HomeMy WebLinkAboutC2008-287 - 8/12/2008 - ApprovedAFFORDABLE HOUSING PROJECT AGREEMENT
VANGUARD HALL CONSULTING FIRM, INC. -HOME BUYER ASSISTANCE
This Affordable Housing Project Agreement ("Project Agreement") is entered into
between the Corpus Christi Business and Job Development Corporation
("Corporation"), the City of Corpus Christi ("City"), and Vanguard Hall Consulting Firm,
Inc. ("Grantee").
WHEREAS, the Texas Legislature in Section 4A of Article 5190.6, Vernon's Texas
Revised Civil Statutes (Development Corporation Act of 1979) empowered local
communities with the ability to adopt an optional local sales and use tax as a means of
improving the economic health and prosperity of their citizens;
WHEREAS, on November 5, 2002, residents of the City of Corpus Christi passed
Proposition 2, New and Expanded Business Enterprises, which authorized the adoption
of a sales and use tax for the promotion and development of new and expanded
business enterprises at the rate of one-eighth of one percent to be imposed for 15
years;
WHEREAS, in the same election, the residents of the City passed Proposition 2B,
Affordable Housing, which authorized the use of a portion of the sales and use tax
approved under Proposition 2 for affordable housing, up to $500,000 annually, so long
as there are projects for which the amount can reasonably be used;
WHEREAS, the 1/8 cent sales tax authorized by passage of Proposition 2 and allocated
under Proposition 2B for affordable housing was subsequently enacted by the City's
City Council ("City Council"), and filed with the State Comptroller of Texas, effective
April 1, 2003, to be administered by the Corporation's Board of Directors ("Board");
WHEREAS, the Board issued a request for proposals for affordable housing projects;
WHEREAS, Grantee submitted a proposal to the Board to request funds to provide
homebuyer assistance to 9 low to moderate income homebuyers, to assist with down
payment and closing costs toward the purchase of a newly constructed energy efficient
home at an amount up to $20,000 each home buyer not to exceed a total granted
amount of $180,000;
WHEREAS, the Board has determined that it is in the best interests of the residents of
the City of Corpus Christi that affordable housing funds be awarded, by execution of this
Project Agreement, to accomplish the affordable housing project described in this
agreement and in a portion of the Grantee's proposal;
In consideration of the covenants, promises, and conditions stated in this Project
Agreement, the Corporation, Grantee, and the City agree as follows:
1. Project Agreement to Implement Affordable Housing Project. This Project
^--------` `-~_---~ "-~ Corporation, the City, and Grantee is executed to implement
2008-287
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Vanguard Hall - 4A Board ~~Q~X~Q
the promotion and development of an affordable housing project proposed by Grantee
in response to the Board's request for proposals ("Project Response"). The Project
Response submitted by Grantee, entitled "Vanguard Home Buyer Assistance Program"
("Project") is attached to this Project Agreement as Exhibit A, and is incorporated in this
Project Agreement by reference.
2. Effective Date. The effective date of this Project Agreement is the latest date on
which a party to the Project Agreement executes this Project Agreement. ("Effective
Date")
3. Expiration Date. This Project Agreement expires on January 31, 2010.
4. Services to be Provided by City.
a. The City, through the City's City Manager or his designee ("City Manager"),
administers the funding and performs contract administration responsibilities, as
outlined in this Project Agreement, for the Corporation.
5. Services to be Provided by Grantee.
a. Grantee shall assist 9 families with Down Payment and Closing Cost
Assistance for the purchase of affordable single-family homes.
b. The single family homes must be built with new "Green" construction
methods, including, but not limited to, Structural Insulated Panels (SIPS), Radiant
Barriers, Solar Screens, and Energy Efficient Appliances.
c. The single family homes must be based on one of the four (4) floor plans
submitted in the Grantee's proposal, which will have between 1140-1250 square
feet and will be offered at the sale price of $85,000 to $95,000.
d. The homebuyer assistance must be utilized for closing costs and to buy down
the purchase price of a home.
e. Each homeowner must meet the qualifications in Exhibit B.
f. Each homeowner must execute a note and a deed of trust that conform to
Exhibits C and D of this agreement, or a revised version provided by the City.
6. Services to be Provided by Corporation. The Corporation will provide up to
$20,000 per homeowner for homebuyer assistance to the title company that is used to
close the sale of the home. The funds provided by the Corporation may be used for
closing costs and down payment assistance. The total funds paid by the Corporation
may not exceed $180,000.00.
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7. Documentation and Reports.
a. Grantee shall maintain all documentation relating to the receipt and
expenditure of the funds provided under this Project Agreement for a period of
three years following the expiration of this Project Agreement or for such longer
period as may be required by Federal or State law.
b. Grantee shall provide access to all records, documents, reports, and audits,
regarding the funded activity under this Project Agreement, during regular
business hours, for the purpose of inspection and copying by the City Manager.
