HomeMy WebLinkAboutContract 44620-A2� `,
CITY SECRETARIo �� /„ � _ ��
�ONTRACT id0. i!J
SECOND AMENDMENT TO CITY SECRETARY CONTRACT NO. 44620
WHEREAS, on July 10, 2013 the City of Fort Worth ("City") and FW Hunter Plaza, L.P.
("Developer") made and entered into City Secretary Contract No. 44620 (the "Contract"), as
authorized by the City Council in M&C C- 25369 adopted on Deceinber 13, 2011 and M&C C-
25662 on June 12, 2012, which together provided $1,800,000.00 of City's HOME funds to
Developer for the rehabilitation and reconstruction of the Hunter Plaza Apartments (the
"projecY');
WHEREAS, the funding provided to Developer in the Contract was from a g-rant received
by the City from the United States Departinent of Housing and Urban Development ("HUD")
tiv-ough the HOME Investinent Partnership Program, Catalog of Federal Domestic Assistance
No. 14.239;
WHEREAS, the primary purpose of the HOME progY-ain pursuant to the HOME
Investment Partnerships Act at Title II of the Cranston Gonzales National Affordable Housing
Act of 1990, as amended, 42 U.S.C. 12701 et seq. ("NAHA") is to benefit low income citizens
by providing thein with affordable housing;
WHEREAS, the purpose of the Contract was to provide $1,800,000.00 of HOME funds
in the forin of a subordinate loan for a portion of the costs of the rehabilitation of an empty 11-
story 225-unit inultifainily building into a mixed use, inixed income rental coinplex with a total
of 164 residential units to be lcnown as the Hunter Plaza Carlton Apartments located at 605 1 st
Street, Fort Worth, Texas 76102 in downtown Fort Worth;
WHEREAS, the first atnendment to the Contract amended certain line itetns in the
Budget and certain dates in the Construction and Reimbursement Schedule due to unforeseen
costs and delays connected with relocating fi•anchise utilities necessary for the project;
WHEREAS, Section 220 of the NAHA requires each jurisdiction pai�ticipating in the
HOME Prograin to malce contributions to qualified housing in an amount equal to 25% of
appropriated HOME funds drawn down for housing projects ("Match") but City's Match
obligation for this Contract is 12.5% because it has been detei7nined to be in fiscal distress;
WHEREAS, the Hunter Plaza Carlton Apartinents is a partially HOME-assisted project
and City wishes to make a permanent contribution fi-om nonfederal sources to the portion of the
project that is ilot HOME-assisted to count as Match;
WHEREAS, the City's contribution to the project will be inade froin the City's funds and
not from federal funds provided by the United States govenunent or any agency thereof, or the
proceeds of an obligation the interest on which is exeinpt froin federal tax;
WHEREAS, on March 24, 2015, City Council authorized the change in use and
expenditure in the ainount of $600,000.00 of prograin incoine from the City's Rental
Rehabilitation Grant Prograin in place of $600,000.00 of the total HOME funds in order to meet
CONTRACT AMENDMENT 2 to CSC No. 44620
FW Hunter Plaza, L.P.
t�FFIGIAL �tECORD
CITY $�C�TARY I
F7'. W(0�'M� '1'af
Page 1
Rev. 1-20-17
the City's 2015 HOME Match requireinent (M&C C- 27237);
WHEREAS, program incoine from the City's Rental Rehabilitation Grant Program is
eligible for use as Match in accordance with 24 CFR Part 92.220 because the program income
was eai-ned after the end of the award period and no federal requirements now govern its
disposition and all fiscal year grants for this grant program have been closed out;
WHEREAS, the line item amounts listed in the Budget need to reflect the substitution of
program incoine from the Rental Rehabilitation Grant Program in place of a portion of the
HOME funds in order to meet the HOME Match requirement, and the Final Payment date listed
in the Construction and Reimbursement Schedule needs to be changed due to construction
delays.
WHEREAS, it is the mutual desire of City and Developer to amend the Contract to
coinplete the project and meet Contract objectives.
NOW THEREFORE, City and Developer hereby agree as follows:
I.
2. DEFINITIONS
The following definitions in the Contract are amended to be and read as follows:
"Completion Deadline means January 31, 2017.
Director means the Director of the City's Neighborhood Services Department.
HOME Affordability Requirements means those requirements in the HOME
Regulations and the HUD Notice for Match contributions to housing that qualifies as
affordable under Section 215 of NAHA."
