HomeMy WebLinkAboutContract 42290-A1.,
CITY SECRETARY
CONTRACT NO. ~ t.2-q o -A\
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
"HERA");
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:
I.
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 "B" -Sources and Uses attached to the Contract is hereby
replaced with the attached Exhibit "B" -Source and Uses Revised 1/2013
c. This amendment is effective as of the Effective Date of the Contract.
II.
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.
[REMAINDER OF PAGE LEFT INTENTIONALLY
Amendment No. 1 to CSC 42290
TCHP-Beaty St. Apartments (NSP)
OFFICIAL RECORD
ECRETARY
FT, WORTH, TX
02 -1 1-1 3 P0?:33
ACCEPTED AND AGREED:
TARRANT COUNT HOUSING
PARTNERSHIP, INC.
By:~
Do~
President/CEO
Amendment No. 1 to CSC 42290
TCHP-Beaty St. Apartments (NSP)
CITY OF FORT WORTH
By:~.,.CL...
F emando Costa,
Assistant City Manager
APPROVED AS TO FORM AND LEGALITY:
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
EXHIBIT "B"
Sources and Uses Revised 1/2013
Acqui sition $1,150 ,000 $1,150 ,000
Acqui sition -Insurance -property $2 0 ,000 $20 ,000
liability, builder's risk
Acquisition -Closing costs, $11 8,8 01 $11 8,801
extensio n/legal fees
Acquisition-Asbestos Survey $6,125 $6 ,125
Acqui sition-Lead Base Paint $14 ,000 $14 ,000
Testin
Relocation Agent Fees $135 ,000 $135 ,000
Relocation Ex enses (1 tenant) $15 ,000 $15 ,000
Architectural $8,360 $8,360
Rehab $2 08 ,341 $1 ,019 ,526 .51 $248 ,750 $506 ,640 $1,983 ,2 57 .51
Dev eloper 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 Fe e to be p aid 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 9/14/2010
DATE: Tuesd ay , September 14 , 2010 REFERENCE NO.: C-24455
LOG NAME: l 7BEATY STREET APARTMENTS-ADDITIONAL FUNDING
SUBJECT:
Conduct a Public Hearing and Authorize a Change in Use and Expenditure 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)
.,
FISCAL INFORMATION:
FUND CENTERS:
TO Fupd/Accoupt/Cepters
GR76 539120 O 17206323040
CERTIFICATIONS:
FROM Fupd/Accoupt/Ceoters
$339 500,00 QR76 539120 017206323020
Submitted for City Maoaaec's Office by;
Ociaioatioa Department Head;
Thomas Higgins (6192)
Jay Chapa (5804)
$339,500 00
Additional lpformatiou Contact; Ryan Haden (7329)
ATTACHMENTS
I . ayajlab!e fund,PDF