HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-12RESOLUTION NO. FWHFC—2023-12
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF ONE LOT LOCATED AT
2710 AVENUE C IN THE POLYTECHNIC HEIGHTS NEIGHBORHOOD TO MPI
GROUP DEVELOPMENTS LLC FOR THE DEVELOPMENT OF SINGLE-FAMILY
RESIDENCES
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") seeks to
promote homeownership and neighborhood revitalization throughout the City of Fort Worth
("City") and foster the development of quality, accessible, affordable housing for low- and
moderate -income individuals and families;
WHEREAS, in 1999 the Corporation acquired several lots for future affordable housing
development as part of its land banking program, and has constructed single family houses and
developed subdivisions especially in targeted areas of the City;
WHEREAS, MPI Group Developments LLC, a Texas limited liability company,
requested to purchase 1 lot located at 2710 Avenue C in the Polytechnic Heights Neighborhood at
below market value established by a broker's price opinion in order to build owner -occupied,
single-family residences; and
WHEREAS, the Board of the Corporation (the "Board") desires to approve the sale of the
1 lot to the MPI Group Developments LLC, for $70,000.00 for the purpose of building a single-
family townhome development.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves the sale of the 1 lot more particularly described on the attached
Exhibit "A" (the "Property") to MPI Group Developments LLC, for the negotiated price
of $70,000.00, plus the payment by the buyer of all closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of the
Property: (i) sale and purchase agreements with MPI Group Developments LLC, (ii)
related deeds, and (iii) closing statements and any other related documents necessary to
complete the sale of the Property with all contracts and deeds to include deed restrictions,
rights of repurchase and/or first refusal, and reverters as staff deems appropriate in order
to ensure the Property is used for the intended purpose (the "Closing Documents").
THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager, or their duly appointed successors, are each authorized to execute and
deliver the Closing Documents for and on behalf of the Corporation along with any related
documents necessary to sell the Property.
RESOLUTION NO. FWHFC-2023-12
Page 2 of 3
4. THAT to the extent any actions to sell the Property authorized by this Resolution have
already been taken by the Corporation, Fernando Costa, Victor Turner, or any other
representative or agent of the Corporation, the Board hereby ratifies and confirms such
actions as the valid actions of the Corporation, effective as of the date such action was
taken.
5. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted April 25, 2023.
FORT WORTH HOUSING FINANCE CORPORATION
Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary
RESOLUTION NO. FWHFC-2023-12
Page 3 of 3
EXHIBIT A
ADDRESS
LEGAL DESCRIPTION
SALES
RESERVATION
PRICE
2710 Avenue C
BOAZ & DILLOW
$7000.00
FWHFC retains
ADDITION Block 6 E1/2 LOT
mineral rights
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