HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-04RESOLUTION NO. FWHFC-2016-04
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
HIRING JOHN C. SHACKLEFORD AS LEGAL COUNSEL FOR THE
CORPORATION, MERCANTILE APARTMENTS LTD., AND MERCANTILE
APARTMENTS GP LLC FOR THE DEVELOPMENT OF THE MERCANTILE
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, NRP Group LLC ("NRP"), an Ohio limited liability company, is a
developer of affordable housing and has developed over 3,000 affordable housing units in Texas
since 2004;
WHEREAS, the Corporation has entered into certain agreements with NRP for the
development of the Mercantile Apartments, an affordable mixed income multifamily rental
project (the "project"), and NRP has applied for 2016 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, NRP created Mercantile Apartments GP LLC (the "Company"), a Texas
limited liability company and single purpose entity, to be the general partner of Mercantile
Apartments Ltd. (the "Partnership"), the Texas limited partnership created by NRP to
construct, own and manage the project and 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 324-unit apartment complex to be located at
the northwest intersection of Northern Cross Boulevard and Endicott Avenue near Northeast
Loop 820 and will be known as the Mercantile Apartments;
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-2016-04
PAGE 2
WHEREAS, the Board desires to approve hiring John C. Shackelford 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 Mercantile 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, Shackelford, Melton &
McKinley, LLP, as legal counsel for the Corporation, the Partnership and the Company in
connection with the Mercantile Apartments Housing Tax Credit and multifamily housing
revenue bond applications and the development of the Mercantile Apartments.
2. THAT the Board approves the payment of attorney's fees of $90,000.00 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, Shackelford, Melton & McKinley, LLP, as
outside counsel.
5. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
ADOPTED February 2, 2016.
FORT WO TH HOU ING FINANCE CORPORATION
By:
Salvador Espino, Presi ent