HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2023-04RESOLUTION NO. FWLDC-2023-04
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION APPROVING AMENDMENT TO CONTRACT OF SALE AND
PURCHASE FOR THE SALE OF 722 E. ROSEDALE STREET TO HOQUE GLOBAL
LLC OR AN AFFILIATE TO FACILITATE SWAP OF 912 MISSOURI AVENUE FOR
THE EVANS AND ROSEDALE URBAN VILLAGE DEVELOPMENT
WHEREAS, in 2018, the Fort Worth Housing Finance Corporation ("HFC"), the City of
Fort Worth ("City"), and the Corporation, issued a Request for Expressions of Interest seeking
redevelopment proposals for the Evans and Rosedale Urban Village area that maximized the use
of the property for the current market while respecting the area's history; and
WHEREAS, after significant community engagement and feedback, review of submitted
proposals, and negotiation, staff for the Corporation, the City, and the HFC selected Hoque Global
Properties, LLC ("Hoque") to redevelop the area; and
WHEREAS, Hoque is proposing a two -phased approach that will result in a total of at
least $70 million worth of investment; approximately 292 multifamily units, 20 townhomes, and
28 live -work units, with a portion being affordable units; a cultural square; parks, and other public
spaces; and
WHEREAS, all of the property in the area is owned by either the City, the Corporation,
or the HFC, except for one property located at 912 Missouri Avenue ("Missouri Property"). The
Missouri Property is presumptively owned by a third party who is willing to sell the Missouri
Property to Hoque in exchange for receiving 722 E. Rosedale Street, Fort Worth, Texas 76104
("Rosedale Property"), more particularly described on Exhibit "A", attached hereto and made a
part hereof for all purposes, which is owned by the Corporation; and
WHEREAS the Corporation and Hoque entered into a Contract of Sale and Purchase dated
effective on or about April 14, 2022 ("Agreement") for the sale of the Rosedale Property to
Hoque; and
WHEREAS the Agreement included a Closing Deadline of June 12th, 2023 and the
Corporation and Hoque now wish to extend the Closing Deadline until September 1, 2023.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE CORORATION:
THAT the Board approves an amendment to the Contract of Sale and Purchase for 722
E. Rosedale to extend the Closing Deadline until September 1, 2023. The sale of the
Rosedale Property to Hoque or an affiliate shall be conditioned upon the prior
acquisition of the Missouri Property by Hoque or an affiliate.
RESOLUTION NO. FWLDC-2023-04
PAGE 2
2. THAT the Board approves the execution and delivery of all documents necessary to
effect and complete the sale of the Rosedale Property to Hoque or an affiliate under the
terms and conditions set forth herein.
FURTHER RESOLVED, that the President, Vice President, or any authorized signatory
of the Corporation is authorized to execute all necessary instruments and documentation to effect
and complete the sale of the Property.
Adopted this June 27, 2023.
J4By:
Gyna Bivens
President
Attest:
Jannette S. Goodall
Corporate Secretary
RESOLUTION NO. FWLDC-2023-04
PAGE 3
EXHIBIT "A"
THE ROSEDALE PROPERTY
Lot 38, Block 5 of Evans South Addition, an addition to the City of Fort Worth, Tarrant County,
Texas, according to the plat recorded in Volume 35, Page 605, Official Public Records, Tarrant
County, Texas