HomeMy WebLinkAboutFWHFC-2025-23 - Fort Worth Housing Finance Corporation (FWHFC) - Resolution RESOLUTION NO. FWHFC-2025-23
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
AUTHORIZING THE CORPORATION OR AN AFFILIATE TO ACT AS GENERAL
CONTRACTOR OR PARTCIPATE IN A JOINT VENTURE FOR A MIXED-USE
DEVELOPMENT PROJECT IN THE EVANS AND ROSEDALE NEIGHBORHOOD
WHEREAS, the City Council created the Fort Worth Housing Finance Corporation (the
"Corporation") in 1979 pursuant to the Texas Housing Finance Corporations Act, Chapter 394
of the Texas Local Government Code, to facilitate neighborhood revitalization and 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 Corporation seeks to promote neighborhood revitalization and foster the
development of affordable quality housing throughout the City by developing partnerships
among the City,the Corporation, local governments, lenders,private industry and neighborhood-
based nonprofit housing organizations;
WHEREAS, Royal Capital, LLC ("Royal"), a Wisconsin limited liability company, is a
developer of affordable and mixed-use housing;
WHEREAS, the Board of the Corporation (the "Board") has been asked to approve an
agreement with Royal to develop a mixed-use urban development including approximately 181
units of multifamily housing in located in the Evans and Rosedale neighborhood (the"Project");
WHEREAS, the Board has also been asked to authorize the hiring of Scott Marks with
Duane Morris law firm, as legal counsel to assist the Corporation and a Corporation owned entity
with the negotiation of terms and to assist with Housing Tax Credit and multifamily housing
revenue bond applications for the Project and the documents necessary for the development,
financing, construction and management of the Project;
WHEREAS, Royal will apply 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 by forming a
single purpose entity to serve as managing member of Evans and Rosedale Texas, LLC, or an
affiliate (the "Company"), an entity created by Royal to own the Project;
WHEREAS, the Corporation has been asked to approve various actions relating to the
operation of the Company and its managing member, and other actions necessary for the
development of the Project;
WHEREAS, Royal has requested that the Corporation, which shall for all purposes of
this resolution include the Corporation or a duly created affiliate, serve as the Project's General
Contractor (or Joint Venturer if necessary) in order to take advantage of the state sales tax
RESOLUTION NO. FWHFC-2025-23
PAGE 2
exemption available to the Corporation during construction in order to assist the Project, and
agrees to enter into a construction contract relating to the Project ("Construction Contract"), as
well as an agreement with the Corporation and a Master Subcontractor which will assume all of
the General Contractor's obligations under the Construction Contract ("Master Subcontract
Agreement");
WHEREAS, the Master Subcontractor (and other to-be-determined entities as needed)
will indemnify and hold harmless the Corporation for any acts or omissions of the Master
Subcontractor or any subcontractor and any acts or omissions of the Corporation except for the
Corporation's own gross negligence and intentional acts, and the Corporation will also be
indemnified and held harmless for any obligations it incurs under the Construction Contract;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board authorizes the Corporation to act as General Contractor (or Joint
Venturer) for the Project, and authorizes the negotiation, execution and delivery of the
Construction Contract and Master Subcontract Agreement for the Project.
2. 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 negotiate, execute and deliver the Construction Contract and the
Master Subcontract Agreement for and on behalf of the Corporation along with any
related documents necessary to implement the Construction Contract or the Master
Subcontract Agreement, and each is authorized to extend, modify and amend the
Construction Contract or the Master Subcontract Agreement, provided any such
extensions, modifications and amendments are within the scope of the Project, and in
conformance with the goals and purposes of the Corporation, as amended from time to
time.
3. 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:
Elizabeth Beck
President
Attest:
Jannette S. Goodall