Loading...
HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-20RESOLUTION NO. FWHFC-2016-20 FORT WORTH HOUSING FINANCE CORPORATION A RESOLUTION APPROVING A CONTRACT WITH THE CITY OF FORT WORTH FOR $559,481.00 IN HOME FUNDS FOR THE BROADMOOR APARTMENTS, AND APPROVE ALL RELATED ACTIONS REQUIRED FOR HOUSING DEVELOPMENT WHEREAS, the City Council of the City of Fort Worth ("City") 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 at Western Hills Apartments, an approximately 324-unit mixed income multifamily housing development to be located in the 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-2016-20 PAGE 2 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, the Board, acting on behalf of the GP in its own capacity and in its capacity as general partner of the Partnership, desires to approve and accept a contract with the City of Fort Worth for the use of $559,481.00 of City HOME funds for the Broadmoor Apartments in the form of a subordinate loan to the The Broadmoor at Western Hills Ltd., and approve all actions necessary for multifamily affordable housing development related to the project. NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION: 1. THAT the Board approves the execution and delivery of a contract ("Contract") by and between the City and the Partnership for $559,481.00 of the City's HOME funds in order to provide a portion of the costs of the project in the form of a subordinate loan (the "HOME Contract"), and for the Partnership to undertake all activities necessary to fulfill the terms of the HOME Contract and the requirements of the HOME Regulations for affordable housing development. 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 the HOME Contract for and on behalf of the Partnership along with any related documents necessary to implement the HOME Contract, and each may extend, modify and amend the HOME Contract, provided any such extensions, modifications and amendments are in compliance with city ordinances, requirements for use of HOME funds and the goals and purposes of the Corporation as amended from time to time. 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, the general partner of 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-2016-20 PAGE 3 5. THAT this Resolution takes effect on the date of its adoption. AND IT IS SO RESOLVED. Adopted August 9, 2016. FORT WMTH HOUSING FINANCE CORPORATION P. Gonzales, Assistant