HomeMy WebLinkAboutContract 45505-A1 Q, L3It 4Se�
Q RECEIVED `� �1TY SECRETAW
c CONTRACT NO.
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09Y OF FORT WORTH
� Gl1YSECRETARY y'a FIRST AMENDMENT TO CITY SECRETARY CONTRACT N0. 45055
<19.9 b g Z WHEREAS, on October 29, 2013 the City of Fort Worth ("City") and Decatur-
Angle Ltd. ("Developer") made and entered into City Secretary Contract No.45055 (the
"Contract) as authorized by the City Council in M&C's C-26369 adopted on August 6,
2013, and C-26387 adopted on August 20, 2013;
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 funds");
WHEREAS,the purpose of the Contract was to provide $1,000,000 in the form of
a subordinate loan of HOME Funds for the costs of acquisition and construction of a 302-
unit affordable rental housing project;
WHEREAS, the Developer has requested an amendment to the Completion
Deadline and dates listed on Exhibit "C"-Construction and Reimbursement Schedule
due to construction delays and to complete the leasing of HOME units; and
WHEREAS, it is the mutual desire of City and Developer to amend the Contract to
meet Contract objectives.
NOW, THEREFORE, City and Developer hereby agree to amend the Contract as
follows:
I.
Completion Deadline means May 31,2016
Exhibit "C"—Construction and Reimbursement Schedule attached to the
Contract is hereby replaced with the attached Exhibit "C"—Construction and
Reimbursement Schedule Revised 03/2016.
II.
This Amendment is effective as of the Effective Date of the Contract.
III.
All terms and conditions of the Contract not amended herein remain unaffected and
in full force and effect, are binding on the Parties, and are hereby ratified by the Parties.
Capitalized terms not defined herein shall have meanings assigned to them in the Contract.
OFFICIAL RECORD
CITY SECRETARY
HOME DEVELOPER CONTRACT CSC No.45055-A1 FTS WORTHw TX Page 1
Decatur-Angle Ltd. Rev.03/16
ACCEPTED AND AGREED:
ATTEST: CITY OF FORT WORTH
O* FO
City Secretary ando Costa,Assistant City Manager
M&C C-26369 V 070
Date:August 6, 20138 8
M&C C-26387 °
Date: August 20,2013 I'�°;00000
OVED A TO FORM AND LEGALITY:
Pa ge Meba%ie, Assistant City Attorney I
DEVELOPER:
DECATUR-ANGLE LTD.,
By: Decatur-Angle GP, LLC, its General
Partner
By: Fort Worth Housing Finance
Corporation, its Soj&A4ember
By:
Aubr Thagard, Assistant
General Manager
Date: Zqj/2,01 ,
HOME DEVELOPER CONTRACT CSC No.45055-A1 OFFICIAL RECORD
Decatur-Angle Ltd. CITYI$j4ej*ARV
FT.WORTH,TX
EXHIBIT "C"
CONSTRUCTION AND REIMBURSEMENT SCHEDULE
DECATUR-ANGLE LTD.
Activity HOME Funds
PHASE I ACTIVITIES: Acquisition
Soft Costs
Site Preparation (Grading)
$500,000.00*
Plumbing
Foundation
Contractor/subcontractor/vendor searches under the Federal
PHASE I COMPLETE System for Award Management (www.sam.gov) must be
by• May 1,2014 submitted prior to any reimbursement under Phase I.
First Pa ment** $500,000.00*
PHASE II ACTIVIITES: Construction Hard Costs $235,000.00*
Contractor/subcontractor/vendor searches under the Federal
PHASE II COMPLETE System for Award Management (www.sam.gov) must be
by: September 1,2014 submitted prior to any reimbursement under Phase II.
Second Payment** (approx. 50% complete)
$235,000.00*
PHASE III ACTIVIITES: Construction Hard Costs $235,000.00*
Contractor/subcontractor/vendor searches under the Federal
PHASE III COMPLETED System for Award Management (www.sam.gov) must be
by: July 31,2015 submitted prior to any reimbursement under Phase III.
Third Payment** (approx. 75% complete) $235,000.00*
HOME DEVELOPER CONTRACT CSC No.45055-A1 Page 3
Decatur-Angle Ltd. Rev.03/16
EXHIBIT "C"
PHASE IV ACTIVITIES: Initial Lease-up of HOME Units
PHASE IV COMPLETED Contractor/subcontractor/vendor searches under the Federal
by: May 31,2016 System for Award Management(www.sam.gov) must be
submitted prior to any reimbursement under Phase IV.
In addition,the following items must be submitted prior to
reimbursement in Phase IV:
1. Rent Schedule for HOME Units.
2. Tenant Selection Policy.
3. Affirmative Marketing Plan.
Prior to Reimbursement for Final Payment,Exhibit"G"-
Project Compliance Report: Rental Housing must be submitted
to City.
Final Payment/Holdback** $30,000.00*
TOTAL
$1,000,000.00
*Developer will be reimbursed for eligible expenses only. The amounts are estimates and are subject to change.
"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.45055-A1 Page 4
Decatur-Angle Ltd. Rev.03/16