HomeMy WebLinkAboutR-84-0773J-84-736 0 46
RESOLUTION NO. 8 4 73
A RESOLUTION AUTHORI7_ING THE CITY MANAGER TO
EXECUTE ON BEHALF OF THE CITY THE ATTACHED
GRANT AGREEMENT AS AMENDED, WITH THE UNITED
STATES DEPARTMENT OF HOUSING R URBAN DEVEL-
OPMENT TO RECEIVE AN URBAN DEVELOPMENT
ACTION GRANT (UDAG) WHICH WILL PROVIDE
$1,407,306 TO AIRPORT 5040 LIMITED
PARTNERSHIP IN THE FORM OF A LOAN FOR THE
DEVELOPMEiNT OF AN OFFICE BUILDING IN THE
FLAGAMI AREA; FURTHER AUTHORI7_ING THE
CITY MANAGER TO ACCEPT THE UDAG AND
EXECUTE AN AGREEMENT WITH THE DEVELOPER
BASED ON THE TERMS OF SAID GRANT.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to execute on behalf
of the City a grant agreement as amended, with the United States Department
of Housing & Urban Development for an Urban Development Action Grant (UDAG)
in the amount of $1,407,306 to provide Airport 5040 Limited Partnership
with a loan in like amount for the development of an office building in the
Flagami area.
Section 2. The City Manager, as chief administrative officer for the
City of Miami,is hereby authorized to accept the UDAG and execute an Agreement
with the developer based on the terms of said grant.
PASSED AND ADOPTED this 30th day of July 1984.
ATTEST:
R ph G. Ongie, City Cler
PREPARED AND APPROVED BY:
DEPUTY C J Ti' ATTORNEY
APPROVED AS TO FOR14 AND CORRECTNESS:
rseR. Garcia -Pedrosa, City Attorney
Maurice A. Ferre
Maurice A. Ferre
Mayor
CITY COMMISSIJIIIT
MEETI1\1G 'Cp
JUL 0 1984
<<'�i : >✓i' .;'i A'; li,' t' i'Ati ti:C: , . ,', : ;, ;', IVr.0 'PMF 4T
A.h•l,..• •TAN i ,1�a'N�'"A .. �� ,; a :." P ^ "1'1' ANI? I)INE(�PNOIT
al 'vI l� l,r�,v� iVu
:Tficf� r1' ;�rh<srr Devo-Iopment Art,np 3r:in*;-
U D A G MANT AGRI~=rMWT
"rhgn Action Grant
Under Afction 119
of the
Housinf and Community Development Act of 1„'/4
(PuhLc IEIw as Amendr•-' i
I Name of Recipient:
I
Florida
t
' Addrew of Rcoj ient:
-j! p ':a{irice Ferre
M,,v-r of
Florida 33 233
C176/C182
Ammmt of Grant:
$1,407,306
UDAG OFFIGE USE ONLY
VL --
UDAG Grant Number:
I
B-84-AA-1 -CD 59 i
1
-I
Preliminary AEproval Date:
April 4, 1984
C183 Reviewer: WULFF C510 Draft Attorney: GOCI,Kti:
'-5.?,) Draft Typist: VHITFIELD C202 First LBO Due Date: 07/31/SL:
C1CSi Ubligation Date ,klN ( 8 1984 C203 LBC Code S (Single) Y.
�, 77 htiL sip Date JU'd 1 8
1�64 M (Multiple)
ATA u
71-31
N=tW -_ r of Transactions: 1
9E
Construction Jobs:
150 C196
Retained Jobs: -D--
O
New 1 errranent Jobs:
3EC> C191
Permanent • ^:
IA/t�,od New Jobs: � .
' 32
CrfA Ctualified 1,ew
Perryzu�ent Jobs: 72 C193
Minority New Pero Jobs:
174
Pr:vate Investment:
172
Other Public Invest-*�nt. w
Commenceu.,tint Date
ComrlE :nr� irate
LPnd
Ac^u:s:t:on
C452 � /.__L_____
C456
', r trj-^ . ` nn
C462 08 01 84
j: men
C472 /
C478
/ i 84-773
;7
Ll
I1.111A 11VA-1,
APLi. OF WM 1141E
! b C U r► N T A L k F. L P: U N 1
tall;
1
1.1 1 -
(4141AL
PP('VISIt)NS
1 �
• •t t :r
i . Gl
wntents of Anreerrent
2
• 1�'!
:.!
I`!:i'`rt Im-c'1 ?orated
L
• • i m
1 .0I
lt�finitions
F U`4-S OF GRAFT FUPMS
. t i„r
�.C]
t t_•�nt hs.,i� tancc� Provided
i
cir.Y
�.02
Authot.i ed L'5es of Grant Punds
4
.+ cf i4m
2.U3
iri jcr;tr nt , to Grant Funds
4
:.(vticn
2.04
k- ipi(,r,t's U;u of 1roquam Incer,,e
4
1`.1 ! 1 Ill
- I;1t�ILh:�L:ar�'1 t„�L c�}�;1:7 Itivfh
I�;•,
'.•r1 ;r71
',.01
OI Credit ITC)culures
4
:_-ti(m
3.0')
L;currinci Casts Leer Itvject Activities
'
ti,,v
3.03
Authori<<ition by the Secretary for the iaucil.ient to
Lx aw Crant I tn1J.s
IV - CUT-LIht,CL 1%I'lli I E),F.ML FILES NZ, L'LrlC,' I'MULMONS
L,ecticn 4.01 Lcicgation and ticceptance of Fcsponsibilities
Ulder Federal Rules
,•_,•tion 4.02 Cor.,I_lir:nce with UMC I�,ulations
rV:11 1.1 V - REFPI�SIJ ieli'IOr.:�, V'?O"J�ALTII5 AND S1 I'C IFIC CI LIGATION,'
act ion
5. 01
1 r`cipicnt' s l- presentat ions arxi IN ari ant ies
Sccticn
5.02
GL•.ligation to
Ccz-plete r,rcipient Activities
i%f SchQdLJ11'd
t ion
5.03
Clil inat icm to
Achieve Ptr)-jectcxl Jobs
ct r(n
5.04
Ol,l i(lat is n tu
cure l'itle lx.�f ects
• mn
5.nl)
rL)t if.ic,!tic)n
.-1t-O Action tix-)n rr`fault
T - I':S1 I C'i 1(''. A'T F1 l I 1 1,
c• rcm 6.01 Iuty to f, dntain, arxi Ricrhts to Inspoct and Loly,
artii Docur►ent£
,ection 6.02 Site Visit_:.
�zcrticn 6.03 huratiun et Inspection Rights
Section 6.04 1 1 cat t s
I 11 - LLI-AL L'J.' i:'.1 V).',l GI IS
-1 '.(11 1J.!cull
3. -.t... L: ,_,:i ., tj<,:) IcLUult
!•; , 1 1411I - eI hi111c A111;'.:' LI' I:fC1F1L1,"1
�-k.ctial 8.01 Certiticatjomn Lllx)n L`raw of Funds
'• ti,-,n H.02 CL-rtiLic,itic:n litter Ccupletion of Al)
1.;2cipiultt Activities
.ction 8.03 Ccrtificaticn After Camhletion cat All
hex:-ls:cil_.itnt Activities
I
84-773
I R E A M P L E
,I.Is c RM•+j ACRiMEMis made and entered into by and between ;I i
t.I' ELL SING ANL UI:PAN CE'VLjOr�'i-:N7.', acting by anc3 through thk
r: t+nt .4N:Lc-tary for CCMLInity Planning and Developvnt, as repres(A-Al+tivr
t:x 'ritEx1 Stntes of America, and the IMPILML'.
R L C I T A L S
`il L MCIPIE1':'i has applied to the Secretary for grant assistance_
un+rrr t►x. t*a1C- I rogram to undertake activities which are consistent wit1, UK
;.r r ions c t :sect ion 119 of the Act and the trAG I'equlat ior,:-; arvi
',t;E in reliance uEx)n the rel,resentations set lot-th ir,
ti +,EI ! ication, has all rovex3 Uic award of grunt funds tc UK: Eccii mitt, U.
:+ c xix�nc�c'ct by the Iecipient in conformity with the rc:;uirer.,cnts and I tu,. i!7 ia"!r
:.f J,is e rar+t Acre.er,ent;
I-- GOP'.SICF.RAZIUC+ of the mutual promises and covenants contained in
t.l.ir Crant Agreement, the Secretary and the Recipient agree as fcllot,s:
84- 7 7 a
0"
@1 0
L lot,
9-61
I 1-kxTL,'jI. DICOF" e
fj ,
-)( - for 5itje I Activities
C -1
«JjI,:ITW(2 Of AII-xovals
12
Civqd,tion of I'l-i-)ject
Of Urojectcxi
1c1TTxl Pvcords arKj to Inspect it
U-) I roject
or Succession
is
Approval of Anp-rld-i-ellts
,j,Jor-,L: et 1,Y--Iat1onshipf.
-ji,itation oi. PCIcipient Liability for Project
ic t i V 1 t- ie,
9.13
kOIIIIICL of Interest
9.14
1 r,-)j(-.t-t Signs S
- PH"q A)i N;A] j TU AJ- S
Pin
10.01
(ATTdt-ry-,nts of Participating Parties - General
-k- t i on
10.02
1 (1-17, of Lk--)CLI7,,ientary Evidence - General
14
i-n
j u. 03
(1, 11) i ons of R2cipientls Counsel
14
t I OT)
I C, . (A
1,,iduncu of Contracts - FOLT,,
14
Section
10.05
1,v idence of Loan Cour.itrcnts - 1-orn,
14
Section
10.06
Lv idence of Loans - I-orm
I
• Section
10-07
J-%-icience of Licuid As -sets - k)iTi
I
!7)c C t i on
I C; - 08
1 ,, idence OL Linances Satisfactcry to
I
Qounsel - I-ouT,
section
10-09
hnti-Speculation Provisions - Sale of
16
Property
sf-ctiun
10-10
f.vicience of Title to Real Pruy�erty
CSC:
,-A Ct ion
I I . C) 1
ic(25
:mac .c t ion
11. 02
hs T,-. I I t
I;k:c t i oi 1
11-03
uccessors Found
!',f ct ion
11 .04
p( 1I (2k I j c t. I i,, ipa i rLxJ
1-0 k. t ion
11.65
(LII!,UIItIVC k2ixxi ies
Tort
i I - (1)
"f %,, I I t %,
k,(-(- t ton
11-07
111tire Anreel.K211t
v in
11.0b
Ixecut-Itm in CounteLpartF
Ct i(v
11-09
A-1 lc� of Contents; Titles aryl headings
S(-,- t i on
11.10
of this Crant Agreement
i-n
11.11
Lisclaincr of Wlationships
I-,(-ction
11.12
Governitrl L-1w
.;(,ctic)n
11-13
I'aiver 1,%, SL-.CI-C-tary
;:act ior
1 11.14
f i I ect i k.(-: ['u0 -
"I.4-ti,n)
1,
11-15
C; j Cram ,Tx,.nt
j.qrcei
Fi 11 OF
X1,1, I'l A I
LI-IA—MI11ON CT
I.X111 I I'l C
LM bl'! 1, (,it HuRt3fl. Ld [:.I PAU.,-
I MI I I I'l I tVUIJILL-S
84-773,
21
U11
AI'7 I CLI. I
CI?. IAT, PbOVISIONW
c__onh ats- of Arareement
avrr"vrent shall consist of this Crant Nire(-rw_•r,t and tlx P.t :ct-t .r,.,
P' ira • to tine. , is, an y•nd^d.
l.uh Wi5ts_ Incory,orated
;Jl Mltlts which are referred to in this Crant A!!'VOL,.'nt wnrr or,.
t "arf o u heruto ar( I ncorl-nor ate d herein and made a •I ort hereof.
:+ -c u. 103 (_kneral Fsef ini.t..ions
10WO sysucltically provided otherwise or the context ot&rui: , I'-:` no ,
U!-•(,(l iri I,lt; ('rent Arlr"r.'cnt
(1) "Act" rranS the Wusi ng and Corn,unity LMc loI cont l:cat n : in 4,
f,u. 93-383, ,a rrlcict3.
