HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2013-01RESOLUTION
CCLGC-2013-01
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Ratification of a Loan Agreement with the Lancaster Corridor Redevelopment, LLC
for the Amount of $2,512,560. 00for the Purchase of Property Located in the 200 Block of 15th Street,
and Authorize 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 ("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, and between Jennings Street and Monroe
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 15`h Street (the "Parking Garage"), which Parking Garage will serve the owners and
tenants of the Project, members of the public, and others;
WHEREAS, the Corporation desires to own the property located in the 200 Block of 15"' 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") for the construction of the Parking
Garage;
WHEREAS, to assist the Corporation in its effort to obtain the Property before the deadline set
by the prior owner of the Property, the Company purchased the Property;
WHEREAS, Corporation is the recipient of the Tax Increment Financing District # 8 funds that
have been authorized and designated for the Parking Garage and the purchase of property related to the
Parking Garage;
WHEREAS, Corporation loaned funds to Company in the amount of $2,512,560.00 to purchase
the Property ("Loan") before the deadline set by the prior owner of the Property, with the terms of the
Loan that the Loan shall be extinguished upon the conveyance of the Property to the Corporation at no
cost to the Corporation;
WHEREAS, Corporation desires to ratify the Loan on the terms stated above.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That the Loan by the Corporation to the Company, with the terms of the Loan that
the Loan shall be extinguished upon the conveyance of the Property to the Corporation at no cost to the
Corporation is hereby ratified, including the execution of any and all documents necessary to effect the
Loan;
Section 2. That this Resolution shall take effect immediately from and after its passage.
Dated: February 5, 2013
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