HomeMy WebLinkAboutLANEY WALKER DEVELOPMENT CORPOATION FIREST AMENDMENT 205 HOME INVESTMENT PARTNERSHIP
FIRST AMENDMENT
To
AGREEMENT BETWEEN
AUGUST A, GEORGIA
&
LANEY WALKER DEVELOPMENT CORPORATION
For
2005 HOME INVESTMENT PARTNERSHIPS PROGRAM
This First Amendment to the agreement executed by and between the Parties on October
18, 2005, is made and entered into on the Is!' day of 4'";j'/2008' by and betweeo
AUGUST A, GEORGIA, (hereinafter referred to as "Augusta"), and LANEY WALKER
DEVELOPMENT CORPORATION (hereinafter referred to as the "LWDC").
WHEREAS, AUGUSTA desires to amend the original agreement to allow LWDC to
effectively administer its HOME eligible affordable housing development activities; and
WHEREAS, L WDC has determined that this amendment is in its best interest and has
agreed to the said amendment; and
WHEREAS, AUGUST A has changed the name of its Housing and Economic
Development Department (HED) to Augusta Housing and Community Development Department
(AHCDD) and desires to amend this agreement to reflect the name change;
NOW THERFORE, in exchange for their mutual good and valuable consideration, the
receipt and sufficiency of which each PARTY acknowledges, and intending to be legally bound,
AUGUST A and L WDC agree to amend said agreement as follows:
(1)
"Housing and Neighborhood Development shall be stricken throughout the entire agreement and
shall be replaced with Augusta Housing and Community Development Department (AHCDD).
'HED' shall also be stricken and replaced with AHCDD."
First Amendment to the 2005 Home Investment Partnerships Program Agreement
Between Augusta, Georgia and Laney Walker Development Corporation
Page 2 of 5
(2)
Paragraph (A) of Article I shall be stricken in its entirety and shall be replaced with the
following language:
A. Scope of Services
Project Description: Laney Walker Development Corporation (LWDC)
agrees to utilize approved HOME funds to support continual project
related cost associated with the revitalization of the Laney Walker
Neighborhood. Funds will be utilized for the construction of three single
family units. These units will be made available for purchase by eligible
low and moderate-income homebuyers.
L WDC shall conduct project development activities and related services
for the three single family units at:
1324 Ninth Street
1336 Ninth Street
1340 Ninth Street
Paragraph D (2) of Article II shall be changed from original project activity cost (A) and
be replaced with (B) amended project cost as detailed below:
(A) Project Activity Cost
Construction Cost
Total Budget Allocated
$92,128.50
$92,128.50
The additional funding of $ 80,601.50 is being provided to LWDC in the form of a
loan. Total contract amended is detailed below:
(B) Project Activity Cost
Construction Cost
Soft Cost (Loan)
Total Amended Contract:
$ 92,128.50
$ 80,601.50
$ 172,730.00
(3)
Article N shall be stricken in its entirety and shall be replaced with the following
language:
Article IV: Term of Agreement
The term of this agreement shall commence on the date when this agreement
is executed by AUGUSTA and the LWDC and shall end on December 31,
2008. All required reporting must be submitted within thirty (30) days of
the completion of this project. L WDC must submit in writing, if additional
time is needed to complete this project."
First Amendment to the 2005 Home Investment Partnerships Program Agreement
Between Augusta, Georgia and Laney Walker Development Corporation
Page 3 of 5
(4)
Paragraph (A) of Article V shall be stricken in its entirety and shall be replaced with the
following language:
A. This is a pay for performance agreement and in no event shall
AHCDD provide advance funding to L WDC or any subcontractor
hereunder. All payments to L WDC will be made on a reimbursement basis.
L WDC may not request disbursement of funds under this agreement until
eligible costs have been encumbered or paid. L WDC must submit
appropriate documentation along with the reimbursement request. AHCDD
has the right to request additional documentation to be submitted before
reimbursement is processed."
Term of loan ($ 80,601.50) is as follows:
A. LWDC shall pay AHCDD 1/3 of the loan upon the sale of each house.
LWDC must submit legitimate invoices to draw funds. A total of three
houses are to be constructed ($26,867.17 per house).
B. Per the 2007R CDBG Agreement between Augusta and L WDC, L WDC
is to pay back $ 1,000 per house sold until loan is satisfied.
Except for the modifications made by this Amendment, the terms and conditions of the
Agreement, as previously amended, shall remain in full force and effect.
SIGNATURES APPEAR ON THE FOLLOWING PAGE
.-
First Amendment to the 2005 Home Investment Partnerships Program Agreement
Between Augnsta, Georgia and Laney Walker Development Corporation
Page 4 of 5
IN WITNESS WHEREOF, the parties have set their hands and seals as of the date first
written above.
By:
AUGUSTA. GEORGIA
(Grantee)
Cf2~~~
David S. Copenh~r --...,
(A its Mayo )
~~\\)'\
/ q \\-,
ATTEST:
SEAL
/J!;!!l/~
(Clerk of Commission)
F rick Rus
~~
Chester A. Wheeler, III
Director, AHCD
-
---.,
0tn
,."
ATTEST:
SEAL
e Secretary)
L4~i c1 !j~. .- iJcf4-tJ;pt
(Witness)