HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2022-02RESOLUTION NO. FWHFC-2022-02
FORT WORTH HOUSING FINANCE CORPORATION
RESOLUTIONS APPROVING AN AGREEMENT WITH PALLADIUM USA,
INC. FOR THE DEVELOPMENT OF THE PALLADIUM OAK GROVE
APARTMENTS, AND CONFIRMING AND RATIFYING THE FORMATION OF
PFW OAK GROVE GP, LLC TO ACT AS THE GENERAL PARTNER OF
PALLADIUM OAK GROVE, LTD., THE PARTNERSHIP DEVELOPING,
OWNING AND MANAGING THE DEVELOPMENT AND APPROVING ALL
RELATED ACTIONS REQUIRED FOR MULTIFAMILY DEVELOPMENT
WHEREAS, the City Council of the City of Fort Worth ("City") created the Fort
Worth Housing Finance Corporation (the "Corporation") in 1979 pursuant to the Texas
Housing Finance Corporation Act to facilitate housing initiatives in the City, including
but not limited to issuing tax exempt bonds, developing, rehabilitating and promoting
housing, and assisting low to moderate income City residents in acquiring quality,
accessible, affordable housing 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 will apply for 2022 Non -Competitive (4%) Housing Tax
Credits from the Texas Department of Housing and Community Affairs ("TDHCA") to
develop approximately 240 units of multifamily housing to be located at 840 and 1000
Oak Grove Road to be known as Palladium Oak Grove (the "project"), and has requested
the Corporation's participation in the development by (i) serving as co -developer and
general contractor; (ii) being the Sole Member of PFW Oak Grove GP, LLC (the
"Company"), a single purpose entity created to be the general partner of Palladium Oak
Grove, Ltd., a Texas limited partnership (the "Partnership"), which will construct, own
and manage the project; (iii) and taking all actions necessary for the tax credit application
and the application for multifamily housing revenue bonds to finance a portion of the
costs of the project to TDHCA;
WHEREAS, the project will include units affordable to households making at or
below 60% of area median income;
WHEREAS, the Board desires to negotiate, approve and accept a Master
Agreement with Palladium or an affiliate describing the roles and responsibilities of the
parties and the terms for the development, ownership and management of Palladium Oak
Grove, and to approve and accept other agreements relating to the construction and
management of the project;
RESOLUTION NO. FWHFC-2022-02
Page 4 of 5
Banking Authorit
RESOLVED, that the Company is hereby authorized and directed to execute and
deliver on behalf of the Partnership such form resolutions of any state or national banking
institution that the Company may select (the `Bank"), as may be required to establish
whatever checking accounts and borrowing accounts the Company shall deem necessary
and appropriate for and on behalf of the Partnership;
RESOLVED FURTHER, that the Company is hereby authorized to certify to the
Bank that these Resolutions have been duly adopted and to verify to the Bank the names
and specimen signatures of the Partnership authorized hereby to sign, and if and when
any new authorized persons are elected, to verify the fact of the change and the name and
specimen signature of the Partnership;
RESOLVED FURTHER, that this Resolution and the form resolutions to which
it is applicable shall continue in full force and effect until official written notice of the
rescission thereof by the Partnership has been given to the Bank.
Authorization to Seek Financing
RESOLVED, that the Company, in its capacity as the general partner of the
Partnership, is hereby authorized, empowered, and directed to review, approve, execute,
deliver and submit any and all documents, instruments and other writings of every nature
whatsoever as the Company deems necessary for the Partnership to obtain the desired
Housing Tax Credits and other financing, including refinancing the permanent debt for
the development and operation of the project, in its own individual capacity, and on
behalf of the Partnership, in order to consummate the transactions described in this
Resolution on behalf of the itself and the Partnership.
General Authority
RESOLVED, that the Company is hereby authorized to do any and all acts and
things and to execute and deliver any and all agreements, consents, and documents as in
its opinion, or in the opinion of counsel to the Company, may be necessary or appropriate
in order to carry out the purposes and intent of any of the foregoing resolutions.
Signatory Authority
RESOLVED, that Fernando Costa, the 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 any documents or agreements
necessary to implement these resolutions.
RESOLUTION NO. FWIIFC-2022-02
Page 5 of 5
Rntifit,fAtinn
RESOLVED, that the signing of these resolutions shall constitute full ratification
of any actions taken in contemplation of these resolutions by the signatories.
BE IT FURTHER RESOLVED, that all actions heretofore taken by the sole
member of the Company to carry out the intent of the foregoing resolutions, and the
execution and delivery of such instruments and documents as believed to be necessary for
that purpose, are hereby approved and confirmed in all respects.
RESOLVED, that these resolutions shall be in full force and effect from and
upon their adoption.
ADOPTED March 29,2022.
FORT WORTH HOUSING FINANCE CORPORATION
Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary