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HomeMy WebLinkAbout2006/03/07-Minutes-Fort Worth Housing Finance Corporation (FWHFC) CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, MARCH 7, 2006 Present: President Kathleen Hicks Vice President Becky Haskin (arrived at 1:14 p.m.) Secretary Donavan Wheatfall Treasurer Jungus Jordan Director Mike Moncrief Director Salvador Espino Director Chuck Silcox Director Carter Burdette Director Wendy Davis (arrived at 1:09 p.m.) City staff: Dale Fisseler, Assistant City Manager Vicki Ganske, Senior Assistant City Attorney Jerome C. Walker, Director of Housing Marty Hendrix, City Secretary Other staff: Gerald Pruitt, Deputy City Attorney Peter Vaky, Assistant City Attorney Donald Cager, Housing Program Manager Christine Panagopoulous, Housing Development Specialist Wayne Harper, Rehab Technician Patsy Herout, Administrative Technician Call to Order (Agenda Item I) With a quorum present, President Hicks called the meeting to order for the Board of Directors of the Fort Worth Housing Finance Corporation at 1:05 p.m. on Tuesday, March 7, 2006, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas, with Directors Becky Haskin and Wendy Davis temporarily absent. Approval of Minutes of the August 23, 2005 Meeting (Agenda Item II) President Hicks opened the floor for a motion on the approval of the minutes of the Tuesday. August 23. 2005 meeting. t • f CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7, 2006 Page 2 MOTION: Upon a motion made by Secretary Wheatfall and seconded by Treasurer Jordan, the Board of Directors voted seven (7) "ayes" and zero (0) "nays", with Directors Haskin and Davis absent, to approve the Tuesday, August 23, 2005, minutes of the Fort Worth Housing Finance Corporation as presented. The motion carried. Report on Formation of Fort Worth City Construction Company, L.L.0 (Agenda Item III-A) Jerome C. Walker, Director of Housing, presented a PowerPoint Presentation on the formation of the FW City Construction Company, L.L.C. He advised that City staff is seeking approval for operation of the FW City Construction Company, L.L.C., and an appropriation of $600,000 for the activities of the Corporation. Mr. Walker provided background information as follows: • The Fort Worth Housing Finance Corporation (FWHFC) was created in 1979 to issue tax exempt mortgage revenue bonds. • Six issuances of bonds totaling $185,989,251 since inception, with one of the issuances in the amount of $9.6 million for a senior citizen housing complex. • Refunded two bond issues in 1987 and 1991 resulting in windfall of$4.6 million, which was used to create the Fort Worth Housing Endowment Fund which has been used for a number of housing projects over the years. • Amended the Articles of Incorporation in 1996 to develop and promote residential projects. • Implemented an Infill Housing Program in September 1996. • FWHFC has produced 110 single-family units and a 160 unit senior project. • August 2005, reported to Board on creation of a construction company that was an HFC "dba" to build demonstration house in Model Blocks areas and complete units in the Eastcrest Addition. • Board expressed concern regarding liability associated with activities of the construction company structured as a "dba". • Staff should address the Board's liability before selling homes. • On the advice of legal counsel, the FW City Construction Company, L.L.C., was created in December 2005. (Director Wendy Davis arrived at the meeting.) CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7, 2006 Page 3 Report on Formation of Fort Worth City Construction Company, L.L.0 (cont'd) (Agenda Item III-A) Mr. Walker presented the goal of the FW City Construction Company, L.L.C., as follows: • Complete 25 quality single family houses by June 1, 2007 (15 months). • Square footage of the houses will range from 1400 to 1850 square feet. • 20 floor plans available. Mr. Walker advised that the floor plans were exhibited around the meeting room for the Corporation Board Members to review. He stated that the prices of the houses would range from $90,000 to $140,000. Amenities will include: • Ceramic tile • His/Her Master closets • Wood burning fireplace with built-in television hutch • Brand name appliances Mr. Walker reviewed the probable neighborhoods: • Near Northside • Edgewood/Eastcrest Addition • Terrell Heights • Lake Como • Model Blocks (to be determined) Mr. Walker discussed the innovative floor plans, which were exhibited on boards located around the room and reviewed the designs as follows: • "The Rosewood V" • Four bedrooms with separate dining room • Square Footage: 1472 • "The Abbey" • Three bedrooms with window seats in dining room • Square Footage: 1429 • "The Petite Maison" • Open concept with large covered patio • Square footage: 1461 CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7,2006 Page 4 Report on Formation of Fort Worth City Construction Company, L.L.C. (cont'd) (Agenda Item III-A) • "The Katherine" • Open concept with large covered patio and island kitchen • Square footage: 1505 • "The