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FIRST AMENDMENT TO CITY SECRETARY CONTRACT NO. 45055
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 $1,000,000 in the form of
a subordinate loan of HOME Funds for the costs of acquisition and construction of a 302-
unit affordable rental housing project;
WHEREAS, the Developer has requested an amendment to the Completion
Deadline and dates listed on Exhibit "C" - Construction and Reimbursement Schedule
due to construction delays and to complete the leasing of HOME units; and
WHEREAS, it is the mutual desire of City and Developer to amend the Contract to
meet Contract objectives.
NOW, THEREFORE, City and Developer hereby agree to amend the Contract as
follows:
I.
Completion Deadline means May 31, 2016
Exhibit "C" Construction and Reimbursement Schedule attached to the
Contract is hereby replaced with the attached Exhibit "C" Construction and
Reimbursement Schedule Revised 03/2016.
II.
This Amendment is effective as of the Effective Date of the Contract.
III.
All terms and conditions of the Contract not amended herein remain unaffected and
in full force and effect, are binding on the Parties, and are hereby ratified by the Parties.
Capitalized terms not defined herein shall have meanings assigned to them in the Contract.
SCANNED
HOME DEVELOPER CONTRACT CSC No. 45055-Al
Decatur -Angle Ltd.
Ft, NI Pria r; `117.
Page 1
Rev. 03/16
ACCEPTED AND AGREED:
ATTEST:
City Secretary,
M&C C- 26369
Date: August 6, 2013
M&C C-26387
Date: August 20,2013
CITY OF FORT WORTH
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OVED AS TO FORM AND LEGALITY:
Pa ge Mebane, Assistant City Attorney I
nando Costa, Assistant City Manager
412GAC
DEVELOPER:
DECATUR-ANGLE LTD.,
By: Decatur -Angle GP, LLC, its General
Partner
By: Fort Worth Housing
Corporation, its So = ember
HOME DEVELOPER CONTRACT CSC No. 45055-A1
Decatur -Angle Ltd.
By:
Finance
Aubr ' Thagard, Assistant
General Manager
Date: 3/ 2 `�/201�
OFFICIAL RECORD
CITiTr$F4TARY
Ft WORTH, TX
PHASE I ACTIVITIES:
PHASE I COMPLETE
by: Mav 1, 2014
PHASE II ACTIVIITES:
PHASE II COMPLETE
by: September 1, 2014
PHASE III ACTIVIITES:
PHASE III COMPLETED
by: Julv 31, 2015
EXHIBIT "C"
CONSTRUCTION AND REIMBURSEMENT SCHEDULE
DECATUR-ANGLE LTD.
Activity
Acquisition
Soft Costs
Site Preparation (Grading)
Plumbing
Foundation
Contractor/subcontractor/vendor searches under the Federal
System for Award Management (www.sam.tov) must be
submitted prior to any reimbursement under Phase I.
First Payment**
Construction Hard Costs
Contractor/subcontractor/vendor searches under the Federal
System for Award Management (www.sam.gov) must be
submitted prior to any reimbursement under Phase II.
Second Payment** (approx. 50% complete)
Construction Hard Costs
Contractor/subcontractor/vendor searches under the Federal
System for Award Management (www.sam.aov) must be
submitted prior to any reimbursement under Phase III.
Third Payment** (approx. 75% complete)
HOME DEVELOPER CONTRACT CSC No. 45055-Al
Decatur -Angle Ltd.
HOME Funds
$500,000.00*
$500,000.00*
$235,000.00*
$235,000.00*
$235,000.00*
$235,000.00*
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Rev. 03/16
PHASE IV ACTIVITIES:
PHASE IV COMPLETED
by: May 31, 2016
TOTAL
EXHIBIT "C"
Initial Lease -up of HOME Units
Contractor/subcontractor/vendor searches under the Federal
System for Award Management (www.sam.eov) 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*
*Developer will be reimbursed for eligible expenses only. The amounts are estimates and are subject to change.
$1,000,000.00
**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-Al
Decatur -Angle Ltd.
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