HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-19RESOLUTION NO. FWHFC-2016-19
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE CORPORATION TO GUARANTEE THE
ACTS OF THE BROADMOOR AT WESTERN HILLS GP LLC, THE GENERAL
PARTNER OF THE BROADMOOR AT WESTERN HILLS LTD., THE PARTNERSHIP
DEVELOPING, OWNING, AND MANAGING THE PROJECT TO BE LOCATED AT
2900 BROADMOOR DRIVE NEAR CALMONT AVENUE
WHEREAS, the City Council established the Fort Worth Housing Finance Corporation
(the "Corporation") in 1979 pursuant to Chapter 394, Texas Local Government Code, to
facilitate housing initiatives in the City, including but not limited to issuing tax exempt bonds,
developing and promoting housing, and assisting low to moderate income City citizens in
acquiring quality, accessible, affordable housing through lending and construction activities;
WHEREAS, the City receives grant funds from the United States Department of
Housing and Urban Development ("HUD") through the HOME Investment Partnerships
Program ("HOME"), with which the City promotes activities that expand the supply of
affordable housing and develop partnerships with neighborhood -based non-profit housing
organizations to benefit low- and very low-income City citizens by providing them with
affordable housing;
WHEREAS, on February 2, 2016, the Board of the Corporation approved an agreement
with NRP Group, LLC ("NRP") to develop the Broadmoor Apartments, an approximately 324-
unit mixed income multifamily housing development to be located at 2900 Broadmoor Drive
near Calmont Avenue (the "project"). NRP has applied for 2016 Non -Competitive (4%)
Housing Tax Credits from the Texas Department of Housing and Community Affairs
("TDHCA") as well as multifamily revenue bonds from Tarrant County Housing Finance
Corporation (the "Tarrant County HFC") to finance a portion of the costs of the project;
WHEREAS, the Corporation has agreed to participate in the project by becoming the
sole member of The Broadmoor at Western Hills GP LLC, a Texas limited liability company (the
"GP"), the general partner of The Broadmoor at Western Hills Ltd., a Texas limited partnership
(the "Partnership"), which has been organized to acquire, construct, develop, improve, operate,
control and maintain and own the project;
WHEREAS, the Board has also approved various actions relating to the operation of the
GP and other actions necessary for the development of the project by the GP and the Partnership;
WHEREAS, an affiliate of NRP has contracted to acquire 27.000 acres of land, more or
less, (the "Land"), on which the improvements will be constructed and operated and will assign
said contract to the Corporation;
RESOLUTION NO. FWHFC-2016-
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WHEREAS, the Board approved the Corporation acquiring fee ownership of the Land
and, as Landlord, entering into a ground lease with the Partnership, whereby the Partnership will
have a tenant's leasehold estate in the Land;
WHEREAS, on June 14, 2016, the City Council approved a contract with the Partnership
for $559,481.00 of the City's HOME funds in the form of a subordinate loan for a portion of the
costs of the project (M&C G-18760);
WHEREAS, U.S. Bancorp Community Development Corporation, the investor limited
partner (the "Investor") in the Partnership, has requested that the Corporation guarantee the acts
of the GP;
WHEREAS, the Board, in order to accommodate the Investor's request and to ensure the
successful completion of the project, desires to guarantee the acts of the GP and to approve all
actions necessary for the development of multifamily affordable housing related to the project;
WHEREAS, the Board of the Corporation adopts the following Resolutions, as the
Resolutions of the Corporation acting on behalf of the GP in its own capacity, and in its capacity
as the general partner of the Partnership.
NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS OF THE
FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board authorizes the Corporation to guarantee the acts of the GP, the general
partner of the Partnership, in connection with the project, and to undertake all activities
necessary to develop the project.
2. 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 such guaranty on behalf of the Corporation.
3. 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 any documents or agreements necessary to
implement these Resolutions in order to finance and develop the project.
4. THAT any actions taken by the GP, any actions taken by the Partnership, and any actions
taken by the Corporation, acting on behalf of the Partnership and the GP in connection
with the financing and development of the project, are hereby ratified and confirmed as
the valid actions of the GP, the Partnership and the Corporation, as applicable, effective
as of the date such actions were taken.
RESOLUTION NO. FWHFC-2016-19
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THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 9, 2016.
FORT TH HOUSING FINANCE CORPORATION
By: � �
Y .
Ronald P. Gonzales, Assis n Secretary