HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-26RESOLUTION NO. FWHFC-2023-26
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION HIRING SHACKLEFORD, BOWEN, MCKINLEY &
NORTON, LLP AS LEGAL COUNSEL FOR THE CORPORATION AND A
GENERAL PARTNER ENTITY TO BE OWNED BY THE CORPORATION FOR
THE REHABILITATION OF MARINE PARK 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 Think Housing Development LP ("Think"), a California limited
partnership, is a developer of affordable housing and has developed 23 affordable and
mixed income multifamily properties nationally including four in Texas;
WHEREAS, Marine Park 34, LLC ("MP"), a Texas limited liability company and
an affiliate of Think wishes to rehabilitate the Marine Creek Apartments, an existing
affordable housing development located at 3144 NW 33`a Street, (the "Project"), which
consist of 124 units;
WHEREAS, the Board of the Corporation (the "Board"), by separate resolution,
is being asked to approve certain agreements with MP and/or its affiliates for the
rehabilitation of the Project and the conversion of MP to a limited partnership (the
"Partnership");
WHEREAS, by separate resolution, the Board is being asked to approve the
Corporation as a majority owner of Marine Park 34 MM, LLC ("GP"), the general partner
entity to serve as the general partner of the Partnership and authorize the Corporation to
undertake certain other activities in connection with the rehabilitation and management of
the Project, such as acting as the general contractor or a member of a joint venture
developer entity;
WHEREAS, the Partnership received 2022 Non -Competitive (4%) Housing Tax
Credits ("Housing Tax Credits") and multifamily housing revenue bonds from 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 interests 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
projects along with the preparation of necessary documents and advising on any other
related issues; and
RESOLUTION NO. FWHFC-2023-26
PAGE 2
WHEREAS, the Board desires to approve hiring John C. Shackelford,
Shackleford, Bowen, McKinley & Norton, LLP, as legal counsel to assist the Corporation
and the GP of the Corporation 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:
THAT the Board approves the hiring of John C. Shackelford, Shackelford, Bowen,
McKinley & Norton, LLP, as legal counsel for the Corporation and the GP 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 in an amount not to
exceed $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 the Company 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 June 27, 2023.
FORT WORTH HOUSING FINANCE CORPORATION
B
arlos Flores
President
Attest:
I '"Ca
Jannette S. Goodall
Corporate Secretary