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Home My WebLink AboutContract 46622-A8A1 ' CITY SECRETARY CONTRACT NO. bba 6 - p�C ��o�sin Pay G� FORTWORTH® 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-A8 between the City of Fort Worth ("City") and Housing Channel ("Developer") for HOME Investment Partnership Program Funds ("Contract")for the Development of 3600 Eagle Nest Street. Dear Ms. VanNess, This letter is to advise you that the Budget line items in the Contract for 3600 Eagle Nest Street will require a final revision to reconcile the remaining HOME Funds to more accurately reflect actual spending. As outlined in Section 5.2.3 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 1112019 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 SinceXely, . Director Neighborhood Services Department ACCEPTED AND AGREED: Appr ved as to For ayn�d,Legality: Ho%Doa e Assistant Cit tto ey VanNess,P si t v (� s 0 y Sec 6-1 C C-28737 Date: 06/26/2018 ss 6,'�' ��.l�)�t��•••�, ri`.I� -•i�':ft.,lf?C t`��I��`i` EXHIBI T' "B" Revised 11/2019 BUDGET HOUSING CHANNEL 3600 Eagle Nest Street Total Cost: $230� 898.41 Project HOME Funds Awarded: $83 352.96 HOME Funds will be paid only as reimbursement for eligible expenses, Development Budget Use of Funds Source of Funds Predevelopment Cost HOME$ OTHER$ SOURCE OF OTHER TOTAL$ FUNDS FUNDS FUNDS FUNDS (1) (2) (Names) (1+2) 1.Market Stud 2.Feasibility(i.e.:preliminary work 2,279.77 2,279 77 write-up,cost estimates,design,bond 3. Other Total Predevelo ment Cost 1+2=3} 2,279.77 2,279 77 Development Cost 4.Land and/or building acquisition 8,812.21 1,023.50 9,835.71 5. Soft Costs Utilities, Security,etc. 1,672.35 1,672.35 6. Construction Cost 41,431,37 135,068.53 Happy State Bank 176,499.90 7.Fence 8.Landscape 9.Contingency 10.Appraisal 11.Architect&Engineering Fees 4,908.68 4,908.68 12. Construction Management Fee 13.Construction Loan Interest 3,242.19 275.67 Happy State Bank 3,517.86 14.Property Surve 15.Legal Fees 16.Real Estate Fees 9,900.00 Proceeds 9,900.00 17.Utility Hookup/Impact Fees 18.Title&Recording Fees/Other Closing 1,277.75 Proceeds 1,27T75 Costs 19.Program and Related Expenses 20. Construction Management 21.Bond Fees Total Development Cost(Total of items 62,346.57 147,545.45 209,892.02 4-20 22.Developer Fee(10%of Total 21,006.39 21,006.39 Development Costs Total Cost 1 83,352.96 147,545.45 230,898.41 CHDO SINGLE FAMILY CONTRACT Hardy Street Infill Project Housing Channel—3600 Eagle Nest Street Rev 11/12/2019 EXHIBIT "C" Revised 11/2019 PROJECT AND REIMBURSEMENT SCHEDULE HOUSING CHANNEL 3600 Eagle Nest Street Phase Activity Beginning Week—subject to weather ermittin PHASE I ACTIVITIES: Contract signed Land and/or Building Acquisition Architectural&Engineering Fees, Survey PHASE I DEADLINE; 10/31/18 1st Payment* $12,545.46 PHASE 11 ACTIVIITES: Site Preparation Architectural&Engineering Fees Utility hookup/Impact fees PHASE II DEADLINE: 4/30/19 2°d Payment* $3,683.20 PHASE III ACTIVIITES: Construction cost Utility hookup/Impact fees PHASE III DEADLINE: 6130/19 3`a Payment* $8,369.51 PHASE IV ACTIVIITES: Construction costs Construction loan interest Utility hookup/Impact fees PHASE IV DEADLINE: 9/30/19 4("Payment* $55,947.17 PHASE V ACTIVITIES: Construction loan interest Utility hookup/Impact fees PHASE V DEADLINE: 10/31/19 FINAL PAYMENT** $2,807.62 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"-HOME Project Compliance Report must be submitted prior to reimbursement for Construction Final Payment,Construction Final Pa nent will not be made after closing of sale to(lie Eli ible HOME Buyer. CHDO SINGLE FAMILY CONTRACT Hardy Street Infill Project Housing Channel--3600 Eagle Nest 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. o"S LzAtr v� Name of Brnploye /Signature Title ❑ This form is N/A as No City Funds are associated with this Contract Printed Name Signature ACRETARY