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HomeMy WebLinkAbout09103RESOLUTION NO. 9103 A RESOLUTION APPROVING AN AMENDMENT TO AN AFFORDABLE HOUSING DEVELOPMENT AGREEMENT BETWEEN NEIGHBORHOOD HOUSING SERVICES OF PUEBLO, INC., AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR AFFORDABLE HOUSING DEVELOPMENT. BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: SECTION 1. The Amendment No. 1, dated September 11, 2000, to the Affordable Housing Development Agreement dated August 14, 2000, between Neighborhood Housing Services of Pueblo, Inc., and the City of Pueblo, a Municipal Corporation, (the "Agreement "), for the development of affordable housing, a copy of which is attached and incorporated herein, having been approved as to form by the City Attorney, is hereby approved. SF.C"T10N 2. The President of the City Council is hereby authorized to approve the adoption of the resolution, and the City Clerk to attest the same, by and on behalf of the City of Pueblo. INTRODUCED: September 11, 2000 ATTEST: Gina tcher City k By Al Nimile Councilperson APPROVED: Koehler President of the City Council COUNCIL AGENDA Agenda Item # I A RESOLUTION APPROVING AN AMENDMENT TO THE AGREEMENT BETWEEN NEIGHBORHOOD HOUSING SERVICES OF PUEBLO, INC., AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR AFFORDABLE HOUSING DEVELOPMENT SERVICES IN FURTHERANCE OF THE CITY'S HOUSING STRATEGY, AND AUTHORIZING THE PRESIDENT OF THE COUNCIL TO EXECUTE SAME Department: Housing & Community Development Date: September 11, 2000 SUMMARY A. ISSUE: A resolution approving an Amendment to the Agreement, hereto attached, between the City of Pueblo, a Municipal Corporation and Neighborhood Housing Services of Pueblo, Inc. On August 14, 2000, the City Council approved an Affordable Housing Development Agreement between the parties. It is necessary that the Agreement be amended to revise and clarify provisions of the Agreement with respect to the repayment of financial assistance benefiting parcels of land used for purposes ineligible to receive financial assistance under the Agreement. B. RECOMMENDATION: Approve the resolution, thus approving an amendment to the Agreement. II. BACKGROUND The City of Pueblo's City Council approved a resolution at the August 14, 2000 meeting, approving an Affordable Housing Development Agreement between Neighborhood Housing Services of Pueblo, Inc., and the City of Pueblo, a Municipal Corporation. III. ALTERNATIVES A. The City could elect to not amend the existing Affordable Housing Development Agreement, and therefore, not clarify provisions of repayment under the Agreement. B. The City could approve this Resolution. AMENDMENT NO. 1 TO AFFORDABLE HOUSING DEVELOPMENT AGREEMENT (CHDO SET ASIDE) THIS AMENDMENT NO. 1 To Affordable Housing Development Agreement is made and entered into this 11 th day of September, 2000 by and between the City of Pueblo, a Municipal Corporation (hereinafter referred to as "City ") and Neighborhood Housing Services of Pueblo, Inc. (hereinafter referred to as "CHDO "). WHEREAS, CHDO and City have heretofore entered into an Agreement dated August 14, 2000 (hereinafter "the Agreement ") wherein CHDO agreed to undertake control and development of a housing project in accordance with the terms of that Agreement, the City's housing strategy and the requirements of law, including but not limited to the Home Investment Partnerships Act, 42 U. S. C. § 12701 a seq., and implementing regulations, including but not limited to those at 24 CFR Part 92; and WHEREAS, it is necessary and desirable that the Agreement be amended to revise and clarify provisions of the Agreement with respect to the repayment of financial assistance benefitting parcels of land used for purposes ineligible to receive financial assistance under the Agreement, NOW, THEREFORE, in consideration of the foregoing and the mutual terms and conditions set forth herein, the parties agree as follows: 1. The Agreement is amended by revising paragraph 20(e) thereof to read as follows: 20. (e) The parties acknowledge that the Acquisition component of the Project has included a small portion of the Property which may be dedicated and used for commercial development and not for residential purposes or for the construction of Program Units or Other Units (hereinafter referred to as the "Commercial Parcels "). The parties recognize and acknowledge that the Commercial Parcels would also receive an enhancement in value based upon construction of the Off -Site Improvements and Subdivision and On -Site Improvements components of the Project. The parties further understand that such commercial use is ineligible for the assistance provided under this Agreement. Consequently, in such event, CHDO shall promptly repay to City, in addition to all other repayment obligations set forth in this Agreement, a fair and equitable amount, to be determined by City's Director of Housing and Community Development, which shall not be less than the fractional amount of assistance provided under this Agreement for the Acquisition, Off -Site Improvements, and Subdivision and On -Site Improvements components of the Project fairly allocable to the Commercial Parcels. 2. Except as expressly modified by this Amendment No. 1, the Agreement shall remain in full force and effect. Except as expressly modified, any obligations remaining to be performed under the original Agreement by either party, including but not limited to those relating to the work or services to be performed by CHDO, or the conditions precedent to disbursement of any funds provided under the Agreement, are not waived or excused in any manner, but shall be fully performed in accordance with the terms and conditions of the Agreement as it existed prior to this Amendment No. 1. IN WITNESS WHEREOF, CHDO and City have executed this Amendment No. 1 To Affordable Housing Development Agreement as of the date first above written. NEIGHBORHOOD HOUSING SERVICES OF PUEBLO, INC. ATTEST: By Secretary Chairman, Board of Directors CIT OFj PUEBLO ATTEST: A ni al Corpo on By City , k Pr sident of the City Council [ SEAL ] F: \CITY�HOUSING \HOME \LATIERAAWMEND -1.WPD -2-