HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-25RESOLUTION NO. FWHFC-2016-25
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION HIRING JOHN C. SHACKLEFORD AS LEGAL COUNSEL
FOR THE CORPORATION, RIVERSIDE SENIOR INVESTMENTS, LP, AND
RIVERSIDE SENIOR DEVELOPMENT GP, LLC FOR THE DEVELOPMENT
OF SPHINX AT SIERRA VISTA SENIOR VILLAS
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, Sphinx Development Corporation ("Sphinx"), a Texas corporation,
is a developer of affordable housing and has developed over 1,400 affordable housing
units in Texas since the mid- 1980's;
WHEREAS, the Corporation has approved certain agreements with Sphinx for
the development of Sphinx at Sierra Vista Senior Villas, an affordable senior rental
project (the "project"), and Sphinx will apply 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, Riverside Senior Development GP, LLC (the "Company"), a Texas
limited liability company and single purpose entity, will be created to be the general
partner of Riverside Senior Investments, LP (the "Partnership"), the Texas limited
partnership to be created to construct, own and manage the project and Sphinx 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 272-unit multifamily senior housing
development to be located at 2942 S. Riverside Drive and will be known as Sphinx at
Sierra Vista Senior Villas;
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-2016-25
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 Sphinx at Sierra Vista Senior Villas.
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 development of the Sphinx at Sierra Vista Senior
Villas 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 $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 September 27, 2016.
FORT W TH HOUSING FINANCE CORPORATION
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Ronald P. Gonzales, A", ant Secretary