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RES 1999-2745 - Amended agmt with Central Park Tower Apts LP for renovation of units in Central Park Tower 0MAF1A,NF Planning Department ���`, s� RECEIVED Omaha/Douglas Civic Center �!!,�r� " • } 1819 Farnam Street,Suite 1100 11/�� .k ° 99 OCT —8 PM 3: C 4 Omaha,Nebraska 68183-0110 c7110 11 F (402)444-5200 1,, ti October 19, 1999; ;, r... „ (402)444-5150 °R� �,�° a M - s' '� Telefax(402)444-6140 TED FEBR3 CI'"O r%v t'L L1,t`4;;t t, City of Omaha Robert C.Peters Acting Director Hal Daub,Mayor \�Honorable President and Members of the City Council, The attached proposed Resolution approves an amendment to the Agreement between the City of Omaha and Central Park Towers Apts.,L.P., a Nebraska Limited Partnership, (CPTA), approved by City Council Resolution No. 578 on March 2, 1999 to provide partial financing from the HOME Multi-Family Rehabilitation Program to assist in the renovation of 11 HOME assisted units at the Central Park Towers located at 1511 Farnam. Street, Omaha, Nebraska. According to the Owner, additional equity raised from tax credits and increased financing costs due to an increase in the interest rates have increased the project loan amounts. CPTA has requested that the City allow for an increase in the amount in which the City's lien will be subordinate during construction from $2,523,161.00 to $2,634,616.00, and from $1,420,916.00 to $1,554,912.00 upon completion of the project. Additionally,the Owner states that an existing HUD-221(d)(4)loan was refinanced on June 24, 1999 in the form )f a HUD(a)(7) loan. This change was subsequent to the execution of the HOME Agreement with the City. • In order to correctly reflect the change in the HUD loan, CPTA has requested that the City allow for the change in the HUD loan from HUD-221(d)(4) to HUD(a)(7). This change does not affect the project status. The remainder of the Agreement approved by the City Council on March 2, 1999 by Resolution No. 578, will not change and shall be and hereby is in full force and effect. Your favorable consideration of this Resolution will be appreciated. Sincerely, Referr to City Council for Consideration: ' 1'''v P.3/ - y rrn Robert C. Peters Date Mayor's Office/Titl Date_ Acting Planning Director App i' ved: Approved: 'f 9' 4-eLL:e_, Pa./ - 11.2 0/ 9 Louis A. D'Eicole V' D&t Kellie Paris Date Finance Director Human Relations Director P:\PLN3\9074.SAP0 AMENDMENT This Amendment is to the Agreement approved by the City Council on March 2, 1999,by Resolution No. 578,and is made and entered into by and between Central Park Towers Apts., L.P., a Nebraska Limited Partnership, 13057 West Center Road, Omaha, Nebraska 68144, and the City of Omaha, Nebraska, a municipal corporation, and it is the intention of the parties that this Amendment relate back to the original Agreement. RECITALS: WHEREAS,on March 2, 1999,the City entered into an Agreement with Central Park Towers Apts. (CPTA),by City Council Resolution No. 578 to provide partial financing to renovate 11 units at Central Park Towers; and, WHEREAS, Section 2.4 of the Agreement states "The City will secure its HOME Multi- Family Rehabilitation Program Repayable Loan with no less than a fifth mortgage/deed of trust subordinate to an amount not to exceed $2,523,161.00, during the construction phase. Upon completion of the Rehabilitation Work,no earlier than twelve (12) months and no later than thirty- six (36) months, the City's lien shall move to a fourth position subordinate to an amount not to exceed $1,420,916.00. The City shall ensure that the Owner repays the HOME Multi-Family Rehabilitation Program Repayable Loan, as set forth in Paragraph 1.4 supra"; and, WHEREAS,the Owner states that 1)because of additional equity raised from tax credits and, 2) with an increase in the cost of financing due to an increase in the interest rates, the subordinate loan amounts have changed from those stated in the original Agreement; and, WHEREAS, CPTA has requested that the City allow for an increase in the amount in which the City's lien will be subordinate to an amount not to exceed $2,634,616.00 during construction; and, upon completion of the project, an amount not to exceed $1,554,912.00; and, WHEREAS, Section 3.1 of the Agreement states the Owner shall secure a HUD-221(d)(4) loan. The Owner states that the existing HUD-221(d)(4) loan was refinanced on June 24, 1999 in the form of a HUD(a)(7) loan; and, WHEREAS, to correctly reflect the HUD Loan, CPTA has requested that the City allow for the change in the HUD loan from HUD-221(d)(4)to HUD(a)(7); and, WHEREAS, it is in the best interests of the City of Omaha and the residents thereof that the City enter into an amended Agreement with CPTA. NOW, THEREFORE, IN CONSIDERATION OF THESE MUTUAL AGREEMENTS, HEREIN CONTAINED, THE PARTIES HERETO AGREE AS FOLLOWS: SECTION 2. DUTIES AND CONDITIONS OF CITY FINANCING Section 2,Paragraph 2.4, shall be deleted in its entirety and the following Paragraph 2.4 shall be substituted in its place and stead: F i 2.4 The City will secure its HOME Multi-Family Rehabilitation Program Repayable Loan with no less than a fifth mortgage/deed of trust subordinate to an amount