The definition of HED Department and all references thereto are hereby deleted from
the Contract.
The following definitions are added to the Contract:
"City Funds means that portion of the Loan made from program income from the City's
Rental Rehabilitation Grant Program (24 CFR Part 511) which shall be used as HOME
Match by City.
HOME Match or Match means a permanent contribution from nonfederal sources to
housing that qualifies as affordable under Section 215 of NAHA in accordance with the
provisions of 24 CFR Part 92.220.
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 2
FW Hunter Plaza, L.P. Rev. 1-20-17
HUD Notice ineans HUD Notice CPD 97-03 regarding HOME Program Match
Guidance.
Loan means the HOME Funds and City Funds provided to Developer by City under the
terms of this Contract as more particularly described herein and in the Loan Documents.
Neighborhood Services Department means the City's Neighborhood Services
Department."
II.
Section 3.1 is amended to be and read as follows:
"3.1 Term of Contract. The term of this Contract begins on the Effective
Date and terminates on January 31, 2017 unless otherwise tei�ninated as provided in this
Contract."
Section 4.1 is amended to be and read as follows:
"4.1 Provide Loan Funds.
City shall provide up to $1,200,000.00 of HOME Funds and up to $600,000.00 of
City Funds in the form of the Loan for a portion of the costs of the rehabilitation and
reconstruction of the Required Improvements, under the tenns and conditions described
herein."
Section 5.3 is amended to be and read as follows:
"5.3 Use of Loan Funds.
5.3.1 Compliance with HOME Re�ulations and Contract.
Developer shall be reimbursed for eligible project costs with HOME Funds only if
City determines in its sole discretion that:
5.3.1.1 Costs are eligible expenditures in accordance with HOME
Regulations.
5.3.1.2 Costs are in compliance with this Contract and are reasonable and
consistent with industry nortns.
5.3.1.3 Complete Documentation, as applicable, is submitted by
Developer.
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 3
FW Hunter Plaza, L.P. Rev. 1-20-17
5.3.2 Contributions to HOME-Assisted Housin� and Compliance with
Contract.
City will malce a permanent contribution of non-federal funds to the portion of the
project that is not HOME-assisted housing to be counted as Match in accordance with the
HUD Notice and the HOME Regulations. Developer will operate as the owner of
HOME-assisted housing under this Contract as set forth the in the HUD Notice and will
ensure compliance with the applicable requireinents for HOME-assisted projects as
provided therein and in the HOME Regulations including any required compliance after
initial occupancy of the project."
Section 7.3.1.1 is alnended to be and read as follows:
"7.3.1.1 Length of lease term shall not exceed 2 years and may not be
shorter than 1 year for the initial lease tei7n. If the lease is
renewed, tenant and landlord inay agree to a longer or shorter
tenn."
Section 12 REPAYMENT OF HOME FUNDS is amended to be and read as follows:
"12. REPAYMENT OF LOAN FUNDS.
All Loan funds, whether HOME Funds or City Funds, are subject to repayment in
the event the project does not meet the requirements as set out in this Contract or in the
HOME Regulations or the HUD Notice. If Developer talces any action that (i) results
in City receiving a finding from HUD about the project or (ii) results in the City
being required to repay all or any portion of the HOME Funds to HUD, Developer
agrees it will reimburse City for such repayment. In the event of a finding from
HUD, whether or not repayment to HUD is required of City, Developer agrees it will
pay CiTy 10% of the Loan as liquidated damages. The Parties agree that City's
damages in the event of either (i) or (ii) happening are uncertain and would be difficult to
ascertain and may include an impact on City's HOME grant or other federal grant funds,
in addition to a finding by HUD or a repaymeilt of grant funds to HUD by City.
Therefore, the Parties agree that payment under this Section of 10% of the Loan by
Developer to City is liquidated damages and not a penalty.
Where appropriate, all references in the Contract to "HOME Funds" shall be deemed to
include "Loan funds" unless such usage clearly only applies to the HOME Funds and the HOME
Regulations governing the use of the HOME Funds. It is the intention of this amendinent to
reflect that the Loan consists of both HOME Funds and City Funds and this understanding should
govern the reading of all pertinent terms and provisions of this Contract.
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 4
FW Hunter Plaza, L.P. Rev. 1-20-17
IV.
