HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-33RESOLUTION NO. FWHFC-2016-33
FORT WORTH HOUSING FINANCE CORPORATION
APPROVING A MEMORANDUM OF UNDERSTANDING WITH FORT
WORTH HOUSING SOLUTIONS OR AN AFFILIATE TO DEVELOP, OWN
AND OPERATE A MIXED INCOME MULTIFAMILY APARTMENT
COMPLEX TO BE LOCATED AT 904 E. WEATHERFORD STREET IN
DOWNTOWN FORT WORTH
WHEREAS, the City Council of the City of Fort Worth ("City") created the Fort
Worth Housing Finance Corporation (the "Corporation") in 1979 pursuant to the Texas
Housing Finance Corporation Act to facilitate housing initiatives in the City, including
but not limited to issuing tax exempt bonds, developing, rehabilitating and promoting
housing, and assisting low to moderate income City citizens in acquiring quality,
accessible, affordable housing through lending and construction activities;
WHEREAS, Housing Authority of the City of Fort Worth, Texas, a/k/a Fort
Worth Housing Authority and d/b/a Fort Worth Housing Solutions ("FWHS") is a public
housing authority organized under Chapter 392 of the Texas Local Government Code;
WHEREAS, on March 3, 2015, the Corporation's Board approved a contract
with the City for $2,200,000.00 in Community Development Block Grant ("CDBG")
funds in the form of a forgivable loan ("CDBG Loan") to acquire a 2.623 acre tract of
land, more or less, commonly known as 904 E. Weatherford Street ("Property") from the
Fort Worth Transportation Authority for the development of a mixed income multifamily
development including affordable units, permanent supportive housing units, and market
rate units;
WHEREAS, FWHS and the Corporation desire to enter into a memorandum of
understanding ("Master Agreement") to construct and own an approximately 219 unit
mixed income, multifamily development to be located on the Property (the "Project");
WHEREAS, it is contemplated that FWHS and the Corporation will form a
Texas limited partnership ("Partnership") consisting of an affiliate of FWHS as General
Partner, Corporation or an affiliate as special limited partner, and investor limited partner
or partners, all of which shall be set forth in a future partnership agreement;
WHEREAS, the CDBG Loan will be assigned to the Partnership for completion
of the Project;
WHEREAS, the Property will be owned by the Corporation which will enter into
a 99 year ground lease with the Partnership;
RESOLUTION NO. FWHFC-2016-33
PAGE 2
WHEREAS, at least 51% of the units in the Project will be rented to tenants who
make 80% or less of Area Median Income as published annually by the United States
Department of Housing and Urban Development and will include 15 permanent
supportive housing units; and
WHEREAS, the Corporation's Board desires to negotiate, approve, and accept
the Master Agreement with FWHS describing the roles and responsibilities of the parties
and the terms for the development, ownership, and management of the Project;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the execution and delivery of a Master Agreement by
and between the Corporation and FWHS to outline the terms of the Project for
construction of an approximately 219 unit mixed income, multifamily
development to be located on the Property.
2. THAT Fernando Costa, General Manager of the Corporation, or Aubrey Thagard,
Assistant General Manager of the Corporation, or their respective duly appointed
successors, are each authorized to execute and deliver the Master Agreement for
and on behalf of the Corporation and any related documents necessary to
implement the Master Agreement, and each may extend, modify and amend the
Master Agreement, provided any such extensions, modifications and amendments
are in compliance with the goals and purposes of the Corporation as amended
from time to time.
3. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted November 2, 2016.
FORT NYO#TH HOUSING FINANCE CORPORATION
By.
P
.
Ronald P. Gonzales, As is ant Secretary