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HomeMy WebLinkAbout2015/10/27-Minutes-Fort Worth Housing Finance Corporation (FWHFC)CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, OCTOBER 27, 2015 Present: President Salvador Espino Vice President Kelly Allen Gray (Arrived at 2:02 p.m.) Director Betsy Price Director Cary Moon Director W.B. "Zim" Zimmerman Director Gyna Bivens (Arrived at 2:28 p.m.) Director Jungus Jordan Director Dennis Shingleton Director Ann Zadeh 1. Call to Order. With a quorum present, President Espino called the meeting to order for the Board of Directors of the Fort Worth Housing Finance Corporation (Corporation) at 2:00 p.m. on Tuesday, October 27, 2015, in the Pre -Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton Street, Fort Worth, Texas. 2. Approval of Minutes from the Meetings Held on August 4, 2015 and September 1, 2015. Motion was made by Director Jordan and seconded by Director Shingleton to approve the August 4, 2015, and September 1, 2015, minutes of the Corporation as presented. The motion passed 7-0 (Vice President Allen Gray and Director Bivens absent). 3. Written Reports. a. President Espino referenced the Financial Report through September 30, 2015, and opened the floor for discussion on the report. There was no discussion on this item. b. President Espino referenced the Memo on Adjustments to Financials and opened the floor for discussion on the memo. There was no discussion on this item. 4. Executive Session. President Espino convened the executive session at 2:01 p.m., to discuss the following items: a. Seek the advice of its attorneys concerning the following items that are exempt from public disclosure under Article X, Section 9, of the Texas State Bar Rules, as authorized by Section 551.071 of the Texas Government Code: (i) legal issues concerning any current agenda item; and b. Discuss the purchase, sale, lease or value of real property, as authorized by Section 551.072 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the Corporation in negotiations with a third party; and CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, OCTOBER 27, 2015 PAGE 2 c. Discuss or deliberate negotiations relating to any economic development negotiations, as authorized by Section 551.087 of the Texas Government Code. President Espino adjourned the executive session at 2:33 p.m. President Espino reconvened the regular session of the Fort Worth Housing Finance Corporation at 2:33 p.m., on Tuesday, October 27, 2015. 5. Update on the Airporter Project Located at 904 East Weatherford Street. Ms. Avis Chaisson, Administrator, provided a PowerPoint presentation titled, "Update on Development of a Mixed Income Development to be Located on the Former Airporter Site at 904 E. Weatherford Street". She provided an overview of the project and reminded the Board that on March 3, 2015, the Board approved a contract with the "T" to purchase the land and a contract with the City for $2.2M in CDBG funds for site acquisition. She advised that the Council also approved that contract with the FWHFC at their March 3, 2015, Council meeting. Ms. Chaisson provided an update of the project by stating that in June 2015, the Fort Worth Housing Authority (FWHA) selected BOKA Powell as the architect for the project and that on September 28, 2015, the "T" Board approved the sale of the land to the FWHFC and outlined the conditions of the sale. She then displayed a site plan of the development which was followed by pictures of the proposed elevations of the structure. She added that the next steps would be that in December 2015, resolutions would be submitted to the FWHFC to approve terms of the partnership with FWHA and all related actions for the partnership to develop, own, operate and manage the development and that in the March/April 2016 timeframe, closing of the land and financing would occur. This was an informational briefing. No action was taken on this item. 6. Consider and Adopt Resolution Approving Actions Related to the Loan Application by Reserve at Quebec LLC for the Development of the Reserve at Quebec Apartments. Ms. Avis Chaisson, Administrator, provided a PowerPoint presentation titled, "Approve Resolution for Actions Related to the Loan Application by Reserve at Quebec LLC for the Reserve at Quebec Apartments". She advised that this was a housekeeping resolution and provided an update and overview of the project. Ms. Chaisson reminded the Board that on January 6, 2015, the Board authorized formation of a limited partnership (LP) with Miller Valentine Group (MVG) to construct, own and manage the Reserve at Quebec Apartments. She added that on March 3, 2015, the Board approved the change from a partnership to a limited liability company and a $3.5M of HOME funds with the City for the development and that the City Council approved a contract with the FWHFC for the $3.5M of HOME funds for the development. She stated at in April 2015, MVG began the application process for FHA 221(d)(4) loan for the development. She further stated that as of September/October 2015, a master agreement had been negotiated with MVG, loan documents were submitted to a mortgage lender for the loan application, and HUD had requested clarification about details and structure of the project. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, OCTOBER 27, 2015 PAGE 3 Ms. Chaisson concluded her presentation by stating that staff recommended the Board approve the resolution approving and ratifying all actions related to the FHA 221(d)(4) loan application by Reserve at Quebec, LLC for the Reserve at Quebec Apartments. Motion was made by Director Shingleton and seconded by Director Price to approve Resolution No. FWHFC-2015-14, Approving Actions Related to the Loan Application by Reserve at Quebec LLC for the Development of the Reserve at Quebec Apartments. The motion passed 9- 0. 