HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2018-01RESOLUTION NO. FWCCLGC-2018-01
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Approving the Conveyance of the Parking Garage
Located in the 200 Block of Fifteenth Street
to the City of Fort Worth
and Approving the Execution of all Related Documents
WHEREAS, the Central City Local Government Corporation (the "Corporation") was
incorporated on May 3, 2005 under the provisions of Subchapter D, Chapter 431 of the Texas
Transportation Code and Chapter 394 of the Texas Local Government Code organized for the
benefit of the City of Fort Worth (the "City"), specifically for the purpose of aiding, assisting,
and acting on behalf of the City of Fort Worth in the exercise of its powers to accomplish any
governmental purpose of the City and in the promotion of the common good and general welfare
of the City; and
WHEREAS, the Lancaster Corridor Redevelopment, LLC ("Developer") is a sole
purpose entity created by the Fort Worth Local Development Corporation for the purpose of
facilitating the development of a mixed use project called Pinnacle Bank Place located at 250
Lancaster, Fort Worth, Texas, 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, Corporation assisted the City in promoting growth and economic
development within the Central City area by constructing a parking garage, with approximately
453 parking spaces, on property located at 246 West 151h Street, Fort Worth, Texas (the "Parking
Garage"), which Parking Garage serves the public, the owners and tenants of the Project, and
others;
WHEREAS, Corporation entered into two parking leases with Developer that, taken
together, encompass the entire Parking Garage, which leases required Developer to have all
maintenance obligations for the Parking Garage;
WHEREAS, Developer is now entering into an agreement to sell the Project and as part
of the sale will assign one of the parking leases for the Parking Garage to the buyer of the
Project;
WHEREAS, due to the Parking Garage having multiple entities under leases in the
Parking Garage, certain maintenance and repair obligations must be shifted from Developer to
the owner of the Parking Garage, and the Corporation has determined that the City is better
resourced to handle maintenance and repair obligations on the Parking Garage on a going -
forward basis;
RESOLUTION NO. FWCCLGC-2018-01
PAGE 2
WHEREAS, Pinnacle Bank required the Corporation grant Pinnacle Bank an easement
to park in the Parking Garage as a condition to purchasing its unit in the Project from Developer,
and this Easement will continue in full force and effect and run with the land;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That Corporation is hereby authorized to convey to City the Parking Garage,
together with the real property, personal property, Corporation's interest in all leases, easements,
and all other agreements, licenses, and permits connected with the Parking Garage (collectively,
the "Property") in consideration of City's obligation for all future maintenance and repair of the
Property and other good and valuable consideration;
Section 2. That the President or Vice President or any authorized signatory of
Corporation is authorized to execute all necessary instruments and documentation to effect the
conveyance of the Property; and
Section 3. That the Secretary or any Assistant Secretary of the Corporation is hereby
authorized and directed to certify the adoption of this Resolution.
Adopted this 20th day of February, 2018.
By
Assistant Secretary