Furthermore, Grantee shall provide to the City Manager any information
pertinent to this Project Agreement, as may be requested during the term of this
Project Agreement.
c. Grantee shall submit a performance report ("Quarterly Report") to the City
and the Corporation at least once each quarter, and a complete performance
report ("Final Report") within 30 days of the expiration of this Project
Agreement. The Quarterly and Final Reports must contain all relevant details
pertaining to any homeowner assistance provided with funds made available
under this agreement, and include any supporting documentation required to
substantiate the written narrative contained in the reports. The reports must
document:
(1) Property appraisal information
(2) Title and Deed of Trust for the property purchased
(3) Expenses incurred for construction project
(4) Purchase price of the new constructed home
(5) Home buyer assistance information -amounts per homebuyer
(6). Itemized Energy efficiency (green building) features with documented
expenses
(7). Balance of 4A grant
(8) Pending project expenses
(9). Status of project time line
(10). Project challenges and anticipated resolutions.
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8. Amendments or Modifications.
a. No amendments or modifications to this Project Agreement may be made, nor
any provision waived, unless the amendment or modification is made in writing
and signed by persons duly authorized to sign agreements on behalf of all
parties.
b. The Corporation's Executive Director and City Manager are authorized to
execute minor amendments or modifications to this Project Agreement, by
exchange of letters with the Grantee. The minor amendments and modifications
may relate to the timing of performance and reporting, the scope of work to be
performed, the number of homebuyers assisted, or the amount of assistance
provided to each homebuyer. However, the minor amendments or modifications
may not increase the amounts of money available to the Grantee under this
Project Agreement.
9. Severability.
a. If for any reason, any section, paragraph, subdivision, clause, provision,
phrase or word of this Project Agreement or the application of this Project
Agreement to any person or circumstance is, to any extent, held illegal, invalid,
or unenforceable under present or future law or by a final judgment of a court of
competent jurisdiction, then the remainder of this Project Agreement, or the
application of the term or provision to persons or circumstances other than
those as to which it is held illegal, invalid, or unenforceable, will not be affected
by the law or judgment, for it is the definite intent of the parties to this Project
Agreement that every section, paragraph, subdivision, clause, provision,
phrase, and word of this Project Agreement be given full force and effect for its
purpose.
b. To the extent that any clause or provision is held illegal, invalid, or
unenforceable under present or future law effective during the term of this
Project Agreement, then the remainder of this Project Agreement is not affected
by the law, and in lieu of any illegal, invalid, or unenforceable clause or
provision, a clause or provision, as similar in terms to the illegal, invalid, or
unenforceable clause or provision as may be possible and be legal, valid, and
enforceable, will be added to this Project Agreement automatically.
10. Compliance with Laws. Grantee shall comply with all applicable Federal, State,
and local government laws, rules, regulations, and ordinances which may. be relevant to
Grantee's performance under this Project Agreement.
11. Jurisdiction and Venue.
a. This Project Agreement is governed by and must be construed under the
laws of the State of Texas.
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b. All actions brought to enforce compliance with this Project Agreement must
be brought in Nueces County, Texas, where this Project Agreement was
entered into and must be performed.
12. Acknowledgment and Construction of Ambiguities. The parties expressly
agree that each has independently read and does understand this Project Agreement.
By Grantee's execution of this Project Agreement, Grantee agrees to be bound by the
terms, covenants, and conditions contained in this Project Agreement. Any ambiguities
in this Project Agreement may not be construed against the drafter.
13. Indemnity. Grantee must fully indemnify and hold harmless the
City of Corpus Christi, the Corpus Christi Business and Job
Development Corporation, and their officers, employees, and agents
(hereinafter, collectively "Indemnitees") from and against any and all
liability, damage, loss, claims, demands, expenses, suits, and causes
of action of any nature whatsoever on account of injury or damage to
person (including, without limitation on the foregoing, premises
defects, workers' compensation, and death claims) or property loss or
damage of any kind whatsoever which arise out of or are in any
manner connected with, or are claimed to arise out of or be in any
way connected with, either proximately or remotely, wholly or in part,
any activities by Grantee, its officers, employees, agents, members,
invitees, or independent contractors with respect to .this Project
Agreement or the Project that is the subject of this Project
Agreement, regardless of whether such injuries, death, or damages
are caused, or are claimed to be caused, by the contributory
negligence of any of the Indemnitees, but not if caused by the sole
negligence of the Indemnitees unmixed with the fault of any other
person or entity. Grantee covenants and agrees that if Indemnitees,
or any of them, are made a party to any litigation against Grantee or in
..any litigation commenced by any party other than Grantee relating to
this Project Agreement or Project, Grantee shall, upon receipt of
reasonable notice regarding commencement of litigation, at its own
expense, investigate all claims and demands, attend to their
settlement or other disposition, defend Indemnitees in all actions
based thereon with legal counsel satisfactory to Indemnitees, and pay
all charges of attorneys and all other costs and expenses of any kind
arising from any said liability, damage, loss, demand, claim, or action.
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14. Warranties. Grantee warrants and represents to Corporation the following:
a. Grantee is a duly organized, validly existing, and in good standing under the
laws of the State of Texas, has all authority to carry on its business as presently
conducted in Corpus Christi, Texas.
b. Grantee has the authority to enter into and perform, and will perform, the
terms of this Project Agreement.
c. Grantee has timely filed and will timely file all local, State, and Federal tax
reports and returns required by law to be filed and all taxes, assessments, fees,
and other governmental charges, including applicable ad valorem taxes, have
been timely paid, and will be timely paid, during the term of this Project
Agreement.
d. Grantee has- received a copy of the Texas Development Corporation Act of
1979, Art. 5190.6, Vernon's Texas Revised Civil Statutes, and acknowledges that
the funds granted in this Project Agreement must be utilized solely for purposes
authorized under State law and by the terms of this Project Agreement.
e. If an audit determines that the funds were not used for authorized purposes,
Grantee agrees to reimburse .Corporation for the sums of money spent for
purposes not authorized by law within 30 days written notice requesting
reimbursement.
f. The parties executing this Project Agreement on behalf of Grantee are duly
authorized to execute this Project Agreement on behalf of Grantee.
