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HomeMy WebLinkAboutContract 40279CONTRACT CITY SE CRETARY L!-o °J CONTRACT NO. dr:J THIS CONTRACT ("Contract") is made and entered into betw een THE CITY OF FORT WORTH, a home rule municipal corporation of the State of Texas (hereinafter referred to as "City"), acting by and through T. M . Higgins, its duly authorized Assistant City Manager, and TARRANT COUNTY BLACK HISTORICAL AND GENEALOGICAL SOCIETY, INC., a nonprofit Texas organization (hereinafter referred to as "Society"), acting by and through Sarah Walker, its duly authorized President. RECITALS WHEREAS , City desires to encourage the promotion of historical and cultural activities in the City of Fort Worth ; WHEREAS, Society provides opportunities to learn about Fort Worth's black history and culture ; WHEREAS , Society has established The Lenora Rolla Heritage Center Museum ("Museum") in the historic Boone House to be an African American history museum that will develop and facilitate programs that promote history , genealogy and culture ; WHEREAS , Society is renovating a historic structure to house the Museum and its collections and archi ves , thereby preserving the historic significance of the Boone House and participating in the redevelopment of the Evans and Rosedale Urban Village and surrounding neighborhoods ; WHEREAS , in December 2006, City and Society entered into an Agreement for Services (hereinafter "Agreement"), which was designated City Secretary Contract No . 34835 , whereby City paid to Society the sum of Two Hundred Forty-Five Thousand and Noll 00 Dollars ($245 ,000.00) to be used by Society for renovation of the Boone House located at 102 Q_East Humbolt Street, Fort Worth, Texas and the establishment of the Museum ; / OFF I RECORD l CITY SECRETARY CONTRA CT FT. Wt atf 11'a 14 Tarra nt County Bl ack Hi stori cal and Ge nea lo g ic al So ciety, Inc . WHEREAS , Society raised approximately One Hundred Thousand and Noll 00 Dollars ($100,000.00) in additional funds from other sources and has performed substantial renovation on the Boone House and expended all of the funds provided by City to that purpose; WHEREAS , additional renovations and improvements are necessary for the completion of the repairs and renovation of the Boone House and proper operation of the Museum; and WHEREAS , City and Society desire to enter into this Contract to assist Society in the completion of The Lenora Rolla Heritage Center Museum to promote historical and cultural activities in the City of Fort Worth. NOW, THEREFORE, in consideration of the mutual covenants herein expressed , the parties agree as follows: AGREEMENT 1. Society covenants and agrees to fully perform , or cause to be performed , with good faith and due diligence , the completion of the renovation of the improvements (the "Renovation") on the real property commonly known as 1020 East Humbolt, Fort Worth, Texas, to be used as The Lenora Rolla Heritage Center Museum (the "Museum") . Such Renovation shall be performed by Society for a term beginning on the date hereof and ending upon issuance of a certificate of occupancy for the Museum . 2 . In consideration of the improvements and repairs and renovation performed to date under the Agreement and the Renovation to be performed under this Contract by Society and the execution of the Note and Deed of Trust hereinafter described , City promises and agrees to make a forgivable loan (the "Loan ") to Society in the sum of One Hundred Twenty-Five Thousand and No/100 Dollars ($125 ,000 .00) (the "Additional Funds") in addition to those funds previously advanced under the Agreement in the amount of Two Hundred Forty-Five Thousand and No/100 CONTRACT Page 2 of 14 T arrant County Bl ack Hi storic al a nd Gen ealo g ical Society, Inc . Dollars ($245 ,000.00) for a total amount advanced by City of Three Hundred Seventy Thousand and No/100 Dollars ($370 ,000 .00) (collectively, the "Loan Funds "). The Loan Funds shall be used in accordance with the Construction Budget attached hereto as Exhibit A and incorporated herein for all purposes . Society shall not change any line items in the Construction Budget without written approval from the City. The Additional Funds will be made available upon the execution of this Contract and the Note and the recording of the Deed of Trust. After completion of the Renovation or any discreet portion thereof, Society 's subcontractors shall submit a written invoice to Society for the work performed and costs incurred to the date of the in v oice . All invoices submitted shall be accompanied by a