(2) Alj llcatlon" Neans tic Application for I (.U(-r,,l AShj! t , 1..%4 .;IX.
'J1101' 5ulwittaIs, as arc slcci1-led in fxl hit n U1 LI.I:. ltuio to Itv:. ",• .
(3) WOOL" means any default .`yet 1crLh 1n SUNI'l' OT,
l.Q W 'this Urunt i,cil"l_'Cl'unt.
(4) L1.lt;l..ac' Costs" cleans costs for tip activitly : six ..111. _.
Ixhibits L and C of this Grant Agreement for which grant fulk::'• air. L `w" +• Y.
as stxcified in LQUit L of this Crant Agreement, I rvvINU that SLICK t','. t:
(1) are not incurred in connection with any activity which, under & L.O.
Fart 570, as may he from time to time amended, are ineli gibl( urx)er tli-
fis(. 1 ro9ral;l, and (i i) conform to the requirements of. Atta('I,:.K'nt I tt L'•,
;,a-lac�er>ent Circular 74-4 (Cost Principles Applicahle to ('rants ;Irxr
wItI. :;tati- ai-xi local Coverturent), as may be from tine tc tir,(,
tutl<;ses c:f dcterrining the confOrmity of costs to said Attachrr_'nt L: c t
t forth in Section C the roof CXCept for "t=L•Carrant'enei it
('r'.`.tc" {kt.lch car(' eligible only to the extent author_izt_,:: in SccLi,,: t..ti':•.
W. C.I .I'. Post 70) may 1-c' ccnsidered eligitle without l rior al; t-.Ai 1
(5) "Invir._.nnental (-onditions" mcjnF tltc CLAmiticmr, i'lK. ,
jorticularly 24 COX. Dart 53, and the provic lun: �.)t t!,I: c r,u,.t
I of i:,it c,r limit tt,c• ccx".:AtIlle :t arxl use of :grant funo!; until certain 11%
rtci.:invents ha u fK_cn cci:,I]lctc-c!.
(b) "III\Ia_-,,ulrel:x2nts" mans tIK• rrkmitt'I'trLs t,',,v I,
In 24 (.1 E. Pa it 5b.
( ]nt,il Studies" moans all (.11gN& ocLil'ltles rlt:c(..
:.roduc•( �,n "( rl`.'1LC:;L'it tlt :1 (] 3 lII;l('nt", as that t(-rili 1� dr_ f 1rte(l, at tic'ct ici-, ..l
nt 4C t -I. . Part. 1 OI- to ccr.;I I 4IitII tIK• rckIuiITT.r, IIt �2 1 1 z4 c . F. i . I ..•
(i ) „( rant I urKs" I;Kiros t4 e Nair to Ve I Lin]n
!L't ,;:":int to Laic• Lc'rno cf this Crant Agrcenent, or slcci! 1(•.t Ir I Q3! 11
(9) "WE" E" means the thited States L�c'I-,rt+oc�nt c•1 I'c-,ISint :ill!
MYc.lo pment.
(10) "fetter of Credit" cleans the lcttt'r of c'rLV!t t. to, I•
zjj`]cnt!ccf by the LwLartmcnt of the Weasury pursuant to Suc•thc i.C1 ! +
Crant Inreernent.
9
84—.773
-t i v i t i es" ruaty, 11 Y)!;(2 act I %- i I I i
.n I4,tltii Parties, other I fort th( i i -t,il is Ttt. I
it* ti(ttry11 L-lt lent , wl.icn activities are duscriko in i Sit it t
tail:'. 'rk! I I
I , ot I it i , ttt it i,; ) irty" ri-tvans any pq-i- , I• ?I.., , . '? -t 'k :
+ , T 1, !-I'ch In 1'x I ; it) it A Of this ( r,7iT-,.t ItIC n t I I I
V c
11,1 111C lul-Ly" Sigilif ies t:i1.7t OW Secuntaly, in selt ct liq Lin 1
-4 Ji it 0
tll this .rant, relied in material lart- lqcn to i t I LUSCULOLD n
t. bot.
I' A 1'Wllt11 led Wil) COMplete a syucificd lutLjon Q [to 11TIM ' 1
0
• 1;vvi ntvtosary for Lhe cculdetion ut tie Ircotct.
lrxxri�?" rT---ans the LIM jurcuntaye ot: aio in
z a,.,
it 1: it Y? , r a-, nt nr ac;elicy of P'e-cil'ient, 1
:PA. qr,lurt� SIRBITO in Wle or in part WIN grant tunds; (1i) Lit
L-WfMV ( i,W udiny [ rincilel and interest) of any lo"In r.ad( in �i'ulc i'! 1
v : I I -x,mt ! , n; ( i i i ) any other revenues W inod as lrmram inccr n in .4
W 571 0:1-irt ', an(,' (iv) any inCOLC from an activity wilern it in r x vi ikW
,*,.;I - i ":I I YKA it A to this Crant Aqreeri-c-nt that the incoce f ran such �ct
i�i Q-*
i The WAG IcroARaye" Ln,AMc�l 7 -, L*v :;.t
.-;! ,, ''0- to IX2 Income.
ox ut.
1 . I ; ivan tin j wir(yrlta(- of ii-,articipation of grant. funds in tlx tota I c
r!
itiuri (A I i(jurty, in the LnLal amount of to It -on, tq it 10 tct-;
.r cotivity, to thr incane from the disposition of such i nlytty, tin t, t. I
t 01 �:UCI'. I- an, UL- tic incnine from such activity.
(14) "Rula t.,,, of Itiv-erty Project" reanr a IlUjLCL 11AIn ! a - : - n :
moil MuLion subiitteki zmd a11:rc%x7d pursuant tc Sect ion 119(L ut LLn Act .
(15) "Itu>cL" roans the activities Wcrilkc in LIP ill 11(A lit MR:
Ili fxhiLity I , C
aW r of tilin Crawit Agrecront which xL it, Ic cDrrito W 1, LI-1
W, K]LUKAY (I
tic LM 11-UgraM.
(16) "Q
it Ant" reans thu local gavct-nErnt-ol ant :Q rnc( ivin_.
! UrIZAA
to Luis urant Ayrearent, dS )-.)C)I-C 1OLLILMOrly
.4 11J C(,VUL
this CL-unt ,'i-iruc,",K:int.
0) "KAj
iont Activitics" means thOW M IVI I LL k I W i V
t • CtJ'r It . I C LW I y
Us. KAI ic:Q, cr an agent or muilcy in t ix : tvii 1( :1 , k%l
I% i t :r r nrL to
: cuib x 1 in Isid! it I of this ( rant icruL. ont
Is)
Occretary" Evans Lin Sucretaty to I otaint; oic 10 m NA:1 I i -i t
I ty talc t "II !ci:•l
al !AI to WKs. the Myrut-oity tuy to Kabid PLAIA W; tt
• M. It.; d '"
1 , ; M or: t" 1111A 11 this ( Halt !"", - t„ !A .
:19) "IN,
lityiar" i tons the LH an 11,101 rkrt W it n
I q
1 l t11�Went. 10 Sk ct. ion 119 cat I I
:y oulat iri, " rrans tiv n W I Am r r- t is i
70, Sutl at t
as the f rol'i I ;!, t. t(, I. iry , lot &I!*%
AYTICLI I
N.L. ALPII-,0114 ZH LSI. Of ( Ell % I ( !,", -.
!,,cction 2.01 Crant Assisitance lrovided
In I at 1( n C'f tl:(-,, various ol- I inat ions un"o utcly n I y t: " i >
:1x-'ULJI1t to thlF: ("Llf-It N- I'C(AnKA it , Lill in CC)n`)iG0r�,tiC1n C1 L-hL: Ut I 1(;:'.t 1.
ri.- andurtcken Ly I,:;rtiUS, as 11 'Il 1(1-" lt!f
/..I1 llcati<;n' tjr'_ S(-cl:(A'xy Yevn sultect to tho tcrw& &to of n"it itrop :Y t -4
iierr-in, tc., 1-ruvidt- tJ.c- kc-ApAtent with grant in t-',c iint
ixh,i. it i, of ttiis crant. iqrc-eEent.
I
.84-773
:+ Ct lon 1.0. i%ut It 1 1. 1 11 Ufjes of (Tart IUndc
;t". :1r«nt Iun(ir- to the Prcit ient I UrFe.a:;•t t( t! ' .
t _
=f.0 t' i"(.! (',nly I('r tlif sl,•t'II I I)itTix)sco; dron-Lifto in IxioLitt ! n.
tl:): ' :iilt A(jL"t_'l:r lt_nt a6'l.1 I r i r�1 „"V�Iln!_� I`l1tll:( tC (1 in hXhl! t I , t. t}
i,rr(•1_. , ►A , Sui, jec't. to t_ o I ru qxt anx,ntPtt nG I tn;.' i S i runs . t tie LW
.0- iv L!, to (.r.,nt I`II!>WI�
t3"i;unt (A grant I imdy which the Sr'cruta y han a.i(aL cud t(_ r L t
V ' '•e't'i' wit invior this ( rant ACr(—r—nt h(?.'; I'C' n CfitE'_rl-drl(_tj [y th(- `�, t ''
It t. 0+ - 1.'C'.`"t. t.` L imates of the I'.cci.I i (_•Ilt With r(':- ict't to t: •�
• + t,. in 0, All licatit,r] and the investment ccx.r,,l.t cr;tr' tip I'4L"ticli
• ('1"C Lary r1.<.( TTC'S thE• right to reduce the orant aa3'i":m (i.) to cot! 1
to tti!lir'!: the kecil�ient and tJ)e Secretary Eal arruc with to ij
•( I xi' i : its I,, C or L of this C,rant Agreement, (i i) it Lin actual eastF 1 t
tivi ties are low(r than these set forth in Lxhihits L, C c•r I ct thi: ( L tl•!
',•:tt C'Pt, -)r Wil) it the investment by Particilviting Fatties W It_7y t L:t-
t;i1 ,,:"Y1c:sit:, sliecified in Ixhibitr F, C, r or I of this- ('runt. h.:rcc,rrr•t.
-kction 2.C4 Itcipicnt's Use of Froc,raro Incolii`
(a ) In order to l -rc'v idu funds to assurt_ ccx,I l c t ior, tat the i.t .':: : • .. .
,Y1 iv. tin-, tilt_' Secretary shill have the right to roottire ,- :II
0 • I"M l•y die Pecil.i('nt, Ur fry any Particilotity Iairty, I ► i(,r t', to c,v
r(I AI WWI ient Activities, to IY2 depositor in escroy, unit :1r(:n(11 : 1 ( 1 c 1
I `.' t:,t' ScCcrEtary. rile :secretary coy exercise said right c Itiv l I I. t :.'
rt.'t';.1L701.1t_nt In Exhibit A of this Grant Agreement or I , suj unite WT i t 0 n :' . ' too-
t) Uiu' hecil_lient W ivured at any time prior tc thn orl Jun, u: Ali i t .
itctiviti•_`� anti Me draw ct ytonL funds to lay cLuLs incurl-t d 11.L :, kl ., : . it
Q) tnless otherwise sl_lecitically statua in I xhil it n 4 t::: ; ; :•
k reerent, all F"tonrt m Incor.e thich is received q- the I-.cApivnt to on3
trucil.Utii-rj Dart,', 1xic r Lo cu•;l.lction of all hucilnent i rt.•,'it;L!
,t ('(1 t rior to, anu in l lace of, any draw unaur the Lc_tter (,L
. X! f nt .3t7C'C1uatC' to joy Costs So incurred.
(c) Lnless othunwisc njecifically started in FxiAt it A a t...• .. '
'.t 1' e. "_f.t or In the Clese--out agreement betw'(At n t-he iCrit aric UT ,
received Ly the Feci:•iert, or any harticiieting Party, attur tll t%l
if "1 1 FEciI ient Activities shall be used by the I'src-ii ient, at t'c Iort ,1'::..::•.
t !! •`' S lI• C'Ct to tht' '7'1l'roval Of tl'(' R('CiPiCnt, 1Cr Cltlklnit�' (`l t PI d It 1'
for iS. ista. at und('r '.it!( I t•I tl:( i'•.t't.
