HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2017-02RESOLUTION NO. FWCCLGC-2017-02
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF DIRECTORS
Approving Acquisition of a Perpetual Easement From Dolabi Development, LLC
for 150 Public Parking Spaces to be Located in a Newly Constructed Parking Garage
in Connection with the Development of a Hotel at the Intersection of S. Henderson St.
and W. Oleander St. and Approving Execution of an Agreement with the
Board of Directors of Tax Increment Reinvestment Zone Number Four,
City of Fort Worth, Texas (Southside TIF) for
the Funding of All Acquisition Costs of Such Easement
WHEREAS, Dolabi Development, LLC ("Developer") has proposed the construction of
a new hotel, parking garage, residential condominiums, and public storm water detention/green
space located on Henderson Street, 5th Avenue, and Magnolia Avenue ("Development"); and
WHEREAS, consistent with its current Project and Financing Plan, which was approved
by the City Council of the City of Fort Worth (the "City Council") pursuant to Ordinance No.
13919 and subsequently amended pursuant to Ordinance No. 20536, on June 7, 2017 the Board
of Directors of Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas (the
"Southside TIF") approved the dedication of up to $6,000,000.00 in Southside TIF funds to pay
for certain public improvements associated with the Development, including reimbursement of
up to $2,500,000.00 for certain public infrastructure and funding of up to $3,500,000.00 to
acquire a perpetual easement for 150 parking spaces within the Development's parking garage
(the "Easement") in order to promote and facilitate parking needs in the Near Southside; and
WHEREAS, in order for Southside TIF funds to be used for funding acquisition of the
Easement, it is necessary for a public entity to own the Easement; and
WHEREAS, the City Council created the Central City Local Government Corporation
(the "Corporation") to assist the City in the carrying out of its governmental functions, including,
specifically, the implementation of project plans for tax increment reinvestment zones located in
the Central City; and
WHEREAS, the Corporation has been utilized for other public parking projects located
in Central City tax increment reinvestment zones, including ownership of the Magnolia Green
parking garage in the Southside TIF and the Pinnacle Bank Place parking garage constructed as
part of the Lancaster Corridor redevelopment in Tax Increment Reinvestment Zone Number
Eight, City of Fort Worth, Texas (Lancaster Corridor TIF); and
RESOLUTION NO. FWCCLGC-2017-02
PAGE 2
WHEREAS, the Corporation is willing to acquire and take title to the Easement,
conditioned on the previous execution of a binding agreement with the Board of Directors of the
Southside TIF under which Southside TIF funds will be used to fund all acquisition costs
associated with the Easement;
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the
Corporation hereby authorizes execution of any documents necessary for acquisition of the
Easement from Developer at a total cost not to exceed $3,500,000.00;
FURTHER RESOLVED, that the Board of Directors of the Corporation hereby
authorizes execution of an agreement with the Board of Directors of the Southside TIF for
payment of all acquisition costs of the Easement, not to exceed $3,500,000.00;
FURTHER RESOLVED, that the Board of Directors of the Corporation hereby
authorizes execution of any other agreements or documents necessary to effectuate and
memorialize the transactions described above;
FURTHER RESOLVED, that this Resolution shall take effect immediately upon its
adoption;
FURTHER RESOLVED, 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 June, 2017.
By:
ec etary