HomeMy WebLinkAboutContract 55557-A1 CSC No. 55557-Al
AMENDMET NO. 1
TO
CITY OF FORT WORTH CONTRACT 55557
This Amendment is entered into by and between the City of Fort Worth (hereafter
"City"), a home rule municipality, with its principal place of business at 200 Texas Street, Fort
Worth, Texas, and Development Corporation of Tarrant County (hereafter "Developer") a
Texas Community Housing Development Corporation ("CHDO"). City and Developer shall be
referred to individually as a Party and collectively as the Parties.
WHEREAS, on April 22, 2021, the Parties entered into City Secretary Contract 55557
for Developer to use $99,862.00 of HOME Investment Partnerships Program grant ("HOME")
funds to construct a single-family,affordable home at 2713 Ash Crescent Street,Fort Worth,Texas
76104 to sell to eligible buyers ("Contract"); and
WHEREAS, Developer was informed that due to material and construction cost
increases outside of the Parties' control, the cost to construct a new single-family home resulted
in an increase to the total development budget of$40,445.00 from $209,135.00 to $249,580.00,
and a total the construction budget increase of$42,945.00 from$194,135.00 to$237,080.00;
WHEREAS, Developer's senior lender committed to increasing the commercial
construction loan to finance $22,975.00 of the cost increase, and Developer is requesting City
assist with the remaining balance of $19,970.00 in additional HOME funds for a total of
$42,945.00;
WHEREAS, City has identified $19,970.00 in unprogrammed HOME funds and has
agreed to increase the HOME loan from $99,862.00 to $119,832.00 in order to assist with the
project's funding gap;
WHEREAS, it is the mutual desire of the City and Developer to amend the Contract
amount from $99,862.00 to $119,832.00 to fund a portion of the construction costs to complete
the Affordable House; and
NOW, THEREFORE, the Parties, acting herein by the through their duly authorized
representatives, enter into the following agreement:
1.
AMENDMENTS
A. Section 2. DEFINITIONS is amended to be and read as follows by deleting the original
of the definition shown below and substituting the following:
OFFICIAL RECORD
"Completion Deadline means December 30, 2022. CITY SECRETARY
FT. WORTH, TX
FIRST AMENDMENT to CSC NO.55557 Page 1
Ash Crescent Single Family Infill Project
Development Corporation of Tarrant County—2713 Ash Crescent Street
"Developer Fee"means 15%of the total HOME-eligible development costs actually spent
for the Required Improvements to be paid to Developer
B. Section 4.4. DUTIES AND RESPONSIBILITY OF CITY shall be amended and
replaced to read as follows:
"4.4 Provide HOME Funds
City shall provide up to $119,832.00 of HOME Funds in the form of the HOME
Loan for the eligible expenses for the development of the house under the terms and
conditions described herein."
C. The first sentence of Section 17. INSURANCE AND BONDING is amended to be and
read as follows:
"Developer will maintain coverage in the form of insurance or bond in the amount
of $249,580.00 to insure against loss from the fraud, theft or dishonesty of any of
Developer's officers, agents,trustees, directors or employees."
D. The following will be added as section 26 of the Contract:
"26. Electronic Signatures
A facsimile copy or computer image, such as a PDF or tiff image, of a signature,
shall be treated as and shall have the same effect as anoriginal."
H.
EXHIBIT "B" — BUDGET and EXHIBIT "C" -- PROJECT AND
REIMBURSEMENT SCHEDULE attached to the Contract are hereby replaced with the
attached EXHIBIT "B" — BUDGET Revised 1/2022 and EXHIBIT "C" PROJECT AND
REIMBURSEMENT SCHEDULE Revised 01/2022 attached hereto.
III.
ALL OTHER TERMS SHALL REMAIN THE SAME
All other provisions of the Contract which are not expressly amended herein shall remain
in full force and effect.
IV.
ELECTRONIC SIGNATURE
This Amendment and Extension may be executed in multiple counterparts, each of
which shall be an original and all of which shall constitute one and the same instrument.
