HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2011-17RESOLUTION NO. FWLDC-2011-17
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Purchase of Property Located Within the
Boundaries of Lancaster, Jennings, 13`h Street and Throckmorton Street
for the Proposed Mixed Use Development on West Lancaster Avenue
WHEREAS, the Fort Worth Local Development Corporation ("Corporation") desires to
be an active party to the development of a proposed mixed use project bounded by
Throckmorton on the east and Monroe Street on west, and 13`I' on north and Lancaster on the
south 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, on June 7, 2011, the Corporation approved a resolution to allow for the
lease of certain property in the Project area from the City for a tenn of thirty years, with an
option to purchase the Property at the conclusion of the term; and
WHEREAS, Corporation, consistent with the economic development objectives of the
Corporation and to further the development of the Project, now desires to purchase the property
located in the Project area from various property owners.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to
purchase the parcels of the Property in the Project area that are owned by the City of Fort Worth,
consisting of a purchase price ("Purchase Price") of (1) $1.00 for each of the parcels to be used
for the development of affordable housing, and (2) $45.00 per square foot for the land to be used
for the office building; and
FURTHER RESOLVED, that the Corporation is hereby authorized to forgive debt
owed to the Corporation by the City of Fort Worth with a dollar -for -dollar reduction in an
amount up to the Purchase Price, with the Corporation paying the City of Fort Worth for any
amount remaining on the Purchase Price after the reduction is made for the debt in exchange for
the Property; and
FURTHER RESOLVED, that for any future sale of the Property in the Project area that is
purchased by Corporation from the City of Fort Worth, the sales price of said property shall be
for no less than fair market value based on an appraisal that apportions a separate value for the
land and a separate value for the improvements; and Corporation shall retain all sales
RESOLUTION NO. FWLDC-2011-17
PAGE 2
proceeds attributable to the improvements, but shall retain only the portion of the sales proceeds
attributable to the land in an amount equal to the Purchase Price, and the City of Fort Worth shall
be paid any amount attributable to the land over the Purchase Price; and
FURTHER RESOLVED, that the Corporation is hereby authorized, for the Property in
the Project area that is owned by persons or entities other than the City of Foil Worth, to pay up
to $25,000 earnest money per agreement, with the terms of the purchase to be approved by the
Corporation's Board of Trustees at a future meeting.
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 4"' day of October, 2011.
oe
B ye,
Dennis SI)6ngletoK"
Secretary -.0