Lincoln" • Two story with master downstairs and wrap-around porch that is 270 square feet • Square footage: 1826 • "The Rosewood VI" • Four bedroom with separate dining room • Square footage: 1397 Mr. Walker presented a chart showing as an example the individual costs for "The Rosewood V": construction costs of$77,389.40; soft costs of$7,986.60; total cost of$85,376.00 (1472 square feet x $58.00). He presented a comparison chart showing the cost for this product by a private builder. He indicated that: construction costs of$77,389.40; soft costs of$7,985.60; builder profit of$17,075.20; total cost of$102,451.20 (1472 sq. ft. x $70.00). He pointed out the savings to the homeowner was $17,075, the builder's profit. Mr. Walker presented the reasons for the FW City Construction Company, L.L.C. (FWCCC) as follows: • Control costs and quality of construction. • Subcontractors work under Housing Staff's direct control, so they will be more willing to handle warranty issues for which FWHFC is ultimately liable. • Meet neighborhood expectations with unique floor plans and elevations. • Already paying for insurance against liability, so no need to pay for the builder's policy as well. • FWCCC is taking the place of the builder—"the middleman". • Maintaining high ratio of minority and women owned businesses as subcontractors. Mr. Walker reviewed the challenges plaguing small builders: • Insurance requirements are expensive and most builders do not carry all of the required insurance. Ultimate liability falls on the FWHFC. • Not enough homes to keep them busy and interested in staying in an area. • Not all are dependable in handling their warranty issues. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7,2006 Page 5 Report on Formation of Fort Worth City Construction Company, L.L.C. (cont'd) (Agenda Item III-A) • Most builders include 20% overhead as their profit margin. (Vice President Becky Haskin arrived at the meeting.) Mr. Walker presented the Board of Directors' liability insurance coverage for all of the members at a cost of$3,700.00. He added that the coverage protects the members of the Board of Directors against liability associated with the actions of the FWCCC. Mr. Walker presented the marketing plan as follows: • Strategically plan construction to be completed just as schools are released for summer. • Variety of house plans available including single and two story houses with front and rear garages, and three and four bedroom lay outs. • List homes with an established broker in the area for timely sales. • Base sales price on appraisal prior to completion of construction. Mr. Walker concluded his presentation with the following recommendations: • The Board of Directors approve operation of FW City Construction Company L.L.C.; • The Board of Directors approve the proposed resolution appropriating funds in the amount of $600,000 from the endowment fund for FW City Construction Company, L.L.C., to undertake single family construction activities. Mr. Walker indicated that the current fund balance is $6.2 million. Discussion and Consideration of a Resolution for an Appropriation of$600,000 from Endowment Fund for FW City Construction Company, L.L.C., to Undertake Single Family Construction Activities (Agenda Item III-B) President Hicks opened the floor for discussion. Secretary Wheatfall stated that he understood the need for the product offering. He advised of a situation in southeast Fort Worth with KB Homes where they came into a neighborhood but could not sustain themselves in that market area due to the time factor. financial problems and other hurdles. He added they ended up flipping the home sites and that area now has the benefit of nothing more than CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7, 2006 Page 6 Discussion and Consideration of a Resolution for an Appropriation of$600,000 from Endowment Fund for FW City Construction Company, LLC to Undertake Single Family Construction Activities (cont'd) (Agenda Item III-B) "shotgun" rental houses. He further stated that he understands there is a need to create a mechanism to go into the hard-to-reach areas with housing in order to improve the market. He added he does not want the FWCCC to compete with the private building market. Secretary Wheatfall requested clarification on the particular indicators that will be used to pull out of a particular area and move on to another area in need of assistance. He expressed concern that the FWCCC should not focus on a certain area for too long. Mr. Walker provided some historical examples in the City. He indicated that the number of start-ups homes needed was one of the factors and an increase in appraised values in the area was another factor. There was also clarification by Mr. Walker that the FWCCC does bid the subcontracts. Director Burdette indicated that he felt this was going to be a good program. He stated he has similar concerns as Secretary Wheatfall, particularly for the Como neighborhood where they are finally seeing some private developers coming into that area. He added if the program is put into place, the