HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-05RESOLUTION NO. FWHFC-2023-05
FORT WORTH HOUSING FINANCE CORPORATION
HIRING SHACKLEFORD, BOWEN, MCKINLEY & NORTON, LLP AS LEGAL
COUNSEL FOR THE CORPORATION AND A GENERAL PARTNER ENTITY
TO BE OWNED BY THE CORPORATION FOR THE REHABILITATION OF
WORTHINGTON POINT APARTMENTS
WHEREAS, the City Council of the City of Fort Worth (the "City") created the
Fort Worth Housing Finance Corporation (the "Corporation") in 1979 pursuant to the
Texas Housing Finance Corporation Act to facilitate the development of decent, safe
quality, affordable, and accessible housing for low- and moderate -income City residents
through lending and construction activities;
WHEREAS, Lincoln Avenue Capital LLC ("LAC"), a Delaware limited liability
company, is a developer of affordable housing and has developed one affordable and mixed
income multifamily property in Texas with another two under development;
WHEREAS, Worthington Point Preservation LLC (`WPP'), a Texas limited
liability company and affiliate of LAC, wishes to acquire and rehabilitate the Worthington
Point Apartments, an existing affordable housing development located at 12301 South
Hemphill Street (the "project"), which consists of 248 units;
WHEREAS, by separate resolution the Board of the Corporation is being asked to
approve certain agreements with WPP for the rehabilitation of the project and the creation
of Worthington Point Apartments LP (the "Partnership");
WHEREAS, by separate resolution the Board of the Corporation is being asked
for approval to create and be the sole member of a to -be -named general partner entity to
serve as the general partner of the Partnership (the "Company") and to approve the
Corporation undertaking certain other activities in connection with the rehabilitation and
management of the project, such as acting as the general contractor or a member of a joint
venture developer entity;
WHEREAS, the Partnership will apply for 2023 Non -Competitive (4%) Housing
Tax Credits ("Housing Tax Credits") and multifamily housing revenue bonds from the
Texas Department of Housing and Community Affairs ("TDHCA") as part of the
financing for the project;
WHEREAS, in order to represent the Corporation's and the Company's interests
in the rehabilitation, financing, construction and management of the project, it is advisable
to obtain outside counsel with experience and special expertise in Housing Tax Credit
projects along with the preparation of necessary documents and advising on any other
related issues; and
RESOLUTION NO. FWHFC-2023-05
PAGE 2
WHEREAS, the Board desires to approve hiring John C. Shackelford,
Shackleford, Bowen, McKinley & Norton, LLP, as legal counsel to assist the Corporation
and the Company and any other affiliate of the Corporation in connection with the
rehabilitation, financing, construction and management of the project.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
I THAT the Board approves the hiring of John C. Shackelford, Shackleford,
Bowen,
McKinley & Norton, LLP, as legal counsel for the Corporation, the Company, and
any other affiliate of the Corporation in connection with the rehabilitation,
financing, construction and management of the project.
2. THAT the Board approves the payment of attorney's fees of $130,000.00 for the
project.
3. THAT the Board approves the execution and delivery of an engagement letter for
legal services.
4. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner,
Assistant General Manager of the Corporation, or their duly appointed successors,
are each authorized to execute and deliver the engagement letter for and on behalf
of the Corporation, the Partnership and the Company along with any related
documents necessary to engage John C. Shackelford, Shackleford, Bowen,
McKinley & Norton, LLP, as outside counsel.
THAT this resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
ADOPTED February 28, 2023.
FORT WORTH HOUSING FINANCE CORPORATION
By:
Carlos Flores
President
Attest:
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Jannette S. Goodall
Corporate Secretary