HomeMy WebLinkAboutFWHFC-2025-19 - Fort Worth Housing Finance Corporation (FWHFC) - Resolution RESOLUTION NO. FWHFC-2025-19
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION HIRING SCOTT MARKS WITH DUANE MORRIS AS LEGAL
COUNSEL FOR THE CORPORATION AND A LIMITED LIABILITY
COMPANY TO BE OWNED AND/OR CONTROLLED BY THE
CORPORATION,FOR THE NEGOTIATION OF TERMS,TO ADVISE
REGARDING THE FORMATION/ADMISSION TO THE COMPANY,AND
OTHER DEAL SPECIFIC MATTERS FOR THE DEVELOPMENT OF A
MIXED-USE DEVELOPMENT PROJECT IN THE EVANS AND ROSEDALE
NEIGHBORHOOD
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, Royal Capital, LLC ("Royal"), a Wisconsin limited liability
company, is a developer of affordable and mixed-use housing;
WHEREAS, Royal wishes to acquire 36 lots in the Evans and Rosedale
Neighborhood to develop a mixed-use urban development including approximately 181
units of multifamily housing (the"Project");
WHEREAS, Royal will apply for 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, Royal has asked the Corporation to participate in the Project by
forming a single purpose entity to serve as managing member ("SPE") of Evans and
Rosedale Texas,LLC, or an affiliate (the "Company"), an entity created by Royal to own
the Project;
WHEREAS, in order to represent the Corporation's and the SPE'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
WHEREAS, the Board desires to approve hiring Scott Marks with Duane Morris
LLP, as legal counsel to assist the Corporation and the SPE and any other affiliate of the
Corporation in connection with the negotiation of terms and if the SPE 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 the Project.
RESOLUTION NO.FWHFC-2025-19
PAGE 2
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the hiring of Scott Marks with Duane Morris LLP, as
legal counsel for the Corporation, the SPE, and any other affiliate of the
Corporation in connection with the negotiation of terms; and if the formation of the
SPE is approved by the Corporation by separate resolution, the development,
financing, construction and management of the Project.
2. THAT the Board approves the payment of attorney's fees of$150,000.00 for the
Proj ect.
3. THAT the Board approves the execution and delivery of an engagement letter for
legal services.
4. THAT Dana Burghdoff, General Manager of the Corporation, or Kacey Thomas,
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 and the SPE, along with any related documents necessary to
retain Duane Morris LLP, as outside counsel.
5. THAT this resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
ADOPTED October 28, 2025
FORT WORTH HOUSING FINANCE
CORPORATION
By:
'F+����El�izabeth Beck
President
Attest:
Jannette S. Goodall