waiver of lien in a form acceptable to Society and City. Society shall review all invoices and examine the work performed to ensure compliance with this Contract and the subcontract. If the invoice meets with Society 's approval , the invoice shall be endorsed by an authorized representative of Society on Society's behalf and shall be submitted to City for payment. Upon receipt of an invoice endorsed by Society , City shall have the right but not the obligation to inspect the work performed and review the charges submitted for compliance with this Contract. All work shall be performed in a good and workmanlike manner and meet all applicable laws , codes , ordinances and regulations. Invoices shall be reviewed for reasonableness . Society and its subcontractors shall provide any additional documentation reasonabl y requested by City within a reasonable time. If the submitted , endorsed invoice and an y additional documentation meet with City's approval , City will disburse the approved funds directly to the subcontractor submitting the invoice. Funds will be disbursed in accordance with City's financial management protocols within ten (10) days after final approval of each invoice by City. In no event shall the total of all disbursements exceed the amount of the Additional Funds. If requested by City, Society shall ensure that all lien waivers are timely recorded and shall provide confirmation of recording at the City 's request. CON TRACT P age 3 o f 14 Tarrant Co unty Bl ac k Hi stori cal and Ge nealogi ca l Soci ety , In c. 3. Society shall commence work on the Renovations not later than fourteen (14) days after execution of this Contract unless otherwise approved in writing by City . At the end of each three-month quarter during the term hereof, Society shall submit a report of Renovation performed during each quarter. Society shall be subject to a review by the City of its activities in the performance of this Contract. 4. In order to secure the performance by Society of its obligations under this Contract, Society, as Borrower, shall execute a Promissory Note ("Note") in favor of City as Lender in the principal amount of Three Hundred Seventy Thousand and No/100 Dollars ($370,000.00). As security for the Note, Society shall execute a Deed of Trust to Vicki S. Ganske or Leann Guzman , Trustee , which covers the real property containing the Museum located at 1020 East Humbolt Street, Fort Worth , Texas , more particularly described in the Note and Deed of Trust (the "Property"). Society shall furnish a Mortgagee 's Title Policy to City insuring the City's first lien position with regard to the Loan Funds. Society shall pay the expense of the issuance of the Mortgagee's Title Policy and the costs of closing the Loan. The Loan described herein and evidenced by the Note and secured by the Deed of Trust shall be forgivable upon the satisfactory and timely completion by Society of the following terms ("Forgiveness Terms"): 1. 2. 3 . 4. CONTRACT Society shall apply the Additional Funds to the completion of improvements to the Museum including roof finish-out, installation of a parking lot, utilities , interior painting, and interior finish-out in accordance with the Construction Budget; Society shall obtain a certificate of occupancy for the Museum within two (2) years after the date of the Note; Society shall operate the Museum continuously from the date of issuance of the certificate of occupancy until five (5) years after the date of the Note. Society shall maintain the lien created by the Deed of Trust as a first and prior lien upon the Property and shall not create or permit any superior encumbrance upon the Property during the term of the Loan. Page 4 of 14 T arrant County Bl ac k Historical and Gene alogical Society, Inc . If Society is unable to perform any of the Forgiveness Terms as a result of natural disaster or other calamity determined by City in its sole and absolute discretion to be beyond the control of Society , City may upon written request by Society grant or deny , in City's sole and absolute discretion , an abatement of the said Forgiveness Term for such period as City may deem necessary to allow Society to regain compliance . Any period of abatement hereunder shall not be considered in determining final compliance with the Forgiveness Terms. An y abatement shall extend the date of maturity of the Loan by the duration of the abatement granted . If Society shall fail at any time for any reason to comply with the Forgiveness Terms , including denial of a request for abatement , the Loaned Funds shall be immediately due and payable in accordance with the terms of the Note and Deed of Trust. 