HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2015-05A RESOLUTION TO HIRE JOHN C. SHACKELFORD AS LEGAL COUNSEL
FOR THE CORPORATION, RESERVE AT QUEBEC, LLC, AND RESERVE AT
QUEBEC GP, LLC FOR THE DEVELOPMENT OF THE RESERVE AT
QUEBEC APARTMENTS
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, safok
quality, affordable, and accessible housing for low and moderate income City residents
through lending and construction activities;
WHEREAS, MV Residential Development, LLC ("MV"), an Ohio limited
liability company and an affiliate of the Miller -Valentine Group, has 30 years' experience
in multifamily housing development and has developed over 6,000 affordable housing
units nationwide;
WHEREAS, the Board of the Corporation has approved certain agreements witll
MV for the development of the Reserve at Quebec Apartments, a mixed income
multifamily rental project to be located near the intersection of Buda Lane and Northwest
Centre Drive (the "project");
WHEREAS, the Corporation will create Reserve at Quebec GP, LLC, a Texas
limited liability company and single purpose entity (the "GP LLC"), to be the managing
member of Reserve at Quebec, LLC, the Texas limited liability company (the
"Company") to be created by MV and the Corporation to construct, own and manage the
project and has agreed to undertake certain other activities in connection with the
development and management of the project;
WHEREAS, the Corporation will be the Sole Member of the GP. LLC, and
empowered to act on its behalf,
WHEREAS, the Company is applying for 2015 Non -Competitive (4%) Housin't,4
Tax Credits from the Texas Department of Housing and Community Affairs an,01
multifamily bonds from the Tarrant County Housing Finance Corporation anial
?dditionally has requested City HOME funds as part of the financing for the project,
WHEREAS, in order to represent the interests of the Corporation, the Gl? LLC
and the Company in the development, financing, construction and management of the
fliroject, it is advisable to obtain outside counsel with experience and special expertise im
multifamily projects and tax credits along with the preparation of necessary documents
?nd advising on any other related issues; and
• ' ',;
RESOLUTIONPAGE 2
WHEREAS, the Board desires to hire John C. Shackelford as legal counsel to
assist the Corporation, the Gl? LLC and the Company in connection with the development
of the
Reserve at Quebec • .!
1. THAT the Board approves the hiring of John C. Shackelford, Shackelford, Melton
& McKinley, LLP, as legal counsel for the Corporation, the Company and the GP
LLC in connection with the development of the Reserve at Quebec Apartments.
2. THAT the Board approves the payment of attoey's fees of up to $80,000.00 for
the project.
3. THAT the Board approves the execution and delivery of an engagement letter
with John C. Shackelford, Shackelford, Melton & McKinley, LLP, for legal
services.
4. THAT Jesus J. Chapa, General Manager of the Corporation, or Cynthia Garcia,
Assistant General Manager of the Corporation, are each authorized to execute and
deliver the engagement letter for and on behalf of the Corporation, the Company
and the GP LLC along with any related documents necessary to engage John C.
Shackelford, Shackelford, Melton & McKinley, LLP, as legal counsel.
5. THAT this Resolution takes effect from the date of its adoption.
By:
Salvador Espino, Presi ent