HomeMy WebLinkAbout2021/11/30-Minutes-Fort Worth Housing Finance Corporation (FWHFC)CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, NOVEMBER 30, 2021
Present:
President Carlos Flores
Vice President Elizabeth Beck
Secretary Gyna M. Bivens
Director Mattie Parker
Director Michael D. Crain
Director Cary Moon
Director Jared Williams
Director Leonard Firestone
Director Chris Nettles
1. Call to Order
With a quorum present, President Flores called the meeting to order for the Board of Directors of
the Fort Worth Housing Finance Corporation (Corporation) at 11:15 a.m. on Tuesday, November
30, 2021, in the City Council Conference Room, Room 2020 of the Fort Worth Municipal
Building, 200 Texas Street, Fort Worth, Texas.
2. Approval of Minutes from the Meeting Held on October 19, 2021
Motion was made by Director Moon and seconded by Director Crain to approve the
October 19, 2021, minutes of the Corporation as presented. The motion passed 9-0.
3. Written Reports
a. Unaudited Financial Statement as of October 31, 2021
b. Quarterly Investment Report as of September 30, 2021
There was no discussion on the reports; they were for informational purposed only.
4. Authorize Reduction of Approved Interest Rate for the Subordinate Loan to OPG Clifton
Riverside Partners, LLC for the Development of the Clifton Riverside Apartments, an
Affordability Housing Development to be Located at 2406 and 2412 East Belknap.
Ms. Amy Connolly, Administrator, provided an overview of the contract. Ms. Alice Cruz, Across
LLC, a Local TX HUB company, provided additional information pertain to the interest rate.
Motion was made by Director Beck and seconded by Director Nettles to adopt Resolution No.
FWHFC-2021-15, Approving a Reduction of the Approved Interest Rate for the Subordinate Loan
to OPG Clifton Riverside Partners, LLC for the Development of the Clifton Riverside Apartments,
an Affordable Housing Development, to be Located at 2406 and 2412 East Belknap. Motion
passed 9-0.
CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, NOVEMBER 30, 2021
PAGE 2 of 4
5. Consider and Adopt Resolutions for the Proposed Partnership with Ojala Partners, LP
to Develop Tobias Place, an Affordable Housing Development, Located at 505. W.
Biddison Street and 3500 Jennings Avenue
Ms. Amy Connolly, Administrator, provided a briefing on the proposed Tobias Place Project.
a. Adopt resolution approving an agreement with Ojala Partners, LP for the development of
Tobias Place and confirming and ratifying the formation of Tobias Place GP, LLC to act as
the general partner of Tobias Place LP, the partnership developing, owning and managing
the development, and approving all related actions required for multiple family
development.
b. Consider and Adopt Resolution authorizing the Corporation to acquire land located at 505
W. Biddison Ave. and 3500 Jennings Avenue for the development of Tobias Place and enter
into a long-term ground lease with Tobias Place, LP.
c. Consider and Adopt Resolution approving actions of the Corporation as a sole member of
Tobias Place GP, LLC, the general partner of the Tobias Place Partnership, LP, approving
all actions necessary for the financing, development, and operation of Tobias Place.
d. Consider and Adopt a Resolution authorizing the Corporation to act as general contractor
for the development of the Tobias Place Apartments.
e. Consider and Adopt a Resolution approving a forgivable, subordinate loan to Tobias Place,
LP for the development of the Tobias Place Apartments.
Director Moon advised that he did not support this development based on the $1.7M forgivable
loan.
Motion was made by Director Beck and seconded by Director Bivens to adopt Resolutions as
follows:
- Adopting Resolution FWHFC-2021-16, approving an agreement with Ojala Partners, LP
for the development of Tobias Place and confirming and ratifying the formation of Tobias
Place GP, LLC to act as the general partner of Tobias Place LP, the partnership developing,
owning and managing the development, and approving all related actions required for
multiple family development
- Adopting Resolution FWHFC-2021-17, authorizing the Corporation to acquire land
located at 505 W. Biddison Ave. and 3500 Jennings Avenue for the development of Tobias
Place and enter into a long-term ground lease with Tobias Place, LP
- Adopting Resolution FWHFC-2021-18, approving actions of the Corporation as a sole
member of Tobias Place GP, LLC, the general partner of the Tobias Place Partnership, LP,
approving all actions necessary for the financing, development, and operation of Tobias
Place
- Adopting Resolution FWHFC-2021-19, authorizing the Corporation to act as general
contractor for the development of the Tobias Place Apartments
- FWHFC-2021-20, approving a forgivable, subordinate loan to Tobias Place, LP for the
development of the Tobias Place Apartments
CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, NOVEMBER 30, 2021
PAGE 3 of 4
Motion passed 8-1 (Director Moon casting dissenting vote).
6. Consider and Adopt Resolution authorizing Forgiveness of 2013 Unsecured Loan to The
Housing Authority for The City of Fort Worth in The Amount of $615,000.00 for the
Benefit of The Villas of Eastwood Terrace Senior Apartment Complex
Ms. Amy Connolly, Administrator, provided a staff report.
Motion was made by Director Bivens and seconded by Director Parker to adopt Resolution
FWHFC-2021-21, Authorizing Forgiveness of 2013 Unsecured Loan to The Housing Authority
for The City of Fort Worth in The Amount of $615,000.00 for the Benefit of The Villas of
Eastwood Terrace Senior Apartment Complex. Motion carried 8-1 (Director Moon casting
dissenting vote).
7. Consider and Adopt Resolution for the Sale of a Single -Family Lot Located at 5217
Turner Street in the Stop Six Neighborhood to Brian Ayers for Single -Family Housing
Development
Mr. Chad LaRoque, Housing Development and Grants Manager, Neighborhood Services
Department, provided a staff report.
Motion was made by Director Bivens and seconded by Director Crain to adopt Resolution
FWHFC-2021-22, Approving the Sale of a Single -Family Lot Located at 5217 Turner Street in
the Stop Six Neighborhood to Brian Ayers for Single -Family Housing Development. The motion
carried 9-0.
8. Executive Session:
There was no executive session.
9. Request for Future Agenda Items
Director Bivens requested a presentation regarding incentives to attract desirable workers into
income neighborhoods.
8. Adjourn
With no further discussion, President Flores adjourned the meeting of the Fort Worth Housing
Finance Corporation at 11:55 a.m. on Tuesday, November 30, 2021.
These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on
the 251h day of January, 2022.
CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, NOVEMBER 30, 2021
PAGE 4 of 4
APPROVE
Carlos ores
V' e President
Gyna . Bivens
Secretary
T:
P. Gonzales
Secretary