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Home My WebLink AboutC2019-708 - 7/23/2019 - Approved FIRST AMENDMENT TO THE HOME LOAN AGREEMENT BETWEEN THE CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION AND TG 110, CASA DE MANANA LP This is the First Amendment ("First Amendment") to the Home Loan Agreement dated November 25, 2019, made by and between the Corpus Christi Community Improvement Corporation ("CCCIC") and CASA DE MANANA, LP a Texas Limited Partnership organized under the laws of the State of Texas (hereinafter " BORROWER") for the Casa De Manana Affordable Housing Project. WHEREAS, the CCCIC and the BORROWER entered into a Home Loan Agreement dated November 25, 2019, for the purpose of utilizing some of the City's FY2019-20 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 First 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 Casa De Manana 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 First Amendment. Section 2. Section 1 .2 Term of the Agreement is hereby amended by deleting the original termination date of "December 31 , 2021" and inserting a new and extended termination date of "June 30, 2022." 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." Section 4. By execution of this First Amendment, the Parties to the Agreement hereby agree to revise the FY2019-20 HOME original Agreement extending the Term of Agreement. All other terms, conditions, and covenants of the Agreement not changed by this First Amendment remain the same and in full force and effect. SCANNED (EXECUTION PAGE FOLLOWS) FY19 HOME Casa De Manana First Amendment Page 1 of 3 Executed in DUPLICATE, each of which is considered an original, on this W day of _P2022.,321 ATTEST: CORPUS CHRISTI COMMUNITY IMPROVEMENT CORPORATION _E fl i z 6_0 4 1 1 A 0 4--,-k\ 7::: 11. 4._ Rebecca Huerta Tracey K. tif tu, nterim Director City Secretary Neighborh•.d Services Department (on behalf of the General Manager) APPROVE Dy,S TO FORM: 4th.:.. ‘ 5 -1.AU I num,-,. entMc far L _ Assistant City Attorney SECRETADY FY19 HOME Casa De Manana First Amendment Page 2 of 3 BORROWER: TG 110 CASA DE MANANA, LP, a Texas limited partnership By: TG 110 Casa de Manana GP, LLC, a Texas limited liability company, its general partner By: TG 110, Inc., a Texas non-profit corporation,its sole member By: i . /l. Gilbert M. Piette Executive Director ACKNOWLEDGEMENT STATE OF TEXAS § § COUNTY OF BEXAR § This instrument was acknowledged before me on this c)Dr,$), day of F.9.)lanAA , 2022, by Gilbert M. Piette, Executive Director of TG 110, Inc. a Texas nonprofit,korporation, sole member of TG 110 Casa de Manana GP, LLC, a Texas limited liability company, general partner of TG 110 Casa de Manana, LP, a Texas limited partnership on behalf of said limited partnership. Nota Public, State of Texas .."" Jean Ann Pike 1 * MYPIr es r y g/ 286354301 3 J FY19 HOME Casa De Manana First Amendment Page 3 of 3 EXHIBIT A preliminary Budget &Construction Schedule CHDO/Sponsor: TG 110,Inc. (CHDO) Project Name: Casa de Manana Project Location:4702 Old Brownsville Rd. Property Owner: TG 110 Casa de Manana, LP Total Project Cost: $22,416,224.00 HOME FY 2019 Award: $350.000.00 preliminary Budaet Project Financial Resources: (list may be adjusted to meet your project) (Funds available to complete project) Apulian! • Deferred Developer Fee.....................................................................$ 247,720.00 • FY 2019 HOME Fund..........................................................................$ 350,000.00 • Other: LIHTC $14,958,504.00 • Conventional Loan................................................................................$ 3,710,000.00 • TDHCA Loan $ 2,500,000.00 • Seller Loan $ 650 000.00 Total Funds Available for Project $22.416.224.00 Estimated Expenses: (list may be adjusted to meet your project) fl ist estimated expenses to complete your project) such as: Amount • Land Acquisition $ 1,075,000.00 • Site Work Costs $3,154,283.00 • Direct New Construction Costs (includes HOME funds) $ 8,627,089.00 • Other Construction Costs (Fees, OH, Profit) $1,524,391.00 • Contingency $ 680,888.00 • Indirect/ Soft Costs $ 1,884,000.00 • Developer Fees $ 2,440,000.00 • Financing Related Costs $ 2,457,011.00 • Project Reserves $ 573 562.OQ Total Project Cost $22 416 224 00 HOME Loan Agreement between CCCIC and TG 110 Casa de Manana,LP Page 39 preliminary Construction Schedule (Project Dates for completion of key project phases) Projected Dates • Design/Bid Documents (specification packet)completed June 2019 • Platting/Soil Testing (lead based paint,environmental, etc.) June 2019 • Construction Contract Award............................................................ ..Sept.2019 • Land .Acquisition.................................................................................... Nov. 2019 • Start Construction Nov. 2019 • Construction 100% completion.......................................... ...June 2022 NOTE: HUD/HOME Program does not require 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. Although HUD/HOME Program does not require PJ to manage procurement process, HOME does require PJ to secure copies of contract with Prime Contractor and therefore said contract must be provided to PJ. I I HOME Loan Agreement between CCCIC and TG 110 Casa de Manana,LP Page 40