HomeMy WebLinkAboutContract 46622-A13A1 6�\�p�� C4; N TRACT NO, 6oV-A13&1
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-A13 between the City of Foil Worth
("City") and Housing Channel ("Developer") for HOME Investment Partnership Program Funds
("Contract")for the Development of 3649 Eagle Nest Street,
Dear Ms.VanNess,
This letter is to advise you that the Budget line items in the Contract for 3649 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 11/2019 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
Si
Director
Neighborhood Services Department
ACCEPTED AND AGREED: Appr ed as to For and Legality
Ho sing C
By: Assistant City Attorney
nn s,P eside A t: 2 r
City Se C.
M&C C-28737 Date: 06/26/20I
CM SECRETARY
�
1CXHMIT `B" Revised 11/2019
BUDGET
HOUSING CHANNEL
3649 Eagie Nest Street
Total Cost: $243,153.01
Project HOME Funds Awarded: $92,071.43
HOME Funds will be paid only as reimbursement for eligible expenses.
Development Budget
Use of Funds Source of Funds
Predevelopment Cost HOME$ OTHER$ SOURCE OF OTHER TOTAL$
FUNDS FUNDS FUNDS FUNDS
(1) (2) (Names) (1+2)
1.Market Stud
2.Feasibility(i.e.:preliminary work 2,369.77 2,369.77
write-up,cost estimates,design,bond
3.Other
Total Predevelo meat Cost 1+2=3) 2,369.77 2,369.77
Development Cost
4.Land and/or building acquisition 8,793.2I 898.50 9.691.71
5, Soft Costs(Utilities, Security,etc. 1,662.03 1,662,03
6.Construction Cost 49,398.50 135,101.50 Happy State Bank 184,500.00
7.Fence
8.Landsca e
9.Contingency
10.Appraisal
11.Architect&Engineering Fees 4,910.80 4,910,80
12.Construction Management Fee
13. Construction Loan Interest 3,079.90 468.58 Happy State Bank 3,548.48
14.PMerty Survey
15.Legal Fees
16.Real Estate Fees 10,320.00 Proceeds 10,320.00
17.Utility Hookup/Impact Fees
18.Title&Recording Fees/Other Closing 1,293.00 Proceeds 1,293.00
Costs
19.Program and Related Expenses
20.Construction Management
21.Bond Fees
Total Development Cost(Total of items 70,214.21 151,081.58 221,295 79
4-20
22.Developer Fee(10%of Total 21,857.22 21,857.22
Develo ment Costs
Total Cost 92,071.43 151,081.58 243,153.01
CHDO SINGLE FAMILY CONTRACT
Hardy Street Infill Project
Housing Channel—3649 Eagle Nest Street Rev 11/12/2019
EXHIBIT "C" Revised 11/2019
PROJECT AND REIMBURSEMENT SCHEDULE
HOUSING CHANNEL
3649 Eagle Nest Street
Phase Activity Beginning Week—subject to
PHASE I ACTIVITIES: Contract signed weather permitting
Land and/or Building Acquisition
Architectural&Engineering Fees,
Survey
PHASE I DEADLINE:
10/31/18 1 1st Pa ment* $12,528.53
PHASE II ACTIVIITES: Site Preparation
Architectural&Engineering Fees
PHASE lI DEADLINE:
3/31/19 2na payment* $3,545.25
PHASE III ACTIVIITES: Construction costs
Utility hookup/Impact fees
PHASE III DEADLINE:
6/30/19 3rd Payment* $25,331.50
PHASE IV ACTIVIITES: Construction costs
Construction loan interest
Utility hookup/Impact fees
PHASE 1V DEADLINE;
9/30/19 4th Payment* $48,020.92
PHASE V ACTIVITIES: Construction loan interest
Utility hookup/Impact fees
PHASE V DEADLINE:
10/31/19 FINAL PAYMENT** $2,645.23
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 estimaics 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.
CHDO SINGLE FAMILY CONTRACT
Hardy Street Infill Project
Housing Channel—3649 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.
Name of Ernplo ee/Signature
ULiS LVI vCv 9- Q J
Title ! �1
l7 This form is N/A as No City Funds are associated with this Contract
Printed Name Signature
'�o WORTH, ���