HomeMy WebLinkAboutContract 42290-A1 CITYSECRETARY
CONTRACT NO.
FIRST AMENDMENT TO CITY SECRETARY CONTRACT NO. 42290
WHEREAS the City of Fort Worth ("City") and Tarrant County Housing
Partnership, Inc. ("Developer") made and entered into City Secretary Contract No.
42290 (collectively with all previous amendments, the "Contract");
WHEREAS, the Contract provides funding to Developer pursuant to a grant
received by City from the United States Department of Housing and Urban Development
("HUD") through the Neighborhood Stabilization Program ("NSP"), Program No. Title
III of Division B of the Housing and Economic Recovery Act of 2008 (the "Act" or
44HERA");
WHEREAS, in Section 4.1 of the Contract, the City agrees to loan the Developer
up to One Million Six Hundred Ninety Nine Thousand Seven Hundred Fifty Five and
00/100 Dollars ($1,699,755.00) in NSP funds in the form of a subordinate loan to
complete the construction of the Required Improvements, under the terms and conditions
described in the Contract ; and
WHEREAS, City has NSP program income funds that must be reallocated to
NSP-eligible activities and the Developer has need of additional funds to complete the
Required Improvements;
WHEREAS, City has agreed to provide an additional Thirty Seven Thousand Five
Hundred and 00/100 Dollars ($37,500.00) to the Loan for rehabilitation and
reconstruction costs; and
NOW, THEREFORE, City and Developer hereby agree as follows:
1.
a. Section 4.1 is deleted in its entirety and replaced with the following:
City shall loan up to One Million Nineteen Thousand Five Hundred
Twenty Six and 00/100 Dollars ($1,737,255.00) of NSP Funds in the form of a
subordinate loan to complete the acquisition, rehabilitation, and reconstruction of
the Required Improvements, under the terms and conditions described herein (the
"Loan").
b. Exhibit 111311 — Sources and Uses attached to the Contract is hereby
replaced with the attached Exhibit 111311—Source and Uses Revised 1/2013
c. This amendment is effective as of the Effective Date of the Contract.
11.
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.
OFFICIAL RECORD
[REMAINDER OF PAGE LEFT INTENTIONALLY 10tft-ECRIETARY
Amendment No. I to CSC 42290 FT. WORTH� U
TCHP-Beaty St. Apartments (NSP)
ACCEPTED AND AGREED:
TARRANT COUNT HOUSING CITY OF FORT WORTH
PARTNERSHIP, INC.
By: By:
Do an 6ss Fernando Costa,
President/CEO Assistant City Manager
ATTEST: APPROVED AS TO FORM AND LEGALITY:
City SecretAxy/,v Assistant City Attornky
M&C: C-24455 Date: 9
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OFFICIAL RECORD
CITY SECRETARY'
T. wam, TX
Amendment No. I to CSC 42290
TCHP-Beaty St. Apartments (NT SP)
EXHIBIT `B"
Sources and Uses Revised 1/2013
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Acquisition $1 ISO 000 $1,1 50,000
Acquisition - Insurance - property $20,000 $20,000
liability, builder's risk
Acquisition - Closing costs, $118,801 $118,801
extension/legal fees
Acquisition- Asbestos Survey $6,125 $6,125
Acquisition- Lead Base Paint $14,000 $14,000
Testing
Relocation Agent Fees $135,000 $135,000
Relocation Expenses (1 tenant) $15,000 $15,000
Architectural $8,360 $8,360
Rehab $208,341 $1,019,526.51 $248,750 $506,640 $1,983,257.51
Developer Fee 5% NSP* $84,988 $84,988
TOTAL $1,737,255 $1,019,526.51 $248,750 $530,000 $3,535,531.51
*$50,000 of Developer Fee to be paid upon closing of Beaty Street property, and the remainder
to be paid when City has received from Developer all information required to close Project in
IDIS and begin the Affordability Period.
**Nothing in this Contract shall be construed as a commitment by the City to provide these
funds.
Amendment No. 1 to CSC 42289
TCHP-Beaty St. Apartments (HOME)
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on W14/2010
DATE: Tuesday, September 14,20 10 REFERENCE NO.: C-24455
LOG NAME: 17BEATY STREET APARTMENTS— ADDITIONAL FUNDING
SUBJECT:
Conduct a Public Hearing and Authorize a Change in Use Add penite of an Additional $339,500.00 of
Neighborhood Stabilization Program Funds to the Tarrant County Housing Partnership for a Total of
$1,699,755.00 for the Acquisition and Development of the Beaty Street Apartments Located in the 5500
Block of Beaty Street(COUNCIL DISTRICT 8)
RECOMMENDATION:
DISCUSSION:
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Additional Information Contact: Ryan Haden (7329)
ATTACHMENTS
1. available fund.PDF