HomeMy WebLinkAbout2015/04/07-Minutes-Fort Worth Housing Finance Corporation (FWHFC) CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY,APRIL 7, 2015
Present:
President Salvador Espino
Vice President Danny Scarth
Director Betsy Price
Director W.B. "Zim" Zimmerman
Director Gyna Bivens
Director Jungus Jordan
Director Dennis Shingleton
Director Kelly Allen Gray
Director Ann Zadeh
1. Call to Order.
With a quorum present, President Espino called the meeting to order for the Board of Directors
of the Fort Worth Housing Finance Corporation (Corporation) at 2:32 p.m. on Tuesday,
April 7, 2015, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000
Throckmorton Street, Fort Worth, Texas.
2. Approval of Minutes from the Meeting Held on March 3, 2015.
Motion was made by Director Price and second by Director Shingleton to approve the March 3,
2015, minutes of the Corporation as presented. The motion passed 9-0.
3a. Written Reports:
President Espino referenced the Financial Report through February 28, 2015, and opened the
floor for discussion on the report. There was no discussion or action on this agenda item.
4. Consider and Adopt Resolution Approving Assignment to Tarrant County Housing
Partnership, Inc. of Contracts with the City of Fort Worth for $1,300,000.00 of HOME
Funds and the Purchase of 21 Lots for the Hardy Street Single Family Infill Development
in the Diamond Hill-Jarvis Neighborhood.
Ms. Cynthia Garcia, Assistant General Manager, presented an overview of the proposed
development through a PowerPoint titled "Assignment of Contracts with the City of Fort Worth
for HOME Funds and Lot Purchases for the Hardy Street Single Family Infill Development
Located in the Diamond Hill-Jarvis Neighborhood to Tarrant County Housing Partnership, Inc.
She provided the following background information:
CITY OF FORT WORTH,TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY, APRIL 7,2015
PAGE 2
• On March 3, 2015, the Board approved Tarrant County Housing Partnership (TCHP),
Inc., an experienced CHDO, joining the LLC developing the Reserve at Quebec
Apartments in order to assist the City in meeting its HUD CHDO spending requirements.
• After discussion with outside counsel, it was determined that allowing TCHP to join the
LLC would reduce the property tax exemption for the project, which would impact the
net cash flow available to fund the services for the permanent supportive housing units in
the project.
• In order to assist the City in meetings its HUD CHDO requirements, staff recommend
that the Board rescind approval of TCHP joining the Reserve at Quebec Project, and
instead look to the Hardy Street project.
Ms. Garcia outlined staff's proposal for the project as reflected below:
• City has requested that the Board approve the assignment of the HOME contract and the
lot purchase agreement to Tarrant County Housing Partnership, Inc.
o City must spend 15% of its HOME funds with a CHDO each year or return those
funds to HUD
o City must spend approximately $1M of its CHDO set aside funds by June 30
• TCHP is a CHDO and an experienced single family home builder currently successfully
building and selling houses in the Hillside/Morningside neighborhood under CHDO
contracts with the City.
Ms. Garcia displayed aerial views of the project location and reminded the Board of the
development background. She displayed a 2012 aerial that reflected the 21 platted lots and
advised of the Board approval actions taken on August 26, 2014. She added that the homes
would be sold between $80,000.00 and $105,000.00. Ms. Garcia displayed two elevations of the
homes and the proposed floor plan and provided the following tentative development timeline:
• April 6, 2015: Approved assignment from HFC to TCHP
• April 14, 2015: M&C approving assignments from HFC to TCHP of City contracts for
HOME funds and lot sales
• April/May 2015: Contractor begins construction of houses on site
Ms. Garcia concluded her presentation by advising that staff's recommendation was that the
Board adopt a resolution approving the assignment to Tarrant County Housing Partnership, Inc.,
of the City contracts with the HFC for the HOME funds and the lot purchases for the Hardy
Street Single Family Infill Development.
There was no discussion on this item.
Motion was made by Director Shingleton and seconded by Director Bivens to approve
Resolution No. FWHFC-2015-08, Approving Assignment to Tarrant County Housing
Partnership, Inc. of Contracts with the City of Fort Worth for $1,300,000.00 of HOME Funds
and the Purchase of 21 Lots for the Hardy Street Single Family Infill Development in the
Diamond Hill-Jarvis Neighborhood". The motion passed 9-0.
CITY OF FORT WORTH,TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY,APRIL 7,2015
PAGE
5. Executive Session.
President Espino stated that he had been advised that an Executive Session was not necessary.
A. Seek the advice of its attorneys concerning the following items that are exempt
from public disclosure under Article X, Section 9, of the Texas State Bar Rules, as
authorized by Section 551.071 of the Texas Government Code: (i) legal issues
concerning any current agenda item; and
B. Discuss the purchase, sale, lease or value of real property, as authorized by Section
551.072 of the Texas Government Code. Deliberation in an open meeting would
have a detrimental effect on the position of the Corporation in negotiations with a
third party; and
C. Discuss or deliberate negotiations relating to any economic development
negotiations, as authorized by Section 551.087 of the Texas Government Code.
6. Requests for Future Agenda Items.
President Espino opened the floor on requests for future agenda items. No requests were made
by Board members.
7. Adjourn.
With no further discussion, President Espino adjourned the meeting of the Fort Worth Housing
Finance Corporation Board at 2:40 p.m. on Tuesday, April 7, 2015.
These minutes approved by the Fort Worth Housing Finance Corporation d of Directors on
the 2nd day of June, 2015.
A PRO
Danny Scarth,
Vice President
Gyna M. Nivens
Secretary
CITY OF FORT WORTH,TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY,APRIL 7,2015
PAGE 4
ATTEST:
Mary J. r
City Secretary