HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-15RESOLUTION NO. FWHFC-2023-15
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION HIRING SHACKELFORD, BOWEN, MCKINLEY &
NORTON, LLP AS LEGAL COUNSEL FOR THE CORPORATION AND A
GENERAL PARTNER ENTITY TO BE OWNED BY THE CORPORATION FOR
THE DEVELOPMENT OF CLIFTON RIVERSIDE 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, safe
quality, affordable, and accessible housing for low- and moderate -income City residents
through lending and construction activities;
WHEREAS, Overland Property Group, LLC ("OPG"), a Delaware limited
liability company, is a developer of affordable housing;
WHEREAS, Overland Communities Group, LLC ("OCG"), an affiliate of OPG
wishes to develop the Clifton Riverside Apartments, a new affordable housing
development located at 2406 and 2412 East Belknap, (the "Project"), which consist of 94
units;
WHEREAS, OPG Clifton Riverside Partners, LLC ("OPG Clifton"), an affiliate
of OCG, will be converted to a limited partnership (the "Partnership");
WHEREAS, by separate resolution, the Board of the Corporation (the "Board")
is being asked to approve certain agreements with OCG and/or its affiliates for the
development and management of the Project and the conversion of OPG Clifton to a
limited partnership;
WHEREAS, by separate resolution, the Board is being asked to authorize the
Corporation to serve as the sole member of a to be formed LLC that will serve as the general
partner (11GP11) of the Partnership and authorize the Corporation to undertake certain other
activities in connection with the development and management of the Project;
WHEREAS, the Partnership received 2021 Competitive (9%) Housing Tax
Credits ("Housing Tax Credits") the Texas Department of Housing and Community
Affairs ("TDHCA") as part of the financing for the Project;
WHEREAS, in order to represent the Corporation's and the GP's interest in the
development, financing, construction and management of the Project, it is advisable to
obtain outside counsel with experience and special expertise in Housing Tax Credit
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,
Shackelford, Bowen, McKinley & Norton, LLP, as legal counsel to assist the Corporation
RESOLUTION NO. FWHFC-2023-15
PAGE 2
and the GP and any other affiliate of the Corporation in connection with the development,
financing, construction and management of the Project.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the hiring of John C. Shackelford, Shackleford, Bowen,
McKinley & Norton, LLP, as legal counsel for the Corporation, the Company, and
any other affiliate of the Corporation in connection with the development,
financing, construction and management of the Project.
2. THAT the Board approves the payment of attorney's fees in an amount up to
$130,000.00 for the Project.
3. THAT the Board approves the execution and delivery of an engagement letter for
legal services.
4. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner,
Assistant General Manager of the Corporation, or their duly appointed successors,
are each authorized to execute and deliver the engagement letter for and on behalf
of the Corporation, the Partnership and any other affiliate of the Corporation along
with any related documents necessary to engage John C. Shackelford, Shackelford,
Bowen, McKinley & Norton, LLP, as outside counsel.
5. THAT this resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
ADOPTED April 25, 2023.
FORT WORTH HOUSING FINANCE CORPORATION
By:
Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary