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HomeMy WebLinkAboutRES 25-001RESOLUTION NO.25-001 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Manager be and he is hereby authorized to enter into a Grant Agreement with Legacy Community Development Corporation in the total amount of $791,000.00, in HOME -ARP funds for the acquisition and/or development of non -congregate shelter units (NCS) to Legacy Community Development Corporation; and, THAT Legacy Community Development Corporation is proposing to acquire 2670 Broadway Street, Beaumont, Texas, which contains an 8-unit multi -family for NCS for the restricted use period for this project, as outlined and required by HUD, The meeting at which this resolution was approved was in all things conducted in strict compliance with the Texas Open Meetings Act, Texas Government Code, Chapter 551. PASSED BY THE CITY COUNCIL of the City of 2025. the 7th day of January, - Mayoi Roy West Docusign Envelope ID: 3DADA8FD-F04D-4462-802B-36Dl8E2O3GBB COMMERCIAL CONTRACT AMENDMENT USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF RFALTORS®, INC, IS NOT AUTHORIZED. ©Texas Association of REALTORSO, Inc,, 2022 AMENDMENT TO COMMERCIAL CONTRACT BETWEEN THE UNDERSIGNED BUYER AND SELLER CONCERNING THE PROPERTY AT 2670 Broadway St Beaumont TX 77702-1960 Effective December 6, 2024 , Seller and Buyer amend the contract as follows: (Check all applicable boxes.) FXI A. Sales Price: The sales price in Paragraph 3 of the contract is changed to: Cash portion payable by Buyer at closing ...................... . . . . $ mm 660,000.00 Sum of all financing described in the contract . ..................... $ Sales price (sum of cash portion and sum of all financing) ........... , $ 660,000.00 ❑ B. Property Description: The Property's legal description in Paragraph 2A of the contract is changed to the legal description described on the attached Exhibit or as follows: ❑ C. Repairs: Buyer accepts the Property in its present condition except that Seller, at Seller's expense, will complete the following before closing: ❑ D. Extension of Feasibility Period: Prior to the expiration of the feasibility period, Buyer may extend the feasibility period until 11:59 p.m. on (date) by delivering $ to the title company as additional earnest money. (1) $ of the additional earnest money will be retained by Seiler as additional independent consideration for Buyer's unrestricted right to terminate, but will be credited to the sales price only upon closing of the sale. If Buyer terminates under this Paragraph D, the additional earnest money will be refunded to Buyer and Seller will retain the additional Independent consideration. (2) Buyer authorizes escrow agent to release and deliver to Seller the following at any time upon Seller's request without further notice to or consent from Buyer: (a) The additional independent consideration. (b) Nail heck no boxes or only one box.) or ❑ $ of the remaining portion of the additional earnest money, which will be refunded to Buyer if Buyer terminates under this Paragraph 7B or if Seller defaults under the contract. If no dollar amount is stated in this Paragraph D as additional earnest money or as additional independent consideration or. if Buyer fails to timely deliver the additional earnest money, the extension of the feasibilit period will not be effective. IDS (TXR-1932) 07-08-22 Initialed for Identification by Seller and Buye V� , Page 1 of 2 rIt Advantage RealFstate,87879thAve PoilAtiburTX17642 Phone:4094741090 Fax:409-724-0112 2670Braadsvay5l Sun and Rachel Carona Produced wAth Lane'AblfTransacllons (xipForm Edition) 717 N Harwood SI, Suite 2200, Dallas, TX 75201 %wnv.hvolf.com Docusign Envelope ID: 3DADA8FD-F04D-4462-802B-36D18E203CBB Amendment to Commercial Contract concerning 2670 Broadway St Beaumont TX 77702-1950 ❑ E. Extension of Financing Deadline: The deadline for Buyer to give notice of inability to obtain