HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2011-05RESOLUTION NO. FWLDC-2011-05
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Retention of Kelly, Hart & Hallman, LLC as Outside Counsel
to Provide Legal Assistance Related to the Redevelopment of Lancaster Avenue
between Throckmorton Street and Monroe Street in an Amount Not to Exceed $40,000.00
WHEREAS, City of Fort Worth ("City") staff is exploring options to redevelop land currently
owned by the City that fronts Lancaster Avenue between Throckmorton Street and Monroe Street (the
"Property"); and
WHEREAS, one redevelopment option is for the Corporation to take title to some or all of the
Property for one or more uses; and
WHEREAS, because various factors and operations of the Corporation determine whether the
Corporation is in compliance with federal and state regulations governing non-profit corporations created
pursuant to Section 501(c)(3) of the Internal Revenue Code, any assistance provided by the Corporation
with respect to this project must qualify as an exempt activity; and
WHEREAS, as a result, it is necessary that outside legal counsel with expertise in federal tax
matters be retained by the Corporation to ensure that any activity the Corporation intends to take under
this project does qualify as a tax-exempt activity; and
WHEREAS, the law firm of Kelly, Hart & Hallman, LLC was the firm that created and filed all
documents necessary to incorporate the Corporation, obtained the ruling from the Internal Revenue
Service that the Corporation is exempt from federal income taxation under the Internal Revenue Code,
and has advised the Corporation in all tax matters since the Corporation's inception;
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes the retention
of Kelly, Hart & Hallman, LLC as outside counsel to provide the Corporation with legal assistance related
to the redevelopment of Lancaster Avenue between Throckmorton Street and Monroe Street in an amount
not to exceed $40,000.00;
FURTHER RESOLVED, that the President or Vice President is hereby authorized to execute
any documents necessary to accomplish such retention; 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 7th day of June, 2011.
BY
Carter Burdette
Secretary