5. Society covenants and agrees to fully cooperate with City in monitoring the effectiveness of the Renovation to be performed under this Contract, and City shall have access at all reasonable hours to the Property and the offices and records of Society for the purpose of such monitoring. 6 . Society shall operate hereunder as an independent contractor and not as an officer, agent , servant , or employee of City. Society shall have exclusiv e control of and the exclusi v e right to control the detail s of the Renovation performed hereunder, and all persons performing same , and shall be solely responsible for the acts and omissions of its officers , agents , servants , employees , subcontractors and Museum participants. The doctrine of respondeat superior shall not apply as between City and Society , its officers , agents, servants , employees , subcontractors , or Museum participants , and nothing herein shall be construed as creating a partnership or joint enterprise between City and Society. It is ex pressly understood and agreed that no officer, agent , emplo yee , or subcontractor of Society is in the paid service of City. CONTRA CT P age 5 of 14 Tarra nt Co un ty Bl ack Hi sto ric a l and Ge nealog ical Soc iety, Inc . 7. City shall in no way or under an y circumstance be responsible for any property belonging to Soci ety, its officers , agents , employees , subcontractors or Museum participants , which may be lost , stolen , destro yed or in any way damaged; and Society hereby indemnifies and holds harmless City, its officers , agents , and employees , from and against any and all claims or suits concerning such property . 8. SOCIETY COVENANTS AND AGREES TO INDEMNIFY, HOLD HARMLESS AND DEFEND, AT ITS OWN EXPENSE, CITY AND ITS OFFICERS, AGENTS, SERVANTS, AND EMPLOYEES FROM AND AGAINST ANY AND ALL CLAIMS OR SUITS FOR PROPERTY LOSS OR DAMAGE AND/OR PERSONAL INJURY, INCLUDING DEATH, TO ANY AND ALL PERSONS, OF WHATSOEVER KIND OR CHARACTER, WHETHER REAL OR ASSERTED, ARISING OUT OF OR IN CONNECTION WITH THE EXECUTION, PERFORMANCE, ATTEMPTED PERFORMANCE OR NONPERFORMANCE OF THIS CONTRACT AND/OR THE OPERATIONS, ACTIVITIES AND SERVICES DESCRIBED HEREIN, WHETHER OR NOT CAUSED, IN WHOLE OR IN PART, BY ALLEGED NEGLIGENCE OF OFFICERS, AGENTS, SERVANTS, EMPLOYEES, CONTRACTORS, OR SUBCONTRACTORS OF CITY; AND SOCIETY HEREBY ASSUMES ALL LIABILITY AND RESPONSIBILITY OF CITY AND ITS OFFICERS, AGENTS, SERVANTS, AND EMPLOYEES FOR ANY AND ALL CLAIMS OR SUITS FOR PROPERTY LOSS OR DAMAGE AND/OR PERSONAL INJURY, INCLUDING DEATH, TO ANY AND ALL PERSONS, OF WHATSOEVER KINDS OR CHARACTER, WHETHER REAL OR ASSERTED, ARISING OUT OF OR IN CONNECTION WITH THE EXECUTION, PERFORMANCE, ATTEMPTED PERFORMANCE OR NON-PERFORMANCE OF THIS CONTRACT AND/OR THE OPERATIONS, ACTIVITIES AND SERVICES DESCRIBED HEREIN, WHETHER OR NOT CAUSED IN WHOLE OR IN PART, BY ALLEGED NEGLIGENCE OF OFFICERS, AGENTS, SERVANTS, EMPLOYEES, CONTRACTORS OR SUBCONTRACTORS OF CITY. SOCIETY LIKEWISE COVENANTS AND AGREES TO AND DOES HEREBY INDEMNIFY AND HOLD CONTRACT Page 6 of 14 Tarrant Co un ty Bl ack Hi stori cal and Gen ea lo g ica l Soc iety, In c. HARMLESS CITY FROM AND AGAINST ANY AND ALL INJURY, DAMAGE OR DESTRUCTION OF PROPERTY OF CITY, ARISING OUT OF OR IN CONNECTION WITH ALL ACTS OR OMISSIONS OF SOCIETY, ITS OFFICERS, MEMBERS, AGENTS, EMPLOYEES, SUBCONTRACTORS, INVITEES, LICENSEES, OR PROGRAM PARTICIPANTS, WHETHER OR NOT CAUSED, IN WHOLE OR IN PART, BY ALLEGED NEGLIGENCE OF OFFICERS, AGENTS, SERVANTS, EMPLOYEES, CONTRACTORS OR SUBCONTRACTORS OF CITY. SOCIETY AGREES TO AND SHALL RELEASE CITY, ITS AGENTS, EMPLOYEES, OFFICERS AND LEGAL REPRESENTATIVES FROM ALL LIABILITY FOR INJURY, DEATH, DAMAGE OR LOSS TO PERSONS OR PROPERTY SUSTAINED IN CONNECTION WITH OR INCIDENTAL TO PERFORMANCE UNDER THIS CONTRACT, EVEN IF THE INJURY, DEATH, DAMAGE OR LOSS IS CAUSED BY CITY'S SOLE OR CONCURRENT NEGLIGENCE. Society shall require all of its subcontractors to include in their subcontracts a release and indemnity in favor of City in substantially the same form as above . In the event it is determined that Society has misused, misapplied or misappropriated all or any part of the Loan Funds provided hereunder, Society agrees to indemnify, hold harmless and defend the City , its officers, agents , servants, and employees , from and against any and all claims or suits resulting from such misuse, misapplication or misappropriation. In addition , City shall have all of the rights and remedies set forth in the Note and Deed of Trust. 