HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2013-03AMENDED BY:
RESOLUTION RESOLUTION CCLGC-2014-02
CCLGC-2013-03 DECEMBER 9, 2014
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Development Agreement with Lancaster Corridor Redevelopment, LLC
in an Amount Not to Exceed $5,087,440 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, 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 previously passed a resolution on March 5, 2012, to
authorize a development agreement with Developer for the design and construction of a 206,000
square foot parking garage, but following that Resolution, the scope of the Project changed and
additional real property was acquired, thus necessitating a redesign of the parking garage;
WHEREAS, Corporation now wishes to assist the City in promoting growth and
economic development within the Central City area by constructing 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, Corporation desires to utilize Developer to cause the design and
construction of the Parking Garage, and to enter into a development agreement with Developer
for that purpose.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
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 $5,087,440.00, 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").
Section 2. That this Resolution shall take effect immediately from and after its passage.
Adopted this 51h day of February, 2013.
Approved
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