HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2017-16RESOLUTION NO. FWHFC-2017-16
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION HIRING JOHN C. SHACKLEFORD AS LEGAL COUNSEL
FOR THE CORPORATION, TX WESTERN CENTER 2018 LTD, AND TX
WESTERN CENTER 2018 GP LLC FOR THE DEVELOPMENT OF THE
HEIGHTS AT WESTERN CENTER 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, Generation Housing Development, LLC ("Generation"), a Texas
limited liability company, is a developer of affordable housing and has developed over
4,000 affordable housing units in Texas since the mid- 1990s;
WHEREAS, the Corporation has approved certain agreements with Generation
for the development of The Heights at Western Center, a mixed income multifamily
rental project (the "project"), and Generation will apply for 2018 Non -Competitive (4%)
Housing Tax Credits ("Housing Tax Credits") from the Texas Department of Housing
and Community Affairs ("TDHCA") and multifamily housing revenue bonds from the
Tarrant County Housing Finance Corporation as part of the financing for the project;
WHEREAS, TX Western Center 2018 GP LLC (the "Company"), a Texas
limited liability company and single purpose entity, will be created by the Corporation to
be the General Partner of TX Western Center 2018 Ltd (the "Partnership"), the Texas
limited partnership to be created to construct, own and manage the project and
Generation has agreed to undertake certain other activities in connection with the
development and management of the project;
WHEREAS, the Corporation has agreed to be the Sole Member of the Company
and is empowered to act on its behalf,
WHEREAS, the project consists of a new 195-unit mixed income multifamily
housing development to be located at 1960 Western Center Boulevard and will be known
as The Heights at Western Center;
WHEREAS, in order to represent the Corporation's, the Partnership's and the
Company's interests in 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-2017-16
PAGE 2
WHEREAS, the Board desires to approve hiring John C. Shackelford and the
firm of Shackelford, Melton & McKinley, LLP as legal counsel to assist the Corporation,
the Partnership, and the Company in connection with the Housing Tax Credit and
multifamily housing revenue bond applications for the project and the development of
The Heights at Western Center apartments.
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 and the firm of
Shackelford, Melton & McKinley, LLP as legal counsel for the Corporation, the
Partnership, and the Company in connection with the development of The Heights
at Western Center and the Housing Tax Credit and multifamily housing revenue
bond applications for the project.
2. THAT the Board approves the payment of attorney's fees of $100,000.00 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 Aubrey Thagard,
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 and the firm of Shackelford,
Melton & McKinley, LLP as outside counsel for the project.
5. THAT this resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
ADOPTED December 5, 2017.
FORT WORTH HOUSING FINANCE CORPORATION
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Kelly All n Gray, President