HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2024-05RESOLUTION NO. FWLDC-2024-05
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Execution of an Economic Development Program Agreement with Berry
Stalcup Redevelopment Partners, LLC In An Amount Not to Exceed $3,210,822.00 To
Develop the Berry Stalcup Area
WHEREAS, the Local Development Corporation ("LDC") owns two properties on East
Berry Street ("Project Site") in an area that the City desires to bring new development as stated in
the Berry/Stalcup Urban Village Master Plan and Economic Development Strategy Plan;
WHEREAS, Berry Stalcup Redevelopment Partners, LLC ("Developer") has put together
a plan to develop the Project Site with commercial and residential aspects ("Project"); and
WHEREAS, the Board desires to enter into an Chapter 380 Economic Development
Program Agreement with Developer in order to facilitate its development of the Project.
NOW THEREFORE, BE IT RESOLVED:
1. That the Board hereby authorizes execution of an Economic Development Program
Agreement ("EDPA") in an amount up to three million two hundred ten thousand eight hundred
twenty-two dollars and no cents ($3,210,822.00) with the Developer, or one of its affiliates, to
facilitate its development of the Project Site.
2. That in order for the Developer to receive a grant under the EDPA from the LDC,
it must accomplish the following:
a. Purchase the Project Site from the LDC;
b. Invest at least $2,500,000 for Phase 1, $3,500,000 for Phase 2, $3,500,000 for
Phase 3, and $6,250,000 for Phase 4;
c. Build at least 34 townhomes by the end of Phase 4; and
d. Build at least 17,000 square feet of live/work units.
3. That, if Benbrook Property, LLC meets its commitments under the EDPA, the TIRZ
will grant an amount up to $3,210,822
4. That the Chairperson of the Board is authorized to sign this Resolution on the
Board's behalf and execute all necessary agreements and related documents in accordance with
this Resolution.
That this Resolution shall take effect immediately from and after its passage.
RESOLUTION NO. FWLDC-2024-05
PAGE 2
Adopted this August 6, 2024.
By.
NaAGy . Bivens
Title: President
Attest:
By: QAA�—'. A
Jftno-e S. Goodall, Secretary