15. Events of Default. The following events constitute a default of this Agreement:
a. Failure of Grantee to timely, fully, and completely comply with any one or
more of the requirements, obligations, duties, terms, conditions, or warranties of
this Project Agreement.
b. The Corporation or City determines that any representation or warranty on
behalf of Grantee contained in this Project Agreement or in any financial
statement, certificate, report, proposal, or opinion submitted to the Corporation in
connection with this Project Agreement was incorrect or misleading in any
material respect when made.
c. Any judgment is assessed against Grantee or any attachment or other levy
against the property of Grantee with respect to a claim remains unpaid,
undischarged, or not dismissed for a period of 30 days.
d. Grantee makes an assignment for the benefit of creditors.
e. Grantee files a petition in bankruptcy, or is adjudicated insolvent or bankrupt.
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f. If taxes on property owed by Grantee become delinquent, and Grantee fails to
timely and properly follow the legal procedures for protest or contest.
g. Grantee changes the general character of its business as conducted on or
following the date this Agreement is approved by the Corporation.
16. Notice of Default. Should the Corporation or City determine that Grantee is in
default under the terms of this Agreement, the Corporation or City shall notify Grantee in
writing of the event of default and provide 60 days from the date of the notice ("Cure
Period") for Grantee to cure the event of default.
17. Results of Uncured Default. After exhausting good faith attempts to address any
default during the Cure Period, and taking into account any extenuating circumstances
that might have occurred through no fault of Grantee, as determined by the Board of
Directors of the Corporation, the following actions must be taken for any default that
remains uncured after the Cure Period:
a. Grantee shall immediately repay to Corporation, with interest at the interest
rate paid by the City on its most recently issued general obligation bonds from
date of expiration of Cure Period until fully paid, all funds not used under terms of
this Project Agreement.
b. Grantee shall pay Corporation reasonable attorney fees and costs of court to
collect amounts due to Corporation.
c. The Corporation shall have no further obligations to Grantee under this
Project Agreement and this Project Agreement shall terminate.
d. Neither the City nor the Corporation may be held liable for any consequential
damages.
e. The Corporation may pursue all remedies available under law.
18. No Waiver.
a. No waiver of any covenant or condition, or the breach of any covenant or
condition of this Project Agreement, constitutes a waiver of any subsequent
breach of the covenant or condition of the Project Agreement.
b. No waiver of any covenant or condition, or the breach of any covenant or
condition of this Project Agreement, justifies or authorizes the nonobservance on
any other occasion of the covenant or condition or any other covenant or
condition of this Project Agreement.
c. Any waiver or indulgence of Grantee's default may not be considered an
estoppel against the Corporation.
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d. It is expressly understood that if at any time Grantee is in default in any of its
conditions or covenants of this Project Agreement, the failure on the part of the
Corporation to promptly avail itself of the rights and remedies that the
Corporation may have, will not be considered a waiver on the part of the
Corporation, but Corporation may at any time avail itself of the rights or remedies
or elect to terminate this Project Agreement on account of the default.
19. Notices.
a. Any required written notices shall be sent, certified mail, return receipt
requested, addressed as follows:
If to Grantee:
Vanguard Hall Consulting Firm, Inc.
Attn: President
4421 Bluefield Drive
Corpus Christi, Texas 78413
If to Corporation:
City of Corpus Christi Business and Job Development Corporation
Attn: Executive Director
1201 Leopard Street
Corpus Christi, Texas 78401
b. A copy of all notices and correspondence must be sent to the City at the
following address:
City of Corpus Christi
Attn.: City Manager
P.O. Box 9277
Corpus Christi, Texas 78469-9277
c. Notice is effective upon deposit in the United States mail in the manner
provided in subsection a of this section.
20. Incorporation of other documents.
The Corpus Christi Business & Job Development Corporation 4a Board
Affordable Housing Request for Proposals issued April 7, 2008, is incorporated
into this Project Agreement.
21. Relationship of Parties. In performing this Agreement, the Corporation, Grantee,
and the City shall act in an individual capacity, and not as agents, representatives,
employees, employers, partners, joint-venturers, or associates of one another. The
employees or agents of either party may not be, nor be construed to be, the employees
or agents of the other party for any purpose.
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22. Nonassignment. Grantee may not assign, mortgage, pledge, or transfer this
Project Agreement or any interest contained in this Project Agreement without the prior
written consent of the other parties to this Project Agreement.
23. Non-discrimination.
a. Grantee may not discriminate nor permit discrimination against any person or
group of persons on the grounds of race, gender, disability, religion, age, or national
origin in any manner prohibited by the laws of the United States or the State of
Texas.
b. The Corporation retains the right to take any action the United States or the State
of Texas may direct to enforce this non-discrimination covenant.
