HomeMy WebLinkAboutC2018-722 - 1/30/2018 - Approved AMENDMENT NO. 1 AGREEMENT BETWEEN CORPUS CHRISTI BUSINESS
AND JOB DEVELOPMENT CORPORATION AND CITY OF CORPUS CHRISTI
FOR TYPE A AFFORDABLE HOUSING PROGRAM — HOMEBUYER
ASSISTANCE PROGRAM
Whereas, on May 23, 2017, the Corpus Christi City Council approve an agreement
between the Corpus Christi Business and Job Development Corporation (the
"Corporation") and the City of Corpus Christi (the "City"), which agreement had
been approved by the Corporation's Board of Directors (the "Type A Board") on
April 10, 2017.
Whereas, the City is requesting additional funding of $100,000 from the
Corporation to continue the program and provide down-payment assistance to
additional people for the purchase of affordable housing in the City; and
Whereas, the Type A Board wishes to provide additional funding to this program
so that it may continue without interruption.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1) Paragraph 1 of the Agreement is hereby amended to read in its entirety as
follows:
"Agreement to Provide Affordable Housing Services. This Agreement
between the Corporation and the City is executed to implement the promotion
and development of an affordable housing project described in Exhibit "A" and
incorporated in this Agreement by reference. The parties have approved this
Agreement in an amount not to exceed $320,000, of which up to $20,000 will
reimburse City for staff time in implementing the Project. The parties have
agreed that $300,000 will be used to implement the Project and to process
applications from the citizens for funds under the Project. In addition to the
$300,000 funded by this agreement, the parties agree that the City will use any
funds left over from previous agreements for this program to implement the
Project and to process applications from the citizens for funds under the
Project. The funds provided under this agreement may not be used for any
other projects or to reimburse the City for any staff time which is unrelated to
this Project. Any funds not used for the implementation of the Project will be
returned to the Corporation."
2) All other terms and conditions of the previously executed Agreement
between the parties which are not inconsistent herewith shall continue in full force
and effect. This Amendment becomes effective upon execution by all parties and
approval of City Council.
C2018-722
1/30/18
M2018-019
CCBJDC (Type A)
SCANNED
EXECUTED IN PLICATE ORIGINALS this �� day of1-(AWA-Ciii,U1-8, by
the authori r= •resentativ- : - e parties.
CORPU'6 C -ISTI BU.I ' & CITY OF CORPU • C RI I
JOB DE OPMEN ,- i -O' ' ON /
i i /,„/////lri��Z /�.
Bart Br- P S. / e ei -- an
Preside Assistant City Manager
Date: Date: _/ i
ATTEST:
1.12.6ceiii6wirct-e- --o.—................,....,AU I no ,....,_
Re ecca Huerta
SY COUNCIL_.1.
City Secretary /,_
Date: c� /a l/`1 8 a SECRETAR PJP!
TPPROVED S TO FORM:
J.AAwuA 1 'tel I/isl ik- :fit/-4 /—/S—' -
Aimee Alcorn-Reed Kent Mcllyar
Assistant City Attorney Assistant City Attorney
Attorney for Corporation Attorney for City Housing Department