9. If Society, as a charitable or nonprofit organization, has or claims an immunity or exemption (statutory or otherwise) from and against liability for damage or injury , including death , to persons or property, Society hereby expressly waives its rights to plead defensively such immunity or exemption as against City . CONTRACT Page 7 of 14 Tarra nt County Bl ack Hi storical and Gen eal ogical Soci ety, Inc. 10. Society shall not assign or subcontract all or any part of its rights , privileges or duties under this Contract without the prior written consent of City, and any attempted assignment of subcontract of same without such prior written approval shall be void and constitute a breach of this Contract. 11. Society, its officers, agents, employees and subcontractors, shall abide by and comply with all laws , federal , state and local, including all ordinances, rules and regulations of City. It is agreed and understood that , if City calls to the attention of Society any such violation on the part of Society or an y of its officers, agents, employees or subcontractors, then Society shall immediately desist from and correct such violation. 12. Society, in the execution, performance or attempted performance of this Contract, will not discriminate against any person or persons because of disability, age , familial status , sex, race , religion, color, national origin, sexual orientation, transgender, gender identity or gender expression nor will Society permit its officers , agents , employees, or subcontractors to engage in such discrimination. This Contract is made and entered into with reference specifically to Chapter 17 , Article III , Division 3 , of the City Code of the City of Fort Worth ("Discrimination in Employment Practices"), and Society hereby covenants and agrees that Society, its agents , employees and subcontractors hav e full y complied with all provisions of same and that no employee or employee-applicant has been discriminated against by either Society, its agents , employees or subcontractors. 13 . Society shall procure and shall maintain during the term of this Contract the following msurance coverage : CONTRACT Page 8 of 14 T arrant County Bl ack Hi storic a l and Ge nea lo g ical Society, Inc . Commercial General Liability (COL): $1,000,000 per occurrence, with a $2,000,000.00 annual aggregate limit, in a form that is acceptable to City's Risk Manager. Society's insurer(s) must be authorized to do business in the State of Texas for the lines of insurance coverage provided and be currently rated in terms of financial strength and solvency to the satisfaction of City's Risk Manager. Each insurance policy required herein shall be endorsed with a waiver of subrogation in favor of City. Each insurance policy required by this Contract, except for policies of worker's compensation or accident/medical insurance shall list City as an additional insured. City shall have the right to revise insurance coverage requirements under this Contract. Society further agrees that it shall comply with the Worker's Compensation Act of Texas and shall provide sufficient compensation insurance to protect Society and City from and against any and all Worker's Compensation claims arising from the work and services provided under this Contract. 14. Society agrees that City shall, until the expiration of three (3) years after final payment under this Contract, have access to and the right to examine any directly pertinent books, docu- ments, papers and records of Society involving transactions relating to this Contract. Society agrees that City shall have access during normal working hours to all necessary Society facilities and shall be provided adequate and appropriate workspace in order to conduct audits in compliance with the provisions of this section. City shall give Society reasonable advance notice of intended audits. Society further agrees to include in all of its subcontractor agreements hereunder a provision to the effect that the subcontractor agrees that City shall, until the expiration of three (3) years after final payment under the subcontract, have access to and the right to examine any directly pertinent books, documents , papers and records of such subcontractor involving CONTRACT Page 9 of 14 Tarrant County Black Historical and Genealogical Society, Inc. transactions to the subcontract, and further that City shall have access during normal working hours to all subcontractor facilities and shall be provided adequate and appropriate workspace in order to conduct audits in compliance with the provisions of this paragraph . City shall give subcontractor reasonable advance notice of intended audits. This Section 14 shall survive the expiration of the term of this Contract. 