HomeMy WebLinkAbout102621 NEIGHBOR TO NEIGHBOR - CONTRACT - AGREEMENT MISC - NEIGHBOR TO NEIGHBOR (16)Soo 30
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RECIPIENT CONTRACT FOR CITY OF FORT COLLINS cr1bi 2c14-IA
AFFORDABLE HOUSING FUND MONIES
THIS RECIPIENT CONTRACT ("Contract") is entered into by and between THE
CITY OF FORT COLLINS, COLORADO, a municipal corporation (hereinafter referred to
as "the City") and NEIGHBOR TO NEIGHBOR, INC., a Colorado nonprofit corporation,
(hereinafter referred to as "the Recipient"), and shall be effective on the date last signed
below.
WITNESSETH:
WHEREAS, the City, through its Affordable Housing Fund, desires to be a financial
partner with developers of local affordable housing, where feasible; and
WHEREAS, the City wishes to engage the Recipient to assist the City in utilizing
such funds.
NOW, THEREFORE, in consideration of the mutual promises of the parties, it is
agreed as follows: ,
1. Scope of Services/Performance Monitoring.
A. The Recipient will rehabilitate COACHLIGHT PLAZA APARTMENTS (the
"Project") on the "Project Property" as described in Exhibit A. The Scope of
Services to be rendered by the Recipient as a condition of receiving funds for
the Project pursuant to this Contract is attached as Exhibit A hereto and
made a part of this Contract. Recipient agrees to perform the work described
in Exhibit A, Scope of Services, in compliance with all provisions of this
Contract. Recipient warrants and represents that it has the requisite
authority and capacity to perform all of Recipient's obligations hereunder.
B. The City will monitor the performance of the Recipient against goals and
performance standards required herein. Substandard performance as
determined by the City will constitute non-compliance with this Contract. If
the Recipient does not take action to correct such substandard performance
is not taken by the Recipient within a reasonable period of time after being
notified by the City, the City may initiate contract suspension or termination
procedures.
2. Time of Performance/Term of Contract.
The Project shall commence upon the full and proper execution of this Contract and
shall be completed on or before December 31, 2015. However, the Project time of
Performance may be extended by letter, subject to mutual agreement of the City and the
Recipient. To initiate this process, the Recipient shall submit a written request to the City
at least sixty (60) days prior to December 31, 2015 and shall include a full justification for
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the extension request. Except as provided in Section 22 below, this Contract shall be in
effect as long as the Recipient retains control over properties which utilize Affordable
Housing Fund monies provided pursuant to this Contract for acquisition, construction or
rehabilitation of affordable housing, including income generated from the funds. The City's
obligation to provide funding under this Contract shall be from December 20, 2014 to
December 31, 2015 and shall be contingent upon full compliance by Recipient with all
terms and conditions set forth herein.
3. Payment/Repayment of Funds.
If the Recipient is not in default hereunder, and the Contract and Scope of Services
are eligible expenditures of Affordable Housing Fund monies, the City will pay the
Recipient Affordable Housing Fund monies of FORTY-THREE THOUSAND TWO
HUNDRED FIFTY-SEVEN DOLLARS ($43,257) upon presentation of invoices which
Recipient certified are true and correct copies of payments due on behalf of the Recipient,
for an activity covered by this Contract and made in accordance and compliance with the
Scope of Services. In no event shall the City's obligation to make payment to the Recipient
hereunder exceed FORTY-THREE THOUSAND TWO HUNDRED FIFTY-SEVEN
DOLLARS. ($43,257). Payments may be made once a month in cases covering
reimbursement for operation costs, otherwise upon presentation of vouchers accompanied
by invoices or receipts showing date paid. Payment may be suspended by the City in the
event of a default by Recipient.
For certain projects funded with Affordable Housing Fund monies, the City will
withhold a retainage of 10% of the loan amount until the Recipient has successfully
completed development of the Project through rental of all units and submittal to the City
of all required documentation.
All funds are provided as a "due -on -sale loan" at a minimum, unless otherwise
specified in the Scope of Services. Loans also require payment of five percent simple
interest on the principal, which payment shall be made to the City at the payoff of the loan.
All loans are due in full upon sale or transfer by Recipient of the Project Property, in the
event of a default by Recipient under this Contract, or if the Recipient or a subrecipient
commits fraud, deceit or misrepresentation in obtaining funding.
4. Environmental Conditions.
When applicable, no funds shall be obligated or expended until an
Environmental Review is completed and submitted to the City of Fort Collins for review
and the City has notified Recipient that the City concurs with the Environmental Review.
The Recipient agrees to comply with all environmental or public health related laws or
regulations, insofar as they apply to the performance of this Contract, including but not
limited to:, the Clear Air Act, 42 U.S.C., 1857, et seq.; the Federal Water Pollution Control
Act, as amended, 33 U.S.C. 1251, et seq., as amended 1318 relating to inspection,
monitoring, entry, reports and information, as well as other requirements specified in said
Section 114 and Section 308, and all regulations and guidelines issued thereunder; the
Environmental Protection Agency (EPA) regulations pursuant to 40 CFR, Part 50, as
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