HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2014-02RESOLUTION
CCLGC-2014-02
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Amendment to Resolution CCLGC-2013-03 to Increase the Amount in the
Development Agreement with Lancaster Corridor Redevelopment, LLC
To $8,500,000 to Cause Design and Construction
of the Parking Garage to be Located in the 200 Block of Fifteenth Street, and
Authorizing the Execution of any 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 for the purpose of facilitating the development of a mixed use project
located along Lancaster Avenue between Throckmorton Street and Jennings Street 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, the Corporation previously passed a resolution on February 5, 2013
(CCLGC-2013-03), to authorize a development agreement with Developer in an amount not to
exceed $5,087,440.00, for the design and construction of a parking garage, with approximately
400-500 parking spaces, on property located in the 200 block of Fifteenth Street (the "Parking
Garage"), which Parking Garage will serve the owners and tenants of the Project, members of the
public, and others; and
WHEREAS, since the date of Resolution CCLGC-2013-03, the design of the garage has
been expanded to include not only the parking spaces but also a banking ATM drive and the
required electrical transformers for both the garage and the Pinnacle Bank Place development,
therefore, the amount of the development agreement must be increased to $8,500,000.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
RESOLUTION CCLGC-2014-02
PAGE 2
Section 1. That the President is hereby authorized to execute (1) a development agreement with
Developer to cause the design and construction of the Parking Garage under the terms and
conditions as set forth by Corporation, in an amount not to exceed $8,500,000, and (2) any other
documentation of every nature whatsoever as is advisable, necessary, desirable, or required for
the development of the Parking Garage (collectively, the "Development Documents"). All other
provisions of CCLGC-2013-03 shall remain in full force and effect.
Section 2. That this Resolution shall take effect immediately from and after its passage.
Adopted this 9t" day of December, 2014.
Approved
Pr t
ident
RESOLUTION
CCLGC-2014-01
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Acceptance of Correction Deed for Property Located
in the 200 Block of 15'h Street from Lancaster Corridor Redevelopment, LLC
and Authorize 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 ("Company") is a sole
purpose entity created for the purpose of facilitating the development of a mixed use project
located along Lancaster Avenue between Throckmorton Street and Jennings Street 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, the Corporation wishes to assist the City of Fort Worth in promoting
growth and economic development within the Central City area by developing a parking garage
on property located in the 200 Block of 151h Street (the "Parking Garage"), which Parking
Garage will serve the owners and tenants of the Project, members of the public, and others;
WHEREAS, on February 5, 2013, in Resolution CCLGC-2013-02, the Corporation
authorized the acquisition of property located in the 200 Block of 151h Street, more particularly
described as Lots 23 through 34, Block V, Daggetts Addition, an unrecorded addition to the City
of Fort Worth, Tarrant County, Texas (the "Property"), from the Company for the construction
of the Parking Garage;
WHEREAS, the Corporation acquired ownership of the Property from the Company on
February 28, 2013.
WHEREAS, to facilitate the Project, Company desires to limit the use of the Property to
parking purposes only, and therefore proposes to provide Corporation with a correction deed for
the Property containing a deed restriction for such use;
RESOLUTION CCLGC-2014-01
PAGE 2
WHEREAS, to support the Project, Corporation agrees to accept the correction deed
with deed restriction.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That the Corporation accept a correction deed for the Property from
Company with a deed restriction limiting the use of the Property to parking purposes only, and
the Corporation is authorized to execute any and all necessary related documents to effect the
acceptance of the correction deed; and
Section 2. That this Resolution shall take effect immediately from and after its
passage.
Dated: December 9, 2014
By: dv'� (f
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