HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2024-06RESOLUTION NO. FWHFC-2024-06
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION HIRING SHACKELFORD, BOWEN, MCKINLEY &
NORTON, LLP AS LEGAL COUNSEL FOR THE CORPORATION AND A
GENERAL PARTNER ENTITY TO BE OWNED BY THE CORPORATION FOR
THE DEVELOPMENT OF PALLADIUM E LANCASTER 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, Palladium USA, Inc. ("Palladium"), a Delaware corporation, is a
developer of affordable housing and has developed over 25 affordable and mixed income
multifamily properties in Texas;
WHEREAS, Palladium wishes to acquire certain property located at 4909 & 5003
E Lancaster Avenue and 4900 & 4808 Norma Street to develop Palladium E Lancaster, an
affordable multifamily rental project (the "Project"), which is anticipated to consist of 243
units;
WHEREAS, Palladium will apply for 2023 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, Palladium has requested that the Corporation enter into negotiations
for the creation of a to be named Limited Partnership (the "Partnership"), which would
construct, own, and manage the Project;
WHEREAS, if the Partnership is approved by the Corporation, the Corporation
would create and own a to be named entity to act as the General Partner of the Partnership,
(the "Company"), a Texas limited liability company and single purpose entity;
WHEREAS, a separate resolution has been presented to the Corporation for
approval of the creation of the Limited Partnership and related actions based on the
negotiated terms;
WHEREAS, in order to represent the Corporation's and the ,Company's interests
in the negotiation of terms for the development, 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-2024-06
PAGE 2
WHEREAS, the Board desires to approve hiring John C. Shackelford,
Shackelford, Bowen, McKinley & Norton, LLP, as legal counsel to assist the Corporation
and the Company and any other affiliate of the Corporation in connection with the
negotiation of terms and if the Partnership is approved by the Corporation, Housing Tax
Credit and multifamily housing revenue bond applications for the Project and the
development, financing, construction and management of Palladium E Lancaster.
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, the Company, and
any other affiliate of the Corporation in connection with the negotiation of terms;
and if the Partnership is approved by the Corporation by separate resolution, the
development, financing, construction and management of Palladium E Lancaster.
2. THAT the Board approves the payment of attorney's fees of $120,000.00 for the
Project.
3. THAT Fernando Costa, General Manager of the Corporation, or any duly
authorized Assistant General Manager or Interim 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 April 23, 2024
FORT WORTH HOUSING FINANCE
CORPORATION
01
J4 im, Y:
Carlos Flores
President
Attest:
Jannette S. Goodall