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Home My WebLink About2017/12/05-Minutes-Fort Worth Housing Finance Corporation (FWHFC)CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, DECEMBER 5, 2017 Present: President Kelly Allen Gray Vice President Jungus Jordan Secretary Gyna M. Bivens Director Carlos Flores Director Brian Byrd Director Cary Moon Director Dennis Shingleton Absent: Director Betsy Price Director Ann Zadeh 1. Call to Order With a quorum present, President Allen Gray called the meeting to order for the Board of Directors of the Fort Worth Housing Finance Corporation (Corporation) at 2:01 p.m. on Tuesday, December 5, 2017, in the City Council Conference Room, Room 290 of the Fort Worth Municipal Building, 200 Texas Street, Fort Worth, Texas. 2. Approval of Minutes from the Meeting Held on November 7, 2017 Motion was made by Director Bivens and seconded by Director Flores to approve the November 7, 2017, minutes of the Corporation as presented. The motion passed 7-0. (Directors Price and Zadeh absent.) 3. Written Reports a. Corporation's Land Banking Program b. Unaudited Financial Reports through October 31, 2017. President Allen Gray referenced the written reports and opened the floor for discussion on the report. There was no discussion on the reports. 4. Presentation on Corporation's Five Year Revenue Projections Mr. Aaron Bovos, Treasurer and CFO, provided a PowerPoint presentation titled, "Fort Worth Housing Finance Corporation Projection of Revenues and Expenditures FY2017-2022." (Note: A separate handout was distributed to Board members prior to the presentation titled, "FWHFC CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, DECEMBER 5, 2017 PAGE 2 of 4 Revenues and Expenditures Projection FY2017-2022 ", and a record copy was provided to the City Secretary's Office.) There was no action taken on this item; it was for informational purposes. 5. Consider and Adopt Resolution Approving the Sale of Single Family Lots in the Como and Hillside/Morningside Neighborhoods to Fort Worth Habitat for Humanity, Inc., Avocet Ventures, L.P., and Riverside Builders, Ltd. Mr. Chad LaRoque, Acting Housing Development and Grants Manager, provided a PowerPoint presentation titled, "Authorization to Sell Single Family Lots in the Como and Hillside/Morningside Neighborhoods". Motion was made by Director Shingleton and seconded by Director Byrd to approve Resolution No. FWHFC-2017-12, Approving the Sale of Single Family Lots in the Como and Hillside/Morningside Neighborhoods to Fort Worth Habitat for Humanity, Inc., Avocet Ventures, L.P., and Riverside Builders, Ltd. The motion passed 7-0. (Directors Price and Zadeh absent.) 6. Consider and Adopt Resolutions for the Development of The Heights at Western Center Apartments Located at 1960 Western Center Boulevard a. Resolution Approving an Agreement with Generation Housing Partners, LLC. for the Development of The Heights at Western Center Apartments and the Formation of TX Western Center 2018, Ltd, the Partnership Developing, Owning and Managing the Project b. Resolution Approving all Actions Necessary for the Formation of TX Western Center 2018 GP LLC, the General Partner of TX Western Center 2018, Ltd, Approving the Actions of the Corporation as Sole Member of TX Western Center 2018 GP LLC, and Approving all Other Actions Necessary for the Financing, Development and Operations of The Heights at Western Center Apartments c. Resolution Authorizing the Acquisition of Land Located at 1960 Western Center Boulevard for the Development of The Heights at Western Center Apartments and Entering into a Long -Term Ground Lease with TX Western Center 2018, Ltd for the Land d. Resolution Hiring John Shackelford as Legal Counsel for the Corporation, TX Western Center 2018, Ltd and TX Western Center 2018 GP LLC for the Development of The Heights at Western Center Apartments Mr. Chad LaRoque, Acting Housing Development and Grants Manager, provided a PowerPoint presentation titled, "Consideration of Actions Related to The Heights at Western Center Apartments Located as 1960 Western Center Boulevard". CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, DECEMBER 5, 2017 PAGE 3 of 4 Motion was made by Director Bivens and seconded by Director Flores to approve Resolution Nos. FWHFC-2017-13; FWHFC-2017-14; FWHFC-2017-15; and FWHFC-2017-16, regarding Development of The Heights at Western Center Apartments Located at 1960 Western Center Boulevard. The motion passed 5-2, Directors Moon and Byrd casting dissenting votes. (Directors Price and Zadeh absent.) 7. Executive Session President Allen Gray stated she had been advised that there was no need for an executive session, to discuss the following items: a. To seek the advice of its attorney about pending litigation, settlement offers, or any matter in which the duty of the attorney to the City Council under the Texas Disciplinary Rules of Professional Conduct of the State Bar of Texas clearly conflicts with the Texas Open Meetings Act. [Tex. Govt. Code §551.071]; (i) legal issues concerning any current agenda item; and b. Discuss the purchase, sale, lease or value of real property, as authorized by Section 551.072 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the Corporation in negotiations with a third party; and c. Discuss or deliberate negotiations relating to any economic development negotiations, as authorized by Section 551.087 of the Texas Government Code. 8. Request for Future Agenda Items Director Member Moon requested information on economic tax incentives provided to companies the FWHFC partners with for housing developments and if any of the companies are publicly traded for staff to obtain a copy of a report on the companies' profitability if possible. 9. Adjourn With no further discussion, President Allen Gray adjourned the meeting of the Fort Worth Housing Finance Corporation at 2:38 p.m. on Tuesday, December 5, 2017. These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on the 6th day of February, 2018. CITY OF FORT WORTH, TEXAS FORT WORTH HOUSING FINANCE CORPORATION TUESDAY, DECEMBER 5, 2017 PAGE 4 of 4 ST: onald P. Gonzales QJ Assistant City Secretary