HomeMy WebLinkAboutContract 48303-A1 CITY SECR�i"14RY
CtNTRACT NO. r
DEc -120
r.+,TY OF FORT WORTH FIRST AMENDMENT TO CITY SECRETARY CONTRACT NO. 48303
CITY SRL^1tE[ARY
WHEREAS, on October 20, 2016 the City of Fort Worth ("City") and The Broadmoor at
Western Hills Ltd. ("Developer") made and entered into City Secretary Contract No. 48303 (the
"Contract"), as authorized by the City Council in M&C G-18760 adopted on June 14, 2016,
which provided $559,481.00 of City's HOME funds to Developer for the construction of the
Broadmoor Apartments (the "project");
WHEREAS, the funding provided to Developer in the Contract was from a grant received
by the City from the United States Department of Housing and Urban Development ("HUD")
through the HOME Investment Partnership Program, Catalog of Federal Domestic Assistance
No. 14.239;
WHEREAS, the purpose of the Contract was to provide the $559,481.00 of City HOME
Funds in the form of a subordinate loan for a portion of the costs of construction of a 324-unit
mixed income rental complex to be known as the Broadmoor Apartments to be located at 2900
Broadmoor Drive, Fort Worth, Texas 761116;
WHEREAS, the dates listed in Exhibit "C" - Construction and Reimbursement
Schedule need to be changed to reflect the dates listed in Schedule 4 of the Construction Loan
Agreement between Developer and Bank of America,N.A. for the project;
WHEREAS, it is the mutual desire of City and Developer to amend the Contract to
complete the project and meet Contract objectives.
NOW THEREFORE, City and Developer hereby agree as follows:
I.
DEFINITIONS
The following definitions in this section are amended to be and read as follows:
"Completion Deadline means January 31, 2019."
lI.
Exhibit "C" Construction and Reimbursement Schedule attached to the Contract is
hereby replaced with Exhibit "C" - Construction and Reimbursement Schedule Revised
11/2016 attached hereto.
III.
This amendment is effective as of the Effective Date of the Contract.
LFR RECORD
CONTRACT AMENDMENT 1 to CSC No.48303 CRETARY Page 1
The Broadmoor at Western Hills Ltd. T'FI, 'I X Rev. 11-30-16
IV.
All other terms and conditions of City Secretary Contract No. 48303 not amended herein
remain unaffected and in full force and effect, are binding upon the Parties, and are hereby
ratified by the Parties. Capitalized terms not defined herein shall have meanings assigned to
them in the Contract.
[SIGNATURES APPEAR ON FOLLOWING PAGE]
CONTRACT AMENDMENT 1 to CSC No.48303 Page 2
The Broadmoor at Western Hills Ltd. Rev. 11-30-16
ACCEPTED AND AGREED:
ATTEST: °o®R)► ' CITY OF FORT WORTH
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Cify Secr /'"„ ., o� Fernando Costa, Assistant City Manager
M&C G-18 60 Da 0 ' 4/2 a°A Date:
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APPROVED AS TO FORM` LITY:
Vicki Ganske, Senior Assistant City Attorney
THE BROADMOOR AT WESTERN HILLS LTD.,
a Texas limited partnership,
By: The Broadmoor at Western Hills GP LLC,
a Texas limited liability company,
its general partner
By: Fort Worth Housing Finance Corporation,
a Texas housing finance corporation,
its sole member
By
Aubrey Thagard,
Assistant General Manager
Date:
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
CONTRACT AMENDMENT 1 to CSC No.48303 Page 3
The Broadmoor at Western Hills Ltd. Rev. 11-30-16
EXHIBIT "C"
CONSTRUCTION AND REIMBURSEMENT SCHEDULE REVISED
THE BROADMOOR AT WESTERN HILLS LTD.
Activity HOME Funds
PHASE I Land Acquisition
ACTIVITIES: $0.00*
Predevelopment Soft Costs
PHASE I
COMPLETE by:
December 31, 2016 First Payment** $0.00*
PHASE II Construction Hard Costs $250,000.00*
ACTIVIITES:
Prior to Reimbursement in Phase II, Developer must
PHASE II submit the contractor/subcontractor/vendor searches
COMPLETE by: the Federal System for Award Management
March 31,2017. (www.sam.gov).
Second Payment" (approx. 25% complete)*** $250,000.00*
PHASE III Construction Hard Costs $259,481.00*
ACTIVIITES:
Prior to Reimbursement in Phase III, Developer must
PHASE III submit the contractor/subcontractor/vendor searches
COMPLETED by: the Federal System for Award Management
January 31,2018• (www.sam.gov).
Third Pa ment** (approx. 50% complete)*** $259,481.00*
PHASE IV Initial Lease-up of HOME Units
ACTIVITIES:
PHASE IV Prior to Reimbursement in Phase IV, the following
COMPLETED items must be submitted:
by: January 31, 2019 1. Rent Schedule for HOME Units. See Section
7.5
2. Tenant Selection Policy. See Section 7.6
3. Affirmative Marketing Plan. See Section 7.7
Prior to Reimbursement for Final Payment, Exhibit
"G" - Project Compliance Report: Rental Housing
must be submitted to City.
Final Pay ment** (Lease-Up of HOME Unit)*** $509000.00*
TOTAL
$559,481.00
CONTRACT AMENDMENT 1 to CSC No.48303 Page 4
The Broadmoor at Western Hills Ltd. Rev. 11-30-16
*Developer will only be reimbursed for eligible expenses. The amounts are estimates and
are subject to change.
'Developer must submit Complete Documentation with Reimbursement Request to City
within 60 days from each of the deadlines in order to be reimbursed. Failure to timely
submit Reimbursement Requests and Complete Documentation along with any required
reports shall be an event of default.
***If milestone is reached before the Phase completion date, reimbursement will be made
when the milestone percentage is reached and City is provided all required documentation.
CONTRACT AMENDMENT 1 to CSC No.48303 Page 5
The Broadmoor at Western Hills Ltd. Rev. 11-30-16