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HomeMy WebLinkAboutC2011-373 - 9/26/2011 - NAFIRST AMENDMENT TO THE FY09 HOME FUNDING AGREEMENT BETWEEN THE CCCIC AND SAMUEL PLACE APARTMENTS This amendment ( "First Amendment ") is made by and between the Corpus Christi Community Improvement Corporation ( "CCCIC ") and HCS 310, LLC, a limited liability company organized under the laws of the State of Texas, doing business as Samuel Place Apartments, acting by and through its sole member, TG 110, Inc., a Texas corporation ( "Subrecipient "). WHEREAS, the CCCIC and the Subrecipient executed an agreement ( "Agreement ") on December 21, 2010, for the purpose of utilizing the City of Corpus Christi's FY09 -10 HOME Grant Program funds ( "Funds "); WHEREAS, the Subrecipient has experienced delays and has timely requested an extension of the Agreement, in order to complete the funded project; WHEREAS, the Subrecipient's delayed project and need for an extension of the Agreement also requires the replacement of the previous budget and construction schedule with a newly revised schedule; WHEREAS, the Subrecipient is required, pursuant to the Agreement, to execute an original covenant of affordability to bind the property to be improved with the Funds; and WHEREAS, the parties desire to execute this First Amendment to revise and extend the term stated in the Agreement, to revise Section 23 of the Agreement as appropriate, and to revise and replace exhibits and documents necessary to the Agreement. Section 1. Section 2 of the Agreement, entitled "Agreement Period," is amended by deleting the existing date and inserting the date "December 31, 2011." Section 2 is further amended by adding the following sentence to the end of the section: "All construction must be completed no later than November 30, 2011." Furthermore, the parties mutually agree to the ratification of the continuation of the original Agreement by the execution of this First Amendment. Section 2. Section 4 of the Agreement, entitled "CHDO Performance," as well as the substantive content of the Agreement itself are both amended by replacing the previous Exhibit A, entitled "Preliminary Budget & Construction Schedule," with a newly revised Exhibit A, a copy of which is attached to this First Amendment as "Exhibit A- revised" and which is incorporated into this First Amendment by reference. Furthermore, the contents of the revised Exhibit A supersede the contents of the previous Exhibit A of the Agreement to the extent necessary to effectuate the purpose of the Agreement. 2011 -373 09/26/11 Samuel Place Apartments INDEXED Section 3. Section 23 of the Agreement, entitled "Special Conditions," as well as the substantive content of the Agreement itself are both amended by replacing the previous Exhibit D, entitled "Covenant To Bind Property For Period Of Affordability," with a newly revised Exhibit D, a sample copy of which is attached to this First Amendment as "Exhibit D- revised" and which is incorporated into this First Amendment by reference. Furthermore, the contents of the revised Exhibit D supersede the contents of the previous Exhibit D of the Agreement to the extent necessary to effectuate the purpose of the Agreement. Section 23 is further revised by deleting "CHDO shall ensure that the executed Covenant of Affordability is recorded in the real property records of Nueces County and that the original deed covenant, duly certified as to recordation by the appropriate county official, is returned to the CCCIC within thirty days of Project completion" and replacing it with "CHDO shall ensure that the Covenant of Affordability is executed, with the original to be recorded in the real property records of Nueces County, and made to be effective within thirty days of Project completion." Subrecipient shall execute an original covenant document contemporaneously as part of the execution of this First Amendment, which will be recorded by the CCCIC with costs borne by Subrecipient pursuant to the expenditures allowed in the revised Exhibit D. Section 4. By execution of this First Amendment, the parties agree to revise and extend the term stated in the Agreement, revise Section 23 of the Agreement, and to revise and replace exhibits and documents necessary to the Agreement. All other terms, conditions, and covenants of the Agreement not revised by this First Amendment remain the same and in full force and effect. (EXECUTION PAGE FOLLOWS) EC ECUTED IN DUPLICATE, each of which is considered an original, on this the — of ' 2011. ATTEST: Armando Chapa Secretary CORPUS CHRISTI COMMUNITY 1MPROVECORP-ORATION na I Manager HCS 310, LLC, a limited liability company organized under the laws of the State of Texas and doing business as Samuel Place Apartments, by and through its sole member, TG 110, Inc., a Texas corporation Signature Printed Name C - e t • r2 Title Date ACKNOWLEDGMENT STATE OF TEXAS § KNOW ALL BY THESE PRESENTS COUNTY OF NUECES § This