15. In the event no funds or insufficient funds are appropriated by the City in any fiscal period for any payments hereunder, City will notify Society of such occurrence and this Contract shall terminate on the last day of the fiscal period for which appropriations were received without penalty or expense to City of any kind whatsoever, except as to the portions of the payments herein agreed upon for which funds shall have been appropriated. 16. This written instrument and the exhibits attached hereto , along with the Note and Deed of Trust referenced above, constitutes the entire agreement by the parties hereto concerning the work and services to be performed hereunder, and any prior or contemporaneous, oral or written agreement, which purports to vary from the terms hereof shall be void. 17. This Contract shall be construed under the laws of the state of Texas, without regard to choice-of-law rules of any jurisdiction. Should any action, whether real or asserted, at law or in equity , arise out of the execution, performance, attempted performance of this Contract, venue for said action shall lie in state district court in Tarrant County, Texas. 18. Notices to be provided hereunder shall be sufficient if forwarded to the other party by hand-delivery or via U.S . Postal Service certified mail, postage prepaid, to the address of the other party shown below: CONTRACT Page 10 of 14 T arrant County Black Hi storical and Genealogi cal Soci ety , Inc . Jesus Chapa, Director Housing and Economic Development City of Fort Worth 1000 Throckmorton St. Fort Worth, Texas 76102 (817) 392-5804 19. Sarah Walker, President Tarrant County Black Historical and Genealogical Society , Inc. P.O. Box 50483 Fort Worth, Texas 76105-0483 (817) 482-0011 The failure of City or Society to insist upon the performance of any term or provision of this Contract or to exercise any right herein conferred shall not be construed as a waiver or relinquishment to any extent of City's right to assert or rely upon any such term or right on any future occasion. [SIGNATURES APPEAR ON FOLLOWING PAGE.] CONTRACT Page 11 of 14 Tarrant County Black Hi storical and Genealogical Society, Inc. IN WITNESS WHEREOF, the parties have executed this Contract in multiple originals in Fort Worth , Tarrant County , Texas, on 9~ 1_, 2010. CONTRACT Tarrant Co un ty Bl ack H is torical and Genealogical Soc iety, In c . TARRANT COUNTY BLACK HISTORICAL AND GENEALOGICAL SOCIETY, I ., a Texas non-profit organi zation OFFICIAL RECORD CITY SECRETARY W RTH, TX Page 12 of 14 ST A TE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Sarah Walker, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the Tarrant County Black Historical and Genealogical Society, Inc. and that she executed the same as the act of said Tarrant County Black Historical and Genealogical Society, Inc. for the purpose and consideration therein expressed and in the capacity therein stated. SEAL OF OFFICE this ~~~--~day of STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared T. M. Higgins , known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the City of Fort Worth for the purpose and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND _M-'--'--"t?u'-"+(-----' 201 o. C O NTRACT EVON IA DANIELS MY COMMISSION EX PIRES Ju ly 1 o, 2013 SEAL Tarrant C ounty Black Hi storica l and Genealogical Society, Inc . OF OFFICE this .J 1 ~ day of OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Page 13 of 14 EXHIBIT A CONSTRUCTION BUDGET Roof Finish -Out $ 7,500.00 Parking Lot $ 33,631.00 Utilities $ 23,335 .81 Interior Painting and Finish Our $ 35,000.00 Construction $ 12,500.00 Contingency $ 13,043.19 TOTAL $125 ,000.00 CONTRACT Tarrant County Black Historical and Genealogical Society, Inc . Page 14 of 14 �� � �I'����� - +�;� ��,rt�� I� �a-L i i� '� y � , � � � � . � :T � ��i t � r � � r* .. . t { � - � � � � � 1 � f � � � � � , y � � � s �� � R � " . 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'f# � - � � �� - �** + � .� t ' �"'� .� ''I�`' • � -�' , y y � ��, , � � _ } � �y.�' 4 r � �� - � � � � , � � � ��� ��..��•� � ' �'. � ti �� ' {' ., �} � 4 �' :� +—,� " -� . �# � �� � .'� �,, '' � _ � , � �� +�' � " � � �� �W � � ��-- # � � • „�� ���`+ �/� '� i - � � �+�#..� .� Jt _ # � ' + � F �i � # + #�,��- .� r *� �" ''- � � �.�. ■ � _�'+'��� ` ' -'a.�- � �� e' � . � � �� � ��� � '+.. -#� � �� "` y�I .��` i ��i , � F . �+-+ � � ��' � '� • •. a � � #'� �*'���� li r�Yr �` �' ` .