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Home My WebLink AboutContract 45042-A3RECENED OCT 2 5 2018 avy� M ARRiH .® CITY SECRETARY CONTRACT NO. U'l� ' A THIRD AMENDMENT TO CITY SECRETARY CONTRACT NO. 45042 WHEREAS, on October 25, 2013 the City of Fort Worth ('City") and Fort Worth Housing Finance Corporation ("Developer") made and entered into City Secretary Contract No. 45042 (the "Contract) as authorized by the City Council in M&Cs C-23887 adopted on November 3, 2009; and M&C C-24444 adopted on September 14, 2010; 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 (`HOME"); WHEREAS, the purpose of the Contract was to provide $988,870.00 in the form of a forgivable deferred payment loan of HOME Funds for acquisition of lots and construction of up to 10 single family houses in the Terrell Heights Neighborhood to be available for sale to low and moderate income homebuyers; WHEREAS, the First Amendment to the Contract amended the Completion Deadline and the dates listed in Exhibit "C" — Construction and Reimbursement Schedule due to construction delays; WHEREAS, due to selection of a new general contractor, the Second Amendment to the Contract was necessary to again amend the Completion Deadline and the Phase IV Completed Date listed on Exhibit "C" - Construction and Reimbursement Schedule; WHEREAS, due to HUD requirements, City wishes to add $200.00 to the HOME Funds Budget to increase the project's funding in IDIS for a final total of $989,070.00 in HOME Funds; and WHEREAS, it is the mutual desire of City and Developer to amend the Contract to meet Contract objectives. NOW, THEREFORE, City and Developer hereby agree to amend the Contract as follows: I Section 4.1 Provide HOME Funds is hereby amended to be and to read: �\ Q.�C'� "City shall provide up to Nine Hundred Eighty -Nine Thousand Seventy and No/100 �ollars ($989,070.00) of HOME Funds for the project in the form of a forgivable deferred payment G\�yOF S,1O1 oan under the terms and conditions described herein (the Loan)." 11. Exhibit "B"-- Budget attached to the Contract is hereby replaced w-th the attached Exhibit "B"-- Budget Revised 10/2018. OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX HOME DEVELOPER CONTRACT CSC No. 45042-A3 Page 1 Fort Worth Housing Finance Corporation — Terrell Heights Rev. 10/2018 Exhibit "C"-- Construction and Reimbursement Schedule attached to the Contract is hereby replaced with the attached Exhibit "C"-- Construction and Reimbursement Schedule Revised 10/2018. This Amendment is effective as of the Effective Date of the Contract. IV. All terms and conditions of the Contract not amended herein remain unaffected and in full force and effect, are binding on the Parties, and are hereby ratified by the Parties. Capitalized terms not defined herein shall have meanings assigned to them in the Contract. [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] HOME DEVELOPER CONTRACT CSC No. 45042-A3 Page 2 Fort Worth Housing Finance Corporation — Terrell Heights Rev. 10/2018 ACCEPTED AND AGREED: Gel Y ,. U ATTEST: l`, .. r :CITY OF FORT WORTH BX� mod. City Secretary `:. "nando Costa, Assistant City Manager M&C C-23887 '9S, •:...........• ' y�.� Date: November 3, 2009 M&C C-24444 - Date: September 14, 2010 �AJPP OVED ASTOFFss�istant AND LEGALITY: Vicki Ganske, Senior City Attorney Contract Compliance Manager: By signing I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements. Chad LaRoque, Housing Development and Grants Manager f0` Date DEVELOPER: FORT WORTH HOUSING FINANCE CORPORATION, a Texas housing finance corporation By: V v Au rey a d, Assistanl�General Manager Date: 10. 04. i V OFFICIAL RECORD CITY SECRETARY FT WORTH, TX HOME DEVELOPER CONTRACT CSC No. 45042-A3 Page 3 Fort Worth Housing Finance Corporation — Terrell Heights Rev. 10/2018 EXHIBIT "B" BUDGET REVISED 10/2018 FORT WORTH HOUSING FINANCE CORPORATION SOURCES AND USES Development Name: TERRELL HEIGHTS SINGLE FAMILY INFILL DEVELOPMENT Source # Funding Priority Deferred or Financing Description of Lien Forgivable Loan Participants Local I Government 1 $989,070.00 City of Fort Loan or Grant Worth (HOME) TOTAL SOURCES OF $989,070.00 FUNDS TOTAL USES OF FUNDS $989,070.00 HOME Funds Budget Phase I: Pre -Development Soft Costs $98,170.00 Phase II: Acquisition and Construction of up to 3 $445,350.00* Houses Phase III. Acquisition and Construction of up to 3 $445,350.00* Houses Phase IV: Acquisition and Construction of up to 4 $TBD** Houses Additional Design Costs for 978 E. Pulaski $200.00 TOTAL $989,070.00 *During Phases II, III and IV, the City will withhold $5,000 of the HOME Funds on each construction contract until the City verifies all the buyers are HOME Eligible Buyers. These costs will be associated with Hard Construction Costs and/or Final Punch List. "Any remaining HOME fund balances and Sales Proceeds from Phase II and III will be used for the purposes of completing the additional single family homes in Phase IV. HOME DEVELOPER CONTRACT CSC No. 45042-A3 Page 4 Fort Worth Housing Finance Corporation — Terrell Heights Rev. 10/2018 EXHIBIT "C" CONSTRUCTION AND REIMBURSEMENT SCHEDULE REVISED 10/2018 FORT WORTH HOUSING FINANCE CORPORATION Pre -Development Soft Costs for project (up to 10 houses) ■ Pre -Construction Activities ■ Project Planning Activities ■ Legal Fees ■ Architectural and Engineering Fees ■ Appraisal Fees ■ Loan Application Fees ral PHASE II ACTIVITIES: Acquisition and Construction of up to 3 Houses Lot Acquisition (Approx. $13,450.00 each) Hard Construction Costs (Approx. $130,000.00 each) ■ Sheetrock / Brick ■ Interior Trim / Paint ■ Flooring ■ Mechanical Trim / Grading / Landscaping ■ Final Trim / Appliances and Fixtures / Fencing Construction Completed Punch List / Final Inspections by NSD Inspectors $98,170.00 I r$9t8;170:00 1 N i $40,350.00 $390,000.00 $0 $0 HOME DEVELOPER CONTRACT CSC No. 45042-A3 Page 5 Fort Worth Housing Finance Corporation — Terrell Heights Rev. 10/2018 PHASE III ACTIVITIES: Acquisition and Construction of up to 3 Houses Confirm that buyers are HOME Eligible Buyers Prior to reimbursement, City must confirm that the buyers have met the HOME requirements which include receiving at least $1,000.00 of down payment/closing cost assistance from the City's Homebuyer Assistance Program. (Holdback $5,000.00 each) *Exhibit "G" - Project Compliance Report: Rental Housing must be submitted to the City prior to reimbursement for Final Payment or of any Holdback amounts. Lot Acquisition (Approx. $13,450.00 each) Hard Construction Costs (Approx. $130,000.00 Each) ■ Sheetrock / Brick ■ Interior Trim / Paint ■ Flooring ■ Mechanical Trim / Grading / Landscaping Final Trim / Appliances and Fixtures / Fencing Construction Completed Punch List / Final Inspections by NSD Inspectors Confirm that buyers are HOME Eligible Buyers Prior to reimbursement, City must confirm that the buyers have met the HOME program requirements which include receiving at least $0 $15,000.00* '45 350.00 $40,350.00 $390,000.00 $0 $0 $0 $15,000.00* HOME DEVELOPER CONTRACT CSC No. 45042-A3 Page 6 Fort Worth Housing Finance Corporation — Terrell Heights Rev. 10/2018 $1,000.00 of down payment/closing cost assistance from the City's Homebuyer Assistance Program. (Holdback $5,000.00 each) *Exhibit 11G11 - Project Compliance Report: Rental Housing must be submitted to the City prior to reimbursement for Final Payment or of any Holdback amounts. t "T 41, " �� '! " �� 4, u 6'&k, vzw: Wgonl ir r 'ie ToV.SeArc e&d n e r,.,,, e.;*", jac Y11"AN 350A! 2. AVV "PIURF 611 t PHASE IV ACTIVITIES will be funded with any remaining HOME funds and Sales Proceeds resulting from sale of houses, constructed in PHASE 11 and PHASE 111. PHASE IV ACTIVITIES: Lot Acquisition (Approx. $13,450.00 Each) Construction of 4 Houses Hard Construction Costs (Approx. $130,000.00 Each) • Sheetrock / Brick • Interior Trim / Paint • Flooring • Mechanical Trim / Grading / Landscaping Final Trim / Appliances and Fixtures / Fencing Construction Completed Punch List / Final Inspections by NSD Inspectors Confirm that buyers are HOME Eligible Buyers Prior to reimbursement, City must confirm that the buyers have met the HOME program requirements which include receiving at least $ 1,000.00 of down payment/closing cost assistance from the City's Homebuyer Assistance Program. (Holdback $5,000.00 each) HOME DEVELOPER CONTRACT CSC No. 45042-A3 Page 7 Fort Worth Housing Finance Corporation — Terrell Heights Rev. 10/2018 *Exhibit "G" - Project Compliance Report: Rental Housing must be submitted to the City prior to reimbursement for Final Payment or of any Holdback. amounts. y F—. is 'k'�. i f6 F r� t I d ' 7 P 7 1-�TI f � Additib`i, sign Costs for 978 �fi Pulaski+ '� I �. TOTAL HOME FUNDS AWARD �° y $TBD r r $260.00 f *Developer will be reimbursed for eligible expenses only. The amounts are estimates and are subject to change. $989,070.00* Developer must submit Reimbursement Requests and Complete Documentation to City within 60 days from each of the deadlines above 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. HOME DEVELOPER CONTRACT CSC No. 45042-A3 Page 8 Fort Worth Housing Finance Corporation — Terrell Heights Rev. 10/2018