxing Entities have
agreed to sell the property for the market value.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to
purchase the Properties as follows:
RESOLUTION NO. FWLDC-2013-01
PAGE 2
(a) 5401 E. Berry, Fort Worth, Texas from the FWHFC in the amount of $15,180.60;
and
(b) 5425 E. Berry Street, Fort Worth, Texas from the Taxing Entities for the market
value in the amount of $19,750.00.
FURTHER RESOLVED, that the Corporation is hereby authorized to pay all closing
costs and administrative fees relating to the purchase of the properties.
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 7t" day of May, 2013.
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Dennis S ngleto.n.,,zi" retary