�l'�� �-�. ► ,��h� '� � • , .� �� � — ;� � �� - i �x �+� ��' '�" -�"r � � � ''� � � � - ` # S, � r �J � � � � �W ��� � ��* �. ; ; �. �� �� +�� R � � � ���.� #! � � �:, �""!� 1 � , i�— � - � � � ` "� i� '� a . - � ..� � �� -� � ,.� �� .� _. .� �� ��� ��..��� — -. � � , .: �'�4l� : �� .i �'� _� ��� .� � ._ .;... ��i..� City of Fort Worth, Texas Mayor and Council Communication DATE: Tuesday, February 09 , 2010 REFERENCE NO.: G-16840 LOG NAME: 17LROLLAMUSEUM SUBJEC.I: Authorize the Expenditure of $125 ,000 .00 of Hilton Parking Garage Program Income Funds to the Tarrant County Black Historical and Genealogical Society, Inc ., in the Form of a Forgivable Loan for the Completion of the Lenora Rolla Heritage Museum, Authorize Execution of a Loan Agreement and Adopt Appropriation Ordinance (COUNCIL DISTRICT 8) RECOMMENDATION: It is recommended that the City Council: 1. Authorize expenditure of $125,000 .00 out of the Hilton Parking Garage Program Income Fund in the form of a forgivable loan to the Tarrant County Black Historical and Genealogical Society , Inc . to fund the completion of the Lenora Rolla Heritage Museum ; 2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations of the Grants Fund by $125 ,000 .00; and 3 . Authorize the City Manager , or his designee, to execute a Loan Agreement and related documents for a five year forgivable loan to the Tarrant County Black Historical and Genealogical Society , Inc ., for $125 ,000 .00 to complete the project. DISCUSSION: The Lenora Rolla Heritage Museum (the Museum) will provide a place to learn about Fort Worth's black history and culture . The Museum wil l house various collections and provide lectures and workshops to the citizens of Fort Worth . The Museum is located in southeast Fort Worth a few blocks east of the Evans and Rosedale Urban Village area . The address is 1020 East Humbolt Street (See attached project map). On December 12, 2006 , the City Council approved $245 ,000 .00 for renovation of the historic Boone House (M&C C-21872). Additionally , the Tarrant County Black Historical and Genealogical Society, Inc ., (TCBHGS) raised approximately $100,000.00 from other sources and used the majority of these funds to supplement the City funding associated with the original remodeling project. The amount in total was not sufficient to complete the project. Therefore , TCBHGS is requesting additional funds to complete the project . The amounts requested and associated construction items are as follows : Roof Finish Out Parking Lot Utilities Interior Painting and Finish Out Construction Lognam e : 17 L ROLL AMUSEUM $7,500 .00 $33,621 .00 $23,335 .81 $35,000 .00 $12,500 .00 Page I of 2 Contingency Total ~13,043.19 $125,000 .00 Staff recommends providing the TCBHGS a forgivable loan of $125 ,000 .00 to protect the City's original investment and to complete the project. The funding source would be the Hyatt Regency Parking Garage project, which is comprised of the City 's portion of revenues received from parking fees associated with the parking garage now known as the Hilton Hotel parking garage . The Hyatt Regency Parking Garage project has a balance of $662,100.77 . These funds must be utilized specifically for activities that meet the requirements of the redevelopment grant orig inally used to build the hotel parking garage . The terms for the loan include making it forgivable after five years, if: 1. a certificate of occupancy is obtained within two years of the loan documents being signed ; 2 . the museum must be in operation continuously from the date of the issuance of the certificate of occupancy until at least five years after the signing of the loan documents; and 3 . the City would put a lien on the property and building for the duration of the loan for the $370,000 .00, the full amount invested by the City. The property is located in COUNCIL DISTRICT 8. ·---------- FISCALJNFORMATION / CERTIFICATION: The Financial Management Services Director certifies that funds are available in the current operating budget , as appropriated , of the Grants Fund. FUND CENTERS: TO..Eund/Account/Centers GR76 _ _5;39120 005206948040 GR76 442216 005206948Q.QQ ~-ERTIFICATIONS: FROM Fund/Account/Centers lli5,000.00 GR'Z~9J~5206948040 i.125,000,.0Q Submitted fq_r City Manager's Office by: Thomas Higg ins (6192) Origi[l_itting Department Head: Jay Chapa (5804) Additional Information Contact: Coy Gray (6203) ATT A_CHMENTS 1. 17LENORAROLLAMUSEUM AO .doc (Public) 2. Ava i lable Fun9§ POF (CFW Internal) 3 . Lenorc;:1RollaMuseumMap .doc (Public) $125 ,000.00 Logname : l 7 L RO LLAMUSEUM Page 2 of 2