Exhibit "A" — Project Summary, Exhibit "B" - Budget and Exhibit "C"
Construction and Reimbursement Schedule attached to the Contract are hereby replaced with
the Exhibit "A" — Project Summary Revised 1/2017, Exhibit "B" - Sudget Revised 1/2017
and Exhibit "C" - Construction and Reimbursement Schedule Revised 1/2017 attached
hereto.
�
This amendment is effective as of the Effective Date of the Conh•act.
VI.
All other terms and conditions of City Secretary Contract No. 44620 not amended herein
reinain 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 FOLLOWING PAGE)
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 5
FW Hunter Plaza, L.P. Rev. 1-20-17
ACCEPTED ANU A
A
�ity Secr�ka '
M&C C-2S 69
M&C C-25662
M&C C-27237
Date: 12/131�'b`P"
Date; 6/ 12/2012
Date: 3l24/2015
OF FORT WORTH
� �--__ °� L6O�
y: ; \ %vv1L?�c..�
Fernando Costa, Assistant City Manager
Date: 3�/'7�/'`1
Contr�ct Compliancc Managcr;
By signin� I acknowledge tltat I am the person responsible
for the monitoring and administration of this Contract, including
ensurin • 11 performan eporting reguirements.
Avis Chaisson, �-Iousing Development and Grants Mana�er
APFROV�D AS TO FORM AND LEGALITY;
�,�'-�.-� . c�?`-�. %�,�.;1�_�
C
Vicki S. GansEce, Senior Assistant City Attorney I
oFFI�/q�, �CO
C11'Y 88�1�„ RQ
�'� �IQ���'� �K �
CONTRACT AM�NDMENT 2 to CSC No. 44620 Page 6
rW I-Iunter Plaxa, L.P. Rev. 1-24-17
FW HUNTER PLAZA, L.P.,
a Texas limited partnership
By: FW Hunter Plaza GP, LLC, a Texas liinited
liability company, its General Partner
By: Fort Worth Affordability, Inc., a Texas non-
profit co oration, its Sole Member
By. �'[/� l�U�- �l
Naoini W. Byi-�1e, Secretai
Date: � 3�� � �l "�
OFFICIqL RECORD
C�7'Y SECRETqRy
F7. WORTH, TX� �
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 7
FW Hunter Plaza, L.P. Rev. 1-20-17
EXHIBIT "A"
PROJECT SUMMARY Revised 1/2017
FW HUNTER PLAZA, L.P.
Capitalized tenns not defined herein shall have meanings assigned to them in the Contract.
DESCRIPTION:
Developer will use Home funds and City Funds for a portion of the costs to rehabilitate the
Hunter Plaza Carleton Residential Apartinents, a mixed income inixed use development to be
located at 605 lst Street, Fort Worth, Texas 76102. The project will consist of the rehabilitation
of an 11-story building that wili result in a total of 164 residential units, 114 one-bedroom and 50
two-bedroom on the second floor through the eleventh floors. The first floor of the complex,
approxiinately 9,600 sq. ft., will consist of commercial/retail space. The complex will include
amenities such as a theater, community room, library, business center and fitness center.
Developer will be entitled to malce Reimbursement Requests as defined in the Contract until 30
days after the Completion Deadline.
In consideration for the Loan funds provided through this Contract, Developer agrees to provide
the following information and meet the following requirements:
• Designate 13 Accessible Units in accordance with Section 504 requirements. Of these 13
units, 9 must be accessible to individuals with mobility iinpairments, and the other 4 must
be accessible to individuals with visual or hearing impainnents.
• Designate 14 floating units in the Development as HOME Units as defined in the
Contract. All of the HOME Units will be affordable to low and moderate income tenants
whose incolnes are 80% or less of Area Median Income.
• HOME Rents will be charged in accordance with the rents set forth in Exhibit A-1
attached hereto, as published annually by HUD, and shali not exceed the High HOME
Rent Limit.
• At the initial lease-up of any HOME Unit submit Exhibit G- Project Compliance Report:
Rental Housing regarding the household income, size, race, ethnicity, gender of head of
household, disability status, and rental assistance type for the initial tenant of the HOME
Unit. THE CITY WILL WITHHOLD $100,000 OF THE HOME FUNDS UNTIL
CITY VERIFIES THAT AT LEAST ONE HOME UNIT IS LEASED TO A HOME
ELIGIBLE HOUSEHOLD.
• If the 14 HOME Units do not qualify as affordable rental housing immediately upon
lease-up or at any time during the Affordability Period, City may invoke any remedies
provided in the Contract or the Loan Documents.
• Submit a copy of its annual audit to City during the Affordability Period.
