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HomeMy WebLinkAboutCORRESPONDENCE - PURCHASE ORDER - 9116899FUNDING PARTNERS 214 S. COLLEGE AVENUE, 2ND FLOOR FORT COLLINS, CO 80S24 (970) 4942021 (970) 4942022 FAx WW W. FUNDINGPARTNERS.ORG September 22, 2011 Joshua C. Beck & Kristin Kjer 610 Cherry Street Fort Collins, CO 80521 Dear Joshua & Kristin: As you are aware, at its August 24, 2011 meeting, the Landmark Preservation Commission reviewed your project for rehabilitation of two chimneys at 610 Cherry Street, Fort Collins, CO, 80521. The City of Fort Collins Advance Planning Department has contracted with Funding Partners for Housing Solutions to originate and administer their Landmark Rehabilitation Loans. Congratulations, you have been conditionally awarded a Landmark Rehabilitation Loan up to $2,300, which is 96% of your request. The award amount is conditioned on: (1) completion of all the elements of the work you applied for; (2) providing the minimum 50% match to complete the work; and (3) meeting other program requirements as outlined in the "Assurances" page you signed in your Landmark Rehabilitation Loan application. The next steps are fairly simple. I've outlined them below: (1) Obtain Building Permit: Call or visit Building and Zoning Services at 281 N. College Ave., Fort Collins, CO, (970) 221-6760 to obtain any necessary building permits. (2) Begin Work: Once you have received your building permit, you are ready to begin work. You must begin work on your project by 03/22/2012. If the project is not started by that date, then the loan award may be rescinded. You have until 09/22/2012 to complete the project. (3) Submit Receipts and Set Up Inspection: When all work is complete, submit all your receipts to Timothy Wilder in the City of Fort Collins Advance Planning Department, 281 N. College Ave., P.O. Box 580, Fort Collins, CO, 80522, Phone (970) 221-6756, twilderRfegov.com. After receipt of the documents Timothy will contact you to arrange an appointment time to inspect the work involved in the project. (4) Loan Documents: Upon notification by the Advance Planning Department that your project is complete, Funding Partners will provide the Landmark Rehabilitation Loans Disclosures to the legal owner of the property. We will mail the Final Application, Good Faith Estimate, Truth -in -Lending Disclosure, and other required disclosures to you for signatures. The Truth -in -Lending Act requires a seven business day waiting period after the disclosures have been sent out before the loan can be consummated or closed. (5) Promissory Note and Deed of Trust: Funding Partners will contact you to set up a time to meet and execute the loan closing documents (copies of sample closing documents are attached for your review). The zero percent (0%) interest loan, with no monthly payments, is due on sale. The loan funds will be released by the City of Fort Collins once the Promissory Note and Deed of Trust are signed, and the check will be mailed directly to you by the City within approximately 3 weeks. The Deed of Trust will be recorded with Larimer County, and the City of Fort Collins will hold a lien on the property until the Landmark Rehabilitation loan is paid. If the owner sells the property the loan must be repaid in full at the time of the closing. The payoff amount on the Landmark Rehabilitation Loan will be exactly the same amount your project was awarded. Once the title company provides a check from the proceeds of the sale of the property, payable to the City of Fort Collins, the City will release the lien the property. Please don't hesitate to contact me if you have any questions at regarding the Landmark Rehabilitation Loan terms or documents. I can be reached at (970) 494-2021 or Connie �fundingpartner.org. Congratulations! I wish you the best of luck on your restoration project! Sincerely, Connie Ealey Funding Partners Colorado LMB# 100034426 NMLS #382932 Enclosures cc: Timothy Wilder, City of Fort Collins MCIlZLv y cl tpEvubible houshg happew i, Colorado!