F1 ♦'t Lty I!.tim'l!. / .Ki Illy , Y.
i 1 0 1 7 ('t'll ient , cx any I i!rt icipotlri(7 (arty, al tur tilt' t'ti I it I w r. r i
it, .t I - fit Activit-inn shall l>E.` l:sid Only for activlt it'" v1j.'!.
anrl, rederate-incrr e residents of the lcx kut.
t'\.F 111 C hL. I I I
CISF't PSI Hm- OF C FAt:I I l UAS
:.Section 3.01 Letter ct Crc(:it Prtic_•c'urc.=
(3) Ircr.1_ tly after the Secretary La: - ruc,'ivc•u ti.v t
'( '!.,III throo (3) lull} executer col_itJs of this (runt Ac•rr't;. A .:r. ;... ,
I•:('!L' ]aa_y .:itttwia:l.. lxhibit F ci thi. wiwit :1.:11't..+:i t1_1
1 ::I. ...I It`11 ( I MOM t ellltl:, t L L `"('.ant t(1 flit' tt't'..: l I XI:I I :. `1 t 1.:.
Lis U1 '1.'t CL j• •-• W 1 ..�LlW a. f/:tte 1 ut Creuit to I. I:..-..x - I . • I t .
lei art7a W G1 the ` reasury, cr . 011 cause th,- to .). L .1. t I t% .
t.r. t'.'" !'(.c11-ient in Wa EVIPrt:'x_::t oL the Masiniy wit I, rt :: • . t t. t.
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r)r2',,�,; �'r'V-7t' nick ;,r',int Purvira:-, under Title I of the Act to I,-,- incroa
in ac�-t estahlisheci by the of the n-e-t
in an arror)1Jnt n,,t te) r.X[-«•pil t i— ilmou'it of grant funt17 refer -need In q-ct '. .
anti OPPrifinl in 7xhihit A of this Grant Agi- rmrnt,
(5) Me anthr yi zat inn to use the TrUrr, r)f 1'ro-idl t and to lay
out of wart '071n Phil! to (pverrvA3 in, the Txrnvislnny of this Grant: Agrff'mrnt
'ttt,ir-t to all ct)nditicros im-F'rr"<Wnt to Hip W'i' pient's draw Of Irani
.11-r` ,t?-ci f ird In this Grant Agreement. Thr Rcclpzent shrill not. draw
.'r % M, 11" tim A Crudlt until the Secretary has aUth(-1i-i7(1td th(I IZ�t i(�lc'nt t- J
lL- r.ti : lrtiu;lr.t t" i ct ion 3.03 of this Grant Agreement,
(c) the Recipient is authorized to draw grant f.undiiagainst the
:.. ttor at C yndit only in accordance with the provisions of. this Grant Ajrer->2nt
an•t tnt- prcx:c:,(iures established by the Secretary and the 1� Ivirtrrx'nt of tht_
Tr�•a_:,Jry. Wti pays;lent by the Department of. the Treasury of an improper or
.nautt,,�riz(xd draw to the Pecipient shall constitute a waiver of the riy:.t
11 We secretary to challenge the validity of such draw, to enforce all
1lht:� and rQF".11es set forth in this Grant Agreement, or take corrective
)r rti•"vdial administrative action pursuant to the UDAG Regulations, which
act 1ut1 1•kly include, without limitation, suspension or termination of the
:,tcipient's fundinj under this Grant Agreement.
(d) The disposition of any grant funds that remain availaol- un.iar
thr, i�-°tter of Credit following completion of the Project, or the termination
of this Grant Agreement by the Secretary, or its termination for any caunn,
-hMll to in accordance with close --out procedures then in effect or establi sh"I
by Secretary, and the Recipient shall not have any rights to such nront
Inds.
Section 3.02 Incur.rino Costs for Project Activities
(a) The use of grant funds is conditioned ulx-)n the Recipient
incurring costs to be paid in accordance with this Grant Agreement or as
nherwise approved by the Secretary in writing. The incurring of costs to
i� paid out of grant funds shall be governed by the following:
(1) Except for the coat of application preparation ion lot ... •.; i ,
wi t ies as specified in the U11%G regulations, no costs incurred prior n
the preliminary approval date may be paid out of grant tunJg.
(2) After the preliminary approval date, ul lg iGle admlq l str= : v. -
J:''`>, lncludinj Uut ni`t limited to costs of hnvlror "entai ';tudJ0!-" i;i 1 .'•r t.;
1:1%.:JLLv-J LY 1:',art1W1Nt1% I'iiMUS, Other than the P\l'Clpient, Its a,7erlt cr
a3ency, for any activity not to be paid for in whole or in part with ;rant
Wn, toy be incurred before or after the effective date Of this Gra5i
r-.yree;nent, as det inQ in Section 11.14 below, and the satisfaction o't
(.nvironr:lental onJit.,ons.
(3) Except as permitted by 24 C.F.R. part 58, no other c )vt
to be paid out of grant funds may be incurred by the Recipient or any Part...-
pating Party until all Environmental Conditions of 24 C.F.R. Part 58 h3ov 5
fully satisfied and the Secretary has issued the environr.crtt,il rAvast•. lt•:-::r,.
by 24 C. F. R. Part 58.
(4) After the Recipient has satisfied all of tho Fm:irogn-71,1
Conditions and the Secretary has issued the relu i rend env i rni- .xent.al 1 c 1
thou at any time aft(•r the Prolintinary Approval I-;)tc, for this Prt�jc.'t, t
r�i t ipiont and the Particil-vitind Party may incur eligihlo cot ,t , to be tvid
nut of grant funds.
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,b) 7be authorization to incur costs in subsection (3' above
not : -
no:. a:] .tu*liorization to reimburse tly.)se costs and c3c,--s not mean or inply tag,.
such costs will be reirlmrsed (--)lit of cirant fuml.s. 'Fie Prcipient anxl Part ici;.:t i:-. .
Parties r-�x,' VOlurlU)T-A.�', ,It t.11ell- o•'ll z isk, an'l Ir3x)n t.l)�i_r C--li credit an;!
expense, inc-or a- jll S0)5Ce =t_ion (a) �i�� i?, 3_�t,I' t )) -i..r aut!]O2 ; t'.'
to to 1 rE 1_i.slt.l%�` _t oiit o C71 ant; oi)J,; 1- .�-1_ t 7C)'ti(_ 1. I1 3 17y' t.11
l�rr�`�i:i�tI1S of Uii (- -al`t_ JT--(2c rxal]t:: 1-.() t-11C 1?:1�17r:`ai_ Q" C_7)SAS �;13 Ul'
-'' •'_-.1.�'_ O: '_ '.l:la�S I:'j t..}l" �^Cr�'.t?.i. j'
(c) L*'it-her tll(:� F' x i.pient nor any Partici-patimi Party shill incur
in oolulcction twit,}] any Factivity t-o }- paid for, in V,-)ol.e or in par'`,
Iran. i.un•._3s, c%-un though such cxlsts vdl.l not he rei111mrse_Cdi'cut of rant
' •:?'.? '1lllcss SUCK C<�StS co'al,d ' 1S1C11.I"rE=c3 pilrSUant to subsection (a) of this
.:vctim 3.02 i_-" such costs were to Lx-- paid out of grant funcls.
(� 1) Prior to t]e issuance by the Secretai), of tl]o cnvi_ro;lrrnt-.,1
ic:luases rE--<-luircj by 24 C.F.R. fart 58, the Recipient nay not use any fur.:--,
i:1c:11123.-ng local funds, to take any action with respect to the Pmject where
action r:lig}lt }lave an adverse environ-rantal effect, would limit choices
'_--°can; altcxn.at:.i-ves, or might alter the environmental pre.-nises on
",ich the puiding clearance is based in such a fashion that t-he validity of
�:k.� conclusions to }he reach--J would be affected.
Section 3.03 authorization by the Secret:aiy for the i cioient to
Draw Grant Funds
(a) 140 costs l;uy be paid out of grant funds prior to the issux,,L,-'
by the SL•crct_ary of the environr-,ntal releascas required by 24 C.F.R. Fart 58,
a written approval by the SccreLa , of required evidentiar.• hnatcrials as spec-ifivx3
in r ��►ibits E. anJ F of this Grant agre�nt, and vrittan authorization fnx-s thy,
. K:cretary to draw orallt funds under the better of Credit.
(b) all certifications aild ot1]er materials required by t]lis Grz-u:t
r. uu-t-it to be submitted to the Secretary as conditions precedent to the
authority to pay costs out of grant funds shall be sutxTdtt(-d by
Recipient prior to any draw of grant funds under tl.c I.,etter of Credit.
c) Unless E�,Jiibit E or F of this Grant AcTrec.�,'lt authorizes tf:'
"_n : or s: agin3 0 t`]e P�ecipicnt's draw of grant funds, th��-] upon a fi-n2-1-;
t2ie�Secretar,., t']at the Recipient has subETdtted, in a tLm--ly namer and
wc-ept.able form an: content, all of the evidentiary materials specified in
.1bI� E of this Grant Agrecrvmt and upon approval by the Socrctar,• of said
iar';' matori.als; acid if no default has occurred, as defined in
(.l) 01 "ect1Jn 7.01 01 t}lis Grail':
to tli- RL'cipicnt a written aud-orization taO di-aw
1A'• O' Crc-dit for tilt_' purpOs's authorl-,ed by tliiS Ch-i-ult
(d) if I'.:�:il✓it I. or F of this Grant
; :ja6.ny or staying o' the PiDcipicnt's draw of grant full;.ls, the.n u--cn a
'.ht! Secrcta--�, tla'- t-he Recipient has suixilittod, in a tiriely i a-nner can,' ...
I^^eptable forte, arz3 content, all of the evi_de�itiary I>3*r�riais s1 -ifie is
f•::hil)it F, of U-1is Grant acirea-"it t:o Le s'.hk :,fitted to arld .1c1p _od by tilt.
- `creta_`y for any particular phase or stage of t}i�:, draw of c:_a:.t `'r]?_; Ln-
of sold evidentiary I'13te'r1,11S
as dc�fi-Tn.,a L': of Sc-ction 7.01 of t1,1-
iS-Ue t.o the P�C'Cl l�:lt :] t:'rl tl< .. ..U` 11CI1 '•-.t t:
fW-is '111: _A. t11c.' I-1,'tt.er of Ci'E�lit lIl dC Jl"33I1Cc 4:lti. .ill:' r�^11'"._'t
t---i?3ticns :ic- s(-1-1.1 r -(.i in 1': }]11>lt I., or }
,'.i71' :if tilt, dr.Tw' O: .L'it flL'it-3s.
(e) Prior to file Iu_.c-ipieatt _; p;1y^.;ti>rlt c;f 'A11}' cost--�, riu.
a,;ui prior to the of ally gl-ailt fUnCis uuier I-;)(.
Uht; RLcipient Shall 1'.0t- 1iavc- sErvc-xd by tl,ie Socretzil ., wl L i
he Rc�ciF�ic'nt.' S �:Utl1"tr ; t'.' tIJ CI".11,' C,r.3:iL funLd5 UIl'ai 1" tl-L , Lc" t ti'T CI
'..'•'.�t_.i] c)f tilt Rt'C1h1C::t'c obIi,j,-it 10.1 lI) r'.'I7ort a
5.05 of this ('Irant- Niro,. i_.nt.
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-LOLP-Nl, RIES AND MAG
I JIki
BY its -,f this (;t-ant Afire tletlt, tli- IUCipient reptesf
drian":.; that it has t2ie 1-,,al capocity o sm�
Ue_IScle yIIAjities 'Cr
I rules arl'i ngrc,_s CIIIA asses an., i
in ac(xvdnllco with
-:k!ction 4.02 with [.SAG _- latjons
1110 T42ciPiQllt sh,311 (_'(xq)ly with the UDAG regulations, ilicludinq the
..'It
iolIS Sj>,Ci 17 txl Uicrej_n.
