HomeMy WebLinkAboutContract 56783-A2CSC No. 56783-A2
SECOND AMENDMENT TO
FORT WORTH CITY SECRETARY CONTRACT NO. 56783
This Amendment is made between the CITY OF FORT WORTH ("Fort Worth") and
CDFI FRIENDLY AMERICA, LLC ("Vendor").
WHEREAS, the City and Vendor are currently parties to a Vendor Services
Agreement, wherein Vendor has agreed to provide consulting services to assess the
potential roles of CDFI financing in the community, organize potential CDFI-friendly
strategies, develop an actionable CDFI friendly business plan, and provide the City with
consultative capacity -building support for the implementation of that business plan, the
same being City Secretary Contract No. 56783 ("Agreement");
WHEREAS, as part of the Agreement, the City committed up to (i) $1,500,000
for CDFI consulting services ("Services"); (ii) $500,000 for a pool of grant funding that
Vendor would use to incentivize CDFI engagement in Fort Worth ("Grant Fund"); and (iii)
$1,000,000.00 to seed capitalize the CDFI Friendly Fort Worth Enhancement Fund
("Enhancement Fund"), with the stated intent to help finance small business, affordable
housing, individuals, nonprofits, and commercial real estate to advance the CDFI Friendly
strategy in Fort Worth ("Enhancement Fund");
WHEREAS, the Parties agreed that they would enter into separate agreements with
each other to set out the terms and conditions for use of the Grant Fund and Enhancement
Fund;
WHEREAS, the Parties executed the First Amendment to the Agreement on March
30, 2023 to set out the terms and conditions governing the use of the money in the Grant
Fund and Enhancement Fund;
WHEREAS, it is the collective desire of the Parties to execute a Second Amendment to
the Agreement in order to update the obligations under Section 3.1.3(a) and (b).
NOW THEREFORE, for and in consideration of the mutual undertaking hereinafter set
forth and for adequate consideration given, the City and Vendor agree to the following:
I.
Sections 3.1.3(a) and (b) are hereby deleted in their entirety and revised to read as
follows:
"a. Vendor will ensure the Enhancement Funds are expended by December 31, 2026.
b. To that end, Vendor will ensure that the Enhancement Funds are used to originate
OFFICIAL RECORD
CITY SECRETARY
Second Amendment to Fort Worth City Secretary Contract No. 56783 FT. WORTH, Tx Page 1 of 3
mission -related loans to affordable housing developers, non-profit organizations, small
businesses, and/or other CDFI borrowers in Fort Worth, along with pledging them to
independent CDFI(s) as a credit enhancement (in the form of a partial guarantee) to
encourage such CDFI(s) to extend loans to affordable housing developers, non-profit
organizations, and small businesses in Fort Worth, and other financial uses that support
underserved small business firms and workforce development needs in the Fort Worth
community allowable by regulations governing CDFIs."
II.
All terms and conditions of the Agreement not addressed herein remain in full force and
effect and are binding upon the parties.
[Signature Page Follows]
Second Amendment to Fort Worth City Secretary Contract No. 56783 Page 2 of 3
Executed effective as of the date signed by the Assistant City Manager below.
FORT WORTH:
City of Fort Worth
By:
William Johnson (D c 19, 202417:26 CST)
Name:
William Johnson
Title:
Assistant City Manager
Date:
Dec 19, 2024
Approval Recommended:
By: Robert (Dec 20,202408:31CST)
Name: Robert Stums
Title: Director, Economic Development
p bdU9pQ
Attest: F FORTb°IIa
oa�0 0a '
o�s a
�o
dVo .=d
o
� � oaa�n�Xo54gp
By:
Name: Jannette Goodall
Title: City Secretary
VENDOR:
CDFI Friendly America
By:
Name: Mark A. Pinsky
Title: Managing Member
Dec 22, 2024
Date:
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.
By: Robert Sturns 20, 2024 08:31 CST)
Name: Robert Stums
Title: Director, Economic Development
Approved as to Form and Legality:
By: ,)W/—
Name: Jessika J. Williams
Title: Assistant City Attorney
Contract Authorization:
M&C: 21-0809
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Second Amendment to Fort Worth City Secretary Contract No. 56783 Page 3 of 3