HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2025-08RESOLUTION NO. FWLDC-2025-08
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Sale of Five (S) Corporation Lots to the City of Fort Worth for a Total of
$537,076.00 to Facilitate the Evans and Rosedale Mixed --Use Redevelopment Project with
Royal Capital, LLC or an Affiliate
WHEREAS, the Local Development Corporation ("Corporation") owns five pieces of real
property in the 900 and 1000 blocks of Evans Avenue (collectively, "Properties") in the Evans and
Rosedale Urban Village area, located within a tax increment reinvestment zone;
WHEREAS, in 2024, the Corporation, in concert with the Fort Worth Housing Finance
Corporation ("HFC") and the City of Fort Worth ("City"), issued a Request for Expressions of
Interest ("RFEI") seeking proposals to redevelop the Properties as well as other land owned by the
HFC and City in the urban village in a way that maximizes the use of the property for the current
market while respecting the area's history;
WHEREAS, after significant community engagement and feedback, consideration of the
financial wherewithal and qualifications of the proposers, review of submitted proposals, and
negotiation, staff recommended that Royal Capital, LLC ("Royal") be selected to redevelop the
area;
WHEREAS, due to market considerations and the desire for the redevelopment to
encompass both affordable housing and appropriate neighborhood commercial uses, Royal must
be able to purchase the properties at less than fair market value in order for the development to be
financially feasible;
WHEREAS, the City Council previously committed $4,245,553.00 of available fund
balance, in replacement of former AR -PA funding designated for this project, to purchase the
parcels for use in support of this redevelopment (M&C 24-0936);
WHEREAS, it is recommended that the Corporation sell the properties identified in
Exhibit "A" to the City for fair market value so that the City can then convey the properties to
Royal at an amount less than fair market value, as allowed by state and local law.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE CORPORATION THAT:
1. The Board approves the sale of the five lots more particularly described on the attached
Exhibit "A" (the "Properties") to the City as -is for the fair market value price of
$537,076.00, plus the payment by the City of all closing costs; and.
RESOLUTION NO. FWLDC-2025-08
PAGE 2
2. The Board approves the execution and delivery of the following for the sale of the
Properties: (i) one or more sale and purchase agreements with the City, (ii) all necessary
deeds, and (iii) closing statements and other related documents necessary to effectuate
the sale of the Property.
3. The President, Vice President, or any authorized signatory of the Corporation is
authorized to execute all necessary instruments and documentation to effect and
complete the sale of the Properties.
Adopted this April 22, 2025.
By:
Gyna M. Bivens
President
Attest:
Jannette S. Goodall
Corporate Secretary