HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-32RESOLUTION NO. FWHFC — 2023-32
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A PLAT OF
PROPERTY TO FACILITATE THE EVANS AND ROSEDALE REDEVELOPMENT AND
EXPANSION OF EVANS PLAZA, APPROVING THE EXECUTION AND CONVEYANCE OF
NECESSARY EASEMENTS, INCLUDING DRAINAGE FACILITY EASEMENTS BENEATH
FUTURE PARK PROPERTY
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, in 2018, the Corporation, the City of Fort Worth ("City"), and the City of
Fort Worth Local Development Corporation ("LDC") issued a Request for Expressions of Interest
("RFEI") seeking redevelopment proposals for the Evans and Rosedale Urban Village area that
maximized the use of the property for the current market while respecting the area's history;
WHEREAS, the area includes a total of 36 properties, consisting of one City -owned
property, five LDC-owned properties, and thirty HFC-owned properties;
WHEREAS, after significant community engagement and feedback, review of submitted
proposals, and negotiation, staff for the Corporation, the City, and the LDC recommended that
Hoque Global Properties, LLC ("Hoque") be selected to redevelop the area;
WHEREAS, Hoque proposed a redevelopment that will result in a total of at least $70
million worth of investment; approximately 292 multifamily units, 20 townhomes, and 28 live -
work units, with a portion being affordable units; a cultural square; parks, and other public spaces
(the Project");
WHEREAS, the Corporation entered into a purchase and sales agreement with Hoque to
convey thirty Corporation properties ("Property") to Hoque in accordance with state law;
WHEREAS, Hoque assigned their interest in the purchase and sales agreement to their
affiliate, Evans Rosedale Development Phase I, LP ("Developer");
WHEREAS, prior to the sale of the Property to Developer, the Corporation and Developer
wish to replat the Property to accommodate the residential and commercial redevelopment of the
Property;
WHEREAS, the Corporation will retain ownership of certain parcels, identified in Exhibit
"A," surrounding the existing Evans Plaza and south of the Property, between Evans Avenue on
the east and Missouri Avenue on the west;
RESOLUTION NO. FWHFC-2023-32
PAGE 2
WHEREAS, these remaining parcels are planned to become a dedicated public park with
an underground stormwater facility to be installed and maintained by Developer;
WHEREAS, the Corporation wishes to authorize the conveyance of a drainage facility
easement to Developer for the installation and maintenance of the underground stormwater
facility;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board authorizes the execution and delivery of the Plat, or any subsequent
version of the Plat, attached hereto as Exhibit "B," ("Plat") being a replat of Lots 1-16,
Block 1, Schlater's Addition, an addition to the City of Fort Worth, Tarrant County, Texas
as recorded in V. 63, P.143, P.R.T.C.T., and Lots 1, 2, & 12, Block 3, W. J. Boaz's
Subdivision, Evans South Addition, an addition to the City of Fort Worth, Tarrant County,
Texas as recorded in V. 106, P. 28, P.R.T.C.T., and Lot 6R, Block 3, Evans South Addition,
an Addition to the City of Fort Worth, Tarrant County, Texas as recorded in Cab. A, S1.
12103, P.R.T.C.T., and Lots 1-8, Block 1, Evans South Addition, an addition to the City
of Fort Worth, Tarrant County, Texas.
2. THAT the Board authorizes the execution and conveyance of any easement needed to
complete the Project, including but not limited to drainage facility easements beneath the
future park property along with any related documents necessary to effectuate the Proj ect's
progress.
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
deliver the Plat, once finalized, and any necessary easements, including a drainage facility
easement, on behalf of the Corporation along with any related documents necessary
effectuate the Plat or the conveyance of any easements relating to the Project.
4. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 22, 2023
RESOLUTION NO. FWHFC-2023-32
PAGE 3
FORT WORTH HOUSING FINANCE CORPORATION
By:
Carlos Flores
President
Attest:
Aj*jA Amxi2w
Jannette S. Goodall
Corporate Secretary
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