HomeMy WebLinkAboutCORRESPONDENCE - PURCHASE ORDER - 911689711it&�t7
FUNDING PARTNERS
214 S. COLLEGE AVENUE, 2ND FLOOR
FORT COLLINS, CO 80524
(970) 494-2021 (970) 494-2022 FAx
WWW.FUNDINGPARTNERS.ORG
September 22, 2011
Kelly Leigh Day
5125 E. County Rd. 52
Fort Collins, CO 80524
Dear Kelly:
As you are aware, at its August 24, 2011 meeting, the Landmark Preservation Commission
reviewed your project for rehabilitation of fascia, molding, soffit, gutter, downspouts and
siding at 1022 S. College Ave., Fort Collins, CO, 80524. 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
$7,000, which is 93% 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date, then the loan award may be rescinded.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,
twilderp,fcgov.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,
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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
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