24. Captions. The captions in this Project Agreement are for convenience only and
are not a part of this Project Agreement. The captions do not in any way limit or amplify
the terms and provisions of this Project Agreement.
25. Entire Agreement. This Project Agreement and the referenced and incorporated
documents constitute the entire agreement between the Corporation, the City, and
Grantee for the purpose stated. All other agreements, promises, representations, and
understandings, oral or otherwise, with reference to the subject matter of this Project
Agreement, unless contained in this Project Agreement, are expressly revoked, as the
parties intended to provide for a complete understanding, within the provisions of this
Project Agreement and its referenced and incorporated documents, of the terms,
conditions, promises, and covenants relating to the each party's required performance
under this Project Agreement.
CORPUS CHRISTI BUSINESS &
JOB DEVELOPMENT CORPORATION
Elo alazar
Ch Irman
~-~~ -~~'
Date
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ACKNOWLEDGMENT
STATE OF TEXAS §
§ KNOW ALL BY THESE PRESENTS:
COUNTY OF NUECES §
This instrument was acknowledged before me on ~ ~ , 2008,
by Eloy Salazar, Chairman, Corpus Christi Business Job elopment Corporation, a
Texas nonprofit corporation, on behalf of the corporation.
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k `w!%V r STATE OF: TEXAS
-"a~"P'pF,'f My Gomm. Exp. 02-18-2009
NOT RY PU IC
State of Texas
ATTEST:
Armando Chapa
City Secretary
Date: ~/~ l' ~
APPROVED AS TO FORM:
CITY OF CORPUS CHRISTI
Ge ge K. Noe
City Mana er
Date: b ~'~ ~ a
R. Ja eini
Firs Assis nt City Att ney
for the City Attorney
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Affordable Housing -Vanguard - HBA 07152008.doc
Page 10 of 11
VANGUARD HALL CONSULTING FIRM, INC.
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Patricia Noyola Date
President
ACKNOWLEDGMENT
STATE OF TEXAS §
§ KNOW ALL BY THESE PRESENTS:
COUNTY OF NUECES §
This instrument was acknowledged before me on /~,{. ~~ f ~ , 2008,
by Patricia Noyola, President, Vanguard Hall Consulting Firm, Inc., a Texas Domestic
For-Profit Corporation, on behalf of the corporation.
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Affordable Housing -Vanguard - HBA 07152008.doc
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`~u: VANGUARD HALL
Patricia Noyola-President/Sales and Marketing
Jesse Noyola-Public Relations
Sylvia Coslick-office Manager
Rick Casanova-Project Manager
Jesse Ortega-Project Manager
Ernest LeSeure-Project Manager
4A .Board 2007-2008 Affordable Housing Program
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Concepts, Inc.
Exhibit A
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4A Board 2007-2008 Affordable Housing
Table of Contents
1. Letter of Transmittal
2. Qualifications and Experience
3. Capabilities
4. Project Narratives:
1. New Construction
2. Land Acquistion
3. Home Buyer Assistance
4. Green Building Concepts
5. Home Buyer Counseling
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4A Board 2007-2008 Affordable Housing Program
Transmittal Letter
1. Vanguard Hall requests the opportunity to enter into a contractual agreement for the Affordable
Housing Program.
2. Vanguard Hall will provide the products that meet or exceeds the Corpus Christi codes and ICC
standards.
3. Vanguard Hall has acquired the proper financial commitment to pursue the immediate
construction and completion of homes under the Affordable Housing Program. Timeframe
allowed for each project meets guideline imposed by the 4A Board. .Any funds awarded by the
4A Board will be leveraged with company matched dollars.
4. Vanguard Hall will provide evidence of general liability insurance and workers compensation
insurance.
5. Builder's Registration number under TRCC is # 25002
6. Authorized member to enter into contractual agreement is Patricia Noyola, President, and CEO.
7. Affiliated companies and services are: Ever Green Concepts, Inc., Cornerstone Insurance and
Financial Services.
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4A Board 2007-2008 Affordable Housing
Qualifications and Capabilities
1. Vanguard Hall: Vanguard Hall is not on the General Services Administration's Excluded Parties
List for federal programs.
2. Principals: Patricia Noyola-President, CEO. Residential Construction-8 years, Sales and
Marketing-10 years, Financial Services and Mortgage Lending-10 years. Rick Casanova-Project
,Manager, Residential and Commercial Construction-15 years. Jesse Ortega-Project Manager,
Residential Construction-8 years. Ernest LeSeure-Project Manager, Residential Construction-8
years.
3. Vanguard Hall is not affiliated directly or indirectly with 4A Board, its Board of Directors,
Management, or its employees. No conflict of interest is present.
4. Vanguard Hall has maintained an excellent "A" credit rating. At this time, we have committed
private funding for our Affordable Housing project as well as lines of credit.
5. Timeline for all proposed projects is 12 to 18 months.
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4A Board 2007-2008 Affordable Housing
Project Narrative
New Construction
1. Green concepts: Sustainable Housing for "Green" Construction to include but not limited to:
Structural Insulated Panels, Radiant Barriers, Solar Screens, and Energy Efficient Appliances.
Amount Requested: $150,000 Grant.
To Assist: 15 Households with a $10,000 Grant for "Green" construction. Private funds
leveraged will be $150,000.
Project time frame: l2 months
Please note this is in addition to any down payment assistance.