_ , i
AIMCLE V
IN1XRRXNrrInS? AND SPBCIFIC 013LIGATIONS
Se ft ioll 5,01 I:-2cipient's Representations and WaLrranties,
:ILL M_,cj_p.iuv, has, by and through consultations aitung all appropti..._c
UILC 1t'ciplu11t., S 'PVarni-tig body arA its off icers, exam, ined Lit o each
1, Recipient doos'
ming ailA by its execution of this Grant Agrecae-nt the
in in:'ornution and bclief, represent and warrant to the Secretary tl-L3t:
(1) '1110 Roclpic_nt is 4LI organized ai-O validly cxist.J a w,,it ly orgL -1 1 -:1, , ill j;-
-
A— j-, ,.ho jurisdictiji of %,,!-Lic�l U10 Rocipient is a PLal-t' _mJ :,-A-;
J-W,'I* -.71114 1�I'IbjriLl' LO inUj this Grant Aqreenr_iit.
(2) A re:;jhition, nution, order or ordinance has J_i7L\,
%,r t-iiacted as an official act of the Recipient's govc ,ill baly, t_. L7 Cj .2, aU
LI tjijs Giant Agreamant by the RL?cdpaent ird
JIII-Q�Ct.ili,l ',he person this Grant Agreeznent to do so for an,: (x'.
r'! UIt2 I2L-Cij)_JOI)t.
(3) i1iis Gram A(jrca-.vnt has been executed ajv-i I)v
ill such riirmor ajld form as to conply with all applicaLle- J_av:s to r—
_s , trant Ayrec��.unll tho valid and legally binding act and agi-ea-relit of
i4) LXCCIA as sot fU-IUl i-ii Exhibit A of this Gi'clrit.
proc,:.�edi_ng, or Lnvestigation now peil'Ailig, nor _I),, !_;_isis th.- k
:;,mi b,--huved to L2.dst by the ru: cipicnt, vAiich W qix_,stions Uie :!I
or an% action tikeii or to be
0 Utiely to result iji any rutcrial adverse change in +Ih,..
lissut3, lial-11it-ios, or LN)n3itions (financial Or :W,.ivis�)
Which reterially and substantially Lnpaii. l.-he
61'�Iity to pe-rfoIT'l mly of the obligations imposed upon the
("rLlt Acp k2",rTu, it.
(5) 1111C r':pr'_-Sulltati oils, statarumts, and other ncittA..s
in the Aj-,plicatio.! V.',:re t-rue an,3 oa-plete in all m, terial rcsi:�,:Ls as 0� til
-late C f i I i-l"I - as sot foi-Ui in D-Iii-bit A of this (i za,,i'
j.7' Of v"011ld roquire c.uiy
io: t;t_atO;Y:-!nt S, WId Ot ht-
in 'Liv
av "IJ S)'OUILI
- - '�)f
thtj .-4,plication As
(6) or has re-isaaal)"o '_.ssujXICC:, 111�
Will all a-L-I 200a1 9011urjl:-,t�-�nt approvals a:'J,
la",' to Ix for tilt-' Project;
or the
'Idt. tit....., 1"i'vt t j W 1.I r I �23 i i I D!J t-.a i.1 I , all S 1-1 C) I :I I Ji
(I,j, Y''_' i- lzw ";O L>_ cL'_a.-An-�,J by the Particip3t Pc�-rt ie,
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84-773
-,:'Q wMation of its Charter, or any mortgaqe, indenture, aqrppmon',
in,frinnnt, iuQm9n1, doc; r", kw0r, statute, role or requInticin and (M
ir'n !, i ,r-rf,-)T-Manc7r, of this Grant Agree7rnt wi I I not result in any
violaii-n.
nxrryt fr, allmaxwd NiqVIrl arrrin strative nn-1
f P"r, or ampinyre of W RUM I dent, k I It'. JOS 10" r
ltlltant. , t, of' the ( lovern03 Inody (if tho Recil ion! T1.
QV :1 WhICh th, jT0JUaM is SitUat.rd, and no Other public of f icial of t W!
�...i At W ;jch 1c,,-,�11ty or localities, utio exercises or has exercised an,..'
Pit" r-4yon-i-111 I ities with ueql�'ct to the Project d0ritIO hi!; "r i?"?
in A iv)!,atton to ytarticipate in a dQ0000"Mul WYO A�
1 wr inn t-,azion with regard to the project, steal ljiave any
i H inni-cv, in any cuntract or subcontract, or the prCN7eo-)J5
Lot w,Tk to :,(-, in connection with the Protect or in any activity,
-IF Ls--ri-.:t LNCUUM, Wh1,:h is [out of this Project at any 3Urin(J Or
.ii -.Qr nuch i,,erson's t-nure. This provision shall be in addition to the require-
.. — q Att in nntn , , I. CkM Circular A-102 and A-110.
w,_,r,;(,v(Du, urx)n written request of the Reciinent, the Secri-tary
oqr-- in writing to waive a conflict otherwise prohibited 11 this
irwininn whenever there has lien full public disclosure of the conflict
n*,T-st, ani 1hp Socrotary deterinines that undue hardship will result
th- Pe-i; ient nr th(-, 1,�rnon affected by applying the IwMiLitiu,",
thp wantinq of a waiver is in the public interest. No such requurt
)r a wiiv-r ,hill lv� :.Tip by Recipient which w,)uld, in any way, a
-; ni-n 4 -,tat-r, I- l Kcal law or any charter provision nf the Recipient.)
Soctirin to Ortivitieq QP Schvill"i
(a) The Recipient shad use its best efforts to assure the completion
th- Recipiont Act ivitiop doscribed in Exhibit B of this Grant Agreement within
P- ti7v puricx3s ql�-cifioti in Exhihit. F of this Grant Aareeaxnt.
(b) The i;ociiiont agrees that the foregoing undertakinj and
n7,_11Anco mean.s that Pr',7j`lent shall, to the maximum extent ponvitted by law,
1.1A )pt.dy All 01 its gc','orrc),_,r)tal and proprietary pow(_,rs for such o-r-41-:4105,
ii.,i-j Out not limited to those powers governing taxu5, other revenoes? Wreilt,
dru'.ain and appropt-iations, if necessary, for tho purpose of pvovQiqj any
._ietween Lun,j-,z availa,,,I,_� under this grant and LUnd.- r1t2Ct_-SS,3ry Lt)
ail of the Rocipient Activities describei in Winit B of this; Grant
t
? vlvmi SO 1 . WInnt-Mi to Achicip jtctf,(l
(j) In rob .:tine the Recipient for this grant, th. jecretat,,'
certain reiTanant Amn; In' the Rociti-nt to the 3wrotary 14 it
L , 1.'ViA?,:t0d to cr�atp a
siocif ic nu:"I�-A' 01
)
1h_,I I I �nt I low
!
1:!,,l .1 Specific nvr1,T of
rpm, I'-nnanent 1M
ci:1-rtunit it,.,
T win-rit I-
ITA-"Ii lible jer!knn, jui ItTsar;
who, at the t
imu of their
w;lnn M , W
,v, of low- or nAkrat o-
income within the
m-paninq of Scat
Ion 470,
1 .4 Part 57Q, an MA I,' I---,
11_1'0a tiITV,? to t117)e
T7)12n,i,_'A-
U I The RMIAM a&ncwIPJqes its in W W W
t-- th- crpitinr, & jchs aml Whites It to 1— its rn".
-,11 :a.r:, t I-., cr,:atl J, the an,1 ''-Ands M Wit! -I'-.
• t i,-& - : a,r iod .-7 51-c 11 ini i n WiN t A (M ! h i q Q n-Y 11010nn'-!
Ci(-d to ix, throM this grant .
(-) For rtvIms of Mwerty Projects, Pocipient- VA 1 1 9sure t.
,, 1acst 15 1 I -x_-rcent of all p?nnanent jobs initially rer"Itinq wa tho !Win,
%re provided to low- noderate-insane persons n& that :it I -Ant A re.
,)F Al iv_-rr-anent ybs initially resulting from the Project ji - Y-vi W to
and madvrate-incone residents fran the I-K:)cket. i; I .--.n t s1, k)nt Ir.: .i
:xest on rwo to unsar" trot M luAst 75 percent ill [x.u:^ it,!:t
t t ()I, I !,. I" _7t AF.'. !T' '� Idt 1-1 to L-ind ma Orate -Inc :dal i n r. 4 jo i v 0
J Ali 1 4: 1'-,: )t I '_ LJI t 11IJ 1 1', t !11 WC1 L -I i•A"r-
.11 1 - - - i I N I ' 14. ' 4 ! 1, ' . ', : t I ♦A., L ; it_ I ), )C k. e t
. I I . .
I . . - ., . : � : .'. It.0 L I 1 1 . . 0 1W ?
8447"'I
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wrllch are specified in Exhiwt A :)f tI.i
;;�' _t 1c�u 5!U•1 n l tea'. fun to Cure Title Defects
(a) T!,. R'.e IiI1f'11t :,;) ii I use its lost efforts to prociptly c:urr,
CdC1riC' t''l t?r_' CUr1'41, any t.3t`tt k't In tht' t_1t-le t0 any re,nl 1,r01 'rty nelX'SS;tiI J t
*Fn •."'•1„tl,�n �,i 1'.�.',111r_'nt. Activities, where such defect will or may have �i
tf'k-t ,!i the use of sa.lch real 1)rorarty for the F -r ject.
agrees that the foregoing obligation mpan5 that
' t qha I i , t on I. Q max imLrn extent permi tted by law, use and apj ly ;ai l
t,;r•rnmr,ntal and hr«hrietary 1xowers, including but not t�,oilnited to
'> wr'. fi,—'r'?ing ta=7, other.' revenues, credit, eminent domain and appronri3-
• ions, if �'' ''��� �'"'.', for the purrose of assuring the availability of all rail'
:w•�r" i 1 cl"ar of adverse and inhibiting title defects, which is
t c,��, l"t• R(,cipi(-nt Activities.
ction_5.05_ riontification and Action Upon l fault
(a) The Rkcipient shall proi)ptly give written notice to the
�t_c.r, t•:ry ul„n the discovery by the Recipient of any default involving any
"trti 'rintiny Party, as defined in Section 7.01 of this Grant Agreement.
(L)) Promptly utlon the discovery of any default involving any Par"ic il. t1n.:
Party, the Recipient shall vigorously pursue, to the fullest extant
r._�tt•_s avail,31)1(.• to Recipient to remove or cure such default, or to seek
,t I c•1 IOL Lrum its cf feed;, including reimbursement for any grant fumis cox; , qV & qi
.1t Llt, Ptk)ject, and to prevent or mitigate any adverse effects on the Proje t.
kuciia-nt shall keel..' the Secretary fully informed as to the status of such
,act Lone.
ARTICLE V1
INSPECPIoN N D REVIDW
Section 6.01 Duty to Maintain, and Rights to Inspect and Copy,
Rooks, Records and fk>cunaents
(a) The Recipient shall keep and maintain such books, records and
t!3er dcc:umw�,nts as shall be required under rules and regulations now or herpat ter
i-pl icahle to orants made under the TRING Program, and as may he reasonably no'?onsar
r-floct and disclose fully the amount and disposition of the grant funds, tho
t•i1 cost of the .-activities l»id for, in whole or in pert, with grant funI.-, -ind
the, amount and nature of -ill investmonts related to such ,-act ivi t io, whick or,
�, ippl i,xi or to lac sut ; 1 i' d by other sources.
0) All F-uch :� ,ra, records and other dc)cull>'.:'nts shall he avail,a: I- ,at
tl)e off ices of the (except that books, records and other dcxu"?nt-,
3 Participating lOrty which are subject to this Section 0.01 may tk I;aaint•aan•i
.at the off ic12:3 of such Part icipat in j Party) for inspection, copying, .(h11t J:IJ
;,11n1n,3tion at all ,3ttii-o_--i3 by any duly authorizoi roupresentativp c;l Woo
.secretary or the Cumptraller General of the United States.
Section 6.U' Sits' Visits
Any duly rel�.resentative of the Secretary shall, at all
r-asonac,le tiRes, ha:" acwon5 to all portions of the ProjewL.
