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Home My WebLink About10037V *Y4]Ik1j1[9]0Ii•[61S[ITIRN A RESOLUTION APPROVING AN AMENDMENT TO THE AGREEMENT BETWEEN THE HOUSING AUTHORITY OF THE CITY OF PUEBLO, AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR AFFORDABLE HOUSING DEVELOPMENT, AND AUTHORIZING THE PRESIDENT OF THE COUNCIL TO EXECUTE SAME BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The Amendment No. 1 dated January 12, 2004, to the Affordable Housing Development Agreement dated September 24, 2001 between the Housing Authority of the City of Pueblo, 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. SECTION 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 January 12, 2004 BY Michael Occhiato Councilperson APPROVED: PRESI ENT OF CITY COUNCIL ATTESTED BY: CITY CLERK 6,00. # 10037 Background Paper for Proposed RESOLUTION AGENDA ITEM # I I DATE: JANUARY 12, 2004 DEPARTMENT: HOUSING & CITIZEN SERVICES / TONY BERUMEN TITLE A RESOLUTION APPROVING AN AMENDMENT TO THE AGREEMENT BETWEEN THE HOUSING AUTHORITY OF THE CITY OF PUEBLO, AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR AFFORDABLE HOUSING DEVELOPMENT, AND AUTHORIZING THE PRESIDENT OF THE COUNCIL TO EXECUTE SAME ISSUE A Resolution approving an amendment to the Agreement, hereto attached, between the City of Pueblo, a Municipal Corporation and the Housing Authority of the City of Pueblo. On September 24, 2001, the City Council approved an Affordable Housing Development Agreement between the parties. It is necessary that the Agreement be amended to revise the amount of financial assistance being provided to the project. The Authority has requested an additional $200,000 in HOME funds to complete the Santa Fe Crossings project. Anticipated grant funds from the Colorado State Historical Fund did not materialize. RECOMMENDATION Approve the resolution, thus approving an amendment to the Agreement. BACKGROUND The City Council approved a resolution at the September 24, 2001 meeting, approving an Affordable Housing Development Agreement between City of Pueblo, a Municipal Corporation and the Housing Authority of the City of Pueblo, authorizing the use of HOME funds for the new construction and rehabilitation of existing property for multi - family rental units for low -to moderate - income families. FINANCIAL IMPACT HOME Investment Partnership Act funds in the amount of $200,000 are available in account 251 - 0000 - 331- 10 -02. Total amount of HOME funds committed to this Project is $503,211. AMENDMENT NO. 1 TO AFFORDABLE HOUSING DEVELOPMENT AGREEMENT THIS AMENDMENT NO. 1 To Affordable Housing Development Agreement is made and entered into this 12th day of January, 2004 by and between the City of Pueblo, a Municipal Corporation (hereinafter referred to as "City") and the Housing Authority of the City of Pueblo, a public housing authority(hereinafter referred to as "HAP"). WHEREAS, HAP and City have heretofore entered into an Agreement dated September 24, 2001 (hereinafter"the Agreement")wherein HAP 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 et seq., and implementing regulations, including but not limited to those at 24 CFR Part 92; and WHEREAS, HAP has requested additional loan assistance from City for the Project contemplated by the Agreement in order to address unforseen contingencies, and City is willing to provide such additional loan assistance; and WHEREAS, it is necessary and desirable that the Agreement be amended to provide for such additional loan assistance, subject to all terms and conditions of 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 3(c) thereof to state that the aggregate of all payments under the Agreement shall not exceed Five Hundred Three Thousand Two Hundred Eleven Dollars and No Cents (U.S. $503,211.00). 2. No disbursement of the additional funds provided under this Amendment No. 1 shall be made until and unless HAP executes such additional or amended loan instruments as City may reasonably require, including, without limitation, instruments of the type and nature required by paragraph 4 of the Agreement, and further, that HAP meets and satisfies all conditions precedent to disbursement of funds, as set forth in the Agreement. 3. 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, 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, HAP and City have executed this Amendment No. I To Affordable Housing Development Agreement as of the date first above written. HOUSING AUTHORITY OF THE CITY OF PUEBLO / By: // '-> A , ' — Chairman, card of Directors By: Jack Quinn Executive Director CITY OF PUEBLO, ATTEST: A Municipal Corporatio i 0 City Cle4 Air Preside of the City Council [ SEAL ] N.\WORD\2001110ME\SANTA FE CROSSINGS\AMENDMENT I.WPD -2-