HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-08RESOLUTION NO. FWHFC-2016-08
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
HIRING JOHN C. SHACKLEFORD AS LEGAL COUNSEL FOR THE
CORPORATION, THE BROADMOOR AT WESTERN HILLS LTD., AND THE
BROADMOOR AT WESTERN HILLS GP LLC FOR THE DEVELOPMENT OF
THE BROADMOOR AT WESTERN HILLS 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 Broadmoor at Western Hills 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") 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, NRP created the Broadmoor at Western Hills GP LLC (the
"Company"), a Texas limited liability company and single purpose entity, to be the
general partner of Broadmoor at Western Hills 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 in the 2800-2900 blocks of Broadmoor Drive near Calmont Avenue and will be
known as The Broadmoor at Western Hills 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-2016-08
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 Broadmoor at Western Hills Apartments.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. 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 Broadmoor at Western Hills Apartments
Housing Tax Credit and multifamily housing revenue bond applications and the
development of The Broadmoor at Western Hills 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 WORTH OUSING FINANCE CORPORATION
By: '�71-jo)oimd-/7
Salvador Espin , Trcsident