HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2022-01RESOLUTION NO. FWHFC-2022-01
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION 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 DEVELOPMENT OF PALLADIUM OAK GROVE 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, Palladium USA, Inc. ("Palladium"), a Delaware corporation, is a
developer of affordable housing and has developed over 25 affordable and mixed income
multifamily properties in Texas;
WHEREAS, Palladium wishes to acquire certain property located at 840 and 1000
Oak Grove Road to develop Palladium Oak Grove, an affordable multifamily rental project
(the "project"), which is anticipated to consist of 240 units;
WHEREAS, Palladium will apply for 2022 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, Palladium has requested that the Corporation enter into negotiations
for the creation of a to be named Limited Partnership (the "Partnership"), which would
construct, own, and manage the project;
WHEREAS, if the Partnership is approved by the Corporation, the Corporation
would create and own a to be named entity to act as the General Partner of the Partnership,
(the "Company"), a Texas limited liability company and single purpose entity;
WHEREAS, a separate resolution will be presented to the Corporation for approval
of the creation of the Limited Partnership and related actions based on the negotiated terms;
WHEREAS, in order to represent the Corporation's and the Company's interests
in the negotiation of terms for the development, 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
WHEREAS, the Board desires to approve hiring John C. Shackelford,
Shackeeford, Bowen, McKinley & Norton, LLP, as legal counsel to assist the Corporation
RESOLUTION NO. FWHFC-2022-01
Page 2 of 2
and the Company and any other affiliate of the Corporation in connection with the
negotiation of terms and if the Partnership is approved by the Corporation, Housing Tax
Credit and multifamily housing revenue bond applications for the project and the
development, financing, construction and management of Palladium Oak Grove.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves the hiring of John C. Shackelford, Shackeeford, Bowen,
McKinley & Norton, LLP, as legal counsel for the Corporation, the Company, and
any other affiliate of the Corporation in connection with the negotiation of terms;
and if the Partnership is approved by the Corporation by separate resolution, the
development, financing, construction and management of Palladium Oak Grove.
2. THAT the Board approves the payment of attorney's fees of $140,000.00 for the
proj ect.
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, Shackeeford, Bowen,
McKinley & Norton, LLP, as outside counsel.
THAT this resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
ADOPTED January 25, 2022.
FORT WORTH HOUSING FINANCE CORPORATION
By. Cq/os,i.LE... F/odes.........
Carlos Flores, President