HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2025-05RESOLUTION NO. FWHFC — 2025-05
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE FORT WORTH HOUSING CORPORATION
TO PROVIDE UP TO $2,500,000.00 IN BACKUP FINANCING FOR THE EVANS AND
ROSEDALE MIXED -USE URBAN DEVELOPMENT PROJECT IN THE EVENT
IDENTIFIED GRANTS FUNDS ARE NOT APPROVED TO SUPPORT THE PROJECT
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation" or the
"FWHFC") seeks to promote homeownership and neighborhood revitalization throughout the
City of Fort Worth ("City") and foster the development of quality, accessible, affordable housing
for low- and moderate -income individuals and families;
WHEREAS, in 2024, the Corporation, the City of Fort Worth ("City"), and the City of
Fort Worth Local Development Corporation ("LDC") issued a Request for Expressions of
Interest ("RFEI") seeking redevelopment proposals for the Evans and Rosedale Urban Village
area that maximized the use of the property for the current market while respecting the area's
history;
WHEREAS, the area includes a total of 36 properties (the "Properties"), consisting of
one (1) City -owned property, five (5) Local Development Corporation ("LDC") owned
properties, and thirty (30) FWHFC-owned properties ("FWHFC Properties");
WHEREAS, after significant community engagement and feedback, review of submitted
proposals, and negotiation, staff for the Corporation, the City, and the LDC are recommending
that Royal Capital, L.L.0 ("Royal") be selected to redevelop the area;
WHEREAS, Royal is proposing 181 total housing units, consisting of 60 senior units,
42 family units, 66 stacked flats, and 13 live/work units, with a portion being affordable units; a
cultural square; parks, and other public spaces (the "Development");
WHEREAS, the Corporation will receive $3,595,977.13 in revenue for the sale of the
FWHFC Properties is;
WHEREAS, the City intends to provide up to $2,500,000.00 in Pathways to Removing
Obstacles to Housing Grant funds ("PRO Housing Funds");
WHEREAS, due to uncertainty with funding from the federal government, Royal has
requested that $2,500,000.00 in Corporation revenue be reserved as an alternative in the event
PRO Housing funding is not available; and
WHEREAS, it is the desire of the Corporation to authorize up to $2,500,000 in backup
financing ("Alternative Funds") in the event PRO Housing Funds are not available, with such
Alternative Funds provided to Royal in the form of a soft loan or comparable financial
arrangement.
RESOLUTION NO. FWHFC-2025-05
PAGE 2
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves that the Alternative Funds be provided to Royal in the form of
a soft loan or comparable financial arrangement in the event the PRO Housing Funds are
not available for the Project.
2. THAT the Board acknowledges and agrees that the Alternative Funds will not be repaid
by Royal if certain conditions are met as set forth by the FWHFC in agreements related to
the funds.
THAT the Board approves the execution and delivery of the following for the Alternative
Funds: (i) loan agreement and (ii) all necessary documents needed to secure the funds
("Loan Documents").
4. THAT Dana Burghdoff, General Manager of the Corporation, or Kacey Bess, Assistant
General Manager, or their duly appointed successors, are each authorized to execute and
deliver the Loan Documents for and on behalf of the Corporation along with any related
documents necessary to securely provide the Alternative Funds.
5. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED
Adopted April 22, 2025.
By:
Carlos Flores
President
Attest:
Jannette S. Goodall