HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-19RESOLUTION NO. FWHFC-2023-19
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION HIRING SHACKELFORD, BOWEN, MCKINLEY &
NORTON, LLP AS LEGAL COUNSEL FOR THE CORPORATION AND
GENERAL PARTNER ENTITY FOR THE REHABILITATION OF NORTHILL
MANOR 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, Horizon ELOM Holdings, LLC ("HEH"), a California limited
liability company, is a developer of affordable housing and has developed one affordable
and mixed income multifamily property in Texas along with others around the country;
WHEREAS, Northill Manor Housing Partners, LP, (the "Partnership"), a Texas
limited partnership and affiliate of HEH, wishes to acquire and rehabilitate the Northill
Manor Apartments, an existing affordable housing development located at 3625 Kearney
Avenue (the "Project"), which consists of 101 units;
WHEREAS, by separate resolution, the Board of the Corporation ("Board") is
asked to approve certain agreements with the Partnership and any affiliate(s) of the
Partnership for the rehabilitation of the Project;
WHEREAS, by separate resolution, approval is sought for the Corporation to be
the sole member of Northill Manor Housing Partners, LLC (the "Company"), a Texas
limited liability company and the general partner entity of the Partnership;
WHEREAS, HEH, on behalf of the Partnership, applied to the Texas Bond Review
Board for bonds in November 2022 and received a bond reservation in January 2023;
WHEREAS, on February 28, 2023, the Fort Worth City Council adopted
Resolution 5707-02-2023, which approved issuance of bonds by Cinco Public Facility
Corporation, an affiliate of Fort Worth Housing Solutions, to finance development of the
Project.
WHEREAS, the Partnership will apply for 2023 Non -Competitive (4%) Housing
Tax Credits ("Housing Tax Credits") from the Texas Department of Housing and
Community Affairs ("TDHCA") as part of the financing for the Project;
WHEREAS, in order to represent the interests of the Corporation and the Company
in the rehabilitation, financing, construction and management of the Project, it is advisable
to obtain outside counsel with experience and special expertise in Housing Tax Credit
RESOLUTION NO. FWHFC-2023-19
PAGE 2
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 with
Shackelford, Bowen, McKinley & Norton, LLP, as legal counsel to assist the Corporation
and any affiliate of the Corporation, including the Company, in connection with the
rehabilitation, 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 with Shackelford,
Bowen, McKinley & Norton, LLP, as legal counsel for the Corporation and any
affiliate of the Corporation in connection with the rehabilitation, financing,
construction and management of the Project.
2. THAT the Board approves the payment of attorney's fees up to $100,000.00 for the
Project.
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 along with any related documents necessary to engage John C.
Shackelford of 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 on April 25, 2023.
FORT WORTH HOUSING FINANCE CORPORATION
B
Carlos Flores
President
Attest:
Jannette S. Goodall
Corporate Secretary