HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2024-01RESOLUTION NO. FWLDC-2024-01
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing a Small Business Disaster Recovery Stimulus Program for certain businesses
in the vicinity of and impacted by the Sandman Hotel explosion
WHEREAS, the Fort Worth Local Development Corporation ("Corporation") was
created in 1987 to assist the City with, among other things, the creation of jobs and other
economic development activities of the City;
WHEREAS, on Jan. 8, 2024, an explosion took place at the Sandman Hotel located on
Houston St. in downtown Fort Worth;
WHEREAS, due to the destruction caused by the explosion, businesses in the immediate
vicinity of the hotel were impacted due to obstruction of business entry ways, deterring traffic
flow and customer foot traffic.
WHEREAS, the Corporation desires to create a small business disaster recovery
stimulus program ("Program") which will enter into Agreements with certain businesses that
were negatively impacted by the Sandman Hotel explosion for a maximum amount of $50,000
("Applicant");
WHEREAS, the Program will be capped at $250,000 total; and
WHEREAS, each Applicant will be required to apply to the LDC and provide
documentation they meet the Program requirement for grants to cover eligible expenses affected
by the Sandman Hotel explosion and also report to the LDC on how they expended the funds.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE FORT WORTH LOCAL DEVELOPMENT CORPORATION:
1. The Corporation is hereby authorized to create a small business disaster recovery
stimulus program and enter into agreements with certain businesses that were negatively
impacted by the Sandman Hotel explosion for a maximum amount of $50,000 and a total
program amount of $250,000.
2. This Resolution takes effect from the date of its adoption.
Adopted this March 26, 2024.
F W LDC-2024-0 ]
RESOLUTION NO. FWLDC-2024-01
PAGE 2
Gyna Bivens
President
Attest:
Jannette S. Goodall
Corporate Secretary