HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2021-14RESOLUTION NO. FWHFC-2021-14
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 TOBIAS PLACE 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, Ojala Partners, LP ("Ojala"), a Texas limited partnership, is a
developer of affordable housing and has developed over 5,000 affordable and mixed
income housing units in Texas;
WHEREAS, Ojala wishes to acquire certain property located at 505 West Biddison
Street and 3500 Jennings Avenue to develop Tobias Place, an affordable multifamily rental
project (the "project"), which is anticipated to consists of 292 units;
WHEREAS, Ojala will apply for 2022 Non -Competitive (4%) Housing Tax
Credits ("Housing Tax Credits") from the Texas Department of Housing and Community
Affairs ("TDHCA") and has already applied for multifamily housing revenue bonds from
the Tarrant County Housing Finance Corporation as part of the financing for the project;
WHEREAS, Ojala has requested that the Corporation enter into negotiations for
the creation of a Limited Partnership, Tobias Place, LP (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 an entity to act as the General Partner of the Partnership, which is
anticipated to be called Tobias Place GP, LLC (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
RESOLUTION NO. FWHFC-2021-
PAGE 2
WHEREAS, the Board desires to approve hiring John C. Shackelford,
Shackeeford, Bowen, McKinley & Norton, LLP, as legal counsel to assist the Corporation
and the Company 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 Tobias Place.
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 and the Company
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 Tobias Place.
2. THAT the Board approves the payment of attorney's fees of $110,000.00 for the
project.
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 October 19, 2021.
FORT WORTH HOUSING FINANCE CORPORATION
By: Carlos ....E. Flores
............ ..
Carlos Flores, President