The URL can be used to link to this page

Home My WebLink About2008/12/16-Minutes-Fort Worth Housing Finance Corporation (FWHFC) CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, DECEMBER 16, 2008 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 Absent: Director Chuck Silcox passed away on October 25, 2008. City staff: Tom Higgins, Assistant City Manager Vicki Ganske, Senior Assistant City Attorney Jay Chapa, Director of Housing and Economic Development Department Jerome C. Walker, Assistant Director of Housing and Economic Development Department Marty Hendrix, Assistant Corporation Secretary Lena Ellis, Corporation Treasurer Other staff: LeAnn Guzman, Assistant City Attorney Cynthia Garcia, Community Development Manager, Housing and Economic Development Department Ardina Washington, Economic Development Manager, Housing and Economic Development Department Mark Folden, Business Development Coordinator, Housing and Economic Development Department Donald Cager, Program Manager, Housing and Economic Development Department Call to Order (Agenda Item I) With a quorum present. President Hicks called the meeting to order for the Beard of Directors of the Fort Worth Housing Finance Corporation (Corporation) at 1 :54 p.m. on CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY, DECEMBER 16, 2008 Page 2 Tuesday, December 16, 2008, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas. Approval of Minutes of the June 3, 2008 Meetin (Agenda Item II) President Hicks opened the floor for a motion on the approval of the minutes of the Tuesday, June 3, 2008, meeting. MOTION: Upon a motion made by Director Moss and seconded by Director Moncrief, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", to approve the Tuesday, July 3, 2008, minutes of the Fort Worth Housing Finance Corporation as presented. The motion carried. Written Reports: Fort Worth Housing Finance Corporation Financial Report (Agenda Item III-A) through September 30, 2008 and Written Reports: Report on the Fort Worth Housing Trust Fund to Compare the Fort Worth Housing Trust Fund with Housing Trust Funds Established in the Other Cities (Agenda Item III-B) and Written Report: Housing Development Update (Agenda Item III-C) These written reports were provided to the Board as a matter of information. There was no discussion or formal action taken on the reports. Action Items: Discussion and Consideration of an Administrative Budget (Agenda Item IV-A) Jerome Walker, Assistant Director of Housing and Economic Development Department, spoke before the Board on the following proposed budget document for the Corporation for FY 2008-2009: CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, DECEMBER 16, 2008 Page 3 Action Items: Discussion and Consideration of an Administrative Budget (cont'd) (Agenda Item IV-A) Insurance: Directors & Officers Liability and Entity Liability Automobile Liability Errors & Omissions General Liability Real & Personal Property Total: $7,500.00 Professional Organization Memberships $1,200.00 Audit Full Financial $15,000.00 Addition to City Audit $5,000.00 Attorney's Fees $10,000.00 Training $10,000.00 Carrying Cost for Vacant Lots $42,000.00 Office Supplies, Equipment, Miscellaneous $10,000.00 TOTAL: $100,700.00 Director Moss requested clarification on the carrying cost for vacant lots. Mr. Walker explained that the Corporation owns 70 vacant lots. The funding amount shown was for the maintenance of the lots for cutting the grass, etc. MOTION: Upon a motion made by Director Scarth and seconded by Director Moncrief, the Board voted eight (8) "ayes" and zero (0) "nays" to approve the Administrative Budget for FY 2008/2009 as presented. The motion carried. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY, DECEMBER 16, 2008 Page 4 Discussion and Consideration of a Resolution Approving the Transfer of Interest Earned on a Portion of the Fort Worth Housing Finance Corporation Endowment Fund to the Fort Worth Housing Trust Fund (Agenda Item IV-B) Jerome Walker, Assistant Director of Housing and Economic Development Department, spoke before the Board regarding the proposed resolution. Mr. Walker advised that the Fort Worth City Council and the Corporation entered into an agreement for the Corporation to administer the Housing Trust Fund (Fund) in a manner consistent with the Fort Worth Housing Trust Fund Policy Statement and the Fund Guidelines. He added the Board of Directors of the Corporation have agreed to allocate $4,000,000.00 from the Corporation's Endowment Fund to be used only as a corpus for the Fund with interest earned on the corpus to be used as additional lending capital. Mr. Walker emphasized that the interest earned was about $266,000.00. Mr. Walker stated that affirmative action by the Board on the resolution would approve, authorize and ratify the transfer of the interest earned on the $4,000,000.00 of the Corporation's Endowment Fund to the Fort Worth Housing Trust Fund. MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Board voted eight (8) "ayes" and zero (0) "nays" to approve Resolution No. FWHFC 2008-14 as presented. The motion carried. Discussion and Consideration of a Resolution Authorizing Payment of an Additional $3,047.00 to Kelly Hart & Hallman LLP for Legal Assistance Regarding the Amended and Restated Bylaws and Related Legal Issues and Documents (Agenda Item IV-C) Jerome Walker, Assistant Director of Housing and Economic Development Department, spoke before the Board regarding the proposed resolution. Mr. Walker advised that the Law Firm of Kelly Hart & Hallman had provided services in the preparation of the Corporation's Amended and Restated Bylaws and other related legal issues and necessary documents. He added originally the Board had authorized the Corporation to pay the firm $20,000.00 for these services; however, the Corporation has incurred additional costs of$3,047.00 on these matters. He stated the Board's affirmative action on the resolution would authorize the payment of this additional 53,047 to the Law Finn of Kelly Hart and Hallman. LLP for their services. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED—SPECIAL SESSION TUESDAY, DECEMBER 16, 2008 Page 5 Discussion and Consideration of a Resolution Authorizing Payment of an Additional $3,047.00 to Kelly Hart & HallmanLLP for Legal Assistance Regarding the Amended and Restated Bylaws and Related Legal Issues and Documents (cont'd) (Agenda Item IV-C) President Hicks requested clarification for the total costs paid to the law firm. Mr. Walker stated that the total was $23,047.00. MOTION: Upon a motion made by Director Moncrief and seconded by Director Espino, the Board of Directors voted eight (8) "ayes" and zero (0) "nays", to approve Resolution No. FWHFC-2008-15 as presented. The motion carried. Executive Session (Agenda Item V) President Hicks advised that the Executive Session items listed below were not necessary to discuss at this time and these items were passed over. A. Seek the advice of its attorneys concerning legal issues regarding any item listed on the Fort Worth Housing Finance Corporation meeting agenda or other matters 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. B. Deliberate 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 C. Deliberate concerning economic development negotiations, as authorized by Section 551.087 of the Texas Government Code. Request for Future Agenda Items and/or Reports (Agenda Item VI) There were no future agenda items requested by the Board Members or reports given by the Board Members. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION CALLED— SPECIAL SESSION TUESDAY, DECEMBER 16, 2008 Page 6 Adjourn (Agenda Item VII) With no further discussion, President Hicks adjourned the called — special session of the Fort Worth Housing Finance Corporation Board at 1:53 p.m. on Tuesday, December 16, 2008. These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on the 3rd day of March, 2009. APPROVED: J)�ta-/o'l )�-( / )'j Kathleen Hicks President ATTEST: Marty Hendrix Secretary