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HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2011-02RESOLUTION NO. FWHFC-2011-02 FORT WORTH HOUSING FINANCE CORPORATION RESOLUTION APPROVING AN AGREEMENT WITH NRP HOLDINGS LLC TO DEVELOP LAKESIDE VILLAGE HOMES; AUTHORIZING THE FORMATION OF LAKESIDE VILLAGE GP, LLC, AND APPROVING ALL RELATED ACTIONS REQUIRED FOR IT TO ACT AS GENERAL PARTNER FOR LAI�ESIDE VILLAGE LTD., THE PARTNERSHIP DEVELOPING, OWNING AND MANAGING THE PROJECT LOCATED ON SCATTERED SITES IN THE COMO NEIGHBORHOOD; AND AUTHORIZING THE EXECUTION OR ASSIGNMENT OF AN OPTION TO PURCHASE THE DEVELOPMENT SITES WHEREAS, the City Council of the City of Foi�t Worth ("City") has adopted development and revitalization of the City's affordable housing stock as a strategic goal and City citizens and the City Council have determined that quality accessible affordable housing is needed for moderate, low and veiy low income City citizens; WHEREAS, the City Council created the Fort Worth Housing Finance Corporatioiz (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, construction and development activities; WHEREAS, NRP Holdings LLC ("NRP"), an Ohio limited liability coinpany, is a developer of affordable housing and has developed over 3,000 affordable housing units in Texas since 2004; WHEREAS, NRP has requested the Corporation's participation in the developinent of Lakeside Village, thirty-six (36) single family rental houses and a community center to be located on scattered sites in the Como neighborhood, and the application for Low Incoine Housing Tax Credits from the Texas Department of Housing and Community Development ("TDHCA") for the project; WHEREAS, the Corporation will enter into a Memoranduin of Understanding ("MOU") with NRP for the development of the project which will detail the parties' rights and i-esponsibilities including but not limited to ownership sh•ucture, due diligence, financing, design and construction, and manageinent and operation. The Corporation will act as general contractor and NRP or an affiliate will act as developinent consultant, master sub-contractor and property manager; R�SOLUTION NO. I�'WHFC-2011-02 PAG� 2 WHEREAS, the Corporation will form a Texas limited liability coinpany for the transaction of any and all lawful purposes for which a liinited liability coinpany inay be organized under the Texas Business Organizations Code, which are incidental, necessary or appropriate to carry out the purposes of its member including providing affordable housing to low-income persons or fainilies, including, but not limited to, (i) owning, developin�, managing, and otherwise dealing with affordable housing projects located in Tai-�•ant County, Texas, under the TDHCA's low-income housing tax credit program; and (ii) becoming a partner or member of a pai�tnership or limited liability company formed for such purposes; WHEREAS, the Corporation will form and be the sole member of Lakeside Village GP, LLC, a Texas limited liability company (the "Company"), a single purpose entity that will be the general partner of Lakeside Village, Ltd., the limited par-tnership which will develop, own and manage the project and which will talce all actions necessary for the tax credit application to the TDHCA and the development and inanagement of the project; WHEREAS, the Corporation will purchase the development site and will lease it to Lakeside Village, Ltd. for the project under a long term ground lease; and WHEREAS, the Board of the Corporation desires to approve and accept a Meinorandum of Understanding with NRP Holdings LLC to develop a single family rental project on scattered sites to be known as Lakeside Village; approve the foi7nation of Lalceside Village GP, LLC and approve all related actions required for it to act as general partner of Lalceside Village Ltd.; approve all actions necessary for the application to the Texas Department of Housing and Co�nmunity Affairs for Low Income Housing Tax Credits for the project; approve all actions ilecessary for the Corporation to act as general contractor for the project; approve contracts with NRP Holdings LLC or an affiliate for it to act as development consultant, master sub-contractor and property inanager of the project; and approve the execution of an option to purchase the developinent sites for the project. NOW THEREFORE, LET IT BE RESOLVED BY THE BOARD OF DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION: l. THAT the Board approves the execution and deliveiy of a Memorandum of Understanding ("MOU") by and between NRP Holdings LLC ("NRP") and the Corporation for the pui-pose of developing approximately thirty-six (36) single family rental houses and a community center to be lcnown as Lalceside Village (the "Project"), approves the execution and delivery of various contracts with NRP or its affiliates for the Project as described in the MOU (the "Contracts"), and agrees to undertake all activities necessary to fulfill the requirements of the MOU and the Contracts regarding the development of the Project. R�SOLUTION NO. FWIIrC-20ll-02 PAGE 3 2. THAT the Board approves the application for Low Income Housing Tax Credits ("LIHTC") for the Project. 3. THAT the Board approves the formation of Lakeside Village GP, LLC, a Texas limited liability company (the "Company") and approves all related actions required for it to seive as general partner for Lakeside Village Ltd., the limited partnership that will develop, own and inanage the Project. 4. THAT the Board approves all actions necessary for the Corporation to act as general contractor for the Project as described in the MOU. 5. THAT the Board approves the payment of all filing fees, attorney's fees and other related expenses for the formation of Lakeside Village GP, LLC and the application for the LIHTC for the Project in an amount not to exceed $20,000.00. 6. THAT the General Manager of the Coiporation or Jesus J. Chapa, Assistant General Manager of the Corporation, are authorized to execute and deliver the MOU, the Contracts and the LIHTC application for and on behalf of the Coiporation along witli any related documents necessary to implemei�t the MOU and the Contracts and complete the LIHTC application, and they may extend, inodify and amend the MOU, the Contracts and the application, provided any such extensions, modifications and amendments are in compliance with all applicable laws and regulations and the goals and pui-poses of the Corporation as amended from time to time. 7. THAT the Board approves the execution and delivery of an Option to Purchase, whether directly or by assignment from a third party, for approximately thirty- seven (37) lots in the Como neighborhood (the "Properties") for an amount not to exceed $750,000.00, including closing costs, for the developinent sites for the Proj ect. 8. THAT the Board approves the execution and delivery of a purchase and sale agreement, whether directly or by assigninent from a third party, for the acquisition of the Properties subject to the terms of the Option to Purchase, the acceptance of the deeds, and the execution and delivery of the closing statements and any other related documents necessary to complete the purchase of the Properties. 9. THAT the General Manager of the Corporation or Jesus J. Chapa, Assistant General Manager of the Corporation, are authorized to execute and deliver the Option to Purchase and the purchase and sale agreemeilt, and any assignment thereof, for and on behalf of the Corporation, and they inay extend, modify and ainend said Option and agreement provided such eXtensions, modifications and amendinents are in compliance with all applicable laws and regulations and the RESOLUTION NO. I'WHFC-2011-02 PAGE 4 goals and purposes of the Corporation as amended from time to time. Further, they are authorized to accept delivery of the deeds and execute the closing statements for and on behalf of the Corporation along with any related documents necessary to purchase the Properties, and to take any other actions necessary to develop the Properties. 10. THAT these Resolutions talce effect from the date of their adoption. AND IT IS SO RESOLVED. Adopted January 4, 20ll . FORT WORTH HOUSING FINANCE CORPORATION � By: � �'Gt�; ) �'' �� f� _ c `�-� Kathleen Hicks, President