HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2024-11RESOLUTION NO. FWHFC-2024-11
FORT WORTH HOUSING FINANCE CORPORATION
RESOLUTION AUTHORIZING THE FORT WORTH HOUSING FINANCE
CORPORATION OR AN AFFILIATE TO ACQUIRE LAND LOCATED AT 4909 & 5003
E LANCASTER AVE AND 4900 & 4808 NORMA ST FOR THE DEVELOPMENT OF
PALLADIUM E LANCASTER APARTMENTS AND TO ENTER INTO A LONG-TERM
GROUND LEASE WITH PALLADIUM E LANCASTER AVENUE, LTD.
WHEREAS, the City Council of the City of Fort Worth ("City") created the Fort Worth
Housing Finance Corporation (the "Corporation") in 1979 pursuant to the Texas Housing Finance
Corporations Act, to facilitate 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 Board of the Corporation (the "Board") has been asked to approve an
agreement with Palladium USA, Inc., a Delaware corporation, or an affiliate ("Palladium"), to
develop the Palladium E Lancaster Apartments, an approximately 243-unit multifamily housing
development to be located at 4909 & 5003 E Lancaster and 4900 & 4808 Norma St (the "Project");
WHEREAS, Palladium is applying for Non -Competitive (4%) Housing Tax Credits and
multifamily revenue bonds from the Texas Department of Housing and Community Affairs
("TDHCA") to finance a portion of the costs of the Project;
WHEREAS, the Corporation has been asked to participate in the Project and ratify the
formation of PFW E Lancaster Avenue GP, LLC, a Texas limited liability company (the "GP"), a
single purpose entity owned by the Corporation serving as general partner of Palladium E
Lancaster Avenue, Ltd., a Texas limited partnership (the "Partnership"), that will own the Project;
WHEREAS, the Board has also been asked to approve various actions relating to the
creation and operation of the GP and other actions necessary for the development of the Project;
WHEREAS, the Corporation will own the GP;
WHEREAS, the Corporation, which shall for all purposes of this resolution include the
Corporation or a duly created affiliate, intends to acquire from Palladium or directly from the
current land owner 7.95 acres of land (the "Land") on which the Project will be constructed and
operated;
WHEREAS, the Corporation desires to acquire fee ownership of the Land and, as
Landlord, desires to enter into a Ground Lease with the Partnership whereby the Partnership will
have a tenant's leasehold estate in the Land;
RESOLUTION NO. FWHFC-2024-11
PAGE 3
resolutions (collectively, the "Closing Documents"), and the Closing Documents in each and
every respect are approved and authorized;
FURTHER RESOLVED, that Fernando Costa, the 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, or in the absence of such officer, any other duly
elected officer of the Corporation (each, the "Executing Officer"), are each hereby fully
authorized to negotiate and approve the terms of and to execute and deliver the Closing Documents
and other documents for and on behalf of the Corporation;
FURTHER RESOLVED, that the Executing Officer is hereby authorized and directed for
and on behalf of, and as the act and deed of, the Corporation to take such other action in the
consummation of the transactions herein contemplated and to do any and all other acts and things
necessary or proper in furtherance of the transactions contemplated by these resolutions, as the
Executing Officer shall deem to be necessary or desirable, and all acts heretofore taken by the
Executing Officer to such end are hereby expressly ratified and confirmed as the acts and deeds of
the Corporation;
FURTHER RESOLVED, that all of the actions, documents, correspondences, recordings,
instruments, or other writings that are necessary, advisable, or desirable in order to carry out the
foregoing resolutions, and for the conveyance and leasing of the Land, and the development of the
Project, for and on behalf of the Corporation, its approval of each to be conclusively evidenced by
its execution thereof, are hereby approved;
FURTHER RESOLVED, that, to the extent any of the actions authorized by these
resolutions have already been taken by the Corporation or Fernando Costa, Amy Connolly, or any
other duly authorized Assistant General Manager or Interim Assistant General Manager, such
actions are hereby ratified and confirmed as valid actions of the Corporation, effective as of the
date such actions were taken.
These resolutions shall take effect on the date of their adoption.
RESOLUTION NO. FWHFC-2024-11
PAGE 4
AND IT IS SO RESOLVED.
Adopted May 21, 2024
FORT WORTH HOUSING FINANCE CORPORATION
BY:
Carlos Flores
President
Attest:
Jannette S. Goodall