HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2025-14RESOLUTION NO. FWLDC-2025-14
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Purchase of 6851 and 6855 E. Lancaster Ave.
for the Redevelopment and Revitalization of the
Historic Handley Urban Village and Revitalization Target Area
WHEREAS, the City of Fort Worth ("City") received the real property located at 6851
and 6855 East Lancaster Avenue (collectively, "Properties") through Constable Deeds after tax -
foreclosure suit and is authorized to conduct a direct sale of tax -foreclosed property to a buyer per
Section 34.05 of the Texas Property Tax Code;
WHEREAS, the Properties are part of the Historic Handley Urban Village and
Revitalization Target Area ("Project Area");
WHEREAS, the Fort Worth Local Development Corporation ("FWLDC") is facilitating
the redevelopment and revitalization of the Project Area;
WHEREAS, the FWLDC, as part of its continued efforts to redevelop and revitalize the
Project Area desires to purchase the Properties from the City;
WHEREAS, the City, petitioned and received approval from the other taxing entities to
reduce the purchase price of the tax foreclosed properties to 20% of the Tarrant Appraisal District
appraised value in order to facilitate the redevelopment of the properties for a mixed -use
development;
WHEREAS, the proposed purchase prices are $10,975.00 for 6851 East Lancaster and
$46,040.00 for 6855 East Lancaster, with each such price including a $1,000.00 fee and with
closing costs and related expenses estimated to be $10,000;
WHEREAS, the process includes an educational session with the Historic Handley
stakeholder on how city requests for redevelopment work provided by Urban Land Institute for
$2,500; and
WHEREAS, the Board finds that the purchase of the Properties by the FWLDC from the
City would facilitate the redevelopment and revitalization of the Project Area; and
WHEREAS, the Board finds the purchase price of the Properties ($57,015.00) and the
closing costs and other expenses ($12,500.00) to be reasonable and proper; ,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE CORORATION THAT:
RESOLUTION NO. FWLDC-2025-14
PAGE 2
1. The recitals and findings set forth above are incorporated herein.
2. The Board approves the purchase of the Properties and authorizes the expenditure
of Sixty -Nine Thousand Five Hundred and Fifteen Dollars and No Cents ($69,515.00) for the
transaction.
3. The Board approves the execution and delivery of all documents necessary to effect
and complete the purchase of the Properties including, but not limited to, a contract for purchase.
4. That the President, Vice President, or any authorized signatory of the FWLDC is
authorized to execute all necessary instruments and documentation to effect and complete the
purchase of the Properties.
Adopted this August 26, 2025.
By:
Alan Blaylock
President
Attest:
Jannette S. Goodall
Corporate Secretary