HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2011-14RESOLUTION NO. FWHFC-2011-14
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
AUTHORIZING THE ACQUISITION OF SIXTY-TWO SCATTERED SITES IN
THE TERRELL HEIGHTS NEIGHBORHOOD FOR THE TERRELL HOMES I
PROJECT AND ENTERING INTO A NINETY-NINE YEAR GROUND LEASE
WITH TERRELL HOMES I, LTD.
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
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, on February 2, 2010, the Board approved and accepted a
Memorandum of Understanding (the "MOU") with NRP Holdings LLC ("NRP") for the
development of approximately fifty-four (54) units of single family rental housing
located on scattered sites in the Terrell Heights neighborhood to be known as the Terrell
Homes I project (the "Project'), which has been awarded tax credits by the Texas
Department of Housing and Community Affairs ("TDHCA"), and the creation of a single
purpose entity to serve as general partner of the partnership that will own the
development, and approved other actions necessary for the development of the Project;
WHEREAS, on October 14, 2010, the Corporation created the Terrell Homes I
GP, LLC, a Texas limited liability company (the "GP"), which is the general partner of
Terrell Homes I, Ltd., a Texas limited partnership (the "Partnership"), which was
organized to acquire, construct, control and maintain the Project;
WHEREAS, on December 7, 2010, the Board approved various actions relating
to the creation and operation of the GP;
WHEREAS, the Corporation is the sole member of the GP;
WHEREAS, the Partnership will acquire from NRP Properties, LLC, Tom Struhs
or KT Land, Ltd. (collectively, the "Sellers") a fee ownership of 62 scattered sites located
in the Terrell Heights neighborhood in the City of Fort Worth, Tai-rant County, more
RESOLUTION NO. FWHFC-2011-14
PAGE 2
particularly described in the attached Exhibit "A" (the "Land"), on which the
improvements shall be constructed to comprise the Project which shall consist of fifty-
four single family homes, one community center, and a park after the Land is replatted;
WHEREAS, the Partnership will convey fee ownership in the Land to the
Corporation and desires to enter into a Ground Lease with the Corporation whereby the
Partnership shall have a tenant's leasehold interest in the Land;
WHEREAS, the Corporation, as Landlord, desires to enter into a Ground Lease
with the Partnership, whereby the Partnership shall have a tenant's leasehold estate in the
Land;
WHEREAS, the Board of the Corporation desires to authorize the acquisition of
the Land from the Partnership for a total purchase price not to exceed $490,000.00, the
appraised value of the Land, plus payment of all closings costs, and desires to enter into a
ninety-nine year ground lease for the Land with the Partnership.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
CONVEYANCE AND PURCHASE
RESOLVED, that the Corporation is authorized to acquire fee ownership of the
lots listed on the attached Exhibit "A" (the "Land") fiom Terrell Homes I, Ltd. (the
"Partnership") for a total purchase price not to exceed $490,000.00 along with the
payment of up to $3,000.00 per lot in closing costs including any accrued but unpaid
property taxes;
FURTHER RESOLVED, that the Corporation is authorized to negotiate,
approve, and accept a deed conveying fee ownership of the Land to the Corporation from
the Partnership and to negotiate, approve, execute, and deliver all related property
transfer documents, including any 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, authorized, ratified, and
confirmed;
GROUND LEASE
RESOLVED, that the Corporation is authorized to lease the Land to the
Partnership;
RESOLUTION NO. FWHFC-2011-14
PAGE 3
FURTHER RESOLVED, that the Corporation, as landlord, is authorized to
negotiate, execute, and deliver a Ground Lease by which the Land shall be leased by the
Corporation to the Partnership, as tenant, for a period of up to ninety-nine years, and a
Memorandum of Lease, 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, authorized, ratified, and confirmed;
ALL CLOSING DOCUMENTS AND AUTHORITY:
RESOLVED, that the Corporation, in connection with all actions authorized in
these Resolutions, and related transactions contemplated thereby, is authorized to
negotiate, approve, execute, and deliver the Conveyance Documents, the Lease
Documents, and all such agreements, afiidavits, security instruments, notes, assignments,
financing statements, documents, instruments, consents, applications, certifications, and
other writings of every nature whatsoever as the Corporation deems necessary to
consummate the closing of the transactions contemplated by these Resolutions
(collectively, the "Closing Documents"), hereby in each and every respect authorized,
ratified, and confirmed;
FURTHER RESOLVED, that Tom_Higgins, the General Manager of the
Corporation, or Jesus J. Chapa, the Assistant General Manager of the Corporation, in the
absence of such agent, any other duly elected ofiicer of the Corporation (each, the
"Executing Officer"), is hereby fully authorized to negotiate and approve the terms of and
to execute and deliver the Closing Documents for and on behalf of the Corporation;
FURTHER RESOLVED, that the Executing Officer is hereby authorized and
directed for and on behalf of, and as the act and deed of, the Corporation to take such
other action in the consummation of the transactions herein conteinplated and to do any
and all other acts and things necessary or proper in furtherance of the transactions
contemplated by these Resolutions, as the Executing Ofiicer shall deem to be necessary
or desirable, and all acts heretofore taken by the Executing Officer to such end are hereby
expressly ratified and confirmed as the acts and deeds of the Corporation;
FURTHER RESOLVED, that all of the actions, documents, correspondences,
recordings, instruinents, or other writings that are necessary, advisable, or desirable in
order to carry out the foregoing Resolutions, and for the purchase, conveyance and
leasing of the Land, for and on behalf of the Corporation, its approval of each to be
conclusively evidenced by its execution thereof, are hereby approved;
FURTHER RESOLVED, that, to the extent any of the actions authorized by this
Resolution have already been taken by the Corporation or Jesus J. Chapa, such actions
are hereby ratiiied and confirmed as the valid actions of the Corporation, effective as of
the date such actions were taken.
