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HomeMy WebLinkAbout11464RESOLUTION NO. 11464 A RESOLUTION APPROVING AN AMENDMENT TO AN AFFORDABLE HOUSING DEVELOPMENT AGREEMENT BETWEEN NEIGHBORHOOD HOUSING SERVICES OF PUEBLO, INC., DOING BUSINESS AS NEIGHBORWORKS OF PUEBLO, INC., AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR AFFORDABLE HOUSING DEVELOPMENT BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SFCTION 1 The Amendment No. 4 dated November 24, 2008, to the Affordable Housing Development Agreement dated August 14, 2000, between Neighborhood Housing Services of Pueblo, Inc., doing business as NeighorWorks 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. SECTION 2. The President of the City Council is hereby authorized to execute the Agreement in the name of the City, and the City Clerk is directed to affix the seal of the City thereto and attest the same. INTRODUCED November 24, 2008 BY Vera Ortegon Councilperson PRt %rtw unri, A :s r) a { CLERK E ������ L Background Paper for Proposed RESOLUTION AGENDA ITEM # 4 DATE: NOVEMBER 24, 2008 DEPARTMENT: HOUSING AND CITIZEN SERVICES / ADA RIVERA CLARK TITLE A RESOLUTION APPROVING AN AMENDMENT TO AN AFFORDABLE HOUSING DEVELOPMENT AGREEMENT BETWEEN NEIGHBORHOOD HOUSING SERVICES OF PUEBLO, INC., DOING BUSINESS AS NEIGHBORWORKS OF PUEBLO, INC., AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR AFFORDABLE HOUSING DEVELOPMENT ISSUE On August 14, 2000, the City Council approved an Affordable Housing Development Agreement (the "Agreement ") between the parties. The Agreement expires on December 31, 2008. The Amendment extends the Agreement until December 31, 2010. RECOMMENDATION Approve the resolution BACKGROUND NeighborWorks received HOME funding for the development of the Hyde Park Gardens Subdivision. This is a mixed - income, 78 -unit subdivision. A minimum of forty units are to be sold to families earning below 80% of the area median income ($48,700). To date 27 lots have been sold and 15 of these have been to low -to moderate - income families. The funds were used for land acquisition and on- and off -site infrastructure improvements to the property. NeighborWorks is requesting an extension to the contract and Staff recommends said extension. FINANCIAL IMPACT There is no financial impact. 4 AMENDMENT NO. 4 TO AFFORDABLE HOUSING DEVELOPMENT AGREEMENT THIS AMENDMENT NO. 4 to Affordable Housing Development Agreement is made and entered into this 24th day of November, 2008 by and between the City ofPueblo, a Municipal Corporation (hereinafter referred to as "City ") and Neighborhood Housing Services of Pueblo, Inc., doing business as NeighborWorks of Pueblo, Inc., (hereinafter referred to as "Subrecipient "). WHEREAS, Subrecipient and City have heretofore entered into an Agreement dated August 14, 2000 (hereinafter "the Agreement ") wherein Subrecipient agreed to construct affordable housing 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 sec., and implementing regulations, including but not limited to those at 24 CFR Part 92; and the Housing and Community Development Act, 42 U.S.C. §5301 et. seq ., and implementing regulations; and WHEREAS, Subrecipient has requested an extension of the Agreement's expiration date; and WHEREAS, it is necessary and desirable that the Agreement be amended to provide for the extension of the Agreement's expiration date, 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: I. The Agreement is amended by revising paragraph five thereof to state that Subrecipient shall have completed and sold or cause to have been completed and sold, not less than forty (40) Program Units by not later than December 31, 2010. 2. Except as expressly modified by this Amendment No. 4, the Agreement shall remain in full force and effect. Except as expressly modified, any obligations remaining to be performed under the original Agreement, and prior Amendments 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. 4. C IDOCIAMEN IS AND S I. CT I NGS.NADRI DG \LOCAL SEF PINGS' I HNIPORARY NTEVIJ FI LFSOLKP] \AMF,ND a HYDE PARK GA RD ENS. DOC r c IN WITNESS WHEREOF, Subrecipient and City have executed this Amendment No. 4 to Affordable Housing Development Agreement as of the date first above written. NeighborWorks of Pueblo By: Name:. io ?� l ✓. Title: And -'� By: Title: ATTEST: City rk [SEAL-] CITY OF PUEBLO, A Municipal Corporation By.. : Name: Title: President of City Council C \DOCUMENTS AND SKTTINGS'.MA DR I DG \WCA I. SF,S'T INC, S \TEMPORARY INTF.P J21 FII.ESI0I.KF9 \AMEND a HYDE PARK GARDENS. DOC