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
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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
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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
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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
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Councilmember
Adopted - OCT 1 9 1999 -Q
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