HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2012-06RESOLUTION
CCLGC-2012-06
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Development Agreement with Lancaster Corridor Redevelopment, LLC
to Cause Design and Construction of the Parking Garage Associated
with the Lancaster Mixed -Use Project 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 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, Corporation desires to utilize Developer to cause the design and
construction of the Parking Garage.
WHEREAS, for the benefit of the Project, Developer desires to lease from Corporation
all of the parking spaces in the Parking Garage, save and except 200 spaces to be leased to the
Diocese of Fort Worth ("Parking Lease"), said Parking Lease approved by Corporation under a
separate resolution on March 5, 2012; and
WHEREAS, as part of the consideration of the Parking Lease, Developer must enter into
a development agreement with Corporation whereby Developer must cause the design and
construction of the Parking Garage.
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, as partial consideration
for the Parking Lease, and under the terms and conditions as set forth by Corporation, 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 61h day of March, 2012.
Approved
Kathleen Hicks
President