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HomeMy WebLinkAbout8646RESOLUTION NO. 8646 A RESOLUTION APPROVING AMENDMENT NO. 1 TO CITY OF PUEBLO AFFORDABLE HOUSING DEVELOPMENT AGREEMENT FOR HUNTER CREEK APARTMENT APPROVED BY RESOLUTION NO. 8398 ON APRIL 27, 1998. BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: SECTION 1. The Council hereby approves the attached Amendment No. 1 to an Affordable Housing Development Agreement approved by City Council Resolution NO. 8398 on April 27, 1998. SECTION 2. The President of the City Council is hereby authorized to approve the adoption of the resolution. ATTEST: CAW 1 IL INTRODUCED: March 22, 1999 By Rich Golenda Councilperson AP R VED: Presi ent of the City Council COUNCILAGENDA Title: A RESOLUTION APPROVING AMENDMENT NO.1 TO CITY OF PUEBLO AFFORDABLE HOUSING Agenda Item # DEVELOPMENT AGREEMENT FOR HUNTER CREEK _ APARTMENT APPROVED BY RESOLUTION 8398 ON APRIL 27, 1998 Department: Housing & Commi:ni1ty Development Date March 22 1999 COUNCIL BACKGROUND PAPER L SUMMARY A. Issue: The Pueblo Cit;� Council shall consider supporting a HOT1 funding application submitted to the City of Pueblo for construction of a multi- unit apartment facility. B. Recommendation: The Council should support the Amendment. II. BACKGROUND Hunter Creek Housing Ltd., a Colorado Limited Partnership submitted an application to the City of Pueblo for financial assistance to construct a new multi- unit apartment complex for Pueblo rental households. Passage of this resolution will approve and obligate $340,000 of federal HOME monies for Hunter Creek Apartment Project. II1. FINANCIAL IMPACT The $340,000 in Federal HOME Funds will be used in conjunction with State of Colorado Division of Housing funds and Colorado Housing and Finance Authority funds. Use of this money will assist in me eting the housing goals of the C oilsoli dated Plan for the City of Pueblo submitted to HUD for the year 1995. IV. ALTERNATE Pi Citv Council can choose not to or they may support the housing -� application P AMENDMENT NO. 1 TO CITY OF PUEBLO AFFORDABLE HOUSING DEVELOPMENT AGREEMENT This Amendment No. 1 is made and entered into this 22 day of March, 1999, by and between the City of Pueblo, a Municipal Corporation, (hereinafter referred to as "City "), and Hunter Creek Housing Ltd., a Colorado limited partnership (hereinafter referred to as "HCH "). WHEREAS, the City and HCH have heretofore entered into a "City of Pueblo Affordable Housing Development Agreement" dated April 27, 1998, and WHEREAS, HCH and City desire to modify certain provisions of the City of Pueblo Affordable Housing Development Agreement; NOW, THEREFORE, in consideration of the foregoing recitals and the covenants, terms and conditions set forth herein, the parties agree as follows: 1. The City of Pueblo Affordable Housing Development Agreement (the "Agreement "), item 1(c) shall be modified to read as follows: "(c) Time is of the essence. HCH agrees that it shall meet the following deadlines with respect to the Project: (i) HCH shall secure loan commitments for a construction loan and the primary loan permanent financing the Project, and furnish evidence thereof to City, on or before March 31, 1999; (ii) HCH shall commence construction of the Project not later than May 1, 1999; (iii) HCH shall substantially complete construction of the Project not later than August 1, 2000." 2. There is hereby added to the Agreement the following: "Prior to any disbursement of funds by the City under the Agreement, HCH shall furnish to the City copies of items required by Colorado Housing and Finance Authority in its letter dated February 26, 1999, a copy of which is attached hereto and incorporated herein." 3. Except as expressly modified by this Amendment No. 1, the Agreement shall remain in full force and effect, in accordance with its terms. \ \SVR_HQ \CONCORDE \1 Project \CO- 21- 97 \DevAgrmtAmend.doc IN WITNESS WHEREOF, HCH and the City have executed this Amendment as of the date first above written and under the laws of the State of Colorado. ATTEST: _ r Witn ss CITY OF PUEBLO, A Munic a Corporation BY: �f�l�, ►� l��- L C President of City Council HUNTER CREEK HOUSING, LTD., A Colorado Limited Partnership By: Hunter Creek Associates, LLC (General Partner) By: Concorde Capital Corporation Ervin, President \ \SVR_HQ \C0NC0RDE \1 Project \CO- 21- 97 \DevAgrmtAmendv2.doe