A facsimile copy or computer image, such as a PDF or tiff image, or a signature, shall be
treated as and shall have the same effect as anoriginal.
[SIGNATURES APPEAR ON NEXT PAGE]
FIRST AMENDMENT to CSC NO. 55557 Page 2
Ash Crescent Single Family Infill Project
Development Corporation of Tarrant County—2713 Ash Crescent Street
ACCEPTED AND AGREED:
CITY OF FORT WORTH:
CONTRACT COMPLIANCE MANAGER:
By signing I acknowledge that I am the person
"�Drz-- responsible for the monitoring and administration
By: Fernando Co5ta(Jan 25,202217t21CST� of this Contract,including ensuring all
Name: Fernando Costa performance and reporting requirements.
Title: Assistant City Manager
Date: lGF, y
By: Chad LaVaque(Jan 25,202203:07 CST)
APPROVAL RECOMMENDED: Name: Chad LaRoque
Title: Housing Development Manger
By: 2'az� APPROVED AS TO FORM AND LEGALITY:
Name: Victor Turner
Title: Director of Neighborhood Services
aq�FORt��0 �
ATTEST: oo�° °�a�ood By; Jon 3:5,zozz� 3ncsT1
�` ���.�o
Name: Jo Ann Gunn
Title: Assistant City Attorney
Tanno fe S. Goodall a44u nEzAgo4p
By, JannetteS.Goodall(Jan 26,202207:23CST( CONTRACT AUTHORIZATION:
Name: Jannette S. Goodall M&C: C-20-0197
Title: City Secretary
Developer:
By:
Name: Charles Price
Title: President
Date: OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, T
FIRST AMENDMENT to CSC NO. 55557 Page 3
Ash Crescent Single Family Infill Project
Development Corporation of Tarrant County—2713 Ash Crescent Street
EXHIBIT "B"
BUDGET—Revised as of 1/2022
DEVELOPMENT CORPORATION OF TARRANT COUNTY
2713 Ash Crescent
Total Cost: S 249,580.00
Project HOME Funds Awarded: $119,832.00
HOME Funds will be paid only as reimbursement for eligible expenses.
Development Budget
Use of Funds Source of Funds
Predevelopment Cost HOMES OTHERS SOURCE OF OTHER TOTAL$
FUNDS FUNDS FUNDS FUNDS
(1) (2) (Names) (1+2)
1.Market Stud
2.Feasibility(i.e.:preliminary work
write-up,cost estimates,design,bond,
Environmental Studies
3. Other: Soil Testing
Total Predevelo ment Cost 1+2=3
Develo ment Cost
4.Land and/or building acquisition 7,500 Veritex Bank Loan 7,500
5. Soft Costs Utilities,Security,etc. 2,500 2,500 5,000
6.Construction Cost Veritex Bank Loan and
109,832.00 119,748 BBVA Grant 229,580
7.Fence
8.Landscape 2,000 2,000
9.Contingency
10.Appraisal
11.Architect&Engineering Fees 5,500 5,500
12.Construction Management Fee/
Developer Fee
13.Construction Loan Interest
14.Property Survey
15.Legal Fees
16.Real Estate Fees
i
17.Utility Hookup/Impact Fees
18.Title&Recording Fees
19.Program and Related Expenses
20.Construction Management
21.Bond Fees
Total Development Cost 119,832 132,248 249,580
22.Developer Fee from Sales Proceeds
15%of Total Development Costs 37,437 37,437
Total Cost 119,832 132,248 249,580
FIRST AMENDMENT to CSC NO. 55557 Page 4
Ash Crescent Single Family 1nfill Project
Development Corporation of Tarrant County—2713 Ash Crescent Street
FORT WORTH
Routing and Transmittal Slip
Neighborhood Services
Department
DOCUMENT TITLE: Ash Crescent Neighborhood Infill Project — HOME
Contract Amendment No. 1 — 2713 Ash Crescent
M&C 20-0197 CPN CSO # 55558 DOC#
DATE:
TO: INITIALS DATE OUT
VRV
1. Virginia Villalobos vavMov;wu as:aa[orb
2. Vania Sotos�.�,dA
x
DOCUMENTS FOR CITY MANAGER'S SIGNTURE: All documents received from any and all City
Departments requesting City Manager's signature for approval MUST BE ROUTED TO THE
APPROPRIATE ACM for approval first. Once the ACM has signed the routing slip, David will review
and take the next steps.
