HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2012-06 (2)AMENDED BY:
RESOLUTION RESOLUTION CCLGC-2014-03
CCLGC-2012-07 DECEMBER 9, 2014
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Parking Lease with Lancaster Corridor Redevelopment, LLC
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, 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, on the terms set forth below; and
WHEREAS, Corporation desires to lease said parking spaces to Developer 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 parking lease
("Parking Lease") with Developer that provides that (i) the tenn is for 99 years, (ii) consideration
is (a) payment by Developer to Corporation, or its designee, Developer's prorated share of the
repairs and maintenance of the Parking Garage and (b) Developer causing the design and
construction of the Parking Garage under a Development Agreement with Corporation
authorized under a separate resolution, (iii) the leased premises is all of the parking spaces, save
and except the 200 parking spaces on the top two floors of the Parking Garage, which will be
leased to the Diocese of Fort Worth; (iv) Developer may sublease its spaces to tenants or owners
of the Project; (v) Developer will provide parking spaces for the general public; and (vi)
Developer will provide parking to the City of Fort Worth ("City") in at least an amount to
replace the City's parking spaces that are being removed due to the construction and
development of the Project.
Section 2. That this Resolution shall take effect immediately from and after its
passage.
Adopted this 6tt' day of March, 2012.
Approved (Z �(� �{� Pt t Jl)
Kathleen Hicks
President