Floor Plans: 4 Plans Available (See Attached)
Square Feet: 1140-1250 square feet.
Sales Price: $85,000 to $95,000
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4A Board 2007-2008 Affordable Housing
Project Narrative
Land Acquisition
1. Request to apply for a Grant for the purpose of Land Acquisition for the purpose of creating a
sustainable. "Green" Affordable Subdivision.
2. This will be a letter of intent to purchase at Navigation and Bear lane.
Amount Requested: $513,000 Grant. Current list price of land is $513,000
Number of lots created: Approximately 85 Lots
Current Zoning is: Light Industrial
Title opinion: Currently in request.
Timeline: 12-36 months, project to be completed. in three phases.
Four Floor Plans: 3 Bedroom, 2 Bath, 1 car garage. 1140-1250 Square Feet. Sales Price: $ 85,000
to $ 95,000.
Floor Plans Attached
Time line-12 months to 18 months for construction of homes.
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4A Board 2007-2008 Affordable -Housing
Project Narrative
Home Buyer Assistance
1. Request for the 4A Board to increase the Home buyer assistance to $30,000 per Household
for a home sales price of $95,000 to include green technology.
2. Request for the 4A Board to establish separate income guideline for the use of 4A dollars
home buyer assistance not leveraged with any City or.Federal Funds.
Income Guideline Proposed:
Family Size Annual Income
1 $ 32,000
2 $ 35,900
3 $ 39,800
4 $ 44,000
This will increase the sustainability of families in their homes and provide a broader base of
homebuyers who would otherwise not qualify by HUD income.guidelines.
Families in this bracket may not need a "full"-grant and may be eligible for at least 509'0 of
down payment assistance.
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4A Board 2007-2008 Affordable Housing
Project Narrative
Green Building Concepts
1. Request for the 4A Board to allow $10,000 per household Green construction Grant to be
used for energy efficient Structural Insulated Panels.
Stronger: Far Stronger than Stick Framing. Extensive testing confirms SIP panels are
stronger than conventional framing. Stronger framing allows for longer spans, often
without truss system. More durable against storms and insects.
Straighter: Large panels form straight and consistent engineered walls with less warps and _
cracks than stick framing. Reduced framing installation time with fewer builder callbacks.
Straight factory cut doorways, windows, and archways.
Greener: Up to 60% savings on heating/cooling costs. Better indoor air quality and
exceptional comfort. Reduced pollutants and energy consumption. SIP's provide points
toward building initiatives (LEED, NAHB, and Energy Star Rated).
Properties Qualify for: Tax Rebate Incentives and Energy Efficient Mortgages.
(See Additional literature Attached)
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:~ VANGUARD HAL L
4A Board 2007-2008 Affordable Housing
Project Narrative
Housing Counseling
1. Request for the 4A Board to allow $100,000 in Grant Assistance for the purpose of Housing
Counseling, Housing Fairs, Credit Repair and Credit Relief. Private funds will be leveraged
with this program.
40 Families (at minimum) to be assisted.
Covered Costs:. 1. Marketing Campaign and Homebuyer Seminars and the advertising
thereof. 2. Tri-Merge Credit Reports. 3. Charges with repositories for direct access to
update information involving trade lines.
Credit Relief: This program is for those buyers who have been identified as:
A. Victims of identity theft.
B. Buyers who have demonstrated positive history after any bad debt where bad
debt continues to appear on credit report as various sold collection items that
exceed the 7 year life cycle and prohibits credit scores to be recalculated.
C. Any buyers who can verify incorrect or inaccurate information appearing on
their credit report and the costs associated with the removal of such.
information as allowed by the Fair Credit Reporting Act.
Credit Relief works along side of the Mortgage lending underwriters who can identify an
incorrect reporting of a trade that will impact the overall credit scoring model.
Post Closing: Bi Annual consultations with the homebuyers to review their budgets and
update financial profile of buyer. This program works to prevent possible fall out,
foreclosure, and over extension of debt.
"Exhibit F"
CITY OF CORPUS CHRISTI
DISCLOSURE OF INTERESTS
City of Corpus Chri~i Ordinance 17112, ~ amended, requires ail persons or firms seeking to do business with the City t~
provide the foikywing' in/formation. Every questlon must be answered. If the question is not applicable, answer with ONAO.
FIRM NI4ME:.........Y. .. Ll~`.t.:C~..f ...I"~'.C~. .~...~,t.:l..C...~ ............... ..... ............................................
sntEET: ~~~.J.... ~ ~~.~. ~! .:.:................ clmr:.~r~t.~..~yr.~.~........ aP:.: ~.~~! ~ ~ ......,
FIRM is: 1. Corporation ~ 2. Parfiership [) 3. Sole Owner [ ] 4. A~octiation [ 1
5. Other [ J .....................................................................................................:...............................................
asc~osuRE cwESnonls
If additional space ~ necessary, please use the reverse side of this page or attach separate sheet
State the names of each °employee" of the City of Corpus Christi having an "ownership interest" corsitid~ling 396 or more o
the ownership in the above named "firm'.
Name Job Trtla and C' De rtrnent d known
..............~ ..f.~l......................................... ......................~.... ~......... r.......... ).....................................................
2 State the names of each "official' of the City of Corpus Christi having an "ownership interest' constituting 396 or more of
the ownership in the above named `firm°.
