HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-13RESOLUTION NO. FWHFC—2023-13
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF FIVE LOTS LOCATED AT 921 AND
1115 E. HUMBOLT STREET AND 969 E. PULASKI STREET IN THE HISTORIC
SOUTHSIDE NEIGHBORHOOD; AND 919 E. MADDOX AVENUE AND 1401
ILLINOIS AVENUE IN THE HILLSIDE-MORNINGSIDE NEIGHBORHOOD TO SOL
DEVELOPMENT LP 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 2007 and 2008 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, Sol Development LP, a Texas limited partnership, requested to purchase 5
lots located at 921 and 1115 E. Humbolt Street and 969 E. Pulaski Street in the Historic Southside
Neighborhood; and 919 E. Maddox Avenue and 1401 Illinois Avenue in the Hillside-Morningside
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 5
lots to Sol Development LP, for a total amount of $50,000.00 for the purpose of single-family
housing development.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the sale of the 5 lots more particularly described on the attached
Exhibit "A" (the "Property") to Sol Development LP, for the negotiated price of
$50,000.00, 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 Sol Development LP, (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
RESOLUTION NO. FWHFC-2023-13
Page 2 of 3
deliver the Closing Documents for and on behalf of the Corporation along with any related
documents necessary to sell the Property.
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:
A lmgaw
Jannette S. Goodall
Corporate Secretary
RESOLUTION NO. FWHFC-2023-13
Page 3 of 3
EXHIBIT A
ADDRESS
LEGAL DESCRIPTION
SALES
RESERVATION
PRICE
921 E. Humbolt
MC ANULTY & NESBITT
$10,000.00
FWHFC retains
Street
SUB EVANS Block 2 Lot 25
mineral rights
1115 E. Humbolt
MOORE, LEWIS SURVEY
$10,000.00
FWHFC retains
Street
Abstract 1093 Tract 31
mineral rights
969 E. Pulaski
GUERTLERS, SUBDIVISION
$10,000.00
FWHFC retains
Street
Lot 11
mineral rights
919 E. Maddox
GRAVES & DANIELS SUB
$10,000.00
FWHFC retains
Avenue
Lot 8
mineral rights
1401 Illinois
EGGLESTON ADDITION Lot
$10,000.00
FWHFC retains
Avenue
29A LOT 29
mineral rights