HomeMy WebLinkAboutC2021-369 - 7/27/2021 - Approved DocuSign Envelope ID:C44E218B-5399-47D0-9DB2-F3501 C7246C4
FIRST AMENDMENT TO THE
HOME LOAN AGREEMENT BETWEEN
City of Corpus Christi, a home rule municipal corporation and
TG 110, PALMS AT BLUCHER PARK, LP
(Whose general partner is TG 110 Palms at Blucher Park GP, LLC, and the sole member of the
general partner is TG 110, Inc., a Community Housing Development Organization (CH DO)
acting in the capacity of a Sponsor)
This is the First Amendment ("First Amendment") to the Home Loan Agreement dated April 21,
2022, made by and between the CITY OF CORPUS CHRISTI, a home rule municipal
corporation (hereinafter "CITY") and TG 110 PALMS AT BLUCHER PARK, LP a Texas Limited
Partnership organized under the laws of the State of Texas (hereinafter "BORROWER").
WHEREAS, the CITY and the BORROWER entered into a Home Loan Agreement dated April 21,
2022, for the purpose of utilizing some of the City's FY2022-PY2021 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 Palms at Blucher Park 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, 2023" and inserting a new and extended termination date of
"March 31, 2024."
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-1."
Section 4. By execution of this First Amendment, the Parties to the Agreement hereby agree to
revise the FY2022-PY2021 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.
(EXECUTION PAGE FOLLOWS)
FY22PY21 HOME Agreement V Amendment Palms at Blucher Park, LP Page 1 of 4
DocuSign Envelope ID:C44E218B-5399-47D0-9DB2-F3501 C7246C4
EXECUTED by the Parties to this First Amendment as provided below.
ATTEST: CITY OF CORPUS CHRISTI
DocuSigned by: w-^—Dro�,c��u�'Signed by:"V
�,A
tt
Rebec 94City Secretary Dan l ibh4,'Director
Planning & Community Development
APPROVED AS TO FORM:
Ord, 032503 Authorized By
DocuSigned by:
Lr;/_S,5
By: ken�c� f�lcl.l.F," Council 7/27/2021
W. lylMdl EC...
Assistant City Attorney
TG 110 PALMS AT BLUCHER PARK, LP,
a Texas Limited Partnership
By: TG 110 Palms at Blucher Park GP, LLC,
a Texas limited liability company, its general
partner.
By: TG 110, Inc.,
a Texas non-profit corporation
its sole member
By: �w-^�DocuSigned by:
,�AL�cn1& L YJ66 V A
Ja $�E3bng
Executive Director
FY22PY21 HOME Agreement I"Amendment Palms at Blucher Park, LP Page 2 of 4
DocuSign Envelope ID:C44E218B-5399-47D0-9DB2-F3501 C7246C4
EXHIBIT A-1
Preliminary Budget & Construction Schedule
CHDO/Sponsor: TG 110, INC. (CHDO)
Project Name: PALMS AT BLUCHER PARK Project Location: 213 & 218 S.TANCAHUA ST.
Property Owner:TG 110 PALMS AT BLUCHER PARK, LP
Total Project Cost: $18,677,176.00 HOME FY22PY21 Award: $1,000,000.00
Preliminary Budget
Project Financial Resources: (list may be adjusted to meet your project)
(Funds available to complete project) Amount
• Deferred Developer Fee........................................................................$528,571.00
• FY 2012 HOME Fund.............................................................................$1,000,000.00
• Other: LIHTC........................................................................................$13,948,605.00
• Permanent Loan............................................................................................$3,200,000.00
Total Funds Available for Project...............................................................$18,677,176.00
Estimated Expenses: (list may be adjusted to meet your project)
(List estimated expenses to complete your project) such as: Amount
• Land Acquisition...........................................................................................$1,068,625.00
• Site Work Costs..................................................................... .....................$1,936,327.00
• Direct New Construction Costs (includes HOME funds)..........................$8,578,354.00
• Other Construction Costs (Fees, OH, Profit).............................................$1,472,056.00
• Contingency...................................................................................................$608,655.00
• Indirect/Soft Costs......................................................................................$1,720,504.00
• Developer Fees..............................................................................................$1,942,995.00
• Financing Related Costs...............................................................................$1,074,660.00
• Project Reserves............................................................................................$275,000.00
Total Proiect Cost..............................................................................................$18,677,176.00
FY22PY21 HOME Agreement I"Amendment Palms at Blucher Park, LP Page 3 of 4
DocuSign Envelope ID:C44E218B-5399-47D0-9DB2-F3501 C7246C4
Preliminary Construction Schedule
(Project Dates for completion of key project phases)
Projected Dates
• Design/Bid Documents(specification packet) completed... OCTOBER 2021
• Platting/Soil Testing(lead based paint, environmental, etc.) OCTOBER 2021
• Construction Contract Award...................................................................... DECEMBER 2022
• Land Acquisition.............................................................................................DEC 2021/APR 2022
• Start Construction ........................................................................................ MAY 2022
• Construction 100%completion..............................................................MARCH 2024
NOTE: HUD/HOME Program does not required 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.
FY22PY21 HOME Agreement I"Amendment Palms at Blucher Park, LP Page 4 of 4