Sect io;l 6.03 1Xn of ion of Insi-x ction Rights
The rights of access and inspection provided in this Article VI ,ii
continue until the completion of all close-out procedures reslx'ctino t!-:i jt,..r,
and until the final settle,, -,-lent and conclusion of all issues arising u::t of t'.:-
gz-ant.
Section 6.04 Rerx)rts
'no- RPcl;,it,nt- !-,hall pr-(xnptly furnish to the Secretary ail ropnrt-
a . ;,. ' i1. in ac' . l.ua.',' V�;th .any d1tt•ct iv--, of till- car :trri
a� ,1l -I rl• .11 it 1;)II .,! Ill-,". `"ci font >'.h.al l provido to, tta' 111111 A14'.3
1 i:0, ,11) •lMG,a) on the use .)i Progra.T lnc,rx.• cis Ion,; a!-.
•u3; .�r+� 1c'nor i—d t',' the i'r:�;ect.
84- 77
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i)!:'r'AiWN MD Rf'1'9EDILS
', cit 1 ; ;1 t ha I, t .. t (A any use of grant f unds for any E t ir:. -
otner ' han as authorj ze,.j zn Lxhtt>> is t3, C and D of this Grant Agreew:,nr; , :l
t)reach e-A ,an' o)vc,nant, a'trcu,mcnt, provision, or warranty of (i) the
,,1�• , a t:.r. .r ,';r Aareem��nt; (ii) the Recipient made in ,any agm reeent cro,2r-i
In, • r._.'f, tbf, iZ'2CIpiont and any Participating Party relcltlnq to the
;tit ,n',r fart ici r<at in_a Party *jade in any 0greemcnt spedf ied in Exhihit i1
t is 6r" nt Agrcery�'nt , s r; (1 v) the j F rfoti7ldn^E' schedule Sl?F C a f led in t`x! i 11 it F
*'- i'; (;rant Agrcement.
U
Section 7.02 Rer'ndies ,rpY:)n Isefaul.t
(a) Upon occurrence of any default as described in Section 7.01,
the :;ocretary may suspend the Recipient's authority to draw any Grant Funs'.:,
'i'oinr thr= Tatter of Credit at any time by notice to the Recipient. If a
ic; not rurorl within thirty (30) consecutive days from notico of such dof,aillt I ,
•►lr' S-notary to the Recipient, the Secretary may continue such suspenseinn nr
lolil-'(Iry of notice terminate this Grant Agreement. In the event of a torsi in.ltio�r,,
*►lo Rocipient's authority to draw grant funds under the Letter of Cr('•3it Fhall
�'.•^ rorminated at tlae date of the notice of termination and the Recipient ;11
'rave no right, title or interest in or to any grant fund, remaining under
of Credit.
(b) In addition to any other rights or r0llledie5, if a default
.•.;n=;ists of the Recipient's failure to sulxnit the evidentiary materials
to Exhibit E of this Grant Agreement by the date specified in Exhi;)it r
:;rant Agroesilent, th— ,�-'cretary !Shall have the ri'jht to terl',tn:ltt' tht:; Cft,l:it
A.Irec-i,x,nt and the award of grant furxls to which this Grant N rec:lint
f'.'itVQry of written notice to the Recipient. Ulx)n such tenlinat:on, '.all u:_:tt�aa-
tions of the Secretary pursuant to this Grant Agreement and such award shal,
cease and the Recipient shall neither have nor retain any rights whatsc.l.>ver w: th
to the grant funds provided under this Grant Agreement.
(c) If a default occurs, the Secretary may at any time or t_71.
to time proceed to protect and enforce all rights available to the Seer.
:•ldor this Grant Agreement by suit in equity, action at law, or by any ctt._r
-appropriate proceedings, whether for specific performance of any covenant r.r
agreement contained in this Grant Agreement, or damages, or other relief,
proceed to ta)-e any action authorizcNd or permitted under appl icahle law ur
regulations, including the recapture of any expended grant funds from any
payments received by Recipient as a result of the default of am.., Particip-iti-,':
Party.
(d) The rights and remedies available to the Secretary in t!v,
1.-vent nt a suspension or termination of this Grant Agreement shall s-,ut-%.'ivc,
suspension or termination.
ARTICLE VIII
CERTIFICATIONS BY RECIPIEII'I'
Section 8.01 Certifications Upon Draw of Funds
Execution by the Recipient of each request for a draw of grant
funds under the Letter of Credit shall constitute a certification that:
(1) All of the representations and warranties of ttae Recipient as
set forth in Section 5.01 of this Grant Agreement continue to be valid, tr,jQ,
and in full force and effect.
(2) The Recipient is in compliance with all of the Recipient's
obligations specified in this Grant Agreement which, by their terms or ?intort,
are applicable at the time of the draw of grant funds.
10
'( ;r-' r�''81
(3) All conditions precedent to the Recipient's authority tc dtow
the grant tunti:: shall ha— t•cr.n satisfied, in accordance with Section i.t � !
tl,it. (-rant Ac;ri!e.Tr nt.
'4) 'Jo. 1Ltitlt te' Iv-, drawn >jII I u:;t'tt t<'r 13iniI,](, co! t_:
It I'll III with t-hc I,r0Vj5::1(Ws OL l xhil,lts; L, C aW I W
!.•nt tYiLtY'r�.nt .
(`_) A11 Q(tyram Income which has receive(: Icy tin Recil lt_n' 'r
r a larticilMit" Udrty has Wen delcsited or usxd it, accord icc- with tht-
t• v1! irny of Sectic`tl 204 Q L111 s Grant Agreement.
bec'tit_Nl P.O. Certification After C_oIi le'tion ct all 1•ecl lE•nt
itct 1��t1E:.
t.tthrrl t_h)rty (30) days after the ccxrQetion of all l,ecil ini'l
Activitle5, the hncil itnt. shall E;ohnit to the Secretary a written certl; lc',at inn,
t xc•cuted by UIC chief execut ive of f icer of the Pocipie'nt, stating that "II
I4•cipic,nt Activitir , have L en c(vlpleted consistent with the turns of tkl:,.
I r.�^', ic3reenK2nt, alld th(-) date of cY .l ]-etion and the cost :cr
1 c••_ i; lent Activity.
Sect ic>n 8. (.3 Certification Atter Cor,yletici of. 1,11 loon -Ix cil ;t_t.t
Acti%ltic
t•;ithin thirty (30) days after the ccrpletion of all Ikon-I'.ccil it
Activities, the Recipient. shell summit to the Sucretary a written ce'rtif i,�t r,
xt_•cutc'c3 by the chief executing officer of the Recipient, stating that c11 !x
dent Activitie!;, have been ccrlpleted consistent with the terr.!- of t1.:: (4-,1
+t;rk-erx:nt, an(] specifying the date of com leticn and the cost for each I:c:•.-It•ci:
Activity. We certification shall have attached to it a statenont tron each
. Mic il.atinq Party that the information in the certification With rc'! lt•c.'t tt
:.oil-Vccil iont itctivities carried out by that harticiEatincg lc:rty i!= c-t.rl It t.
tr'rrc'ct .
hN I C LF. IX
'1hIRL PA 11 C (YJ i tiiC i'
Section 9.01 Lscrow of Program Incoi;e
itle Recit-icnt shall include in all contract, W10 I r.rticil ..tlrr. 1 �t t V
in%,( Iving activities to LK,' lk:iici for with grant funds, a provisic:n that, ult 1.
in�.t 1 t:ction try the Secretary, all I rograln IncamQ received IT the la t icy,t ; r:
i at ty, prior to Un— C(Yt pl(-?tion 01 all J�cipic•nt Activities, shall to t:t •l on it,
In el:crc)w under urr'.rux'I�I1tS al-1 re��i'd by the �t'C'rt.t�it, in c rcA r tc.
tunas to assure tin ecopletion of the Recipient. Activities.
Section 9.02 1=rc0raT Inme A plic•<i to hosts
Mons I xhildt A c:f this: C'rant. Agrc•t':Unt. Llutl,cTt.'.t•! t:r 11.+l.::10
ntUrwise, the Pucil 1M shall inciude in all ConLrOCLS with Yarticil At
Intties involving activitic'F to he lead for With grant Rita:!', a l`rcviE.,.:. •.
all Prcx;ratn Ir,c♦> r, rect'ivt•ti by thCc Rarticilt:tlnxi I'arty, ITIM to thV O r l
of all Incipient i,ctivitie: , shall Ix- transmitted to the kecit=ipnt tot 1 •.:;Tu
of costs incurred W Fecil-iunt Activities.
Section 943 llrocir m lnco,x- f.or Atle I Activities
Wess l y:hMi t A La this C'rant Agreement authouiZe•F cr reca: tc :
otherwise, tl,c• hocil ft.nt Wall NOuch in all contracts with Iart icijalI!:.
larties involving activitivE to to h_aid for with grant funds, a provisluk tt..,l
all 111cccu rj•ct-ivuo t-y t1w la ticipatiny Marty after tht ccI .I nt i n ut
all healplent hULIVitIVE s:1,OW at the option of eiUit i Ip
-1' Ito 1-0 tltc l: 11 1011, U1 used by tin 1'articiltatinq )'arty with Recljaent
.l j ! 1, it,l cc)(I;i'mrot}' WN t'"N)llti.11c' devt'lc)1XKVI: 'k•t IV'11 It1 Kh IN Wtwdt. 10'
atu't' uluft_•r 111. In I r,f (tit- W , 00- ! t ttitt 1 1+1 W I i ' Nb t: itl
:,t -out .grc.'c•rtent IRtwc'et I%c:-cil;ietlt anti 1 lI .
:« ctlon 9.04 of t4V£'rnment&). 11) rC)Vals
'11a. Feelpic_•nt !;hull inALIdf_' in all mntracts wit.t. iattic:il-t It-
lartics ij warranty that the Pccipient and each lvrticalv?t iivi Party ha!-: (:It, .. ,
yr iai:'; rr--.-v-on.-11,1(' 1-F11-,3nC-(t.tiat T t c0111 ot)ta't., F1 i I I E t3t r,t�!tl an,:
.Ir } t0tx3 r('VJ rwS rfl!jt11L'Ct3 10 rlf'(3 t'.y th(' tac'Ij
: 1, 1! 11MT Pot t v t- t-IY', I't:oie,c rtI . _, Any ' sl_1(-h aT>-,rnvalF; tit: revleti"s wh1(•t:
• ' :c, •, c;l nf (i shall 1X2 �7sj)Cci.f ."I in t 11C cOtltI art.
t IFill 9..1,1 : t_C?T:. >letlon Of. 1'rO ect-
k cil l(-•nt shall cause to Lv-- inelmit-,d in all contracts witt,
a I j•resentati.On on t}le part of each I�articilXakirx. i::rty
1-.-11:ty acknowip,dges that Uie Secretary, in selecting thc-
.' 1••I!t t1 t}It <1ti ir.1 of this (lrant, Relied in material part ufx)t1 thC• a!:S urec'
tl (_ I ruiect and that the Parti.cil atiny Farty assures the. TA-c11 ient
n(tivitle l,ll.l hQ, cm,pleted try the 1artici}':atim; 1'art}'.
�-ccti<m 9.00 Ar!,urances of 1rejecte(!
(ia) 'Ale 1•_2C1l:icnt shall either inclUCIL' in all aF:hroi,riate cc;nt.rc:ct_:
1-1.1lcij-,at111�1 101:ties, Cr shall secure in Ulu r:.c;st ler,.i1lly Lindint: i:nt:
A 1(-Li tt,l Stich assurance aVa11ah1C (lnCk-T Ulf: 1CWS (A 1tC111Cra•;
rt� , 16.t l t t, rI c'.":=•llt:ltll'C' 1 rut,, cacti flat. ticipatinej lart:y that Such 1'iirtic*.i ..till.
w11i U!,e lt:', t,('5t (AfOrtS tU Create 01: CaL),;(2 tC) fK' t:reJteC, Witf,111 t.11.R
in t.xhit-it i1 of tali s (,rant Agrecrrlunt, a slx--citied nur.lx_i: of not.
j• t' tr,t ;Cif_ Of j01'tl;nIti05, including a sl."eCltIed nUml-Cr 01 1Y_w 1K:t;,lancllt c;;_
rltles, U%A-eligil,le pose-m�, ail(, It:rS,'nS wIK,, Ot tilt_
t1:( it will Lie persons 01 low -and l,�x3erC:tc-inca�,c.