FWCCC should be concerned about when and where it gets into competition with private developers. He added he did not want to see private developers pre-empted or discouraged from building. Director Burdette added he is also concerned about the costs of the FWCCC getting into this program in terms of more employees to run the program and more marketing costs to sell the homes. He indicated the need to keep careful records showing where the program works and where it has not worked. He also spoke about the need to carefully oversee the program if it is instituted to keep it on target. Mr. Walker addressed Director Burdette's concerns. He stated that there would be no additional employees necessary and the employees working in the department already have expertise in this area and that one employee has been in the home building industry and has construction experience. He recognized the employees and stated they are Christine Panagopoulous, Donald Cager, Wayne Harper and Patsy Herout. Mr. Walker indicated that they will oversee the construction management aspects of the project. Director Moncrief stated that he understands the concerns that have been expressed. He added at the same time he knows where there are demands but no capacity to meet the demands, there is a place for this product. He stated he wanted to see quality affordable housing and this is just adding a product to that menu. Director Jordan indicated he was very concerned with going into the housing construction business. He pointed out that there is a serious capacity issue with the City's Minority and NVomen's Business Enterprise (MWBE). He added he "ants to do it competitively in the market CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7, 2006 Page 7 Discussion and Consideration of a Resolution for an Appropriation of$600,000 from Endowment Fund for FW City Construction Company, L.L.C. to Undertake Single Family Construction Activities (cont'd) (Agenda Item III-B) place. He expressed more concerns about the possible cost escalation and explained that if the FWCCC is not competing, then the costs are going to get out of hand. He indicated that he wanted the FWCCC to go through the competitive process for the construction piece. Mr. Walker stated that the City staff had looked at this long and hard. He indicated that he understands the need to build capacity for minority and women contractors. He added the FWCCC'S first task is to providing, promoting or ensuring quality affordable housing. Mr. Walker indicated that in the past several years the City has not seen the capacity come forward. Director Jordan interjected that Mr. Walker was talking about "apples" and "oranges." He stated that the quality of the houses has nothing to do with the FWCCC being in the construction business. Mr. Walker clarified that the City has not seen the builders with the capacity to build the quality housing at a reasonable price either. Mr. Walker indicated that the City staff was concerned about the time that it will take to build up the capacity of minority and women contractors versus the continuing and growing need in the neighborhoods for the quality affordable housing. He added this is the reason they are coming forward with this recommendation. Vice President Haskin stated that this issue is really the great fear of the unknown and she added that a long time ago she wished that the City had done this type of program. She stated the Council had wanted to do this type or program and tried to do it. She compared this process with what the City is doing with the City's ambulance authority. She said there is a limited capacity with MWBE. She added what the City ends up getting basically are the least qualified and newest businesses and they are most likely to fold in the process. She added she wants to try this program and she wants to see building in the neighborhoods where developers will not go. Vice President Haskin added that she felt this program was something the City's Housing Department was supposed to do. She stated that this Board was a good place for the City staff to come back to and report on the status of the program. She indicated she felt the Housing Department was competent in handling this program and she added she wanted to move forward with the recommendations. President Hicks stated that in her District 8 area there are a lot of vacant lots and probably more than in any other district. She added that she deals quite often with the smaller builders. She spoke of a recent tour of her district and expressed her dismay with what is being built. She pointed out that these homes are not quality affordable housing and that the word CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7,2006 Page 8 Discussion and Consideration of a Resolution for an Appropriation of$600,000 from Endowment Fund for FW City Construction Company, L.L.C. to Undertake Sinule Family Construction Activities (cont'd) (Agenda Item III-B) "affordable" plays a role in this process. She added that some builders are building inferior products and then coming to the City requesting Neighborhood Empowerment Zone designations and rebates. She pointed out that the builders often are not canvassing the neighborhoods to find out what types of houses are appropriate for the area. President Hicks stated that the builders are just expecting the City to accept anything they choose to build for housing stock and she no longer wants to do this. President Hicks indicated that this is an opportunity to build some quality affordable housing that the City can play a role in developing. She pointed out the interest in the southeast portion of Fort Worth for redevelopment; however, there has not been this type of interest to spur development and quality housing in the Como area. Director Espino stated there can be genuine disagreement about policies of whether the FWCCC needs to be in the construction business. He offered some highlights for the reasons he supported the recommendations from the City staff. He pointed out the concerns he has for the 1,000 sq. ft. homes that are being built in the Central City. He stated that a lot of these are being built in District 2 and they are not acceptable. He also spoke about the B-2 family zoning for duplexes and that duplexes are being built next to single-family houses due to this zoning. Director Espino stated that if the FWCCC moves forward with this program and does it right then it is setting the standards for development. He added then the market makes the other developers do it right. He added that he felt the FWCCC should try this program and see how it goes. He stated that quality affordable housing is what is needed in neighborhoods throughout the City. He added that he felt the citizens of the Central City would purchase the products being offered. He stated that many of the subcontractors could be MWBE's and this would be a way of building the capacity of those contractors. He stated that by starting out in this way they can become qualified contractors and learn how to build a superior product. Director Espino pointed out the need to look at the northside area as well as the far greater northside as that area needs good quality affordable single-family housing because there are too many duplexes being built in that area. Secretary Wheatfall stated that he has been struggling with this concept when brought to the Council by the staff. He stated that the Council needs to look at policies and the implementation of policies. He stated that the Council needs to look at concerns of the entire Council and concerns in the individual Council districts. He stated that he can relate to the concerns of Council Members Hicks, Espino and Burdette in that they have seen the housing products provided by private developers and they are not acceptable. He further stated that it is CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7,2006 Page 9 Discussion and Consideration of a Resolution for an Appropriation of$600,000 from Endowment Fund for FW City Construction Company, L.L.C. to Undertake Single Family Construction Activities (cont'd) (Agenda Item III-B) unacceptable due to the market not providing the quality affordable housing in areas of need. He stated that in his opinion the places where government needs to go is where the private sector will not go in order to build and create the capacity for the private market. He pointed out areas, i.e., Como, Stop Six, southeast Fort Worth, and advised that today the FWCCC can build a product cheaper in those areas due to the fact that it does not require a profit overhead. He added that he is in favor of what the City staff is recommending due to the fact that he has seen what the private sector is building and it is not acceptable. He stated that the products being built today are just adding to the problems in the neighborhoods that the City is trying to address. He pointed out that the new housing is being built for renters and thus these houses attract nomadic people who tend to destabilize a neighborhood. Secretary Wheatfall felt that the FWHFC was moving forward with the recommendation in the direction of some of the other larger cities in the country that are building housing stock in deteriorated parts of their communities to revitalize the areas. He added that he wanted to move forward and measure its performance and measure the obstacles. He stated that he felt the understood goal should be to create this base then for the private developers to come into an area and sustain the development. Treasurer Jordan requested clarification on the City staff on the goal for the MWBE participation in the subcontracts. Mr. Walker indicated that the participation level is proposed at 50% and in a recent contract the participation level was 54%. Treasurer Jordan added he is not arguing the need for quality affordable housing in the City. He clarified that he is arguing with the issue of the FWHFC and the FWCCC getting into the construction business. He pointed out that the issue is to increase the capacity of the MWBE contractors and he pointed out that this is the prime target for them to get involved. He emphasized the need