HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2012-05RESOLUTION
CCLGC-2012-05
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Real Property Purchase Agreement with Diocese of Fort Worth
for Purchase of Property in the Vicinity of Jennings Avenue and W. 131h Street,
Authorizing Encroachment Agreement with Diocese of Fort Worth;
Authorizing Lease with Diocese of Fort Worth for Parking Spaces
In a Public Parking Garage to be Owned by the Corporation on Property
in the Vicinity of Jennings Avenue and W. 13th Street
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 wishes to assist the City in promoting growth and
economic development within the Central City area by constructing an approximately 206,000
square foot parking garage on property located in the vicinity of Jennings Avenue and W. 13th
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 purchase the property located at Jennings
Avenue and W. 131h Street from the Diocese of Fort Worth, or its affiliate, for the purpose of
constructing the Parking Garage, said property more particularly described in the attached
Exhibit "A", attached hereto and incorporated herein for all purposes (the "Property");
WHEREAS, the Diocese desires to sell the Property to the Corporation in exchange for a
99 year lease for 200 spaces in the Parking Garage upon tenors set forth below, and with agreed -
upon deed restrictions, and subject to a right of reverter in the event the Property ever ceases to
be used as a Parking Garage;
WHEREAS, the Corporation requires an encroachment agreement on property owned by
the Diocese that is adjacent to the Property, currently known as 13"' Street, and as more
specifically depicted on the attached Exhibit `B", attached hereto and incorporated herein for all
purposes ("Encroachment Area"), and Diocese agrees to grant an encroaclunent agreement on
the terms set forth below;
WHEREAS, as consideration for the sale of the Property, Diocese desires to enter into a
parking lease for 200 parking spaces with Corporation ("Parking Lease"), and Corporation
desires to lease said parking spaces to Diocese, on the terms set forth below.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That the President is hereby authorized to execute a real property
purchase agreement with the Diocese for the purchase of the Property that provides that (i)
consideration is in the form of a 99-year Parking Lease from Corporation to Diocese, which
provides for the payment by Diocese to Corporation, or its designee, of prorated repair and
maintenance expenses, (ii) the deed will contain certain agreed -upon deed restrictions relating to
the use of the Property, and (iii) the deed will contain a right of reverter that allows the Property
to automatically revert to the ownership of the Diocese if the Property is ever ceased to be used
for a Parking Garage (the ground floor retail excepted). The President is hereby authorized to
execute any and all related documents to effect the transfer of the Property from the Diocese to
the Corporation.
Section 2. That the President is hereby authorized to execute an encroachment
agreement with the Diocese for the encroachment of the Parking Garage onto the Encroachment
Area, for the mutual benefit of the parties and for nominal consideration.
Section 3. That the President is hereby authorized to execute a parking lease
("Parking Lease") with Diocese that provides that (i) the term is for 99 years; (ii) consideration is
payment by Diocese to Corporation, or its designee, of Diocese's prorated share of the repairs
and maintenance of the Parking Garage; and (iii) the leased premises is the 200 parking spaces
on the top two floors of the Parking Garage, which will be control -accessed.
Section 4. That this Resolution shall take effect immediately from and after its
passage.
Adopted this 61h day of March, 2012.
Approved kul� P X J (� 5
Kathleen Hicks
President