(0 Ior It)Ckets Of 11Jvcrty 1-rOJCcts, hcri} lent shall : lsc: Inc -II: ;(
clrances necessary to ccr,ply with Section 5.03(c) of thi: (:rent l,c:rec r.icr.t .
1 :a:'TlrancCS sh'Al (1) State that In order tO assist and en:'f,le tIIQ 1'(2C:j
tc ra•1x•rt to the ' ecrcta ry, as t1,e Secretary may ro(juiru, file assuril�, Iit'1-
:no:. 1'�arty Fuara t':. tc ref -art to the fiecihient, oa the I<ccij iunt nai' tro.- t i:lr.
' •1:t r�'{;U1Lt, or, t1:C' nilmtiers. and Kinds of Such joLs creatcc: Or C':w-c(: t, to
it ) contain such othc=L' prmisicmn - f E.,v Is
i(•:-1i tent tv c_rnaile tic 1Fccipient to Witt. any rc•jcrtinu r,�.�.:Tt7_-
.' •. r : the SecrCLaC}' aM3 tocauset11e 2SSUranCCS to lC' lee a11}' i`ir c:ln�: <.!'..
'..at If- to the rlaxir- -_ extent hemitted L'y the lical lc _V..
ticc•tlon 9.07 ;,.,.irlt:linincl Iectird:; Ili tht t, I.r)• (t
Such icnt :1ial1 InClut3(: in al c(rltr;: t: 4.it1. I. rticlr< is
:..�' 1• ! rf(x 1Vin(j (;rant funds provisions requii-lr,(i th .t (1) l•z,ch `':,C't. jult lci-
�, I !It_L hl•LJ. all, l:,;,lnt:ain lXavl" , rcoorC]S i?nu (tt,L1 6X.-L '.kCi1t: P. li:t Iir'
1 to U,C rcc(, ij t :)nc dist ur-ur�nt of : uch t:1.1111 11) tlr:'.
.'. .:l.U�l L1.eCI ItI CL:.c nt�:til't Lf U)(-! L>ecret:-1uy CL" Co'.j trc'11ct
:.lt�'t1 Sti.LeS Ehall, att ell re'dSCna�1C tiG-cS, haC'f' aCL�`C.: t' �::Y: t!.l 1l•i�.: L�.
1• t, c(+y, ',11clit, Lnu C'x:i;llinc all such lti'J_c;, reculki: ,,tht �... :.
:h latticlf.:tln<� ty until UK? L11 clU ,k-.•ct j 1•c'c.:,.:�
:• 't1rx; t':iE, I,:IA :.rr.: U: 1111:11 settlement .,l',.i
•ut 'J.i uL iir It .
ct:cvi 9. Gti ;,cc(.: to I'ry uCt
'.Ile
I:cci} icnt !,Lill
incluclt ill all amtracts v:itt.
a pruvii junn thi t Lach
1'articij Litirt I -arty ayrlc:s th;,t
any oul, �..' ►.•.: i,:c,.
to.: ntative
cf. ti.c. .�ucr(2tary
Ehall , at all ruasona,.AQ til;►_s,
hat'( o'*L'::. U
I.; tr)rtion of
ttv�! I-rojc-c't in
wl'.ich such Particij:Uti►-rl 1zrty
is
t1,c mr-pletion
of 'Al cloFe• Out r(2:_jc•ctincl this-
SCCU011 J.09 t1J l'i .�1t'IU:t Ilt Or FLICCC•S 1011
i9ie
Pecij.ic•nt
:,1,::11
111C)L ' ill all (\)i)tr, -ts vrlti, 1::ttl,,t,:!il;.•
•-*;�� r�ccivin� a
:rlt_ iulla ar;
Cacl.luWll-J1_I(2l.K_ut
gnu agt-c'erk2IIt t-}• thfu 1,rti-
t IIr; tarty
that
lio t.ransfcr
(11 (,ral It.
illtldf� iv II,e I"(w)j ia-IIt tc, ttic PZ!rti-
:i i .:i ty
: }. ,l l
lr: c,C It• cit.•cla
cf Carl
d`i:,1• ,, lit t i c1Y.,1.t t (:1K1.`l, and tili,t ,UCh
84-77;1
Participating Party shall noither succeed to any rights, hon-f its or ad'.•1r1'-1if
f "+ :'i:'1�')t ln+)+'i" 1}11rl ' r,lTIt A+arepmrrlt, nor attain an " t 1t7hts, privi:�
„r►hnrjfinc nr i�t�Te�t�, in ()I- ITrriet- this Giant Anr--n7-nt.
i� y't 1 'I� `i , t i • • .�,r-r `r :�)'+.T � ' �Y OL'a l of /\l-,'n(IMr�n
- - -----------_ -- -- -
`;he Rerlhirmt shall i.ncic)d�. ou caw:;- to I included, in all CC7Tltr.l,'t::
1_(N1l1r�3 to I-' to Irll appi'ovc`:I t)y the Secretary In acc-A-1-incr'
1 )f t }') tTr -int Ar t o n a r r r
I _er�'_nt: � prt-)va_. inn that during the term of thi.,
11' ' M rlt tiUt.'tl t-Ontract shall not Ix' amendr'c3 In any material resliect,
d ucr? ?tance, wl. h xit the prior Written approval of the
_.:r'.'. ";S.,t+:'ri al" ,tla.l.l be dcfinec3 as anything urhl.ch cancels or reducer
�' 1+_.'t•1-,Exilc'rtt il, CC)n'it]"I.7CtlOn, 301D creating, Or financial o4lyation Ct
.,rt:: ' i c,,dt lnt j Part j' C''y' fnore than ten (10v) percent, changes tile Sites or
.11'•_1+•tor:- of ;any develol.�TTc,n+t activity, or increases any tide for performance
,.,ra Y i y lik3re than thirty (30) days,
;T'rtl+m 911 I- li;clairyer of Relati.onshi )!
Thc' :wcipient shell InCltld( ill all Cnntt-aCtS With I'articipatinj
and in all contracts With any party involving the use of grant fund!!,
1n i,-Krxxale(3gement that nothirr3 contained in this Grant Agreement, or in tt','_•
" .ntr.-1,-t botwoen the Eh-Irties, nor any act of the Secretary, the Recipient, (-.t•
)nv .)� thr, parties, shall be deemed or construed by any of the parties, or t y
third Ixrsons, to create any relationship of third -party I:)eneficiary,
Trin,--inal and agent, limited or general partnership, or joint venture, or of
^. -i-,( ciation or relationship involving the Secretary.
Section 9.12 Limitation of Reci. ient L.inbility for Project Activities
rtnlc's; citherwi-;r' ioci in rxhibit A of this Grant AyrooTTY,nt, th+-
+'� 1,)i+'nt :;hall in,:lutk' in fall contracts with Part icit�,atin, i Parties, an3 in -ill
• ntr.i,-ts with any Marty involving the use of grant funds, an ackn(iwl -J;l ,-' ,'
;'it thi? Recipient rh.111 not ty liable to any Participating Party, or to xi party
:.:(Vt N', 11, for carl>letion of, or the failure to complete, any activities w!lictl
-►t, a i)jrt of the Pro3ect, except those slx,,cified in Exhibit B of this Grant
Aq ree:;io-n t .
,,r_ction 9.13 Conflict of Interest
The Recipient shall include in all
is ; [' ,, and in all c:)ntrlcts With any party
t 4 1111,42rel:'t pro'. ision consistent
Section 9.14 Pro3ect Sians
contracts with harticipatirn-1
involving the us.�a of grant 1,r.'::',
With Section 5.01(8) of tni., ;t s .•
The Recipient shall include in all contracts with Particihatin;
' • `,, .-vi.i in all contracts, with any party involving the ;1,7„ :-f grant fun.'.
It's t Gign provision consistent with any criteria which miv tx' ems' �t-lir'.•
VITIMP x
!'VI D'7.1 I ARY MATERIALS
:;-ctinn 10.01 Cornmitr;r_nts of Participating Partios_ Gonlral
(a) In scalectin(i tho R+_'cipient for the ;award of t!,i:; +lrant, ti+'•
t.lr has relied, ill1Tntcri it hart, ul1)Il the Ci'E'Ce"t`Ili,at l+)n: t'1 to-,
:J'- i %patlnj I)a- tic'S th.-it th" R(""ipient an.3 thy' Pal't i,.- iiof :n'1
CArly Uut l't,'1"t.11I1 'i"tivitlt_[; �>nnc'c'tt',i 1;ith tI'k, I'1,`1+'.'tJ
11' i.-:tl tIIUS+� actil'1ti+ t-� (111) h,1vC•, OC will 11=1vt', tilt• '.1'1.3' - i1 i 1�-_:: 1•.�
C)llt UiF. ::CtivitiOs, tR) ttit-IC
1,*�, lnvestc'd, V., Jt' .i:'k h.!lt '.
+ t ':ill' 6(:C1-,_tiat"V has al:.:;) rt lied Ulk'-)!) tth_ Iv't'll'1+'T`t _:a.: _Ft
_.k_-, I ta t 1'uf is th,,t such Par ticilutinl P.,J'tl11:,
.:1 i., „r tl:r' I>I+1il'Ct,
wt;i "!i W+- SO [t'11+-,1 .11k,;1 a,. flit- ot-Cl4'ta ri
li
84-773
(b) imidr•nt ;,ry to tM
t 111 4-1)o leg"iJ
1 riI sMorcniol^ u,nnitiunt of the Part irQ-tang Party, in un"j�;
t„C'�"► to ti!rlrrtako and complct,, sp+'cl f jrj act. wi t it mv,,ct-d with th- :T ,
,'I:j i i nx'b.rlrj n'1 t'hc± T'i-,,jnr't , �,'r,jfj,j minimn7 n-"yinj of finds Or rathor .,T-..
of inmst^n-t t an l ( t i i ) ;cl-ar a"A r "-,n roving 1,r—1 ' li-. E'?rticirkat inn i I .
�:�• I' ►.-a.wj, ,)T ±i)' 11l.j- to it, any finnn,7s ni 01Wy t_hini ; ', MAI I,
'ar�Cf.iS.ar'1 � Carr'.' -mI !I)- of rcnplet>nq thr raft ivit i-- end alit K
t11,,-,peclt 1 , 1 itiv.
(1 [; hI ntjary materials which have t,^rn to and {approved
;, r•�t�ary shall not- he ank^ndec) in any matcri-al rc sinc,t without fir. for
�:. I-W Q l irnva l Q the ;secretary.
r
Section 10.02 Foram of Docu: cntary Evidence - GenerNI
All doc:umentai-y evidence of commitments suhnitted to the Secretary
wr approval shall be in the form of either (i) a duplicate original, or
(ii) a photoajraphic copy of the fully executed original, of the documents.
Section 10.03 Opinions of Recipient's Counsel
(a) tti'henever, in Exhibit E to this Grant Agreement or otherwise,
bhp opinion of an attorney is required as part of any evidentiary material to
.r. Sutimittr�i to the Secretary, the opinion shall be in writing and shall LY
'tat of counsel for the Recipient, unless otherwise specified.
(h) In thf, formulation or rendering of an opinion, Recipient's
voy rely upon the certification of other 1-,arsons, or the writter
'•ate•-ont; or opinions of other counsel; provided, a cony of each such certi-
' i --,' i-n, statement, or opinion is attached to tho opinion of Recipient's
(c) If, in the formulation and rendering of an opinion, the
i1,iAnt'5 counsel predicates the opinion upon "information and belief,"
''. in all such cases the opinion of Recipient's counsel shall contain,
n havo attached thereto, a statement or description of all of the informa-
r .a:y-,!i which the belief of counsel is predicated.