not to exceed $2,634,616.00, during the construction phase. Upon completion of the Rehabilitation Work, no earlier than twelve (12) months and no later than thirty-six (36)months, the City's lien shall move to a fourth position subordinate to an amount not to exceed $1,554,912.00. The City shall ensure that the Owner repays the HOME Multi-Family Rehabilitation Program Repayable Loan,as set forth in Paragraph 1.4 supra. SECTION 3. DUTIES AND CONDITIONS OF THE OWNER. Section 3. Paragraph 3.1,shall be deleted in its entirety and the following Paragraph 3.1 shall be substituted in its place and stead: 3.1 The Owner shall secure $2,905,527.00 in the form of refinancing of an existing HUD- 221(d)(4) loan to a HUD(a)(7) loan, loans from a bank loan, the Nebraska Trust Fund, the Federal Home Loan Bank, the Nebraska Affordable Housing Trust Fund and a gift from the Seller for the acquisition and Rehabilitation Work. The Owner shall certify the availability of these funds to the Director in a manner designated by him. WHEREAS,the remainder of the Agreement approved by the City Council on March 2, 1999 by Resolution No. 578 shall be and hereby is in full force and effect. IN WITNESS WHEREOF,the parties have executed this Amended Agreement as of the date indicated below: - _ ATTEST: _d::: , CITY 0' l A, : trii) • CI CLERK OF THE CITY OF OMA H ateI7 MAYOR OF THE CITY OF OMAHA Da CENTRAL PARK TOWER APTS., L.P. a Nebraska Limited Partnership APPROV D AS TO By: THE MMMBC DEVELOPMENT CORPORATION. INC. P A Nebraska Non-profit Corporation, ASSISTANT CITY ATTO NEY Dat General Partner By: 0 & vzLJ liob? L. C. Menywe ther-Woods,Chairman Date By: CENTRAL PARK TOWER APTS. MANAGEMENT, INC. A Nebraska Corporation, General Partner By:,a.,/4,7,,/lt- a „, 9-/O-Pp Randall R. Lenhoff,PrQSent Date P:\PLN3\9076.SAP C-25A CITY OF OMAHA •LEGISLATIVE CHAMBER Omaha,Nebr October 19 19 99 RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS,on March 2, 1999,the City entered into an Agreement with Central Park Tower Apts., L.P., a Nebraska Limited Partnership, (CPTA), by City Council Resolution No. 578 to provide partial financing to renovate 11 units at Central Park Towers located at 1511 Farnam Street, Omaha, Nebraska; and, WHEREAS, Section 2.4 of the Agreement states "The City will secure its HOME Multi-Family Rehabilitation Program Repayable Loan with no less than a fifth mortgage/deed of trust subordinate to an amount not to exceed $2,523,161.00, during the construction phase. Upon completion of the Rehabilitation Work,no earlier than twelve(12) months and no later than thirty- six (36) months, the City's lien shall move to a fourth position subordinate to an amount not to exceed $1,420,916.00. The City shall ensure that the Owner repays the HOME Multi-Family Rehabilitation Program Repayable Loan, as set forth in Paragraph 1.4 supra; and", WHEREAS, the Owner states that 1) because of additional equity raised from tax credits and, 2) with an increase in the cost of financing due to an increase in the interest rates, the subordinate loan limit amounts have changed from those stated in the original Agreement; and, WHEREAS, CPTA has requested that the City allow for an increase in the amount in which the City's lien will be subordinate to an amount not to exceed $2,634,616.00 during construction; and,upon completion, an amount not to exceed $1,554,912.00; and, WHEREAS, Section 3.1 of the Agreement states the Owner shall secure a HUD- 221(d)(4) loan. The Owner states that the existing HUD-221(d)(4)loan was refinanced on June 24, 1999 in the form of a HUD(a)(7) loan; and, WHEREAS, to correctly reflect the HUD Loan, CPTA has requested that the City allow for the change in the HUD loan from HUD-221(d)(4) to HUD(a)(7); and, WHEREAS, it is in the best interests of the City of Omaha and the residents thereof that the City enter into an amended Agreement with CPTA; and, By Councilmember Adopted City Clerk Approved Mayor • A a I 1, C-25A CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebr October 19 19 99 c PAGE -2- r- 4 - WHEREAS, the remainder of the Agreement approved by the City,Council on March 2, 1999 by Resolution No. 578 will not change and shall be and hereby is in full force and effect. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: • THAT,the attached amended Agreement, as recommended by the Mayor, between the City of Omaha and Central Park Tower Apts., L.P., a Nebraska Limited Partnership, 13057 West Center Road, Omaha,Nebraska, 68144, allowing for an increase in the amount in which the City's lien will be subordinate to an amount not to exceed $2,634,616.00 during construction; and, upon completion of the project,to an amount not to exceed $1,554,912.00, and allowing a change of the HUD Loan type from HUD-221(d)(4) to HUD(a)(7), is hereby approved. The remainder of the Agreement approved by the City Council on March 2, 1999 by Resolution No. 578, shall be and hereby is in full force and effect. APPROVED AS TO FORM. iii-e2 (- (41') /5I 4S- CITY ATTORNEY DATE P:\PLN3\9075.SAP giLQ`` 2 �� By Councilmember Adopted - OCT 1 9 1999 -Q , . CityC - k 4• •• ! /' 01 /7' Approved P ' ' �, : . . . •. 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