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HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2015-031_�t 111121111,111IRM 003 611 �f A �$ 0 a; lU PXM►didI4,VATAIhXWMI M MON DIM WWI .1 I a 0 t WHEREAS, the City Council of the City of Fort Worth ("City") has adopted the development and revitalization of the City's affordable housing stock as a strategic goal, and the City Council has determined that quality, accessible, affordable housing is needed for moderate, low, and very low income City citizens; WHEREAS, the City Council created the Fort Worth Housing Finance Corporation (the "Corporation") in 1979 pursuant to the Texas Housing Finance Corporations 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, the Board of the Corporation has approved an agreement with MV Residential Development LLC ("MV") to develop the Reserve at Quebec Apartments, an approximately 230-unit mixed income multifamily housing development to be located near the intersection of Buda Lane and Northwest Centre Drive (the "project"). MV will apply for non- competitive 4% Housing Tax Credits from the Texas Department of Housing and Community Affairs ("TDHCA") as well as multifamily revenue bonds from the Tarrant County Housing Finance Corporation ("Tarrant County HFU) to finance a portion of the costs of the project'. WHEREAS, the Corporation has agreed to participate in the project by creating Reserve 9t Quebec GP, LLC (the "GP"), a single purpose entity to serve as general partner of Reserve at Quebec, LP, a Texas limited partnership (the "Partnership") that will own the project. The Board has also approved various actions relating to the creation and operation of the GP and other actions necessary for the development of the project; fflrffll"ITIM♦�=I I WHEREAS, an affiliate of MV has contracted to acquire 15.00 acres of land, more or less (the "Land"), on which the project will be constructed and operated and will assign said contract to the Corporation; WHEREAS, the Corporation desires to acquire fee ownership of the Land and, as Landlord, desires to enter into a Ground Lease with the Partnership whereby the Partnership will have a tenant's leasehold estate in the Land; RESOLUTION NO. FWHFC-2015-03 PAGE 2 WHEREAS, the Partnership desires to enter into a Ground Lease with the Corporation whereby the Partnership will have a tenant's leasehold estate in the Land; WHEREAS, the Corporation, as developer, desires to enter into various agreements, including a Development Fee Agreement with MV, an MV affiliate and the Partnership as necessary or advisable for the development of the project; WHEREAS, the Board of the Corporation desires to: authorize the acquisition of the Land and enter into a long term ground lease with the Partnership for the Land; enter into certain agreements as developer for the project; and, take such other actions necessary or convenient to act as developer and complete the project. 11 Ila 1XIA Ity &VAT113 tam 15 1 [$1 IR11 10" IN III Ville UN WINUM "i MAN rK63040 ITFN�MJJ JJliJJJJlJJJ Jill II JIJIJJJlg�1�111 III 11, '1 1 FURTHER RESOLVED, that the Corporation is authorized to negotiate, approve, and accept a deed conveying fee ownership of the Land to the Corporation and to negotiate, approve, execute and deliver all related property transfer documents, including any assignments, certificates, affidavits, documents, instruments, agreements, consents, statements, and various other writings and documentation of every nature whatsoever as the Corporation may deem advisable, necessary, desirable, or required for such conveyance (collectively, the "Conveyance Documents"); and that the Conveyance Documents in each and every respect are approved and authorized; L4V=1 i isI i MEE=$ FURTHER RESOLVED, that the Corporation, as landlord, is authorized to negotiate, execute, and deliver a Ground Lease for a period of up to 99 years by which the Land shall be leased by the Corporation to the Partnership, as tenant, and a Memorandum of Lease in recordable form, and to negotiate, execute and deliver all other documentation of every nature whatsoever as the Corporation may deem advisable, necessary, desirable, or required for such lease (collectively, the "Lease Documents"); and that the Lease Documents in each and every respect are approved and authorized; F'T DENI-FIL"k)"PMENT AGREEMENTS RESOLVED, that Corporation is hereby authorized to act as developer and to enter into a Development Fee Agreement for the project with MV and an MV affiliate; RESOLUTION O 2 PAGE 3 RESOLVED,FURTHER ideveloper,` `g execute, and deliver the Development Fee Agreement along with any other documentation of every nature whatsoever as the Corporation may deem advisable, necessary, desirable, developmentrequired for the of the project(collectively, "Development Corporation, FURTHER RESOLVED, or Cynthia Garcia, ` Assistant General` ` appointed successors, or in the absence of such officer, any other duly elected officer of the Corporation `. areeach `authorized FURTHER RESOLVED,FURTHER thatdocuments,thei i` recordings, instruments, or other writings that are advisable, •desirable in order to developmentcarry out the foregoing Resolutions, and for the conveyance and leasing of the Land, and the - project,and on behalf i . approval . be evidencedconclusively by its execution thereof, are herebyapproved; RESOLVED,FURTHER Resolutions have already been i by i i i ii or Cynthia Garcia, such actions herebyare`i and confirmed as the valid actions of the Corporation, effective AESIO)LITION 24. PITAFC-1015-03 PAGE 4 I FORT WORTH HOUSING FINANCE CORPORATION "By: Sa vadcor EspDino, President