HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2012-02RESOLUTION NO. FWLDC-2012-02
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Assignment of'an Option Agreement to Purchase Certain Property Located
betfveen Throckmorton Street and Jennings Street, South of'151h Street and North of Lancaster
Avenue, and Property Located South of the Zipper Building and North of Lancaster Avenue to
Lancaster Corridor Redevelopment, LLC
WHEREAS, the Fort Worth Local Development Corporation ("Corporation") has been
involved in the development of a proposed mixed use project located along Lancaster Avenue
between Throckmorton Street and Jennings Street, and between Jennings Street and Monroe 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
("Project");
WHEREAS, the Project is proposed to consist of multiple buildings with approximately
one hundred thirty residential units with a mix of market and affordable rents, 73,000 square feet
of office space, 33,000 square feet of retail space, and a parking garage;
WHEREAS, on October 4, 2011, the Board of Directors of Corporation, consistent with
the economic development objectives of the Corporation and to further the development of the
Project, approved the purchase from the City of Fort Worth ("City") of certain property located
between Throckmorton Street and Jennings Street, south of 15"' Street and north of Lancaster
Avenue, and property located south of the Zipper Building and north of Lancaster Avenue
(collectively, the "Property"); and
WHEREAS, Corporation entered into an option agreement with the City to purchase the
Property from the City and now Corporation desires to assign the option agreement to the
Lancaster Corridor Redevelopment, LLC, a sole purpose entity created to facilitate the
development of the Project.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to
assign the option agreement to purchase Property owned by the City of Fort Worth to the
Lancaster Corridor Redevelopment, LLC; and
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 6"' day of March, 2012.
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By; iC ✓�Z-�c..__
Frank Moss
President