Section 10.04 Evidence of Contracts - Form
(a) Evidence of contractual commitments submitted to the Secretary
! 1 _ :u in the fors specified in Section 10.02 above; shall include all of
k-ui:x2nts evidencing the contractual colamitnent; and shall have attached
;.i:;ion of Recipient's counsel made in accordance with Section 10.03
x 1•.' .
(b) The opinion of Recipient's counsel shall certify that the
•: xn:Iv_•:lts nxnply with Section 10.02 above, that Recipient's inDunsel has exw7 i�o�i
:;ate: the authority of all parties to the documents, and of all personz executin.j
t:ie• aocuments on behalf of the Ixarties, and that said parties and w(.r:.
I authorized to enter into and execute the documents.
(c) The opinion of Recipient's counsel shall statC' th,-it th'. J,*:,iT, .*,
-,omit ite a valid and legally enforceable contract under the laws & thy,
State anA that the documents contor; to the provisions of t! ;
Nj1'i'ement, oxcept an to any particulars Fr-c1fi& in tho opinion.
section in.nK rvidence of Inan C'omnitnvnts - For,
(a) Evidence of loan compitments from j:riv3te lon
in-j instit i•
ii1
:Y' in the forT,
Fpccifind al Section 10.02
,,jov ; Kai
include al 4
•'+6• evldencin)
tho loan cairitment,
an acsoptanco
l y the EYwr un-,
• 0W.:
:K,sf•s of the
loan,, the authorized use
of loin funds,
_ n i al 1 • • .
tr'r7,-
and c'nndltlOns
A tho loan camnituient,
the accei tance,
.-... t. . . .
. AI I
'.":- attached
the opinion of Recipient's
counsel, , .-: i-
;r A - - t i . ...
.;F•• !
q W.W.
14
84-773
D
:) 1(k"l ci ri itrcnt. may specify continctencie:- ('.r cwna;t: 7
before t1,L closing of the lean, or the disbursement cl o!r
htaI I l,*-� aTl irrevc>(-al•lf..' CY;tTTlitrY'nt, (_nf(,tc( it
tIr ultllI ?t17,tactI()n of. r"i1.1 (Y)nt in9vnc.ien Chi: condit.ionin.
(( ,:' tI Nicol cat 1;,01`1f'nt n cyini Q1 shall t•t.ltily tit 11'
t !••: O.l 11 Wit}1 S"Ct1M 10.02; HOL 1'C.'Cll ient;'S ccunPQ WE (:brit• He,;
AN, U.c wth xity cd all lgrt cs to the loan ccx'a'itr.r'nt and th(
}f�rsuns uxecuti_ng the loan comt-mlitment and acceptance on lO;a1 i c.t
`t t..l t it `s; told GO Fa10 J-JrtleS c':nd personE were auLhori zoo tO LS1.(. tIi!
.... ...T : t;• ! r;t ,;il�.; ucl:r,lit��nLr' , ��`
(d) '. x (Iinirn of kecihi_ent's counsel shall state that, sul voct
t.I :'• t(: `.u(•1. LTWt YP WC112fi and conditions as are expresSC'cl it) the Cl(_K;Ul'r(_r,t",
t:,t Ic ann(I lnl'.titu ic`ll is irrevocably committed to loran, aiv6 the 1,orrow(-r to
,,t't`t'l t vac Lin t( Ll 5 ark; conditifnns Fpecif ie(1, Lin joincilka.l amount rjeci1 iL(:
1I, UP 1(..ai a tl rAtrunL ; and that the loan c nimitment, .and the accel tancc , Lai
.1:. '1 t.l,( tt1TO MY txMiLions of the loan commitrlent, anu the loan, arc,
it wl t:l ts;(1 end orceat do under the laws of. the Recipient's State; and thi t Lk
confcur, to the provisions of this Crant Agreement. except in any
l�:l •;t.ul�,r�. !qucific'tl in the opinion.
(e) If, under the terms of the loan ccxlydtnlent, the ra�Jn(- cf 'I(
ican is contin_,cnL upon the happening of any condition prccudent, then tit_
!t 1 1, V.:) nf Ulc' c(x:u:-it r.r.-nt I the Secretary .as the evidence ruquiruo urk:( 1
2EIn ( I.:nt. htlr(,'rkwt rail}• & c'cxxlitio►xd by file Secretary upon the suiritt.,:
,!1" c(•t r t < rco nt Iur'tfor evidence that such cent innencien h .vu Icvn sat a I if
('t tr..,t th(' c(1rlt lnt•('n.•iCM KNL invrl otherwise tni uvio, . 1 tkA tit. W", t,,::
t.
(f ) hhere evidence of a loan cornitnrent is required to le suit ittea
rl't ; (_crrtt(r} under this (,rant ik reer�_-nt, evidence of the actual closing of
tr. 1('ar shall tie .iccej.ta,Lle, in lieu of the fureyoiny, Ereviuec such c•vidcnc(•
j : 1:c: With SLctlurl IC.06.
Mction 10. CC I vi(ience of Loans - Form
(if ) 1 v:t6 rl(-L of zt lckin having Lkeen ra.1L2 or cloC(_.ci e•hal l Ir_ 1 n tl
rpuci icd at :!'cticn 10.02; shall be on the letterhEao of the lanci%
.r t itut icln; Val nLou the IYincipal amount of U)e loan, it!. Lurlx)ses (ir,L(_Li;
I cr,:;)t•nt), altd t11(-• authorized uses at loan fundG; shall descriIv cr io r:t11
t c :rlty l: r the loch; !:hLall state the terr,l Q the loan; shall io -•nt l a::
It , . I.,:11 ,X t X( CUU.,d by iin ,aiithl r li'(•,1 ( :1 ict1 k 1 t.i., ,' '_t:i'-!(,
utiun; c't:it. h,.vL .att.iched an oi,inion of I.C'cll'lt'I'.t'. c,, :!.
with t-c-tion 16.03, certifying thr:t LIT (i(x•t:rO-Tit!- (NC_! 1�' WItl
((• : �: 1U.0.), anti that. Uie efficer of the lendin;_; institution vn5 „I:•�( r::t
( t) I v itl(:llce ctt a loan having been made or c 1cred 1' : y An W Y : r it to
1!, ilk.: wrri of co ius ul reccnkd notes, deeds, bonds, indurturur and ( W :
k V'lrL nts which eorpl y with Section 10.02 and Wich contain ruff iciert f t.•1 :( nee
iCtjudinq evidenc(' c f recordation, to enable the Secretary tc clotco in Q-
•'llit(_rf spc.,�Il icd Wive ve at suit ection (a) of this Section lt•.(t AM IW
Scrctiun l U (.7 I.vicYncti of Lieu a In set: - fcrl
f,ht_'ncv(•1 n l arLIC110t 11l1 party In rc'tjui rt ,l to 1 i `. ittt t % w't`r('( (
1(`1 '.II :Wt_ivity in on avourA aid 1:::Ltmer sat I.2,:c'tt`!1, W .a.t '
1t 'I :lrl!: ins.t itutittiq :'tied twidtnre Noll tt' in Ua i, 1. ! 1e•, :! it .; t.t
+ l t 1• 1(..02; `:nal l IX, (fl Lin lCtterllead cal Lin )C'nd15" 1' ..:..• . r .
. a't Wy tit larticll::tily Ial:ty; alto eliall stOt' tint tie :all l.'ll 'M ?
t, !C M I,.,n(I of if 1. t"intf. 3y ::`,'al l:Lle to US I':trt lc llat A& i a t (_ A
• 1 it 'J�'.1JC' .ah! In c:11 �:E)EL111t saL1stMOLv AM .at_c( I '..,
7.0, Law! LJOL Lou availaklity and u!_( c-I t,,(• Ii('i....
;r_ c.:t 1 A" Lut by Ow I articll,. LIlkl I arty in connectifan with the
. rurfno to tl:,_ satl:':caction 01 15 1( ! nlr:(i in- t i t"I 1(:r:. W (X {'tll'Y•I.t
.*• , :!:!.. . ..t . l 1t la•t. t , WA I-N;.!, .;L..t I(Q W..
„1 ra('ttt., (I 11.1(;i , 1 jVC11 JIM 'b LVUVNX1, r ko Lt 'l•iA t w.,t�
1 •' 84-' 7$-11
ntS t
c�atill)ly �rit.h ,action 10.h.2 an<i Uot, tt� . , ;, • :
rt 'tr_ jt tluln•: ln�'t itUtl()n was authorized to execute the same.
:w.ttl It! Iif-Ilti I.vId(211 !> Of I'•Inc�nccF- t.)tl;'f£trt()la.
t)1 t..'.'.'n�'VCt
trwidonce is I.equirf'(i in tllL
fort' n D statenunt ArKl
f f j l t']i
it W'S counsel t:.hat. a ForLlcipat:_in'.i
I'art.y
wil ] lwcvidL u
I irnnco,5� Ic)1 } ur'}-):s^fi of carrying
cut
t_h(, Co�,n,iltrFnt o1
• �' ] li.,t 1"
7 { n Ly iil oDnnectlon with the Vix)jc_ct.,
sl:Ch evidt-'no
IT
1 ar (" 1n1cm of Fecl_plent's counsel
made
ir fq-CCWanur viL!
.03.
it I A- l loin A I•_,cipient's counsel shall t_(I t i l t' ti,at 0 A n-
x.:- irt. , ).t avai J It ] i lty to tie partic](wtity: I t, rt,." of ] It".:]t: t:
I i t)t't t . i'1.•: ci!l,!; �-Iiall state the arrunt and LIP ` A r(•(_ of lI;'"._ , os .'t:
„ttlt: -I 1rroviW !I avalla11c to tilt fwrt1('il`a.tlr)Ci I'vtly f(ir too in t!.t Ire.' r
.i :tt:tt_ tf.t ,:'Lunt. and LIP source Ot (X_'!t flnanl'li,ti 'v't.lt'}, ]!
•'L l a:tly cur.r.ittod, to the I'articiptati.nD Marty fcr uFu in tie { rc,t t.
• %l.Jt•nty < j 00 nt._ Iundjc Floll Le consistent with LIP 11'C`,'I! It, v r i :., t't;cc!
t , :t AC ,+nt! lt'.Q Mmu Lu the extent jxnsil le.
(c•) 'she tl'inion of locil-ient's counsel shall W flat the !"I ! I-
11•0 itotj Wrtyr has oil han,j, Or irstut7lately availal e, t L itt vcnaLly crT; Mo.:
to ton Wrticlltatlntl IniLy, fur use In carrying out the C(H,J;]t unth Ct TO
!.,Lt ., i(.atltxj larty to tic IT(gecL, liquid assuLs anti, to 00 t i Inancint l:: .:
tul)e:] to the Spec.1100 a.uunt of Linances requireu in this (rant hcL(t,:r rlt.
(a) butr•'isWns pursuant to this Section skull In suL;cct to fit
t, %.r.l as Lk, Lora and content.
Section 1C.69 tin-_ti-S tcculation Irovisions - t _]c (A heal Iroperty
(a) in i_xhiLit f. of this Grant Agrevront, c. utk'uTknt i!'
tr cxmtair a i'roviFion for the prevention or cllsc(Mr (:C: Knt ( :
t ; ul chase and sale of I rol orty t y a Lenet iciary of "ra"t i unuY , t`••_r, ,
s -)thcrwist_ sio itied, Such lVovision shall curl 1, Witt. t.I.]. 0, A l r..
(1.) 70 docur,crt- :-hall prehiLit the i_a'neficlau,, .:I (Quint IUMKI� 11' '
inc or othcra•isu dis}.vsin(1 of the property within a Itcrioct slccif iwo i1..
X: itat I of thiF ( rant Agrctrlc_nt after the datr of tie lun-Ww!o , Ir'r an t.it tr,:t
r t t.t'( of fire IUIVI ise 1xice laid, l 1us the CHUi l Co! t! of . rj Irl
i jL 411:. 1 y t1w luintici.:ry. 7l!e prohLLition o;nim t ! tol l
tb_ -,art- force ann cl le't as a lls p[.'ndenn, an(} Mol .?t cif1.1.t t I! tl!