instrument w acknowledged before me on �L ` y , 2091 by , asc� (title) of TG 110, Inc., a Texas corporation and sole member of HCS 310, LLC, a limited liability company organized under the laws of the State of Texas and doing business as Samuel Place Apartments, on behalf of the limited liability company and corporation. c os° Yp t_aufta Lynn BAR NOT Y PUBLIC, State My Commission Expires 0/12/2415 �nF� FY and Funding: Project Name: Organization FY2009 / HOME Roofing Renovation TG 110 Inc. Sole Member of HCS 310 LLC — Samuel Place A artments Total Project Cost: $ 250,000 HOME award: $ 200,000 Preliminary Project Financial Resources: (list may be adjusted to meet your project) (Funds available W complete protect) Amount • Private Funding Source ...... • FY 2009 HOME Funding ... • Other: (Specify) ...... Total Funds Available for Project .... ............................... Estimated Expenses: (list may be adjusted to meet your project) (List estimated expenses to complete your project) such as: ........... $ 250,000 Amount • Land Acquisition ..................................... ............................... $ • Advertising, Printing, Etc .................................. ............................... $0 • A/E Professional Fees ....................................... ............................... $ 16,623 • Construction Cost ............................................. ............................... $ 19$.377_ • Construction Related Contingencies ......................... ........................ $ 20,000 • Other: (Specify) Housing Consultant /Closing Costs Legal ...... $15,_000 Total Protect Cost ................... ............................... ....................... $ 250,000 (Funds needed for the project) NOTE: The "total funds available for the proiect," shall be equal to the "total proiect cost." Preliminary Construction Schedule (Project Dates for completion of key project phases) Projected Dates • Land Acquisition ....................................... ............................... NA • Platting /Soil Testing ( other) ....................... ............................... NA • Procurement of Architect /Engineer(A /E) services ..................... Coin 1p eted • Design/Bid Documents (specification paeket)completed......... Completed • Advertisement dates: MUST BE for 1 for 2 . ...................... • Bid opening .... ............................... ........................... 29, 2011 • Award /Execution of construction contract ......................... August 30, 2011 • Pre - construction Meeting ...... ............................... .... September 12, 2011 • Construction Starts ........................ .............................Se ptember 26 2011 • Construction 100% completion .................. ............................... November 30, 2011 ................. $ 50.000 ................. $ 200,000 ................. $0 EXHIBIT D- revised COVENANT TO BIND PROPERTY FOR PERIOD OF AFFORDABILITY STATE OF TEXAS § § KNOW ALL BY THESE PRESEN S: COUNTY OF NUECES § Pursuant to an agreement entered into between the Corpus Chri C unity Improvement Corporation ( "CCCIC ") and, HCS 310, LLC, a limited lia o any, doing business as Samuel Place Apartments, acting by and throug s ember, TG 110, Inc., a Texas corporation, as a Community Housing De I t Organization ( "CHDO "), executed by CHDO on the date shown below, whi r ent is incorporated in this instrument by reference ( "Agreement ") amendment to the Agreement ( "First Amendment "), CHDO accepted feder u conjunction with the United States Department of Housing and Urban Dev a Home Investment Partnership Program ( "HOME Program ") administe a CCCIC, for rehabilitation of the following property: See Exhibit this documE and bounds Corpus Chr to as the "P )y reference into ption and metes .3, located in greinafter referred Pursuant to the terms, dit ns, and covenants contained within the Agreement and First Amendment, as own the Property and in consideration of receiving HOME Program funds, CHDO agrees to bind the Property with the affordability requirements specified in Title 24, a 92.252, of the United States Code of Federal Regulations, for a period of not le s th a (5) years from the date of completion of the rehabilitation of the Property, sw at f completion presently unknown but anticipated to be on or about Nove6 0, 011. I hl IMment constitutes a covenant running with the land and binds all succe ssigns, and transferees of the Property, such Property being subject to t ' s ment. (EXECUTION PAGE FOLLOWS) t HCS 310, LLC, a limited liability company organized under the laws of the State of Texas and doing business as Samuel Place Apartments, by and through its sole member, TG 110, Inc., a Texas corporation Signature Printed Name Title Date ACKNOWLEDGMENT STATE OF TEXAS § KNOW ALL BY T E SENTS COUNTY OF NUECES § , 2011, (title) Nol HCS 310, LLC, a limited e of Texas and doing business as bility company and corporation.