RESOLUTION NO. FWHFC-2011-14
PAGE 4
These Resolutions shall take effect on the date of their adoption.
AND IT IS SO RESOLVED.
Adopted June 7, 2011.
FORT WORTH HOUSING FINANCE CORPORATION
By: ���Q� � q
Kathleen Hicks, President
Terrell Homes I Lot List -�xhibit A
Home H Address Street Lot Block Subdivisiun
1 928 Annie Street 8 4 Union D at Addition
2 1015 Annie Skreet (7 12 Union De ot Addition
3 1108 Annie Street 3 24 Union De ot Addition
4 1217 Annie Street 16 32 Union Depot Addition
5 1224 Annie Street 7 31 Union De ot Addition
6 1300 Annie Street I 43 Union De ot Addition
1508 Terrell Avenue 3 4 Vickery Addition
1604 Terrell Avenue 25 B2 Elmwood Addition
1641 Terrell Avenue 1 l B2 Elmwood Addition
10 1001 Tucker 5treet 20 and a Portion of 19 13 Union De ot Addition
11 1027 Tucker Street 13 13 Union De ot Addition
12 1027 'Tucker Street 12 l3 Union De ot Addition
13 1200 Tucker Street 1 32 Union De ot Addition
14 1201 Tucker Street 20 33 Union De ot Addition
15 954 Stella Street 2 6 Tenell, J.C. Subdivision
16 1024 Stella Street 7 14 Union De ot Addition
17 1105 Stella Street l9 20 Union De ot Addition
18 1115 Stella Street 17 20 Union De ot Addition
19 l l33 Stella Street 12 20 Union De ot Addition
20 l 136 Stella Street 10 2l Union De ot Addition
21 1220 Stella Street 6 34 Union Depot Addition
25 90S Hattie Street 21 4 Union Depot Addition
26 10U9 Hatrie Street 18 l t Union De ot Addition
27 1031 Hattie Street 13 11 Union De ot Addition
28 1101 Hattie Street - 20 24 Union Depot Addition
29 l 125 Hattie Street l3 24 Union De ot Addition
30 1125 Hattie Street 14 24 Union De ot Addition
31 1 125 Hattie Street 15 24 Union De ot Addition
32 1201 Hattie Street 20 31 Union De ot Addition
33 1532 Hattie Street 9 9 Glenwood Addition
34 1612 Hattie Street 4 10 Glenwood Addition
35 1204 Humbolt Street 4 50 Mc Connell Addition
�36 1405 Cannon Street 5 4 Glenwood Addition
� 37 1405 Cannon Street � 4 � 4 (Glenwood Addition �
38
39
40
41
1006 Da ett Avenue 3
1006 Daggett Avenue � 4
1501 Cannon Street 18
1611 Cannon Street 24
t 6 Union D ot Addition
16 Union Depot Addition
9 Glenwood Addition
10 Glenwood Addition
42 1008 Bessie Street 3 13 Union De ot Aadition
Park Lot 1100 Bessie 5treet 1 22 Union De ot Addition
43 1121 Bessie Street I S 21 Union De ot Addition
44 1133 Bessie Street 12 21 Union Depot Addition
45 1137 Bessie Street 11 21 Union De ot Addition
46 905 Broadway Avenue 2 1 Tenell, J.C. Subdivision
47 958 Broadway Avenue 3 4 Tenell, J.C. Subdivision
48 1001 Broadway Avenue 20 16 Union De ot Addition
49 1004 Broadway Avenue 2 15 Union De ot Addition
50 1024 Broadway Avenue 7 l5 Union De ot Addition
51 1104 Broadway Avenue 2 20 Union Depot Addition
52 1105 Broadway Avenue 19 19 Union Depot Addition
53 1025 Broadway Avenue 14 16 Union Depot Addition
54 1036 Broadway Avenue 10 I S Union Depot Addition