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Home My WebLink AboutContract 45058-A2 (2)os 01°1ti0 p 3� tCst0t4 WHEREAS on October 3 0 2013 the Cityof Fort Worth("City")and Tarrant County ►- y =.Housing Partnership, Inc. ("Developer") made and entered into City Secretary Contract No. .45058 (the "Contract"), as authorized by the City Council in M&C C-25531 adopted on March 27, 2012 which provided $1,115,000 of City's HOME funds to Developer for the development and construction of up to 10 single family houses in the Hillside-Morningside neighborhood; CMS SECP'nla CONTRA( SECOND AMENDMENT TO CITY SECRETARY CONTRACT NO. 45058 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 through the HOME Investment Partnership Program, Catalog of Federal Domestic Assistance No. 14.239; WHEREAS, a portion of the City's HOME funds are reserved for the use of certain housing development entities that qualify under the HOME Regulations as a Community Housing Development Organization ("CHDO") and Developer is qualified as a CHDO under the HOME Regulations; WHEREAS, Developer requested $117,000.00 of HOME CHDO funds for the construction of a single family house located at 1113 E. Baltimore to be sold to HOME Eligible Buyers under the terms and conditions set forth in the Contract; WHEREAS, the First Amendment increased the line item amounts in Exhibit "B" - Project and Reimbursement Schedule and in Exhibit "C" - Budget due to unforeseen additional costs for the project increasing the total amount of HOME Funds to $125,000.00; WHEREAS, Developer has requested an additional amendment to increase the line item amounts listed in Exhibit "B" - Budget and to extend the Completion Deadline in Exhibit "C" - Project and Reimbursement Schedule due to scheduling issues and the rise in price for construction materials for the project; and 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. Section 2. DEFINITIONS is amended to be and read as follows: "Completion Deadline means December 31, 2015." CONTRACT AMENDMENT 2 to CSC No. 45058 Tarrant County Housing Partnership, Inc. — 1113 E. Baltimore Page 1 Rev. 9/2015 "Home Funds means the HOME Program grant funds supplied by City to Developer under the terms of this Contract not to exceed $169,242.20, which includes the costs set forth in Exhibit "B" — Budget and the Developer Fee." II. Section 4.1 is amended to be and read as follows: "4.1 Provide HOME Funds. City shall provide Developer up to $152,692.00 of HOME Funds in the form of the Loan for eligible expenses for the development of the house under the terms and conditions described herein." The first sentence of Section 17. INSURANCE AND BONDING is amended to be and read as follows: "Developer will maintain coverage in the faun of insurance or bond in the amount of $152,692.00 to insure against loss from the fraud, theft, or dishonesty of any of Developer's officers, agents, trustee, directors or employees." III Exhibit "B" - Budget Revised 9/2014 and Exhibit "C" - Project and Reimbursement Schedule Revised 9/2014 attached to the Contract are hereby replaced with Exhibit "B" Budget Revised 9/2015 and Exhibit "C" - Project and Reimbursement Schedule Revised 9/2015 attached hereto. IV. This amendment is effective as of the Effective Date of the Contract except the amendment to Section 17 is effective as of the date of this amendment VII. All other terms and conditions of City Secretary Contract No. 45058 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 NEXT PAGE] CONTRACT AMENDMENT 2 to CSC No. 45058 Tarrant County Housing Partnership, Inc — 1113 P. Baltimore Page 2 Rev. 9/2015 VED AS TO FO ACCEPTED