HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2011-06RESOLUTION NO. FWLDC-2011-06
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Execute a Conditional Commitment, Contract and Related Documents
with the City of Fort Worth for Two Million Dollars in HOME Funds
for the Development of the Lancaster Project Located Between
Throckinorton Street and Monroe Street
WHEREAS, the Fort Worth Local Development Corporation ("Corporation") desires to
be an active party to the development of a proposed mixed use development 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;
WHEREAS, the mixed use development is proposed to consist of multiple buildings
with approximately ninety residential units, 60,000 square feet of office space, 20,000 square
feet of retail space, and a parking garage;
WHEREAS, as part of the mixed use development, the Corporation intends to develop a
building located at 1116 and 1118 Jennings Avenue and 1115, 1119 and 1121 Monroe Street,
which will include the new construction of fifty housing rental units and one floor of retail space,
with the rental units consisting of both affordable and market rent units ("Project"); and
WHEREAS, to assist in funding the development of the Project, Corporation desires to
execute all necessary documents with the City of Fort Worth for the authorization to receive and
use HOME Investment Partnership Program Grant funds from the United States Department of
Housing and Urban Development in the amount of $2,000,000 ("HOME Funds") in the form of a
twenty year subordinate forgivable loan that conditions loan funding on satisfactory completion
of HOME requirements.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to
execute a conditional commitment for the Project with the City of Fort Worth for a twenty year
subordinate forgivable loan in the amount of $2,000,000 of HOME funds that conditions funding
on the completion of the Environmental Review, and, among other things, the satisfactory
completion of HOME requirements;
FURTHER RESOLVED, that the Corporation is hereby authorized to execute a HOME
contract with the City of Fort Worth for the Project for the $2,000,000 of HOME funds for a
term beginning on the date of execution of the contract and ending on the date the twenty year
affordability period expires;
RESOLUTION NO. FWLDC-2011-06
PAGE 2
FURTHER RESOLVED, that the Corporation is hereby authorized to amend the
conditional commitment or the contract if necessary to achieve project goals provided that the
amendment is within the scope of the Project and in compliance with City policies and
applicable laws and regulations governing the use of federal grant funds; 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 7`h day of June, 2011.
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By:
Carter Burdette
Secretary