HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2022-16RESOLUTION NO. FWHFC-2022-16
FORT WORTH HOUSING FINANCE CORPORATION
APPROVING THE EXECUTION OF THE ATTACHED RESOLUTIONS REQUIRED BY
PNC BANK FOR THE DEVELPMENT OF PALLADIUM OAK GROVE APARTMENTS
LOCATED AT 840 AND 1000 OAK GROVE ROAD
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted
development and revitalization of the City's neighborhoods and affordable housing stock as a
strategic goal, and City residents and the City Council have determined that quality accessible
affordable housing is needed for moderate, low and very low-income City residents;
WHEREAS, the City Council created the Fort Worth Housing Finance Corporation (the
"Corporation") in 1979 pursuant to the Texas Housing Finance Corporations Act, Chapter 394
of the Texas Local Government Code, to facilitate neighborhood revitalization and 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, the Corporation seeks to promote neighborhood revitalization and foster the
development of affordable quality housing throughout the City by developing partnerships
among the City, the Corporation, local governments, lenders, private industry and neighborhood -
based nonprofit housing organizations;
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, the Board of the Corporation has approved an agreement with Palladium to
develop the Palladium Oak Grove Apartments, an approximately 240-unit multifamily housing
development to be located at 840 and 1000 Oak Grove Road (the "Project");
WHEREAS, the Corporation has also approved various actions relating to the creation
and operation of the GP, the Partnership, and other actions necessary for the development of the
Proj ect;
WHEREAS, PNC Bank is loaning certain funds for the Project and requires that the
Corporation in its various capacities execute the attached documents, subject to any minor, non -
substantive changes reasonably necessary to finalize the documents;
WHEREAS, Staff has confirmed that the attached resolutions are necessary and contain
common and customary statements and representations;
RESOLUTION NO. FWHFC-2022-16
PAGE 2
WHEREAS, staff recommends that the Board approve this resolution authorizing the
execution of the attached resolutions, subject to any minor, non -substantive changes reasonably
necessary to finalize the documents.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board authorizes the Corporation to execute the attached resolutions required
by PNC Bank on its behalf and on behalf of its affiliates, which can include minor, non -
substantive changes if such changes are deemed necessary by the Corporation's General
Manager or Assistant General Manager.
2. 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 attached documents for and on behalf of the
Corporation and its affiliates, and each is authorized to extend, modify and amend the
documents, provided any such extensions, modifications and amendments are within the
scope of the Project, and in conformance with the goals and purposes of the Corporation,
as amended from time to time.
3. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted November 29, 2022
FORT WORTH HOUSING FINANCE CORPORATION
. .... .. Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary