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.