AND AG ATTEST: itySecret M&C C-25531 APPR CITY OF FORT WORTH By: Tattar AND LEGALITY: 61,,aLatt Vicki S. Ganske, Senior Assistant City Attorney � , J-> Fernando Costa, Assistant City Manager TARRANT COUNTY HOUSING P RTNE ' _ 1 ' .. Texas i prof corporation OFFICIAL RECORD SECRETARY l FT. WORTH, TX CONTRACT AMENDMENT 2 to CSC No. 45058 Tarrant County Housing Partnership, Inc. — 1113 E. Baltimore Page 3 Rev. 9/2015 EXHIBIT "B" BUDGET REVIS F1,D 9/2015 TARRAINT COUNTY HOUSING PARl'l\ERSHIP, INC. 1113 E BALTIMORE HOME Funds for Project Related Development Costs: Developer Fee*: TOTAL HOME FUNDS: Development Budget Use of Funds Predevelopment Cost 1. Market Study 2. Feasibility (i.e.: preliminary work write-up, cost estimates, design) 3. Other Total Predevelopment Cost (1+2=3) Development Cost 4. Land and/or building acquisition 5. Site Preparation 6. Construction Cost 7. Fence 8. Landscape 9. Contingency 10. Appraisal 11. Architect & Engineering Fees 12. Construction Management Fee / Developer Fee 13. Construction Loan Interest 14. Property Survey 15. Legal Fees 16. Real Estate Fees 17. Utility Hookup/Impact Fees 18. Title and Recording Fees 19. Construction Management 20. Bond Fees Total Development Cost (Total of items 4 — 20) Total Cost HOME $ FUNDS (1) 3,033.00 3,033.00 4,991.00 3,722.00 132,586.00 2,650.00 2,100.00 2,500.00 1,110.00 149,659.00 152,692.00 $152,692.00 $ 16,550.20 $169,242.20 Source of Funds OTHER $ SOURCE OF OTHER FUNDS FUNDS (2) (Names) 475.00 375.00 250.00 4,680.00 780.00 6,250.00 12,810.00 12,810.00 Proceeds of Sale Proceeds of Sale Proceeds of Sale Proceeds of Sale Proceeds of Sale TOTAL $ FUNDS (1+2) 3,033.00 3,033.00 4,991.00 3,722.00 132,586.00 2,650.00 2,100.00 475.00 2,500.00 375.00 250.00 4,680.00 1,110.00 780.00 6,250.00 162,469.00 165,502.00 *Developer Fee shall be paid from HOME Funds by invoice after the closing of the sale of the house to a HOW Eligible Buyer. The Developer Fee consists of 10% of the project related development costs **Seller -paid closing costs as shown on the HUD-1 Settlement Statement paid from gross sales proceeds from the sale of the house. CONTRACT AMENDMENT 2 to CSC No. 45058 Tarrant County Housing Partnership, Inc 1113 E. Baltimore Page 4 Rev. 09/2015 EXHIBIT "C" PROJECT AND REIMBURSHMENT SCHEDULF REVISED 9/2015 TARRANT COUNTY HOUSING PARTNERSHIP, INC. 1113 I ; BALTIMORE Phase Activity PHASE I ACTIVITI hS: PHAS FF I DEADLINE: October 24, 2014 PHASE II ACTIVIITES: PHASE II DEADLINE• June 30, 2015 PHASE TIT ACTIVIITES • PHASE III DEADLINE: August 30, 2015 PHASE IV ACTIVIITES: PHASE IV DEADLINE: October 31, 2015 PHASE V ACTIVITI Fi S • PHASI-. V DEADLINE• December 31, 2015 CONSTRUCTION TOTAL DEVELOPER FI- Fa ** Contract signed Land and/or Building Acquisition Survey 1st Payment* Site Preparation Architectural & Engineering Fees Landscaping Construction costs 2' Payment* Site Preparation Architectural & Engineering Fees Construction Costs & Fence Utility hookup/Impact fees 3rd Payment* Construction costs Utility hookup/Impact fees 46 Payment* Utility hookup/Impact fees Architectural & Engineering Fees Landscaping Construction Costs & Fence FINAL PAYMENT* Paid after closing of sale to HOME Nligible Buyer *Developer will be reimbursed for eligible expenses only The amounts are estimates and are subject to change. *10% of project related development costs as shown on Exhibit "C" - Budget. Beginning Week — subject to weather permitting $48,211.91* $15,084.36* $45,499.93 * $30,000.00* $13,895.80.00* $152,692.00 $16,550.20** CONTRACT AMENDMENT 2 to CSC No. 45058 Tarrant County Housing Partnership, Inc — 1113 E. Baltimore Page 5 Rev. 9/2015