• Meet all requirements for HOME Match housing.
SPECIFIC PURPOSE:
The specific purpose of this project is to increase the availability of quality, accessible, affordable
housing for low and inoderate income City residents in downtown Fort Worth.
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 8
FW Hunter Plaza, L.P. Rev. 1-20-17
PROJECT OBJECTIVES:
The project will provide 164 housing units of which 70% will be affordable to households
earning at or below 60% of AMI with 30% of the units being inarket rate. Fourteen units will be
designated at HOME Units.
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 9
FW Hunter Plaza, L.P. Rev. 1-20-17
EXHIBIT "B"
BUDGET Revised 1/2017
FW HUNTER PLAZA, L.P.
SOURCES AND USES
Development Name: FW Hunter Plaza, L.P.
Construction or
Rehab. Loan Stage
Priority Amt.
Source # Fundin Descri tion of �ien Sources Use of Funds Financin Partici ants
1 Conventional �oan
2 FHA Loan 1 $13,169,300 BOKF, NA
3 4% Tax Cretlit E uit
Local Government Loan
or Grant
HOME $1,200,000
City General Funtls
4 $600,000 2 $1,800,000 Cit of Fort Worth
5 Housin Trust Fund
6 TIF Funds $1,800,000
7 Capital Funds 3 $1,750,000
8 Lantl E uit $2,830,000 $2,830,000
9 Cash E uit
Soft Costs: Financing,
Legal, Organ. & Audit
10 Fees $8,894,300
11 Deferred Develo er Fee $1,250,000
12 Construction Costs $15,235,000
TOTAL
SOURCES '
OF FUNDS $ 22,599300
TOTAL
USES OF
FUNDS $ 26,959,300 .
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 10
FW Hunter Plaza, L.P. Rev. 1-20-17
Loan Budget
Pre-Development Soft Costs $1,153,766.64
Hard Construction Costs $496,233.36
Final Punch ListJFinal HED Inspection $50,000.00
Holdback* $100,000.00
TOTAL $1,800,000.00
* The City will withhold $100,000 of its HOME Funds until the City verifies a HOME Unit is leased to a HOME
Eligible Household. The Holdback funds will be paid for Hard Construction Costs and/or Final Punch List items.
CONTRACT AMENDMENT 2 to CSC No. 44620 Page 11
FW Hunter Plaza, L.P. Rev. 1-20-17
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 12/13/2011
DATE: Tuesday, December 13, 20ll REFERENCE NO.: C-25369
LOG NAME: 17FWHA—HUNTERPLAZAPROJECT#2
SUB.TECT:
Authorize Conditional Commitment of $500,000.00 of Program Year 2012-2013 HOME Investment
Partnerships Program Grant Funds with the Fort Worth Housing Authority for the Redevelopment of the
Hunter Plaza Apartments Located at 601 West Fu•st Street, Authorize Conditional Committment of and
Contract for $500,000.00 from the Fort Worth Housing Finance Corporation Fund to the Fort Worth Housing
Authority for the Development (COLTNCIL DISTRICT 9)
RECOMMENDATION:
DISCUSSION:
FISCAL INFORMATION:
FUND CENTERS:
TO Fimd/Account/Centers
R109 539120 OOS109008XXX
GR76 539120 017206XXXXXX
FROM Fund/Account/Centers
$500.000.00 R109 539120 005109008002 �500.000.00
$500,000.00 GR76 539120 005206XXXXXX $500,000.00
CERTIFICATIONS:
Submitted for CitX Manager's Office bv: Fernando Costa (6122)
Originating Denartment Head: Jay Chapa (5804)
Cynthia Garcia (8187)
Additional Information Contact:
Leticia Rodriguez (7319)
ATTACHMENTS
1. Available Funds.pdf
2. R109E.pdf
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 6/12/2012
DATE: Tuesday, June 12, 2012 REFERENCE NO.: C-25662
LOG NAME: 17FWHA—HUNTERPLAZAPROJECT REVISON
SUB.TECT:
Authorize Change in Use and Expenditure of Additional HOME Investment Partnerships Program Grant
Funds in the Amount of $1,300,000.00 to FW Hunter Plaza, L.P., for the Redevelopment of the Hunter Plaza
Apartments Located at 605 West First Street, Authorize Execution of a Conditional Commitment and
Contract, and Authorize Substantial Amendment to the City's 2003-2004, 2005-2006, 2006-2007,
2009-2010 and 2011-2012 Action Plans and Substitution of Funding Years (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize a Substantial Amendment to the City's 2003-2004, 2005-2006, 2006-2007, 2009-2010 and
2011-2012 Action Plans;
2. Authorize the substitution of cui7•ent and prior funding years in order to meet commitment, disbuisement
and expenditure deadlines for grant funds from the United States Department of Housing and Urban
Development;
