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.
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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
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