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Home My WebLink AboutC2021-374 - 7/27/2021 - Approved THIRD AMENDMENT TO THE HOME LOAN AGREEMENT BETWEEN City of Corpus Christi, a home rule municipal corporation and TG 110, PALMS AT BLUCHER PARK, LP (Whose general partner is TG 110 Palms at Blucher Park GP, LLC, and the sole member of the general partner is TG 110, Inc., a Community Housing Development Organization (CHDO) acting in the capacity of a Sponsor) This is the Third Amendment ("Third Amendment") to the Home Loan Agreement dated April 21, 2022, made by and between the CITY OF CORPUS CHRISTI, a home rule municipal corporation (hereinafter"CITY") and TG 110 PALMS AT BLUCHER PARK, LP a Texas Limited Partnership organized under the laws of the State of Texas (hereinafter "BORROWER"). WHEREAS, the CITY and the BORROWER entered into a Home Loan Agreement dated April 21, 2022, for the purpose of utilizing some of the City's FY2022-PY2021 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 Third Amendment to express their mutual desire to reaffirm all terms, conditions, and covenants stated in the original Agreement and to extend the termination date of the Agreement for the construction of the Palms at Blucher Park Project a Corpus Christi Affordable Housing Project (the "Project") as further set out in the Agreement. NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the parties agree as follows: 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 Third Amendment. Section 2. Section 1.2 Term of the Agreement is hereby amended by deleting the original termination date of"July 1, 2024" and inserting a new and extended termination date of"April 30, 2025." Section 3. Exhibit "A" of the Agreement, entitled "Preliminary Budget & Construction Schedule" is hereby deleted and replaced with the Amended "Preliminary Budget & Construction Schedule" attached hereto and incorporated herein as `Exhibit A-1." Section 4. By execution of this Third Amendment, the Parties to the Agreement hereby agree to revise the FY2022-PY2021 HOME original Agreement extending the Term of Agreement.All other terms, conditions, and covenants of the Agreement not changed by this Third Amendment remain the same and in full force and effect. (EXECUTION PAGE FOLLOWS) FY22PY21 HOME Agreement 3rd Amendment Palms at Blucher Park, LP Page 1 of 4 EXECUTED by the Parties to this Third Amendment as provided below. ATTEST: CITY OF CORPUS CHRISTI Daniel /McGinn(Sep 2! 5 :26 CDT) Rebecca Huerta, City Secretary Daniel McGinn, Director Planning & Community Development APPROVED AS TO FORM: Jacqueline Bazan 7/3/24 Ord. 032503 Authorized By Council 7-27-2021 RHSB Jacqueline Salinas-Bazan Assistant City Attorney TG 110 PALMS AT BLUCHER PARK, LP, a Texas Limited Partnership By: TG 110 Palms at Blucher Park GP, LLC, a Texas limited liability company, its general partner. By: TG 110, Inc., a Texas non-profit corporation its sole member J"0- By: Afq0KoocrrWg(Sep 24,2024 21:31 CDT) Jaclyn S. Woodring Executive Director FY22PY21 HOME Agreement 3rd Amendment Palms at Blucher Park, LP Page 2 of 4 EXHIBIT A-1 Preliminary Budget & Construction Schedule CHDO/Sponsor: TG 110, INC. (CHDO) Project Name: PALMS AT BLUCHER PARK Project Location: 213 &218 S.TANCAHUA ST. Property Owner:TG 110 PALMS AT BLUCHER PARK, LP Total Project Cost: $18,677,176.00 HOME FY22PY21 Award: $1,000,000.00 Preliminary Budget Project Financial Resources: (list may be adjusted to meet your project) (Funds available to complete project) Amount • Deferred Developer Fee.............................................................$528, 771.00 • FY 2012 HOME Fund..................................................................$1 000,000.00 • Other: LIHTC............................................................................$13,948,605.00 • Permanent Loan............................................................................$3,200,000.00 Total Funds Available for Project................................................... $18,677,176.00 Estimated Expenses: (list may be adjusted to meet your project) (List estimated expenses to complete your project)such as: Amount • Land Acquisition...........................................................................$1,068,625.00 • Site Work Costs..................................................................... ...... $1 936,327.00 • Direct New Construction Costs (includes HOME funds).................$8.578,354.00 • Other Construction Costs(Fees, OH, Profit)..................................$1,472,056.00 • Contingency...................................................................................$608,655.00 • Indirect/Soft Costs........................................................................$1 720,504.00 • Developer Fees...............................................................................$1,942,995.00 • Financing Related Costs.................................................................$1,074,660.00 • Project Reserves.............................................................................$275,000.00 Total Project Cost $ 8,677,176.00 Preliminary Construction Schedule (Project Dates for completion of key project phases) Projected Dates FY22PY21 HOME Agreement 3rd Amendment Palms at Blucher Park, LP Page 3 of 4 • Design/Bid Documents(specification packet) completed....................... OCTOBER 2021 • Plattin /SoilTestin lead-based paint, environmental, etc. OCTOBER2021 • Construction Contract Award.................................................................. DECEMBER 2022 • Land Acquisition...................................................................................... DEC 2021/APR 2022 • Start Construction ................................................................................... MAY 2022 • Construction 100%completion................................................................Aoril30,2025 NOTE: HUD/HOME Program does not required 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. FY22PY21 HOME Agreement 3rd Amendment Palms at Blucher Park, LP Page 4 of 4