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RES 1998-1490 - Amendment to agmt with Omaha Economic Development Corporation for construction of residential units i i / '4/- VPe7 f Q 010HA.NFg ' !' Planning Department R A,`` ,��p,1 / ` PD Omaha/Douglas Civic Center ti '1��.' ��`;� 1819 Farnam Street,Suite 1100 ►1�. � y 4 � N pt I, �� Omaha,Nebraska 68183-0110 1 i. r .f /� rr w r>, (402)444-5200 °� June 2 19 8 �I, If ' �A ro i _,„ (402)444-5150 °pep ��`� t i, F r ``f +! Telefax(402)444-6140 FD FEBR r is p City of Omaha Hal Daub,Mayor Honorable President and Members of the City Council, Attached is a proposed Resolution approving an Amendment to the Agreement approved by the City Council on June 10, 1997, by Resolution No.'1611 between the City of Omaha and the Omaha Economic Development Corporation,a Nebraska Non-profit Corporation(OEDC),2221 North 24th Street, Omaha,Nebraska, 68110, for the construction of nineteen single-family residential units at 60th Street and Hartman Avenue. 1 Under the terms of the existing Agreement, $150,000.00 is budgeted for public improvements and $450,000.00 for construction of the nineteen houses, including architectural/engineering services, and other soft costs for a total of$600,000.00 in HOME financing. Architectural/engineering costs are included in the existing Agreement as pre-development costs totalling $50,000.00. OEDC is requesting that as each homebuyer receives a deferred payment loan to assist in the purchase of a home,the Revolving Loan Fund be reduced by the City filing a partial reconveyance of its deed of trust releasing OEDC of the debt by the amount of the deferred payment loan provided to the homebuyer. Upon completion of the street construction and upon the sale of the nineteen units, OEDC is requesting any remaining debt in the Revolving Loan Fund be released. The attached proposed Resolution approves OEDC's requests; and with the exception of these changes, all other terms and conditions of the current Agreement remain in full force and effect. The Contractor has on file a current Annual Contract Compliance Report Form(CC-1). As.is City policy, the Human Relations Director will review the Contractor to ensure compliance with the Contract Compliance Ordinance. Your favorable consideration of this Resolution will be appreciated. ' Sincerely, Referred the Ci Co . cil for Consideration: 1 z1 fr z. . �/� l Robert C. Peters Date Mayor's Office/Title Date Acting Planning Director 4fioo ved: App ed:Louis A. D'Ercole ,, Date rge is, r. at �/ e Finance Director ' Human elations Director r) 'Si, i P:\PLN3\5577.MAF • • AMENDMENT THIS AMENDMENT is entered into by and between the City of Omaha, a Municipal Corporation in Douglas County,Nebraska; and the Omaha Economic Development Corporation, (OEDC), a Nebraska Non-profit Corporation, 2221 North 24th Street, Omaha,Nebraska 68110. RECITALS: WHEREAS, the City of Omaha (hereinafter referred to as "the City") is a municipal corporation located in Douglas County,Nebraska, and is organized and existing under the laws of the State of Nebraska,and is authorized and empowered to exercise all powers conferred by the State Constitution laws, Home Rule Charter of the City of Omaha, 1956, as amended, and local ordinances, including but not limited to, the power to contract; and, WHEREAS, on June 10, 1997,by Resolution No. 1611,the City of Omaha entered into an Agreement with OEDC for the construction of nineteen single-family residential units at 60th Street and Hartman Avenue; and, WHEREAS,this Amendment authorizes that as each homebuyer receives a deferred payment loan to assist in the purchase of a home, the Revolving Loan Fund for construction be reduced by the City filing of a partial reconveyance for its deed of trust in the amount of the deferred payment loan provided to the homebuyer; and,upon completion of the street construction and the sale of the nineteen units, any debt remaining in the Revolving Loan Fund shall be released. WHEREAS, with the exception of these changes, all