The URL can be used to link to this page

Home My WebLink About2009/03/03-Minutes-Fort Worth Housing Finance Corporation (FWHFC) CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, MARCH 3, 2009 Present: President Kathleen Hicks Vice President Danny Scarth Secretary Frank Moss Director Mike Moncrief Director Salvador Espino Director Jungus Jordan Director Carter Burdette Director Joel Burns City staff: Tom Higgins, Assistant City Manager Vicki Ganske, Senior Assistant City Attorney Marty Hendrix, City Secretary Ron Gonzales, Assistant City Secretary Jay Chapa, Director of Housing and Economic Development Jerome C. Walker, Deputy Director of Housing and Economic Development Department Cynthia Garcia, Assistant Director, Housing and Economic Development Department Henry Day, Senior Management Analyst, Housing and Economic Development Department Other staff: Ardina Washington, Business Development Coordinator, Housing and Economic Development Department LeAnn Guzman, Assistant City Attorney Call to Order (Agenda Item 1) With a quorum present, President Hicks called the meeting to order for the Board of Directors of the Fort Worth Housing Finance Corporation (Corporation) at 12:21 p.m. on Tuesday, March 3, 2009, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas. Approval of Minutes of the December 16, 2008 Meetinp_ (Agenda Item 2) President Hicks opened the floor for a motion on the approval of the minutes of the Tuesday. December 16, 2008. meeting. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY, MARCH 3, 2009 MOTION: Upon a motion made by Director Jordan and seconded by Director Moncrief, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", to approve the Tuesday, December 16, 2008, minutes of the Fort Worth Housing Finance Corporation as presented. The motion carried. Written Reports: Fort Worth Housing Finance Corporation Financial Report through January 31, 2009 (Agenda Item 3-A) The written report was provided to the Board as a matter of information. There was no discussion or formal action taken on the report. Adopt Resolution Authorizing Sale of 3108 Eastcrest Court and 2912 Walker Street (Agenda Item 4) Jerome Walker, Deputy Director of Housing and Economic Development Department, spoke before the Board regarding the proposed resolution. He provided an overview of the resolution for the Board's approval that would allow the sale of the properties at 3108 Eastcrest Court, located just west of Village Creek and Berry Streets, and 2912 Walker Street located in the Stop Six Community. He advised that the property at 3108 Eastcrest Court was part of a development by the Corporation that included 16 lots of which 10 homes have already been sold. He provided specifics on the property as follows: • $ 93,452.17 Labor & Materials • 3 Bedrooms • $ 6,941.00 Insurance, Plans, Etc. • 2 Baths • $ 14,500.00 Land Development • 2 Car garage • $114,893.17 TOTAL COST • Gazebo • $118,000.00 Sales Price • 6 Ft. Wood Privacy Fence • $121,000.00 2006 Appraisal • Fireplace • Custom Cabinets • Yard Sprinkler System Mr. Walker advised that the property at 2912 Walker Street was developed by the Carter Metropolitan Community Development Corporation, a CHDO which is no longer in existence. This property was conveyed to the Corporation as part of a workout between the City and the non profit regarding the use of federal grant funds used for affordable housing purposes. He provided specifics on the property as follows: CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY, MARCH 3, 2009 Adopt Resolution Authorizing Sale of 3108 Easterest Court and 2912 Walker Street (cont'd) (Agenda Item 4) • Developed by Carter Metropolitan CDC • Sheetrock Repair • 3 Bedrooms • New Cabinets • 2 Baths • New Light Fixtures • 1 Car garage • New HVAC • 1,290 Square Ft. • New Tile in Bathrooms • $24,500.00 HFC Funds for rehabilitation • New Carpet • HUD Funds in Home - $105,000.00 • New Paint • Sales price - $55,000.00 • New Windows • Yard Sprinkler System Mr. Walker pointed out that the original construction cost for the property was $66,000.00 and that the property had been vandalized several times. Director Moss expressed concern that there was someone who wanted to move into the property, but the property had been vandalized each time there was repair work done. He added that if someone could get moved into the property it might discourage individuals doing the vandalism from coming in and destroying the property further. Director Burdette inquired if these were cash sales or if they would be financed, and if they were to be financed, who was providing the financing. Mr. Walker stated that the properties would be financed and that the buyers had worked with their individual mortgage lender on the acquisition of the property. He added that he did not know the name of the lender the buyers were using. Director Burdette asked that if at closing, the Corporation would receive the full price of the property. Mr. Walker responded affirmatively. MOTION: Upon a motion made by Director Moss and seconded by Director Jordan, the Board voted eight (8) "ayes" and zero (0) "nays" to approve Resolution No. FWHFC 2009-01 as presented. The motion carried. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, MARCH 3, 2009 Adopt Resolution Approving Additional Funds to Complete Acceptance of Conveyance of 3220 Thrall Street and 2511 Mitchell Boulevard from Texas Community Development Corporation (Agenda Item 5) Jerome Walker, Deputy Director of Housing and Economic Development Department, spoke before the Board regarding the proposed resolution. He provided a brief history of the properties as follows: • HFC approved the acceptance of properties from Texas Community Development Corporation (formally Mitchell Blvd. Corp.) on June 3, 2008. • In order to complete acceptance, back taxes must be paid. • $27,636.43 on Thrall • $17,556.49 for Mitchell Blvd. He advised that the property at 3220 Thrall had a structure present and was located across the street from the Renaissance Square. He provided an overview of the property as follows: • Developed by Texas Community • 3 Bedrooms Development Corporation • 2 Baths • HUD Funds in home - $65,000.00 • 2 Car garage • Delinquent taxes owed - $27,636.43 • 1,410 Square Ft. • 2008 TAD Value - $67,800.00 • Corner Lot • Completed 2002 • 4 Ft. Cyclone fence • Custom Brick Mailbox • Covered Patio He also provided an overview of the property located at 2511 Mitchell Boulevard as follows: • 2.65 acre tract of vacant land • Located at the southeast corner of Mitchell Boulevard and Martin Luther King Freeway • No HUD funds in property • Delinquent taxes - $17,556.49 Mr. Walker further advised that the mineral rights on the property would be retained by the Corporation. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, MARCH 3, 2009 Adopt Resolution Approving Additional Funds to Complete Acceptance of Conveyance of 3220 Thrall Street and 2511 Mitchell Boulevard from Texas Community Development Corporation (cont'd) (Agenda Item 5) Director Burdette asked if both properties were foreclosed properties because of back taxes and if the Corporation was simply purchasing the foreclosed property. Mr. Walker stated that the non-profit organization was to convey the properties to the Corporation as part of a work out with the City regarding the use of federal grant funds for affordable housing purposes. Director Moss inquired if the property on Mitchell had a service station present or if it was vacant. Mr. Walker responded that the Mitchell property was vacant. However, he clarified that the property with the vacant service station was on the west side of the freeway. MOTION: Upon a motion made by Director Moss and seconded by Director Moncrief, the Board voted eight (8) "ayes" and zero (0) "nays" to approve the Resolution No. FWHFC 2009-02. The motion carried. Executive Session (Agenda Item 6) President Hicks advised that the Executive Session items listed below were not necessary and these items were passed over. A. Seek the advice of its attorneys concerning legal issues regarding any current agenda items that are exempt from public disclosure under Article X, Section 9 of the Texas State Bar Rules, as authorized by Section 551.071 of the Texas Government Code; and B. Discuss the purchase, sale, lease or value of real property, as authorized by Section 551.072 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the Corporation in negotiations with a third party; and CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, MARCH 3, 2009 C. Discuss or deliberate negotiations relating to any economic development negotiations, as authorized by Section 551.087 of the Texas Government Code. Request for Future Agenda Items and/or Reports (Agenda Item 7) Council Member Scarth asked for a report on activity with the Housing Trust Fund and the loans made through the Omni program. He added he would like to also revisit what the criteria were for that particular environment today. President Hicks stated that she also wondered how the stimulus dollars would affect helping economic development and housing. Director Moss stated that it would also be helpful to look at how processing of applications for Housing Trust Fund loans were going and if there was a need for any additional support in trying to get the applications done. President Hicks recalled a presentation by Karen Meunier, Housing Program Manager for the Housing and Economic Development Department, at a previous meeting regarding who had applied, who was eligible and where they were in the process that was quite informative. Mr. Walker stated that staff would bring a report back on the activities in the Housing Trust Fund and the processing as well. Assistant City Manager Tom Higgins suggested that the Corporation invite Omni back to give an update on what was actually happening and to hear their assessment on the program. Adiourn (Agenda Item 8) With no further discussion, President Hicks adjourned the called — special session of the Fort Worth Housing Finance Corporation Board at 12:35 p.m. on Tuesday, March 3, 2009. These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on the 24th day of March, 2009. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, MARCH 3, 2009 APPROVED: �10'u f1 )4,/()� K leen Hicks President ATTEST: Frank Moss Secretary rd and:sp,,ectfully submitted by: � on Gonzales Assistant City Secretary