3. Authorize the change in use and expenditure of additional HOME Investment Partnerships Program Grant
funds in the amount of $1,300,000.00 for a total of $1,800,000.00 in HOME funds to FW Hunter Plaza, L.P.,
an affiliate of the Fort Worth Housing Authority, for the redevelopment of the Hunter Plaza Apartments
located at 605 West First Street;
4. Authorize the City Manager or his designee to execute a conditional commitment with FW Hunter Plaza,
L.P. for a subordinate loan that conditions funding on, among other things, satisfactory compliance with the
HOME requirements;
5. Authorize the City Manager or his designee to execute a contract with FW Hunter Plaza, L.P. for the
project for a three year term beginning on the date of execution of the contract;
6. Authorize the City Manager or his designee to extend or renew the conditional commitment or the contract
for up to one year if FW Hunter Plaza, L.P. requests an extension and such extension is necessary for
completion of the project; and
7. Authorize the City Manager or his designee to amend the conditional commitment or the contract if
necessary to achieve project goals provided that the amendment is within the scope of the project and in
compliance with City policies and applicable laws and regulations governing the use of federal grant funds.
DI5CUSSION:
On December 13, 2011, City Council approved a conditional commitment of $500,000.00 from Program
Year 2012-2013 HOME Investment Partnerships Program Grant (HOME) funds and $500,000.00 fi•om the
General Fund portion of the Fort Worth Housing Trust Fund to the Fort Worth Housing Authority (FWHA),
or its affiliate, for the redevelopment of the Hunter Plaza Apartments located at 605 West First Street (M&C
C-25369). The purpose of the commitment was to show local support of FWHA's application to the Texas
Department of Housing and Community Affairs (TDHCA) for nine percent Low Income Housing Tax
Credits (LIHTC) for the redevelopment project. The apartments are now vacant but previously housed 225
public housing units for elderly and disabled persons. FWHA has formed FW Hunter Plaza, L.P.
Earlier this year FWHA was informed by TDHCA that the project did not score high enough to receive a
nine percent LIHTC award. FWHA now wants to apply for non—competitive four percent LIHTC in order to
move forward with the redevelopment of the apartments. Because of the change in the type of tax credits it is
applying for, FWHA has requested additional funding for the project and has also requested that all of the
City's funds be repaid in 15 years instead of the original three year loan term for the $500,000.00 of General
Funds. Since the financing of the project has changed substantially, Staff recommends substituting HOME
funds for the General Funds fi•om the Housing Trust Fund, and increasing the amount of HOME funds for the
project by $1,300,000.00 for a total award of $1,800,000.00.
�t�c ff recomnaends the followirag HOME lo�c�t ter»zs:
1. Loan of HOME funds subordinate only to consh•uction and permanent financing for the project,
2. Designate HOME—assisted units according to HOME regulations with a 15 Year Affordability Period;
3. HOME funds secured by a Deed of Trust on the real property;
4. Interest at one percent;
5. Loan term to run concurrently with the Affordability Period;
6. Satisfactory completion of the environmental review per 24 CFR Part 58;
7. Authorization to use grant funds fi•om HUD; and,
8. Equity, construction and permanent financing acceptable to City.
The Action Plan funding years selected may vary and be substituted based on the Principle of First In, Filst
Out in order to expend oldest grant funds first. The HOME funds may be used for any eligible costs related to
this development.
A public comment period on the intent to use HOME funds was held from May 11, 2012 to June 11, 2012.
Any comments are maintained by the Housing and Economic Development Department in accordance with
federal regulations.
This project is located in COLTNCIL DISTRICT 9.
FISCAL INFORMATION:
The Financial Management Services Director certifies that funds are available in the current operating budget
of the Grants Fund.
