HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2011-04RESOLUTION NO. FWLDC-2011-04
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorize a Lease of and Option to Purchase Property Located
Behveen Throckmorton Street and Monroe Street fi-om the
City of Fort Worth for the Lancaster Project
WHEREAS, the Fort Worth Local Development Corporation ("Corporation") desires to
be an active party to 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
ninety residential units with a mix of market and affordable rents, 60,000 square feet of office
space, 20,000 square feet of retail space, and a parking garage;
WHEREAS, Corporation, consistent with the economic development objectives of the
Corporation and to further the development of the Project, desires to lease property located
between 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
(collectively, the "Property") for 30 years, with an option to purchase the Property at the
conclusion of the term; and
WHEREAS, the State of Texas is conveying ownership of the Property to the City of
Fort Worth, and upon the conveyance, the City of Fort Worth is willing to lease the Property to
the Corporation under the desired terms.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to
enter into a lease for the Property with the City of Fort Worth on the following terms:
1. Term of 30 years;
2. Rent in the amount of $1,000 per year; and
3. Option to purchase the Property at the conclusion of the term for the then -current
fair market value of the land, with an option fee of $10,000.
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 7"' day of June, 2011.
777
Carter Burdette
Secretary