other terms and conditions of the current Agreement remain in full force and effect. NOW, THEREFORE, IN CONSIDERATION OF THESE MUTUAL COVENANTS HEREIN CONTAINED, THE PARTIES HERETO AGREE AS FOLLOWS: Section 2,Paragraph 2.1.3 C. shall be deleted in its entirety ad the following language added in its place and stead: C. At the closing of a loan for each sale of a house,the City shall process a partial release for its mortgage or provide a partial reconveyance for its deed of trust for such property. D. Partial mortgage or deed of trust financing to qualified low and moderate income buyers through the use of Deferred Payment Loans shall be secured by no less than a second mortgage or deed of trust on individual properties and shall not exceed $25,000.00. E. The City shall forgive OEDC of the $600,000.00 Revolving Loan Fund debt by filing a partial release for its mortgage or a partial reconveyance for its deed of trust upon the completion of the street construction and the sale of the nineteen residential units. WHEREAS,the remainder of the Agreement approved by the City Council on June 10, 1997, by Resolution No. 1611, shall be and hereby is in full force and effect. IN WITNESS WHEREOF,the parties have executed this Amendment as of the date written below. ATTEST CITY OF OMAHA C T LERK OF THE CITY OF OMAHA MAYOR I A OMAHA ECONOMIC DEVELOPMENT CORPORATION, a Nebraska Non-profit Corporation By: t:110-- di-es Alvin M. Goodwin, President X/0/1O9 Date APPROVED AS TO FORM: . o/9'S SSISTANT CITY ATTORNEY P:\PLN3\5579.MAF - 2 - '� • C-25A CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebr June 2 19 98 RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS, the City Council approved an Agreement on June 10, 1997, by Resolution No. 1611 between the City of Omaha and the Omaha Economic Development Corporation (OEDC), a Nebraska Non-profit Corporation, 2221 North 24th Street, Omaha, Nebraska 68110, for the construction of nineteen single-family residential units at 60th Street and Hartman Avenue; and, WHEREAS, the terms of the existing Agreement allocates $600,000.00 HOME financing,comprised of$150,000.00 for public improvements and$450,000.00 for construction of the nineteen houses including architectural/engineering services and other soft costs. Architectural/engineering costs are included in the existing Agreement as pre-development costs totalling $50,000.00; and, WHEREAS,the attached Amendment authorizes that as each homebuyer receives a deferred payment loan to assist in the purchase of a home,the Revolving Loan Fund be reduced by the City filing a partial reconveyance for its deed of trust in the amount of the deferred payment loan provided to the homebuyer;and,upon completion of the construction of the street and the sale of the nineteen units,OEDC be released from any remaining debt. WHEREAS, the attached Amendment approves OEDC's requests; and with the exception of these changes,all other terms and conditions of the current Agreement remain in full force and effect. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: By Councilmember Adopted City Clerk f1 Approved r ' Mayor C-25A CITY OF OMAHA LEGISLATIVE CHAMBER •,, Omaha,Nebr 19 98 . .4 PAGE 2 • • THAT,as recommended by the Mayor,the attached Amendment to the Agreement approved by the City Council on June 10, 1997,by Resolution No. 1611 between the City of Omaha and the Omaha Economic Development Corporation, a Nebraska Non-profit Corporation, 2221 North 24th Street,Omaha,Nebraska 68110,for the construction of nineteen single-family residential units at 60th and Hartman Avenue,authorizing the City to release OEDC from its Revolving Loan Fund debt upon completion of the street construction and the sale of the nineteen units,be and hereby is approved. APPROVED AS TO FORM: ,2Ze=i2'e (9 441 /..3(-)7967( ASSISTANT CITY ATTORNEY DATE P:\PLN3\5578.MAF • By.... i�� ember Adopted JUN 9..19.8 a i • • ' C erk Approved Mayor z "Cs x n x N O O el) —.AL' ' r. t .• • t.,.) 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