FUND CENTERS:
TO Fimd/Account/Centers
GR76 539120 017206351080
GR76 539120 O17206531080
FROM Fund/Account/Centers
$500.000.00 GR76 539120 017206351070 �500.000.00
$500,000.00 GR76 539120 017206531070 $500.000.00
CERTIFICATIONS:
Submitted for City Manager's Office b�
Originating De�artment Head:
Additional Information Contact:
ATTACHMENTS
Fernando Costa (6122)
Jay Chapa (5804)
Cynthia Garcia (8187)
Leticia Rodriguez (7319)
1. available fund.PDF
2. HunterPlaza.pdf
M&C Review
CITY COUNCIL AGENDA
COUNCIL ACT10N: Approved on 3/24/2015
Page 1 of 2
0(flclal site of the City of Fort Worth, Texas
FURT��URT}#
��
DATE: 3/24/2015 REFERENCE �*C-27237 LOG NAME: � 7NS 17NS
NO.: HUNTERPLAZARENTALR�HAB
CODE: C TYPE: CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize Change in Use and Expenditure of Rental Rehab Program Income in the Amount
of $600,000.00 in Order to Meet fhe 2015 HOME Investment Partnerships Program Grant
Funds Match Requirement and for Use to Pay for Expenses Associated with the
Redevelopment of the Hunter Plaza Apartmenis Located at 605 West First Street
(COUNCIL DISTRICT 9)
RECOMMENDATiON:
It is recommended that the City Council authorize the change in use and expenditure of Rental
Rehab Program Income in the amount of $600,000.00 in order to meet the 209 5 HOME Investment
Partnerships Program match requirement and for use to pay for expenses associated with the
redevelopment of the Hunter Plaza Apartments located at 605 West First Street.
DISCUSSION;
During the eariy 1980's, the U.S. Department of Housing and Urban Development (HUD)
implemented a program enfitled Rental Rehabilitation Block Grant. The purpose of this program was
to provide funds to locai governments to facilitate the inereased supply of affordable rental housing
for lower income families. The City of For� Worth used these funds to provide below market rate
loans to investor owners of rental properties to undertake moderate to substantial levels of
rehabilitation of their properties. The loans were awarded to owners of single family and multifamily
rental properties. HUD discontinued this program in 1991.
Any future program income generated by the program could be used for any activities eligibie under
the City's housing programs.
On December 13, 2011, (M&C C-25369) and June 12, 2012, (M&C C-25662) the City Council
authorized the use of $1,800,000.00 in HOME Investment Partnerships Grant Funds to FW Hunter
Plaza, L.P., for the redevelopment of the Hunter Plaza Apartments locafed at 605 West First Street
(the Hunter Plaza Redevelapment).
A Public Notice with a 30-day comment period was published on May 10, 2012 in the Fort Worth
Star-Tele�, notifying the public of the intent to use $1,800,000.00 in HOME funds for fhe Hunfer
Plaza Redevelopment. Likewise on January 14, 2015, a Public Notice with a 30-day comment period
was published in the Fort Worth Star-Teleqram, notifying the public in the proposed change in use of
$600,000.00 In HOME funds from the Hunter Plaza Redevelopment to the Reserve at Quebec
Development.
Under HUD regulations, the 2015 Match Requirement cann�t be satisfied by spending HOME funds,
but can be satisfied by spending Rental Rehab Program Income on an existing project. Therefore,
Staff is requesting thaf $600,000.00 in Rental Rehab Program Income be used to pay for expenses
associated with the Hunter Plaza Redevelopment in place of $600,000.00 in HOME funds which were
previously approved by the City Council for this purpose.
Staff recommends that Council approve the change in use and expenditure of $600,000.00 in Rental
Rehab Program Income in order fo meet the HOME Investment Partnerships Grant Funds 2015
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M&C Review
Match Requirement.
This project is located in COUNCIL DISTRICT 9.
F'ISCAL INFORMATION/CERTIFICATION:
Page 2 oi 2
7he Fiscal Year 2015 budget included appropriations of $600,000.00 in the Rental Rehabilitation
Program Fund for housing programs. As of March 2, 2015, the funds have not been
expended. Upon approval of this recommendaiion, the Financial Management Services Director
certifies that funds will be available and can be reallocated to the Hunter Plaza project to pay for the
expenses associated with the redevelopment of Hunter Plaza.
TO Fund/AccountlCenters
GR92 539120 017206078070 ,�600,000.00
Submitted for Citv Manager's Office by;
Oriqinatinq Department Head:
Additional Information Contact:
ATTACHMENTS
HunterPlaza.pdf
FROM Fund/Account/Centers
GR92 539120 017206078010 $600,000.00
Fernando Costa (6122)
Cynfhia Garcia (8187)
Cynthia Garcia (8187)
Chad LaRoque (2661)
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