HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2022-04RESOLUTION NO. FWCCLGC-2022-04
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF DIRECTORS
Authorizing All Necessary Agreements fvith the City of Fort Worth and Omni Fort Worth
Partnership, L.P., or Affiliates to Aid in the Construction of an Expansion of the
Onini Fort Worth Hotel
WHEREAS, Omni Fort Worth Partnership, L.P., or an affiliate ("Omni"), intends to
construct an expansion of the Omni Fort Worth Hotel to include the following: (i) a high-rise
building with a minimum of 400 additional hotel rooms (Expansion Building); (ii) a parking
structure with at least 360 spaces ("Parking Garage"); (iii) a minimum 15,000 square foot
restaurant or retail space fronting Lancaster Avenue, and (iv) certain other improvements to the
Hotel necessary to physically and functionally serve and support the construction and operation
of the Expansion Building, including a minimum of 50,000 square feet of new meeting space and
a restaurant (collectively, the "Project");
WHEREAS, the Project will be situated on the south end of Downtown Fort Worth on
property generally located at Houston Street, W. 14th Street, Throckmorton Street, and Lancaster
Avenue ("Property"), which is depicted in more detail on the attached map. Portions of the
Property, which are depicted on the attached map, are currently owned separately by Tarrant
County College District ("TCCD Property") and the City ("City Property");
WHEREAS, in order to ensure that the Project can be undertaken and completed in a
timely manner, the TCCD Property and the City Property will be conveyed to Omni prior to the
start of construction.
WHEREAS, upon completion of the Project, Omni will convey the Property to the
Corporation; and
WHEREAS, funding for the purchase of the Property, including the improvements to be
constructed thereon, will be accomplished through a bond issuance by the CCLGC, with the debt
issuance proceeds serving as an accelerated 380 Program Grant to Omni and the debt being
repaid from revenues generated by the Project.
NOW THEREFORE, LET IT BE RESOLVED THAT:
1. The Corporation is hereby authorized to issue bonds in an amount up to
$53,300,000.00 ("Bonds") to help facilitate the Project no later than 120 days following
completion of the construction of the Project.
Resolution FWCCLGC-2022-04
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2. The Corporation is hereby authorized to enter a purchase and sale agreement with
the City of Fort Worth ("City") to buy the Property, including all improvements thereon from
Omni.
3. The Corporation is hereby authorized to lease the Property to the City of Fort
Worth on generally the same terms as a sublease agreement between the City and Omni for the
Property in which the rent will be an amount equal to the full debt service for the Bonds and
funded by City hotel Occupancy taxes from the hotel expansion plus the existing Omni hotel in
downtown Fort Worth following termination of a prior 3 80 agreement with Omni which will
occur in 2026.
4. The Corporation is hereby authorized to enter into a transferable option agreement
with the City, allowing for the conveyance of that portion of the Property that is occupied by the
Parking Garage, inclusive of any improvements.
5. This Resolution shall take effect from the date of its adoption.
Adopted this September 27, 2022.
n, Leonard Firestone
President
Attest:
Jannette Goodall
Corporate Secretary