HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2013-07RESOLUTION NO. FWHFC-2013-07
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
TO HIRE JOHN C. SHACKI.EFORD AS LEGAL COUNSEL FOR THE
CORPORATION AND DECATUR-ANGLE GP LLC FOR THE DECATUR-
ANGLE HOUSING TAX CREDIT APPLICATION
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, safe
quality, affordable, and accessible housing for low and moderate income City residents
through lending and construction activities;
WHEREAS, NRP Holdings LLC ("NRP"), an Ohio limited liability company, is
a developer of affordable housing and has developed over 3,000 affordable housing units
in Texas since 2004;
WHEREAS, the Corporation has entered into certain agreements with NRP for
the development of an affordable multifamily rental project and, along with NRP, made
application for 4% non-competitive Housing Tax Credits ("HTC") from the Texas
Department of Housing and Community Affairs ("TDHCA") as part of the financing for
the project;
WHEREAS, the Corporation created Decatur-Angle GP LLC, a Texas limited
liability company and single purpose entity, to be the general partner of Decatur-Angle
Ltd., the Texas limited partnership created by NRP 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 is the Sole Member of Decatur-Angle GP, LLC (the
"Company"), and empowered to act on its behalf;
WHEREAS, the City Council approved a loan of $1,000,000.00 of its HOME
Investment Partnerships Program grant funds to Decatur-Angle Ltd., to finance a portion
of the construction costs and to show the City's support for the project (M&C G26387),
and approved Resolution No. 4254-10-2013 supporting the partnership's application for
the 4% HTC;
WHEREAS, the project consists of a new 302-unit apartment complex to be
located at the corner of Angle Avenue and Old Decatur Road and will be known as the
Landings at Marine Creek;
RESOLUTION NO. rWHFC-2013-07
PAGE 2
WHEREAS, in order to represent the Corporation's and the Company's interests
in the development, financing, construction and management of the project, it is
advisable to obtain outside counsel with experience and special expertise in HTC projects
along with the preparation of necessary documents and advising on any other related
issues; and
WHEREAS, the Board desires to approve hiring John C. Shackelford as legal
counsel to assist the Corporation and the Company in connection with the Decatur-Angle
HTC application and the development of the Landings at Marine Creek apartments.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves the hiring of John C. Shackelford, Shackelford, Melton
& McKinley, LLP, as legal counsel for the Corporation and the Company in
connection with the Decatur-Angle Housing Tax Credit application and the
development of the Landings at Marine Creek apartments.
2. THAT the Board approves the payment of attorney's fees of $70,000.00 for the
proj ect.
3. THAT the Board approves the execution and delivery of an engagement letter for
legal services.
4. THAT Tom Higgins, General Manager of the Corporation, or Jesus C. Chapa,
Assistant General Manager of the Corporation, are authorized to execute and
deliver the engagement letter for and on behalf of the Corporation and the
Company along with any related documents necessary to engage John C.
Shackelford, Shackelford, Melton & McKinley, LLP, as outside counsel.
THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted November 5, 2013.
FORT WORTH HOUSING FINANCE CORPORATION
By: c�
Salvador Espino, President