HomeMy WebLinkAbout2015/01/06-Minutes-Fort Worth Housing Finance Corporation (FWHFC) CITY OF FORT WORTH, TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY,JANUARY 6, 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 1:32 p.m. on Tuesday,
January 6, 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 November 11, 2014.
Motion was made by Director Scarth and second by Director Shingleton to approve the Tuesday,
November 11, 2014, minutes of the Corporation as presented. The motion passed 9-0.
3a. Written Reports:
President Espino referenced the Financial Report through November 30, 2014 and opened the
floor for discussion on the report. There was no discussion or action on this agenda item.
Ms. Cynthia Garcia, Assistant General Manager, advised that agenda Items 4, 5 and 6 would be
considered through one presentation and that Item 7 would be tabled.
4. Consider and Adopt Resolutions Approving an Agreement with MV Residential
Development LLC for the Development of the Reserve at Quebec Apartments and the
Formation of Reserve at Quebec GP, LLC to Act as the General Partner of Reserve at
Quebec, LP, the Partnership Developing, Owning and Managing the Project.
5. Consider and Adopt Resolutions Approving the Actions of the Corporation as Sole
Member of Reserve at Quebec GP, LLC, the General Partner of Reserve at Quebec, LP
and Approving all Actions Necessary for the Acquisition, Financing, Development and
Operation of the Reserve at Quebec Apartments.
CITY OF FORT WORTH,TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY,JANUARY 6,2015
PAGE 2
6. Consider and Adopt Resolutions Authorizing the Acquisition of Land Located
Northeast of Buda Lane and North of Northwest Centre Drive for the Development of the
Reserve at Quebec Apartments and Entering into a Long-Term Ground Lease with
Reserve at Quebec, LP for Land.
Ms. Garcia presented an overview of the proposed development through a PowerPoint titled
"Proposed Partnership for the Development of the Reserve at Quebec Apartments."
Motion was made by Director Shingleton and seconded by Director Zimmerman to approve
Resolution No. FWHFC-2015-01, Approving an Agreement with MV Residential Development
LLC for the Development of the Reserve at Quebec Apartments and the Formation of Reserve at
Quebec GP, LLC to Act as the General Partner of Reserve at Quebec, LP, the Partnership
Developing, Owning and Managing the Project; Resolution No. FWHFC-2015-02, Approving
the Actions of the Corporation as Sole Member of Reserve at Quebec GP, LLC, the General
Partner of Reserve at Quebec, LP and Approving all Actions Necessary for the Acquisition,
Financing, Development and Operation of the Reserve at Quebec Apartments; and Resolution
No. FWHFC-2015-03, Authorizing the Acquisition of Land Located Northeast of Buda Lane and
North of Northwest Centre Drive for the Development of the Reserve at Quebec Apartments and
Entering into a Long-Term Ground Lease with Reserve at Quebec, LP for Land. The motion
passed 9-0.
7. Consider and Adopt Resolution Hiring an Outside Attorney as Legal Counsel for the
Corporation and Reserve at Quebec GP, LLC for the Development of the Reserve at
Quebec Multi-Family Project.
As advised by Ms. Garcia, this item was tabled.
S. Executive Session.
President Espino convened the Executive Session at 1:43 p.m. to discuss the following items:
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.
President Espino adjourned the Executive Session at 1:52 p.m.
CITY OF FORT WORTH,TEXAS
FORT WORTH HOUSING FINANCE CORPORATION
TUESDAY,JANUARY 6,2015
PAGE 3
President Espino reconvened the regular session of the Fort Worth Local Development
Corporation at 1:53 p.m., on Tuesday, January 6, 2015.
9. Requests for Future Agenda Items.
President Espino opened the floor on requests for future agenda items. No requests were made
by Board members.
10. Adjourn.
With no further discussion, President Espino adjourned the meeting of the Fort Worth Housing
Finance Corporation Board at 1:53 p.m. on Tuesday, January 6, 2015
These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on
the 3`d day of March, 2015.
APPROVED:
cg"O)
alvador Espino,
President
GyJ. Bivens
Secretary
ATTEST: �)
Mary J. Kay
City Secretary