NEEDS TO BE NOTARIZED: ❑ Yes X No
RUSH: ❑ Yes U No SAM E DAY: ❑ Yes ❑ No NEXT DAY: ❑ Yes ❑ No
ROUTINGTO CSO: XYes ❑ No
Action Required:
❑As Requested ❑ Attach Signature, Initial and Notary Tabs
❑ For Your Information
X Signature/Routing and or Recording
❑ Comment
❑ File
Return to: Please call Virginia Villalobos_at ext._7744`for pick up when completed. Thank you.
FoRTWORTH
Routing and Transmittal Slip
Neighborhood Services
Department
DOCUMENT TITLE: Ash Crescent Neighborhood Infill Project -- HOME
Contract Amendment No. 'I — 2713 Ash Crescent
M&C 20-0197 CPN CSO # 55557 DOC#
DATE:
TO: INITIALS DATE OUT
1. Leticia Rodriguez Grp
2. Chad LaRoque C
3. Victor Turner
4. JOAnn Gunn JA
5. Fernando Costa F
6. Jannette S. Goodall .TSG
JSG
x
DOCUMENTS FOR CITY MANAGER'S SIGNTURE: All documents received from any and all City
Departments requesting City Manager's signature for approval MUST BE ROUTED TO THE
APPROPRIATE ACM for approval first. Once the ACM has signed the routing slip, David will review
and take the next steps.
NEEDS TO BE NOTARIZED: ❑ Yes X No
RUSH: ❑ Yes ❑ No SAME DAY': ❑ Yes ❑ No NEXT DAY: ❑ Yes ❑ No
ROUTING TO CSO: X Yes ❑ No
Action Required:
❑As Requested ❑ Attach Signature, Initial and Notary Tabs
❑ For Your Information
X Signature/Routing and or Recording
❑ Comment
❑ File
Return to: Please call Jeticia Rodriguez—at ext.-7319____.for pick up when completed. Thank you.
EXHIBIT "C"
CONSTRUCTION AND REIMBURSEMENT SCHEDULE--Revised as of 1/2022
DEVELOPMENT CORPORATION OF TARRANT COUNTY
2713 Ash Crescent
Please Activity Beginning Week—subject to
weather permitting
PHASE I ACTIVITIES: Contract signed
Land and/or Building Acquisition
Site Preparation
Architectural &Engineering Fees
Appraisal,Bond,Market Study
Construction costs
25%Completion of Project
PHASE I DEADLINE: FIRST PAYMENT $30,000
3/31/2022
PHASE II ACTIVITIES: Construction costs
Construction loan interest
50%Completion of Project
PHASE 11 DEADLINE: SECOND PAYMENT" $30,000
6/3 012 0 2 2
PHASE III ACTIVITIES: Construction costs
Construction loan interest
75%Completion of Project
PHASE III DEADLINE: THIRD PAYMENT $30,000
9/30/2022
PHASE IV ACTIVITIES: Construction costs
Construction loan interest
100%Completion of Project
PHASE 11 DEADLINE: FINAL PAYMENT" $29,832
12/30/2022
CONSTRUCTION TOTAL $119,832
DEVELOPER FEE Paid after closing of sale to HOME $37,470
Eligible Buyer per Section 7.8* (15%of total eligible development costs)
PROJECT HOME FUNDS
AWARDED $119,832
*Developer Nvill be reimbursed for eligible expenses only. All amounts are estimates and are subject to change.
**Exhibit"G"-HOME Project Compliance Report must be submitted prior to reimbursement for Construction Final Payment,
Construction Final Payment will not be made after closing of sale to the Eligible HOME Buyer.
FIRST AMENDMENT to CSC NO. 55557 Page 5
Ash Crescent Single Family Infill Project
Development Corporation of Tarrant County—2713 Ash Crescent Street