the: ❑ (1) Third party loan(s) described in Subparagraph A(2) of the Commercial Contract Financing Addendum is extended until (date). ❑ (2) Assumption approval described in Subparagraph B(6) of the Commercial Contract Financing Addendum is extended until (date). ❑ (3) Buyer has paid Seller additional consideration of $ for the extension financing deadline. This additional consideration ❑will ❑will not be credited to the sales price upon the closing of the sale. ❑X F. Closing: The closing date in Paragraph 1 OA of the contract is changed to January 17, 2026 ❑ G. Expenses: At closing Seller will pay the first $ of Buyer's expenses under Paragraph 13 of the contract, ❑ H. Waiver of Right to Terminate: Upon final acceptance of this Amendment, Buyer waives the right to terminate under Paragraph 7B of the contract. ❑ 1. Counterparts: 1f this amendment is executed in a number of identical counterparts, each counterpart is an original and all counterparts, collectively, constitute one agreement. J. Other Modifications: Buyer's agent commsission is reducted to 1% of sales price The $16000.00 (Fifteen Thousand Dollars 001100) seller concession is removed from paragraph v 12 (twelve) of the contract. Seller Intends to complete this transaction as a 1031 Exchange Seller: pooh 2 Blue Investments, LLC By: Marsha Normand in k NoLwid By (signature):?.tersha Norrnmd(veC 13,202413:43 CSTJ Printed Name: Marsha Normand Title: Sole Manager By (signature): Printed Name: Title: Buyer:Tender Loving Care Center for Children DBA Legacy Community Development By: Vivian Ballou ea yns y: By (signatur ):WNA, -15A� IA, Printed Nam WH lbu Title: Executive Director By (signature): Printed Name: Title: (TXR-1932) 07-08-22 Advantage. Real Estate, 87879th Ave Part Arthur TX 77642 Phone: 4094741090 Fax: 409.724-0212 Jan and Rachel Carona Produced with Lone Wolf Transaction lzipFornt Edition) 717 N Harwood SI, Suite 2200, Dallas, 7X 76201 unmlwolf.com Page 2 of 2 2670 Broadway St oE(003) AuditFinal Reportf Created: 2024-12-13 By: Gretchen Thomas (gretchen@drakecommeresal.com) Status: Signed Transaction ID: CBJCHBCAABAAgtDggClXu3vnTk2Qod9XOtkYbnEW9VoA "2670-Broadway_St price and closing () (003)" History Document created by Gretchen Thomas (gretchen@drakocommerclal.com) 2024-12-13 - 7:38:38 PM GMT- IP address: 70.118.10.154 document emailed to Marsha Normand (marshanormandpc@aol.com) for signature 2024-12-13 - 7:38:42 PM GMT Email viewed by Marsha Normand (marshanormandpc@aol.com) 2024-12-13 - 7:39:58 PM GMT- IP address: 69,147.94.143 Cab Document e-signed by Marsha Normand (marshanormandpc@aol.com) Signature Date: 2024-12-13 - 7:43:14 PM GMT - TIme Source: server- IP address: 24.243.167.85 Agreement completed. 2024-12-13 - 7:43:14 PM GMT Adobe Acrobat Sign LEGACY CDC NCS PROJECT CITY OF REAUMONT LEGACY CDC LEGACY CDC LEGACY CDC Project Address:2670 GRANT YEAR ONE YEAR TWO YEARTHREE THREEYEAR 6ROADWAY EXPENSES EXPENSES EXPENSES EXPENSES TOTAL ACQUISITON COST 24 CFR 92.206 (c) $ 560,000.00 $ $ - $ - $ 560,000.00 Closing Costs (Settlement Statement) 24 CFR 92.206 $ 7,000,00 $ $ - $ - $ 7,000,00 Permits, Appraisal, utility deposits to allow city Inspection and Inspections $ 10,000.00 $ - $ _ - $ $ 10,000.00 Developer's Fee 24 CFR 92.206(d)(2 $ 62,000.00 $ - $ - $ - $ 62,000.00 Hard Development Costs 24CFR92.206(a) One-time costof basic furnishings, $ 42,000.00 $ - $ - $ - $ 42,000,00 Project Audit 24CFR92.206 (d)(3) $10,000 per yr $ 30,000.00 $ - $ - $ $ 30,000.00 Affirmative Marketing and Fair Housing Activities 24CFR92.206 (d)(3) $ 5,000.00 $ - $ - $ - $ 5,000.00 Replacement Reserves Roofs, HVAC, structural support, cladding, weatherproofing, plumbing $ 76,000.00 $ - $ - $ - $ 75,000.00 (utilities, Insurance, _ management and etc) $ - $ 60,000,00 1 $ 60,000.00 $ 60,000.00 $ 180,000 00 $ 791,000.00 1 $ 60,000.00 $ 60,000.00 $ 60,000,00 $ 971,000A0 LLJ 1.4 j Ld C7, P, Y "011 VV IV '100100.00 .1 L 61 JIM I Wil m