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Home My WebLink AboutC2020-434 - 12/9/2020 - NA FIRST AMENDMENT TO THE HOME GRANT AGREEMENT BETWEEN THE CITY OF CORPUS CHRISTI, TEXAS AND WAYFORWARD, a TEXAS NON-PROFIT CORPORATION AND FISHPOND LIVING AT CORPUS CHRISTI, LP This is the First Amendment to the Home Grant Agreement dated October 30, 2020 for the Fishpond Living Project made by and between the City of Corpus Christi, Texas ("CITY") and WAYFORWARD, a Texas nonprofit corporation (hereinafter "BORROWER" and "SUBRECIPIENT"), and FISHPOND LIVING AT CORPUS CHRISTI, LP a Texas Limited Partnership ("OWNER") WHEREAS, the CITY, BORROWER/SUBRECIPIENT, and OWNER entered into a Home Grant Agreement dated October 30, 2020 for the purpose of utilizing some of the City's FY2019-20 Home Investment Partnership Program ("HOME") funds to support an affordable housing project in Corpus Christi, Texas (the "Agreement"); WHEREAS, the Parties desire to execute this First Amendment to express their mutual desire to reaffirm all terms, conditions, and covenants stated in the original Agreement and to increase the amount of HOME funding for the construction of the Fishpond Living Project a Corpus Christi Affordable Housing Project (the "Project") as further set out in the Agreement. Section 1. By execution of this instrument, the parties agree to reaffirm and continue in force all terms, conditions, and covenants stated in the original Agreement, as may be amended by this First Amendment. Section 2. The Fourth Whereas Clause of the Agreement is hereby amended by deleting the amount of $350,000.00," and inserting the amount of "$500,000.00." Section 3. Section X, Subsection 10.1, of the Agreement is hereby amended by deleting the amount of $350,000 and inserting the amount of "$500,000.00." Section 4. Exhibit "A" to the Agreement, entitled "Budged & Construction Schedule" is hereby deleted and replaced with the Amended Budget & Construction Schedule attached hereto and incorporated herein as "Exhibit Al." Section 5. By execution of this First Amendment, the Parties to the Agreement hereby agree to revise the FY2019-20 HOME funding stated in the original Agreement from $350,000.00 to $500,000.00. All other terms, conditions, and covenants of the Agreement not changed by this First Amendment remain the same and in full force and effect. (EXECUTION PAGE FOLLOWS) FY19 HOME Wayforward First Amendment SCAN N E EXECUTED IN DUPLICATE, each of which is considered an original, on this the day of , 2020. G +;,;•NITORIN 'ARTMENT ora. � d = tancourt, Director Date Grant Monitoring Department CITY ADMINI TRATI•N /// i /Z„ xv Zd Keith Selman /Oat= Assistant City Manager APPROV D „,Afigiov : 4,0,401T., W. Kent Mcllyar Assistant City Attorney WAYFO: ARD, a Texas nonprofit organization \ 2/7 I z2 ScAre "ier, Pr7iden/ Date ATTEST: -itL&J D r By: Title: nhsp{..,r7 fvblic [ SEAL ] \\\�pY P MICHAEL WAYNE Ct RHENDER ��'\i'....V6 :z°, ;�,cNotary Public, State of Texas ' • :ec Comm. Expires 10-01-2022 .� Notary ID 131744022 FY19 HOME Wayforward First Amendment Fishpond Living at Corpus Christi LP, a Texas Limited Partnership By: FishPond Corpus Christi Manager, LLC a Texas Limited Li. C pany, its general p. •.= j By: v' 1 y7/2, 20 David ourr}i'er, Managing Member Date STATE OF TEXAS § COUNTY OF 1rpvt5 § This instrument was acknowledged before me on the / day of Dte b,-►- , 2020 by David Fournier, Managing Member of FishPond Corpus Christi Manager, LLC, a Texas limited liability company, as General Partner of FishPond Living at Corpus Christi, LP, a Texas Limited Partnership, the Owner, on behalf of said Partnership. Notary Public, State of Texas 4Vf!*, MICHAEL WAYNEOBERRENEER ??: ; ;Notary Public, State of Texas Comm. Expires 10-01-2022 ,/,„„o‘` Notary ID 131744022 FY19 HOME Wayforward First Amendment r • 1 EXHIBIT A-1 Budget & Construction Schedule Project Name: FishPond at Corpus Christi Project Location: 900 Buford Street. Property Owner: Fish Pond Living at Corpus Christi, LP Total Project Cost: $18,395,123 HOME FY19 Award: $500,000.00 Budget Project Financial Resources: (list may be adjusted to meet your project) (Funds available to complete project) Amount • Deferred Developer Fee $585,995 • FY 2019 HOME Fund $500,000 • Corpus Christi Type A $500,000 • Other: LIHTC $5,659,128 • Construction/Permanent Loan $7,300,000 • TDHCA Direct Loan $4,000,000 Total Funds Available for Project $18,545,123 Estimated Expenses: (list may be adjusted to meet your project) (List estimated expenses to complete your project) such as: Amount • Land Acquisition $203,000 • Site Work Costs $674,006 • Direct New Construction Costs (includes HOME funds$500,000)$10,288,754 • Other Construction Costs (Fees, OH, Profit) $1,081,000 • Contingency $1,200,000 • Indirect/ Soft Costs $1,132,700 • Developer Fees $2,250,000 • Financing Related Costs $1,247,500 • Project Reserves $318,163 Total Project Cost $18,395,123 . Construction Schedule (Project Dates for completion of key project phases) Projected Dates • Design/Bid Documents(specification packet)completed 10/15/2020 • Platting/Soil Testing(lead based paint,environmental,etc.) Completed • Construction Contract Award 11/1/2020 • Land Acquisition Completed • Start Construction 11/15/2020 • Construction 100%completion 02/01/2022 NOTE: HUD/HOME Program does not require PJ to manage procurement process due to this project being supported by Low Income Housing Tax Credits,Developer is required to obtain a Prime Contractor early on before Tax Credit funds are committed. Although HUD/HOME Program does not require PJ to manage procurement process, HOME does require PJ to secure copies of contract with Prime Contractor and therefore said contract must be provided to PJ.