HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2012-08RESOLUTION NO. FWLDC-2012-08
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Assignment of'All Agreements Related to the
Lancaster Corridor Project 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 Lancaster Corridor Redevelopment, LLC ("LLC") a sole purpose entity
created to facilitate the development of the Project and which is the owner of the Project;
WHEREAS, pursuant to the development of the Project, the Corporation has entered into
or authorized entering into certain agreements for the Project, including the agreement with the
City of Fort Worth ("City") for the loan of HOME Investment Partnerships Program grant funds
from the United States Department of Housing and Urban Development, approved by the Board
of Trustees on June 7, 2011 ("HOME Agreement");
WHEREAS, various other agreements have been assigned by the Corporation to the
LLC, including (1) an agreement with L2L-Lancaster, a Texas limited liability company, who is
a consultant for development and construction management services and related activities for the
Project, as approved by the Board of Trustees on March 6, 2012, and (2) the option agreement
for the purchase of the property along Lancaster Avenue from the City of Fort Worth, as
approved by the Board of Trustees on March 6, 2012; and
WHEREAS, the Corporation desires to assign the HOME Agreement and any other
contracts related to the Project that it has entered into, or it may enter into in the future, pursuant
to appropriate Board of Trustee authorizations.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to
assign the HOME Agreement and any other agreements related to the Project 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.
this 5"' day of June, 2012.
By�,.0 .�. :A
Dennis Shmaletof S