HomeMy WebLinkAboutContract 46622-A9A1 CITY SF-CR TARY
CONTRACT NO.
�rJ� tio�g
FORT WORTH.
November 14,2019
Housing Channel
Attn: Donna VanNess,President
4200 S. Freeway,Tower Ste. 307
Fort Worth,Texas 76102
RE: Final Budget Revision of City Secretary Contract No. 46622-A9 between the City of Fort Worth
("City") and Housing Channel ("Developer") for HOME Investment Partnership Program Funds
("Contract")for the Development of 3601 Hardy Street,
Dear Ms.VanNess,
This letter is to advise you that the Budget line items in the Contract for 3601 Hardy Street will
require a final revision to reconcile the remaining HOME Funds to more accurately reflect actual spending.
As outlined in Section 5.23 of the Contract, Developer may increase or decrease line item amounts in the
Budget,subject to written approval by the Director of the Neighborhood Services Department.
The Budget shown on EXHIBIT "B" — BUDGET and the Reimbursement Schedule shown on
EXHIBIT "C" — PROJECT AND REIMBURSEMENT SCHEDULE of the Contract are hereby
replaced by EXHIBIT "B" — BUDGET Revised 11/2019 and EXHIBIT "C" PROJECT AND
REIMBURSEMENT SCHEDULE Revised 11/2019 attached hereto, and deemed effective as of
September 11,2018.
To indicate your agreement with the revised Budget and Reimbursement Schedule and their
Effective Date, please sign where indicated below and return three copies of the original executed
documents to the following address at your earliest convenience:
Neighborhood Services Department
Attn: Kelli Gregory,Neighborhood Development Specialist
City of Fort Worth
200 Texas Street
Fort Worth,Texas 76102
Sincerel
�I� [/// y,
V,��rT Y Director
Neighborhood Services Department
ACCEPTED AND AGREED: Appr ved as to F271&"1�U44---
nd Legality:
HoT
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Assistant City Att �ney
By:
s, esi nt z W At
,..: Se
C-28737 Date: 06/26/2018
EXHIBIT "B" Revised 11/2019
BUDGET
HOUSING CHANNEL
3601 Hardy Street
Total Cost: $209,035.20
Project HOME Funds Awarded: $76,879.25
HOME Funds will be paid only as reimbursement for eligible expenses.
Development Budget
Use of Funds Source of Funds
Predevelopment Cost HOME$ OTHER$ SOURCE OF OTHER TOTAL$
FUNDS FUNDS FUNDS FUNDS
(1) (2) (Names) (1+2)
1.Market Stud
2.Feasibility(i.e.: preliminary work 1,878.77 1,878.77
write-up,cost estimates,design,bond
3. Other
Total Predevelo went Cost(1+2=3) 1,878.77 1,878.77
Development Cost
4.Land and/or building acquisition 8,598.21 844.50 9,442.71
5. Soft Costs Utilities,Security,etc.) 1,660.13 1,660.13
6.Construction Cost 38,144.50 119,855.50 Happy State Bank 158,000.00
7.Fence
8.Landscape
9. Contingent
10.Appraisal
11,Architect&Engineering Fees 4,908.68 4,908.68
12.Construction Management Fee
13.Construction Loan Interest 2,683.24 522.95 Happy State Bank 3,206.19
14.Property Survey
15.Legal Fees
16.Real Estate Fees 9,600.00 Proceeds 9,600.00
17.Utility Hookup/Impact Fees
18.Title&Recording Fees/Other Closing 1,333..00 Proceeds 1,333..00
Costs
19.Program and Related Expenses
20. Construction Management
21,Bond Fees
Total Development Cost(Total of items 57,873.53 132,155.95 190,029.48
4-2Q
22. Developer Fee(10%of Total 19,005.72 19,005.72
Development Costs)
Total Cost 76,879.25 132,155.95 209,035.20
CHDO SINGLE FAMILY CONTRACT
Hardy Street Infill Project
Housing Channel—3601 Hardy Street Rev 11/12/2019
EXHIBIT "C" Revised 1112019
PROJECT AND REIMBURSEMENT SCHEDULE
HOUSING CHANNEL
3601 Hardy Street
Phase Activity Beginning Week—subject to
weather permitting
PHASE I ACTIVITIES: Contract signed
Land and/or Building Acquisition
Architectural &Engineering Fees,
Survey
PHASE I DEADLINE: $12,331.46
10/31/19 1st Payment*
PHASE Il ACTIVIITES: Site Preparation
Architectural &Engineering Fees
Utility hookup/Impact fees
PHASE II DEADLINE: 2nd Payment* $3,191.20
4/30119
PHASE III ACTIVIITES: Construction cost
Utility hookup/Impact fees
PHASE III DEADLINE: 3rd Payment* $7,537.00
6/30/19
PHASE IV ACTIVIITES: Construction costs
Construction loan interest
Utility hookup/Impact fees
PHASE IV DEADLINE: 4th Payment* $51,497.71
9/30/19
PHASE V ACTIVITIES: Construction loan interest
Utility hookup/Impact fees
PHASE V DEADLINE: FINAL PAYMENT** $2,321.88
10/31/19
CONSTRUCTION TOTAL
DEVELOPER FEE Paid after closing of sale to HOME 10% of total eligible
Eligible Buyer per Section 7.8* development costs
'Developer will be reimbursed for eligible expenses only, All amounts are estimates and are subject to change.
**Exhibit"G"-nOME Project Compliance Report must be submitted prior to reimbursement for Construction Final Payment,Construction
Final Pa3guent will not be made after closing of sale to the Eligible HOME Buyer.
CHDO SINGLE FAMILY CONTRACT
Hardy Street Infill Project
Housing Channel--3601 Hardy Street Rev 11/01/2019
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.
Name of Employee/Signature
Title
❑ This form is/]N/A
�as No City Funds areas associated with this Contract
(�°7 G C�' (ram c.
Printed Name Signature
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