for the City to work in that direction. He added that he felt the FWCCC is competing with that community if it builds the houses. Director Silcox agreed with the comments made by Treasurer Jordan. He added that he has always been of the opinion that government should not be in competition with the private sector. He stated that while the stated goal is good, in his opinion there is no control over the program. He stated his concern is whether one house or 100 needs to be built before the FWCCC leaves an area and allows the private sector to take over. He reiterated his concern that there is no control over this program for when and how long the FWCCC is going to stay in an area building the houses. He reiterated that he does not want to compete with the private sector. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7,2006 Page 10 Discussion and Consideration of a Resolution for an Appropriation of$600,000 from Endowment Fund for FW City Construction Company, L.L.C. to Undertake Single Family Construction Activities (cont'd) (Agenda Item III-B) President Hicks stated there is no competition currently and the products being built are not satisfactory. She spoke about her concerns for the district that she represents, the poor quality of duplex homes being built, and the expectations of the private builders that the City will just go along with the use of Neighborhood Empowerment Zones for this product. She added that if the FWCCC can raise the bar then it needed to do so. Director Davis indicated that she agreed with comments that had been made and stated that what the market has dictated in certain areas are products that promote rentals and not purchases. She added that there is no competition in those markets. She spoke about the recent work done on the City's development standards for housing and she requested support for those upcoming changes. She pointed out that whether the home building was done by the private sector or the FWCCC, she hopes that the housing products under the new standards would be something that the City will take pride in. She felt that it would provide opportunities for doing two good things, i.e., building good housing but also partnering with people that will grow into good MWBE partners. She stated that if they are working under the FWCCC guidance and working under the standards then something good will come out of it. Director Moncrief stated that the FWCCC can be an incubator for the smaller MWBE's who are trying to get started. He stated the FWCCC needs to work with the area Chambers to build the capacity of the MWBE's. He stated that the philosophy of"it will do" or "it is good enough" will have to go away. Director Moncrief indicated that he understood the positions of Directors Jordan and Silcox; however, he expressed his concerns that the private sector developers are just not interested and the private sector is comfortable with the "it will do". He added that this is not quality affordable housing. He also expressed his concerns with the structures not lasting and in the long run the City will have to take over and take these structures down before they fall down. Director Burdette indicated that he is in favor of moving forward with this recommendation; however, he does hear the comments from everyone. He suggested that the Board look at this like an experiment. He pointed out that the goal is 25 homes in 15 months. He wants to see the report on when these 25 homes are completed; how they fit into the market place; what the true costs are and whether it is a worthwhile goal for the FWCCC to undertake. President Hicks agreed with his comments. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7,2006 Page 11 Discussion and Consideration of a Resolution for an Appropriation of$600,000 from Endowment Fund for FW City Construction Company, L.L.C. to Undertake Single Family Construction Activities (cont'd) (Agenda Item III-B) MAIN MOTION: A motion made by Director Moncrief that the Board of Directors approve operation of FW City Construction Company, L.L.C., and that the Board of Directors approve the proposed resolution appropriating funds in the amount of$600,000 from the endowment fund for FW City Construction Company, L.L.C., to undertake single family construction activities. The motion was seconded by Vice President Haskin. Treasurer Jordan indicated that if the FWCCC acts as an incubator in this process then he can go along with that position; however, if the FWCCC becomes the competitor with private development, then he does have a problem with that approach. Director Moncrief reiterated that he felt the incubator approach can work and particularly to build the capacity in the MWBE's. He added that he also wants to see a report at the completion of the construction to see how well it worked and how the private developers feel about what the FWCCC has done. Secretary Wheatfall indicated that he felt that is the control and the Board Members are the control. He stated the Board Members can analyze the information in the report and decide whether to allow for further funding