HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2024-02RESOLUTION NO. FWCCLGC-2024-02
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF DIRECTORS
Whereas, the Central City Local Government Corporation ("CCLGC) owns 320-space
garage serving Magnolia Green workers and visitors and broader Magnolia Village area
("Magnolia Green Garage");
Whereas, Hemphill Hospitality, LLC plans to build a hotel on an adjacent lot to the
Magnolia Green Garage;
Whereas, Hemphill Hospitality, LLC desires to lease a portion of the Magnolia Green
Garage parking spots for valet parking services;
Whereas, the Magnolia Green Garage is currently under lease with Pennsylvania
Avenue, LP but are amendable to removing certain spaces from its lease to accommodate the
hotel leasing spaces in the garage; and
Whereas, the is a Tri-Party Agreement between the CCLGC, TIF 4, and the City of Fort
Worth that states the maintenance obligations for the Magnolia Green Garage.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CENTRAL CITY LOCAL GOVERNMENT CORPORATION:
1. The CCLGC is hereby authorized to execute an Amendment to the Tri-Party
Agreement between the CCLGC, TIF 4, and the City of Fort Worth to clarify maintenance
obligations between the parties and amend any other necessary items to accommodate the lease of
garage spaces in the Magnolia Green Garage with Hemphill Hospitality, LLC.
2. This Resolution takes effect from the date of its adoption.
Adopted this June 25, 2024.
y:
Carlos Flores
President
Attest:
Jannette Goodall
Corporate Secretary