Nams j ~ Title
..............~. ~.l.:Z...................................... ................................................................................................................
3. State the names of each "board member" of the City of Corpus Christi having an "ownership interest constituting 396 or
more of the ownership in the above named `firm".
Name Board, Commission or Commiltce
4. State the names of each employee or officer of a "consuitar>r' for the City of Corpus Christi who worked on any matter
related to the subject of this contrail and has an 'ownership interest' constituting 396 or more of the ownership in the
above named 'firm".
Name ~~ \\ ~ Consultant
!v
CERTIFICATE
I certify that aii information provided is true and correct as of the date of this statement, that I have not knowingly withheld
disclosure of any information requested; and that supplemental statements wE be promptly submtiled fio the Ciq- of Corpta;
Christi, Texas as ch occur.
j ... ,
Certifying Person:.......1.-~:.~ L.i~ 1..1.~......~!.L 17~'.~...~..... Titie:.......~: ~. ~.d~ .~.~ ...........................
Signatun: of Certifyir~
Exhibit B
Project Eligibility Criteria
The City's 4A Board of Directors is requesting proposals involving the creation of
individually owned single-family housing units that qualify as affordable housing.
Affordable Housing:
Texas Revised Civil Statues, Article 5190.6, Section 3(c) includes promotion of the
development and expansion of affordable housing as defined by 42 USC 12745 as a
projects eligible for the expenditure of economic development sales tax funds (4a
funds). This Statute basically provides qualification or restrictions on housing to
assure that the housing retains the "affordable" characteristic:
Housing that is for homeownership qualifies as affordable if:
(1) The initial purchase price does not exceed 95% of the median purchase price
for the area, with adjustments for differences in the structure, such as single-
family, new or old housing;
(2) The home is the principal residence of an owner whose family qualifies as a
low-income family (determined at the time of purchase);
(3) The home is subject to resale restrictions to provide for resale to qualifying
persons with a fair return to the owner and investment made to make the home
affordable, and
(4) If the home is newly constructed, it meets energy efficiency standards.
(5) Rehabilitation of affordable housing would require that sufficient safeguards
be placed on the funding to assure that the housing remains affordable with the
definition of 42 USC 12745.
Proposals must be for affordable single-family home ownership units designed to
assist low and moderate income households. Persons assisted must be residents of
the City of Corpus Christi; and must meet the following HUD income guidelines:
t1V~f?A~E L[i~ iTS 8~'~ r C~F~ 1~DFi~N #~1C431)~
FAMILY
SIZE 1 2 3 4 5 6 7 8
ANNUAL
INCOME 27000 30850 34700 38550 41650 44700 47800 50900
Revised 3/21/07 Income limits are established by HUD and are subject to change without notice.
REAL ESTATE NOTE
Date:
Maker's Address:
Payee: CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT CORPORATION
c/o City of Corpus Christi, Economic Development Office, P.O. Box 9277, Corpus Christi,
Nueces County, Texas, 78469
Principal Amount:
Annual Interest Rate on unpaid principal from date of funding: Zero percent (0%)
Term of this Note shall be 10 years if the amount ranges $15,000 to $20,000; Terms of payment:
This Note shall be due and payable in approximately One Hundred Twenty (12~ monthly
installments, each being in the amount of of the principal amount set forth above. The
first of said monthly installments being due and payable on the date of closing, and the remaining
installments shall be due in consecutive order thereafter on the same day of each and every succeeding
month.
Provided, however, that for each month Maker occupies the property described herein as Maker's
principal residence during the term of this note, the monthly installment due herein shall be waived and
forgiven by payee, and Maker shall not be required to pay such monthly installments.
The term "principal residence" means a dwelling which, depending on all of the facts and
circumstances, including the good faith intent of the occupant, is occupied primarily for residential
purposes by the owner.
Default in the payment of any part of the principal, when due, or failure to comply with any or the
agreement and conditions in any and all instruments given to secure this note including, without
limitations any default under the terms and provisions of the Real Estate Notes, shall at the option of the
holder hereof, at once mature the whole of this note, without notice.
EXHIBIT C
Page 1 of 2
In the event this note is placed into the hands of an attorney for collection, or if collected through
Probate or Bankruptcy proceedings, then an additional ten percent (10%) on the amount of principal and
interest then owing hereon, shall be added to the same as reasonable and necessary attorney's fees in
addition to the court costs.
The markers and all endorsers, sureties and guarantors of this note hereby severally waive
presentment for payment, notice ofnon-payment, notice of intent to accelerate, notice of acceleration,
protest and diligence in bringing suit, against any party hereto, and consent that the time of payment of
this note, or any part thereof, may be extended without notice.
Each maker is responsible for the entire amount of this note.
This note is secured by Deed of Trust covering the following described property situated in
Nueces County, Texas, to wit:
MAKERS
EXHIBIT C
Page 2 of 2
DEED OF TRUST
Date:
Grantor:
Grantor's Mailing Address (including county):
Corpus Christi, Nueces County, Texas 784
Trustee: Mary Kay Fischer, City Attorney, 1201 Leopard Street, Corpus Christi, Texas
78401
Beneficiary: Corpus Christi Business and Job Development Corporation
Beneficiary's Mailing Address (including county):
P.O. Box 9277
Corpus Christi, Nueces County, TX 78469
Note(s): That note of even date herewith executed by Maker payable to the order of
Beneficiary and described as follows:
Date:
Amount:
Maker:
Payee: Corpus Christi Business and Job Development Corporation
Final Maturity Date: Due upon earliest of following events:
(1) sale or transfer of property.