for more construction. President Hicks added that in several years she hopes that this is not needed and that quality developments have come to these overlooked areas in the City. AMENDMENT TO MAIN MOTION: Treasurer Jordan made a motion to amend the main motion to include approval of the FWCCC as an incubator to build the MWBE capacity. Director Silcox seconded the motion. There was further deliberation on the amendment. Director Davis stated she felt the language already captured what the program is trying to achieve with the limitation on the appropriation at $600,000. She stated that once that figure has been expended then the Board can receive and review the report in terms of the effectiveness in the quality of the homes but also the activities that were supported by the MWBE's. She stated once those issues have been reviewed then the Board can decide whether to move forward or whether the MWBE capacity has grown in order to move forward on their own. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7,2006 Page 12 Discussion and Consideration of a Resolution for an Appropriation of$600,000 from Endowment Fund for FW City Construction Company, L.L.C. to Undertake Single Family Construction Activities (cont'd) (Agenda Item III-B) There was further clarification on whether the action of this Board has the final decision or whether the City Council makes the final determination. City staff advised that the Board has the final authority. At the request of Secretary Wheatfall, President Hicks called for the vote on the amendment to the main motion. VOTE ON THE AMENDMENT: The Board of Directors voted two (2) "ayes" and seven (7) "nays", with Directors Hicks, Haskin, Davis, Wheatfall, Burdette, Espino and Moncrief casting the negative votes. The motion failed. President called for the vote on the main motion. VOTE ON THE MAIN MOTION: The Board of Directors voted seven (7) "ayes" and two (2) "nays", with Directors Jordan and Silcox casting the negative votes, in favor of the main motion. The motion carried. Status of Victory Art Center Proiect (Agenda Item III-C) Using a PowerPoint Presentation, Jerome C. Walker updated the Board on the status of the Victory Art Center Project (formerly known as the Our Lady of Victory Convent) located in south Fort Worth on Hemphill. He advised that the FWHFC approved a bridge loan for this project in December of 2001 pending the organizational creation in order to obtain the tax credits. He stated that it was worth $7.2 million and the purpose was to save the structure and to provide a building for the promotion of the arts and to also provide housing. He advised that the building has 46 multi-family units, with an artist workspace, art space, event space and theatre. Mr. Walker indicated that this project was undertaken to save an historical structure and renovate it, provide for affordable housing and provide for stimulation of revitalization in a diminishing area. He stated that Chase Bank, the primary lender, is now in the process of foreclosure and he wanted to inform the Board of this. Director Burdette questioned if the building was open only to artists for residential units. Mr. Walker indicated that the housing is opened to anyone; however. they had targeted CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7, 2006 Page 13 Status of Victory Art Center Proiect(cont'd) (Agenda Item III-C) artists. There was further deliberation on the occupancy rate. Mr. Walker indicated that it was 90% occupied. He stated that the problem was the leasing of the special events space. He added that they have tried to market this property, out with no success. Director Espino requested clarification on the amount of performance space and what seems to be the problem, i.e., costs too high for the rental of the space. Mr. Walker indicated that the space is about 3,000 to 5,000 sq. ft. Mr. Walker indicated that it could be used for meetings, weddings, receptions, parties, etc. He stated that the events are hard to underwrite. Director Espino stated that there is a need throughout the City for event space and he questioned if the costs for rental were prohibitive. There was further deliberation on this issue and what the apparent problem seemed to be for this facility. This item was received as a matter of information and no formal action was taken on it. Executive Session (Agenda Item IV) This agenda item was passed over by President Hicks. Request for Future Agenda Items and/or Reports (Agenda Item V) There were no future agenda items requested by the Board Members or reports given by the Board Members. Adiourn (Agenda Item VI) With no further discussion, President Hicks adjourned the called — special session of the Fort Worth Housing Finance Corporation Board at 1:45 p.m. on Tuesday, March 7, 2006. These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on the 11 th day of July, 2006. APPROVED: Kathleen Hicks President CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, March 7,2006 Page 14 ATT S Donavan Whe tfall Secretary Prepared and respectfully submitted by: Marty Hendrix City Secretary