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HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2025-07RESOLUTION NO. FWHFC—2025-07 FORT WORTH HOUSING FINANCE CORPORATION A RESOLUTION AUTHORIZING THE SALE OF FOUR LOTS LOCATED AT 1301 E. CANNON ST.; 1407 E. CANNON ST.; 802 MAGNOLIA AVE. and 1139 E. CANNON St. IN COUNCIL DISTRICT 8 TO BRIGHTER OUTLOOK INC., OR AN ELIGIBLE AFFILIATE FOR THE DEVELOPMENT OF SINGLE-FAMILY RESIDENCES 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 2007 and 2008 the Corporation acquired several lots for future affordable housing development as part of its land banking program, and has constructed single family houses and developed subdivisions especially in targeted areas of the City; WHEREAS, the Corporation's standard documents for sale of single family lots include mechanisms to ensure that the purchaser of the lots uses the property to construct single family houses and sell them to income -eligible buyers ("Deed Restrictions"); WHEREAS, Brighter Outlook Inc., a Texas limited liability corporation, requested to purchase 4 lots located at 1301 E. Cannon St.; 1407 E. Cannon St.; 802 Magnolia Ave. and 1139 E. Cannon St. in Council District 8 at below market value established by a broker's price opinion in order to build affordable owner -occupied, single-family residences; WHEREAS, the Board of the Corporation (the "Board") desires to approve the sale of 4 lots to Brighter Outlook Inc., or to an affiliated entity that is willing and able to comply with the Deed Restrictions (an "Eligible Affiliate"); and WHEREAS, the Corporation is amenable to selling the lots for a total amount of $100,000.00 for the purpose of affordable single-family housing development. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION: THAT the Board approves the sale of the 4 lots more particularly described on the attached Exhibit "A" (the "Property") to Brighter Outlook Inc., or an Eligible Affiliate, for the negotiated price of $100,000.00, plus the payment by the buyer of all closing costs. 2. THAT the Board approves the execution and delivery of the following for the sale of the Property: (i) sale and purchase agreements with Brighter Outlook Inc. or an Eligible Affiliate, (ii) related deeds, and (iii) closing statements and any other related documents necessary to complete the sale of the Property with all contracts and deeds to include deed RESOLUTION NO. FWHFC-2025-07 PAGE 2 restrictions, rights of repurchase and/or first refusal, and reverters as staff deems appropriate in order to ensure the Property is used for the intended purpose (the "Closing Documents"). 3. THAT Dana Burghdoff, General Manager of the Corporation, or Kacey Bess, Assistant General Manager, or their duly appointed successors, are each authorized to execute and deliver the Closing Documents for and on behalf of the Corporation along with any related documents necessary to sell the Property. 4. THAT to the extent any actions to sell the Property authorized by this Resolution have already been taken by the Corporation, Dana Burghdoff, Kacey Bess, or any other representative or agent of the Corporation, the Board hereby ratifies and confirms such actions as the valid actions of the Corporation, effective as of the date such action was taken. THAT this Resolution takes effect on the date of its adoption. AND IT IS SO RE, SOLVED. Adopted May 20, 2025. FORT WORTH HOUSING FINANCE CORPORATION By Carlos Flores President Attest: annette S. Goodall RESOLUTION NO. FWHFC-2025-07 PAGE 3 EXHIBIT A ADDRESS LEGAL DESCRIPTION SALES PRICE RESERVATION 1301 E. Cannon Lot 14, Block 44, Union $30,000.00 FWHFC retains St. Depot Addition, situated in mineral rights the City of Fort Worth, Tarrant County, Texas. 1407 E. Cannon Lot 4&5, Block 4, $30,000.00 FWHFC retains St. Glenwood Addition, mineral rights situated in the City of Fort Worth, Tarrant County, Texas. 802 Magnolia Lot 21 E 1/2 LOT 21 & 22, $20,000.00 FWHFC retains Ave. Block 2, Ryan, JC mineral rights Subdivision, situated in the City of Fort Worth, Tarrant County, Texas. 1139 E. Cannon Lot 11, Block 25, Union $20,000.00 FWHFC retains St. Depot Addition, situated in mineral rights the City of Fort Worth, Tarrant County, Texas.