(2) Grantor(s) cease to occupy property as principal residence.
Terms of Payment: As therein provided
Property (including any improvements):
Prior Lien(s)(including recording information):
Exhibit D
DEED OF TRUST.doc
For value received and to secure payment of the note, Grantor conveys the property to
Trustee in trust. Grantor warrants and agrees to defend the title to the property. If
Grantor performs all the covenants and pays the note according to its terms, this deed
of trust has no further effect, and Beneficiary shall release it at Grantor's expense.
GRANTOR'S OBLIGATIONS
Grantor agrees to:
1. Keep the property in good repair and condition.
2. Pay all taxes and assessments on the property when due.
3. Preserve the lien's priority as it is established in this deed of trust.
4. Maintain, in a form acceptable to Beneficiary, an insurance policy that:
a. Covers all improvements for their full insurable value as determined
when the policy is issued and renewed, unless Beneficiary approves a
small amount in writing.
b. Contains an 80% coinsurance clause.
c. Provides fire and extended coverage, including windstorm coverage.
d. Protects Beneficiary with a standard mortgage clause.
e. Provides flood insurance at any time the property is in a flood hazard
area.
f. Contains such other coverage as Beneficiary may reasonably require.
5. Comply at all times with the requirements of the 80% coinsurance clause.
6. Deliver the insurance policy to Beneficiary and deliver renewals to Beneficiary
at least ten days before expiration.
7. Keep any buildings occupied as required by the insurance policy.
8. If this is not a first lien, pay all prior lien notes that Grantor is personally liable
to pay and abide by all prior lien instruments.
9. Principal residence requirement:
a. Grantor agrees to occupy the property described in this deed of trust as
Grantor's principal residence.
b. As used in this deed of trust, "principal residence" means a home
which, depending upon all of the facts and circumstances (including the
DEED OF TRUST.doc
good faith of the occupant) is occupied primarily for residential purposes
by Grantor.
c. The term does not include a home used as an investment property or a
recreational home or a home which is used primarily in a trade or business
(as evidenced by the use of more than fifteen percent [15%] of the total
floor space in a trade or business).
d. Grantor agrees to submit annual recertification, in a form prescribed by
Beneficiary, to the Beneficiary to evidence Grantor's occupancy under the
provisions of this Deed of Trust.
e. Grantor further agrees to notify Beneficiary immediately if at any time
the property ceases to be used as Grantor's principal residence.
10. Due on Sale Requirement. If Grantor conveys or contracts to convey the
property, or any interest the property, to a party or parties not appearing in this
instrument without the written consent of Beneficiary, then Beneficiary, at its
election exercised at any time after such event without notice to Grantor, may
declare the entire indebtedness secured hereby at once due and payable.
BENEFICIARY'S RIGHTS
1. Beneficiary may appoint in writing a substitute or successor trustee,
succeeding to all rights and responsibilities of Trustee.
2. If the proceeds of the note are used to pay any debt secured by prior liens,
Beneficiary is subrogated to all of the rights and liens of the holders of any debt
so paid.
3. Beneficiary may apply any proceeds received under the insurance policy
either to reduce the note or to repair or replace damaged or destroyed
improvements covered by the policy.
4. If Grantor fails to perform any of Grantor's obligations, Beneficiary may
perform those obligations and be reimbursed by Grantor on demand at the place
where the note is payable for any sums so paid, including attorney's fees, plus
interest on those sums from the dates of payment at the rate stated in the note
for matured, unpaid amounts. The sum to be reimbursed shall be secured by
this deed of trust.
5. If Grantor defaults on the note or fails to perform any of Grantor's obligations
or if default occurs on a prior lien note or other instrument, Beneficiary may:
a. Declare the unpaid principal balance and earned interest on the note
immediately due.
DEED OF TRUST.doc
b. Request Trustee to foreclose this lien, in which case Beneficiary or
Beneficiary's agent shall give notice of the foreclosure sale as provided by
the Texas Property Code, as then amended.
c. Purchase the property at any foreclosure sale by offering the highest
bid and then have the bid credited on the note.
6. If Grantor conveys or contracts to convey the property covered by this deed of
trust, or any interest in the property covered by this deed of trust, including a
leasehold interest, to a party or parties not appearing in this instrument without
the written consent thereto of Beneficiary, then Beneficiary, at its election
exercised any time after such event and without notice to Grantor, may declare
the entire indebtedness secured hereby at once due and payable.
Trustee's Duties:
If requested by Beneficiary to foreclose this lien, Trustee shall:
1. Either personally or by agent give notice of the foreclosure sale as required by
the Texas Property Code, as then amended.
2. Sell and convey all or part of the property to the highest bidder for cash with a
general warranty binding Grantor, subject to prior liens and to other exceptions to
conveyance and warranty.
3. From the proceeds of the sale, pay, in this order:
a. Expenses of foreclosure, including a commission to Trustee of 5% of
the bid.
b. To Beneficiary, the full amount of principle, interest, attorney's fees,
and other charges due to unpaid.
c. Any amounts required by law to be paid before payment to Grantor.
d. To Grantor, any balance.
