HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2023-33RESOLUTION NO. FWHFC-2023-33
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
FOR THE ACQUISITION OF LAND AND HOUSING UNITS LOCATED AT 4096 AND
4097 MERIDA AVENUE AND 4048 MCCART AVENUE IN THE CITY OF FORT
WORTH, AND LOAN CORPORATION FUNDS IN THE AMOUNT OF $4,000,000 FOR
THE ACQUISITION, AND TO ACCEPT A LOAN FROM THE CITY OF FORT
WORTH IN THE AMOUNT OF $7,000,000 FOR AQUISITION; AND TO ALLOW THE
FUTURE ASSIGNMENT OF THE PURCHASE AND SALES AGREEMENT
PURSUANT TO AGREED UPON TERMS
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted development
and revitalization of the City's neighborhoods and affordable housing stock as a strategic goal, and
City residents and the City Council have determined that quality accessible affordable housing is
needed for moderate, low and very low-income City residents;
WHEREAS, the City Council created the Fort Worth Housing Finance Corporation (the
"Corporation") in 1979 pursuant to the Texas Housing Finance Corporations Act, Chapter 394
of the Texas Local Government Code, to facilitate neighborhood revitalization and housing
initiatives in the City, including but not limited to issuing tax exempt bonds; developing,
rehabilitating and promoting housing; and assisting low to moderate income City residents in
acquiring quality, accessible, affordable housing through lending and construction activities;
WHEREAS, the Corporation seeks to promote neighborhood revitalization and foster the
development of affordable quality housing throughout the City by developing partnerships among
the City, the Corporation, local governments, lenders, private industry and neighborhood -based
nonprofit housing organizations;
WHEREAS, Southwestern Baptist Theological Seminary ("Seminary"), a theological
seminary institute located in Fort Worth, Texas, is selling its student housing, consisting of 15
acres of land and 140 student housing units, located at 4096 Merida Avenue, 4097 Merida Avenue
and 4048 McCart Avenue (the "Property") for a purchase price of $11,000,000 ("Purchase
Price"); and
WHEREAS, the Corporation wishes to enter into a purchase and sale agreement with
Seminary for the amount of the Purchase Price; and
WHEREAS, Corporation has $4,000,000 of Corporation's funds to contribute to Purchase
Price; and
WHEREAS, Corporation wishes to accept a loan from the City of Fort Worth ("City") in
the amount of $7,000,000 in order to obtain full funding for Purchase Price; and
RESOLUTION NO. FWHFC-2023-33
PAGE 2
WHEREAS, Corporation wishes to assign the purchase and sale agreement for the
Property or convey the Property after acquisition.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the acquisition of 15 acres of land, including 140 housing units,
for $11,000,000.00 from Seminary;
2. THAT the Corporation will contribute $4,000,000 of Corporation's funds for purchase;
3. THAT the Corporation will accept $7,000,000 from City to contribute to Purchase Price;
4. THAT the Corporation may assign its rights to the Property pursuant to agreed upon terms;
5. THAT the Corporation may convey the Property pursuant to agreed upon terms;
6. THAT the Corporation may negotiate the terms of an assignment or a conveyance and
execute all necessary documents to effectuate an assignment or conveyance or the Property
pursuant to agreed upon terms;
7. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 22, 2023.
FORT WORTH HOUSING FINANCE CORPORATION
President
Attest:
Jannette S. Goodall
Corporate Secretary