7. Consider and Adopt Resolution Approving a Contract with United Way of Tarrant County to Create a Funders Council for Directions Home. Ms. Allison Gray, Neighborhood Services Department Acting Director, prefaced her presentation by stating the FWHFC had received a request to fund a portion of a study for the feasibility of a Funders Council. She provided a PowerPoint presentation titled, "Contract with United Way of Tarrant County to Study the Feasibility of Creating of Creating a Funders Council for Directions Home", and stated that the Directions Home Plan recommended the creation of a Funders Council whose purpose was to raise and coordinate funds to support the implementation of the Plan and align resources and help to insure funding for successful programs. Ms. Gray advised that the proposed study was to analyze the feasibility of creating a Funders Council by which local foundations and corporations might coordinate their efforts to end homelessness. She added that funding for the proposed study would be administered by the United Way of Tarrant County and provided by the Fort Worth Housing Finance Corporation, Amon G. Carter Foundation, Sid W. Richardson Foundation, and the Burnett Foundation at $7,800.00 for each entity. She concluded her presentation by stating that staff recommendation was for the Board to approve a resolution to fund a portion of the feasibility study regarding the creation of the Funders Council as recommended in the Directions Home Plan. Motion was made by Vice President Allen Gray and seconded by Director Zadeh to approve Resolution No. FWHFC-2015-15, Approving a Contract with United Way of Tarrant County to Create a Funders Council for Directions Home. The motion passed 9-0. 8. Consider and Adopt Resolution Approving the Sale of Sixteen Lots Located in the Evans and Rosedale Urban Village to Q Hotels LLC for the Development of a Hotel. Ms. Allison Gray, Neighborhood Services Department Acting Director, provided a PowerPoint presentation titled, "Proposed Sale of 16 Lots in the Evans and Rosedale Urban Village to Q Hotels, LLC. She displayed a picture and site plan of the proposed hotel provided by Q Hotels and outlined the terms of the sale for the Board. She concluded her presentation by stating that staff recommended authorizing the sale of 16 lots in the Evans Rosedale Urban Village to Q Hotels or an affiliate for the development of a limited -service hotel. Motion was made by Vice President Allen Gray and seconded by Director Price to approve Resolution No. FWHFC-2015-16, Approving the Sale of Sixteen Lots Located in the Evans and Rosedale Urban Village to Q Hotels LLC for the Development of a Hotel. The motion passed 9- 0. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, OCTOBER 27, 2015 PAGE 4 9. Consider and Adopt Policy Regarding the Sale of the Corporation's Single Family Lots. Ms. Allison Gray, Neighborhood Services Department Acting Director, provided a PowerPoint presentation titled, "Policy for the Sale of Lots in FWHFC Inventory". She advised that the FWHFC was founded in 1979 and that in April 1996, the Board approved an amendment to the Articles of Incorporation giving the FWHFC the power to develop and promote residential development. She added that in February 1999, the Board authorized implementation of an Infill Housing Program and a Land Bank Program for the purpose of developing quality, accessible, affordable housing in the Central City. Ms. Gray stated that there were currently 93 lots in the FWHFC inventory and that the Board had approved a sale of 11 of these lots in August and September 2015; one to an individual and ten to Trinity Habitat for Humanity. She then explained policy elements for single-family developments and for other than single-family developments and advised that certain terms were always applicable — FWHFC retained mineral rights when allowed by law; purchase price is based on fair market value; purchaser demonstrated financial capacity; specific project details had to be provided; and quarterly reports were always provided to the Board of Directors. She concluded her presentation by stating that staff recommended adopting the policy for the sale of single family lots in the FWHFC inventory. Vice President Allen Gray referred to the policy statement pertaining to property construction extensions and stated that there needed to be a limit on the number of extensions. Ms. Gray responded that one 12-month extension was allowed and Vice Present Allen Gray directed that the policy be amended to reflect "...up to one 12-month extension" would be provided. Motion was made by Director Price and seconded by Director Moon to Adopt the Policy Regarding the Sale of the Corporation's Single Family Lots, with the policy being amended to reflect the allowance of up to one 12-month extension for construction. The motion passed 9-0. 10. Consider and Adopt Resolutions for the Sale of Single Family Houses for the Terrell Heights and Lee Avenue Infill Projects. Ms. Allison Gray, Neighborhood Services Department Acting Director, provided a PowerPoint presentation titled, "Sale of Single Family Houses for the Terrell Heights and Lee Avenue Infill Projects". She stated that this was a housekeeping resolution and summarized information on the 13 lots that were purchased; 9 lots in Terrell Heights in 2012 and 4 lots on Lee Avenue in 2014. She added that staff recommended the Board adopt a resolution confirming that the FWHFC General Manager, or his designee, had the authority to sell these specific properties. Motion was made by Vice President Allen Gray and seconded by Director Bivens to approve Resolution No. FWHFC-2015-17, Adopt Resolutions for the Sale of Single Family Houses for the Terrell Heights and Lee Avenue Infill Projects. The motion passed 9-0. 11. Powers and Duties of Texas Housing Finance Corporations. President Espino advised that this item would be deferred to a future FWHFC meeting. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, OCTOBER 27, 2015 PAGE 5 12. Requests for Future Agenda Items. President Espino opened the floor on requests for future items. 13. Adjourn. With no further discussion, President Espino adjourned the meeting of the Fort Worth Housing Finance Corporation Board at 2:50 p.m. on Tuesday, October 27, 2015. These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on the lst day of December, 2015. APP V -Y1C� Salvador Espino, President Gyn . Bivens Secretary ATTEST: Mary J. Kayser U) City Secretary