General Provisions
1. If any of the property is sold under this deed of trust; Grantor shall
immediately surrender possession to the purchaser. If Grantor fails to do so,
Grantor shall become a tenant at sufferance of the purchaser, subject to an
action for forcible detainer.
2. Recitals in any Trustee's deed conveying the property will be presumed to be
true.
DEED OF TRUST.doc
3. Proceedings under this deed of trust, filing suit for foreclosure, or pursuing
any other remedy will not constitute an election of remedies.
4. This lien remains superior to liens later created even if the time of payment of
all or part of the note is extended or part of the property is released.
5. If any portion of the note cannot be lawfully secured by this deed of trust,
payments must be applied first to discharge that portion.
6. Grantor assigns to Beneficiary all sums payable to or received by Grantor
from condemnation of all or part of the property, from private sale in lieu of
condemnation, and from damages caused by public works or construction on or
near the property. After deducting any expenses incurred, including attorney's
fees, Beneficiary may release any remaining sums to Grantor or apply the sums
to reduce the note. Beneficiary is not be liable for failure to collect or to exercise
diligence in collecting any such sums.
7. Grantor assigns to Beneficiary absolutely, not only as collateral, all present
and future rent and other income and receipts from the property.
a. Leases are not assigned.
b. Grantor warrants the validity and enforceability of the assignment.
Grantor may as Beneficiary's licensee collect rent and other income and
receipts as long as Grantor is not in default under the note or this deed of
trust.
c. Grantor shall apply all rent and other income and receipts to payment
of the note and performance of this deed of trust, but if the rent and other
income and receipts exceed the amount due under the note and deed of
trust, Grantor may retain the excess.
d. If Grantor defaults in payment of the note or performance of this deed
of trust, Beneficiary may terminate Grantor's license to collect and then as
Grantor's agent may rent the property if it is vacant and collect all rent and
other income and receipts.
e. Beneficiary neither has nor assumes any obligations as lessor or
landlord with respect to any occupant of the property.
f. Beneficiary may exercise Beneficiary's rights and remedies under this
paragraph without taking possession of the property.
g. Beneficiary shall apply all rent and other income and receipts collected
under this paragraph first to expenses incurred in exercising Beneficiary's
rights and remedies and then to Grantor's obligations under the note and
this deed of trust in the order determined by Beneficiary.
DEED OF TRUST.doc
h. Beneficiary is not required to act under this paragraph, and acting
under this paragraph does not waive any of Beneficiary's other rights or
remedies.
i. If Grantor becomes a voluntary or involuntary bankrupt, Beneficiary's
filing a proof of claim in bankruptcy will be tantamount to the appointment
of a receiver under Texas law.
8. Interest on the debt secured by this deed of trust do not exceed the maximum
amount of nonusurious interest that may be contracted for, taken, reserved,
charged, or received under law.
a. Any interest in excess of that maximum amount shall be credited on
the principal of the debt or, if that has been paid, refunded.
b. On any acceleration or required or permitted prepayment, any such
excess shall be canceled automatically as of the acceleration or
prepayment or, if already paid, credited on the principal of the debt or, if
the principal of the debt has been paid, refunded.
c. This provision overrides other provisions in this and all other
instruments concerning the debt.
9. In the event the property described in this deed of trust is subject to prior liens
in favor of third parties, any default under any prior lien instrument is a default
under this deed of trust.
10. When the context requires, singular nouns and pronouns include the plural.
11. The term "note" includes all sums secured by this deed of trust.
12. This deed of trust binds, inures to the benefit of, and may be exercised by
successors in interest of all parties.
13. The note secured by this deed of trust evidences funds advanced for a
portion of the purchase price of the property described in this deed of trust, and is
additionally secured by a vendor's lien on the property.
14. Upon the sale, rent, or change of ownership of the property described in this
deed of trust for any reasons, by any means, or upon the death of the Makers of
the Real Estate Note(s) secured by this deed of trust, the entire principal and
appropriate interest of the Real Estate Note(s) immediately become due and
payable without notice or presentment of any kind including, without limitations,
notice of intent to accelerate and notice of acceleration.
a. The Executive Director of the Corpus Christi Business and Job
Development Corporation may waive this requirement upon the written
DEED OF TRUST.doc
request of the Makers of the Real Estate Note(s) or their heirs,
successors, and assigns.
b. Should the property no longer become the primary residence or should
there be a change of use, the entire principal and appropriate interest shall
immediately become due and payable without notice or presentment of
any kind including, without limitations, notice of intent to accelerate and
notice of acceleration.
Witness our hands this day of , 200_ A.D.
Name:
Name:
STATE OF TEXAS
COUNTY OF NUECES
This instrument was acknowledged before me on the day of ,
200_, by
Notary Public, State of Texas
STATE OF TEXAS
COUNTY OF NUECES
This instrument was acknowledged before me on the day of ,
200_, by
Notary Public, State of Texas
DEED OF TRUST.doc
AFTER RECORDING RETURN TO:
Corpus Christi Business and Job Development Corporation
c/o City of Corpus Christi Economic Development Office
P. O. Box 9277
Corpus Christi, Texas 78469
DEED OF TRUST.doc