HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2024-01RESOLUTION NO. FWHFC—2024-01
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF FIVE LOTS LOCATED AT 3012
DILLARD STREET, 5224 ANDERSON STREET, 5300 ANDERSON STREET, 5300
PINSON STREET, AND 5328 COTTEY STREET IN THE STOP SIX SUNRISE
EDITION NEIGHBORHOOD TO LEGACY CONSTRUCTION SOLUTIONS, INC. FOR
THE DEVELOPMENT OF SINGLE-FANHLY RESIDENCES
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") seeks to
promote homeownership and neighborhood revitalization throughout the City of Fort Worth
("City") and foster the development of quality, accessible, affordable housing for low- and
moderate -income individuals and families;
WHEREAS, between 2002 and 2004 the Corporation acquired several lots for future
affordable housing development as part of its land banking program, and has constructed single
family houses and developed subdivisions especially in targeted areas of the City;
WHEREAS, Legacy Construction Solutions, Inc., a Texas S corporation, requested to
purchase 5 lots located at 3012 Dillard Street, 5224 Anderson Street, 5300 Anderson Street, 5300
Pinson Street, and 5328 Cottey Street in the Stop Six Sunrise Edition Neighborhood at below
market value established by a broker's price opinion in order to build affordable owner -occupied,
single-family residences; and
WHEREAS, the Board of the Corporation (the "Board") desires to approve the sale of 5
lots to Legacy Construction Solutions, Inc., for a total amount of $250,000.00 for the purpose of
affordable single-family housing development.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves the sale of the 5 lots more particularly described on the attached
Exhibit "A" (the "Property") to Legacy Construction Solutions, Inc., for the negotiated
price of $250,000.00, plus the payment by the buyer of all closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of the
Property: (i) sale and purchase agreements with Legacy Construction Solutions, Inc., (ii)
related deeds, and (iii) closing statements and any other related documents necessary to
complete the sale of the Property with all contracts and deeds to include deed restrictions,
rights of repurchase and/or first refusal, and reverters as staff deems appropriate in order
to ensure the Property is used for the intended purpose (the "Closing Documents").
3. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager, or their duly appointed successors, are each authorized to execute and
RESOLUTION NO. FWBFC-2024-01
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deliver the Closing Documents for and on behalf of the Corporation along with any related
documents necessary to sell the Property.
4. THAT to the extent any actions to sell the Property authorized by this Resolution have
already been taken by the Corporation, Fernando Costa, Victor Turner, or any other
representative or agent of the Corporation, the Board hereby ratifies and confirms such
actions as the valid actions of the Corporation, effective as of the date such action was
taken.
5. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted January 30, 2024.
FORT WORTH HOUSING FINANCE CORPORATION
Carlos Flores
President
Attest:
Jannette S. Goodall