HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2012-07RESOLUTION NO. FWLDC-2012-07
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorize the Purchase gfRetail Space in the Houston Street
Garage.from the City of Fort Worth for $1,900, 000. 00
WHEREAS, the City of Fort Worth ("City") is the owner of a parking garage located
between Houston Street on the east, Throckmorton Street on the west, I It" Street on the North
and 12"' Street on the South (the "Parking Garage");
WHEREAS, the street level of the Parking Garage has a total of 23,700 square feet of
space for retail or restaurant tenants on Houston Street and Throckmorton Street ("Retail Space")
and the Retail Space is currently vacant and generating no income for the City;
WHEREAS, the Board of Trustees previously authorized the execution by the
Corporation of a lease of the Retail Space pursuant to a resolution approved by the Board of
Trustees on April 3, 2012, and the Corporation now desires to purchase the Retail Space from the
City;
WHEREAS, two condominium units must be created for the Parking Garage, one unit
for the parking portion of the Parking Garage (the "Garage Unit") and one unit for the Retail
Space (the "Retail Unit"), and the Board of Trustees has previously authorized, also on April 3,
2012, the engagement of outside legal counsel to assist in the creation of the condominium
regime;
WHEREAS, the City desires for the Fort Worth Local Development Corporation
("Corporation") to purchase the Retail Unit from the City for fair market value on the terms and
conditions set forth herein below; and
WHEREAS, Corporation, consistent with the economic development objectives of the
Corporation, agrees to purchase the Retail Space from the City for fair market value.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to
purchase the Retail Space on the following terins and conditions:
(1) The sales price is $1,900,000.00;
(2) Corporation will pay the City ten percent of the sales price, or $190,000 upon closing;
(3) The balance of the sales price will be paid to the City over ten years at five percent
interest in annual installments;
(4) All costs to convert the Parking Garage to condominium units will be paid by the
Corporation, pursuant to the appropriate authorization for expenditure of funds by the
Board of Trustees; and
RESOLUTION NO. FWLDC-2012-07
PAGE 2
(5) All costs of the closing will be paid by the Corporation, in an amount not to exceed
$20,000.00; 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 5th day of June, 2012.
00
Dennis/'hinglet�h ,,,.)Secretary