• "' (;1 111� aLLMq t('(7 Seale, in violation of the 111WI:, C, tl,t' It Al loci .' I,.':: 1
i I IU(I to tic c-X I:,trtt_' iv a uance of an in]U.'ICtI(AI I(! tI ,:JI,]!1�I ! ut'i . .:it .
:.t t:( l ",m.unt shall in exC'cu t(_'i: ana WhunL l ca t" i 1 7', Val i Wall Al I ( 1; . •-
t.l I r reL,uirUC: ulldt i MaLu law to autiorizu AK rt_•ccut.W ita (.1 tin • I i,tit
1t.cot Ic)tIon of cieeu5-, as 1f a 11s p2ndens; and the 0(,�_LIJ k ill E1.i:11 1cL
(c) `lI)c (jUcuLunL LOY, in curijunCLion Wlt.I1 tht IC1,,a Irk:, CtIi
-
Li:t. 1.1-0, dfbscrile a Lroceduru whereunuer, In Lhu event t;f On • 010 t'I .: t
1r I - t I y within tic: }erica gecifled in Lxhil.it I cf to i I.'! t 1•itii.:2, M
,>;Ciz:t 01 (jr,:IU Iund! UM LT I_k'nul1t& the 101011Clat1' 1 fi It I(i a lt: 11 tt4.
1. -, ! 1ClaLy to GO bt.ViL:1C'I1. ;.uch lancuilure rot' lticlu.:t c 1 rt -rat:. Itc: t it t
1 U.t_ arOWIL to to lClAid, ulwn tic Link. CHI SIVIN tt WIN n WA t' AV ( t
Litt initial lturcitcin of tic I rolerty and its diolC'c_'lt], r t I U.• AM lt•:.11
'.f., k ,:_,rent Lant title r slo ify tin arount of tan!it link:! t•.;.lcl. Icat; 1 it, I:tho:
it !" 1L Lary, or : Ct I-orth a UaTlulc] or auraud Skit& r,l :(tl t7, t L n ]dint' .`,:.-I.
r!ja :!.t . Ztl(: (IOCL'Cent niall le C?a_•C'ULed And authcnt Watt 11, r1A. 1,00 0 I in:
1.:. nZy i1C' Its;l)l IVJ tO allt-W i 1ZC its recorust l(in, i_t 1 1 1' !a M
t: ::,t urrnt s}iall Lu so InC1;r(3c-('..
Section 10.10 1 vi(}-'rice of 7`itle to R_.aI IToltt rti - !orr.
lit { xhll�lt -I this (iLant lttlr• t'Ilk I.I , .t i'.11 t It'llt,ti 0111
1:'. ru}u110i tO acqul n, i t' ., i, ,t ,.. •t .1N I,;
(A tt ! l.lft ... �;t % 1... ! Jr,
I!. t ! I t!, ('`. Ia•t'll :t'l.l ('Jl]7:'('] :.:.:. II.
.!..-Al col-t ify that on -I If11.1 :1., i1i.t'! ii". n2l..r.:l
{ I -inti •1 !a-ji t qaoc t i t It, 1 nsuran—t. . . :! :.t '. I. %.. . . ,
f
L;.,. i,t r !:,1:it\1 by K(,,c:1pient"^a munsel.; and that said policy or te_ .
records i. Pw-ty, or a wl ol.ly-cA,�.neo suds- idi ,r-,' (_,f 't'-
p3i'_iCi •3'._„ _! CV, n:' the Pec-i_pient or its agent or 3CC,..rw_-7, as
T
7^*ne, o: s ,e �t `r: iL " 1": x '4? 11I': ie or J.(Cn}1.}l.i . Of G 11 J j •'
:c .....: -fort-her state that, on aat(- c1 I?7 C'r
`A : _C le';3seilO1.6 t._].tl_e to s i.id rt.� Al tit t.7jx:r t.}' 4e
__ _.r• "�I :.1'. <,T �il(.'li S11t-)s'i''j1..-:1Yy tl t`�?!�?t� C)I. l.n t.:.he P,—,-1T_e.C'it t:.:' d*S alter.::
^_ , ✓t,r �. a, r ..a ed. In 1.J_eu tl-V--reof, , evi.dcncc TT1;-ry 1- 1,11 t. r,c, f art:. :nt.
. p.y with Sect. -.,on 10.02 +an,3 wlii.clt ct nt_ain sufficient cvid(=nc-,: , � r:c:ludir,
Cf reCz)t7Ga:.1On, to enable tl-ye ect.etto df'i:em. ine, to tl)�! J'sldct 1
�.` - .-,t2 :e,_.. t.talr }' that t_ne Participating Party or the Recipient cli.cr
Al-11CLE X1
MISCLLL1tNDO S
ctt nun 11.U1 Notices
(o) All owcndi.,ents, notices, requests, 0b3ections, waM21-L
rltS, ap[.)L"Ovals, disclosuL'e5 anU consents 01 iirl}' kind :...:.!<.
int to t1:i ; Cizmt Agreer,cnt shall Lx- in writing.
(b) An% such coraimnication shall be deemd ettective ft:r all [:ur-
_•.;,�;; the �l��tt such c—11'r,tmication is mailed, postaye pre[:kiic:, Ly Lc•c lst( r• .
ied' mail, return receipt requested, to bru delivered only to t1,c' 1_11ict.
t tj k a<,dres:-c:e , ock:l e szed as lol lows :
(1) ((1M-,1L)11iCC_iti0ns to the Secretary shall tie r:ai1(•ci
t : (A) "AiC 1ir(_'t't01 cilice of Lrban Development Action Crants, (. It[.:ttr'M-ra
and L'rhan Duvelol:rlent, 451 7th'Street, S.1%., 1�roii Va�liingtcr,,
' . :,(.410, and (I ) ` rt 1',re i C£f ice Nanager of the UT Area Cf f icc• authk_ L-i ze(.;
rcc ivr the troi 1 ic,ition c t the Recipient for the grant h('rcuncicr;
r LICh (')tl',er [+erc,cr.:'� cr at such ether addresses as rroy be iurr:i: ix(i I '. t1,c
t) ti:c Kecl[_icnt.
( �') Cer.,:tmi cat ionF to the Peci )i ient shall to aoclres: cc! t, t_ht
r•clr lent, at t1;c set forth in Exhibit A of this (rant Aareercnt, c.r
:ucl, r,tht:r acdre_: r,ay Lc furnished by the heci.pient to the SC'CL"Ctat'•.'.
Section ll.t2 Assi(mi.K nt
'jo ri( ht, Lc•neiit, or aavantage inuring to t1,(2 1.ecij.icnt unut:t tt.:
( r.:nt h(rrct r:+cnt .R)d no L>uiden imposed on the Recipient hereunoer t.v .,s.;,it•n+ (.
wl t l.( ut t1,c l.:ric r ti. ri ttcn approval of the Secretary. hn authorization Ly the
Seer( tart' for tl,c tra:nster of ur.ant funds by Faecipient tc a Iarticipatirx; Party
!;Loll rx�t tx: ckc.r,eci an authorization for an assignr,lent, and such Iarticil-atinc±
IaL t} shall not succe(c to any rights, benefits or advantages of the I(ec.I ier.t
tK rc.u► cjer .
Section 11.03 Successors Bound
"this Crant Agreement shall bind, and the rights, benefits anu
ta•.)vs stall inure to, tl!e Pucipient's successors.
Section 11.04 lien -dies Not In A3lred
4-_ dc:lav c;r wdssion of tale Secretary in exercising any rirl.t et t(.r.•..:
ilvai lal.le under t_'As Cr !nt Aurec-n,cnt shall impair any such right or rc:x.•. ( t
t^(ms.titute a w iik'er � f any IXIf. ault, or an ac-�luieso_nce thereir..
section I1 . U`, c'un�:l;Iti ve h111.ciies
Al l right�' jnd remedies of the Secretary under this Crant tr•t- t •.t
Ctany article, section, subsection, elausc r.,r
± + Lh(rr(_—CjTcr:t .!.all not ai to t the validity of t_hv tt:,:....tr•
84-'77"
Is
.,t • 1.":,. _ , . + •.•t It L:,, t,utN;e tmmn i:Iauses or provisions Iit•rt•c,1 I.
+ "t int 1 1. t ". I nt. i r( Acreerrnt
I.. _. .-
;!i! ( taro 1411'+:410 114otltutur t_1K t'►1t1Lt- .P,ttl:LJA in!1AS:, .
► • • !. !` - 1"v1picnit an(i t;►jorseCM all puioi: oval and written iit:i't't C4an
`::+• )t,l t Y n N ruto with Leslect to the sulgect glint. NOW Mtn Ainr1
I I1 fur t 1 �41_'ction 1.01 of this Grant AgrecLient, in t1w event Of- any
the provisions of this Grant" Ayreen&nt and anythirc
:•.(•., •hc' 1•.1! 1icatiul, then the provisions of this (rant Adreepunt :•hall
. L)b _ I xecut ion in Counterparts
t rant Ac;ro(_'r,„cnt rloy be executed in any nun,l,cr of counter,:artf!-_
,t (•: t t i ;111.: :hall to (leenled to be originals and toc_;ether shaI1 , �n-
nu ono thu sane instrument.
INctlyri 11.09 NIM of Contents; `Titles and Eieac'.ings
i-vy t.:l if, -! contents, the title of the Articles, and the headin(lr of
•: • • '••. '•:r.r ant'. :.:i,-cctions set forth herein are not a hart of this ( rant
and :',Lai I net Le oeemed to affect the meaninc_a or construction of any•
Secti.;r; 11.10 Am. ndm ilt of this Grant Aorecrent
';t:l:: 1.,!! It ia;tt't'n)(`It, eI (Illy Part h(2re0 1, l;,,:y L,(' ..;.ti`n(b_d :it i1. '_ina.'
• N :� rt:,tt(_r (,ally in writin(1 executed by the hoc•ruOry anc tin 1•.ec•il :c r:t .
Section 11.11 L:isclairier of Relationshi
'A,e Itecil lent aciii(`wlt ci(,es that the Alic;ation et. the Secretary V'.
:.:' i•+!: 1l, ITOV1(iln(; c)L::nt LUIi.iS in the manner ano on the tee.::_; set Lortt; in
: -It t iV�lr•_t':'r_nt . [,)tiling in t111s Crant Ayreenunt, nor any act of eiVer
•-(•ct(_t.ay cr c.t the kecipient, shall be deer,>r•d or construell by either of
•I( , (r (.' third lx�r:zons, to create any relationshil' of Uiird-µartl bura-f iciat•.,
iI.11 .,n(l cJcJ_nt, 1111iitrd yr cieneral partnt_'rshil:, ur )elr,t VeMLICL, c•r ( f
,::"CX*1.lt1on (.r t"(_lationshil whatsoever involvin(: th(• Secrc-tar,.
:•ectlon _,1.1) CoveL'nlna LK3w
' ` • It 1:."1\' aII(.'t t l (
L 1t;l:1, :.,
C(Ek'(!It': , (1ut I( ;,
• :::, _. �ecrc't.. "� :=f;.:11
be Uovetri(• :
Ly and
ccrostruc'c: in C
!'. r (..t• t;,l inw. Molar as F'cr3eral
law dcx`s rx t
apply,
Uie pivvisirns (_:!
(•t+ait last+'+ 1'( fit sh.11 I Ix' (1()v4_�,rtxd
by .bill etnl:;tttied in
accordsncc 1^ I t h t(,(
!-• St.)tu.
►,cti(,:) 11.13 Waiver by Secretary
11(r' Se"C(tary" recerve:�, arr' shall have tl exclu:,i•.'e :"1(11:t. ttn u.,i•:e, at
t;a :J,lt• di!-:criA 1('r. of tllr 1 (ucretary, and tc tlic extent 1w,ri.'it ter 1%y li,w, any'
re<ni 1 r(-rlent or l CC", 1 c I(In L'n(:rr th is Crant Al)rOc'rlent . No act t y or or. tr•t.a 1 f c t
•.Jt. -;c-crctars' l.a:I i, rr le deenx.?d or constru(2o tc i,e, ary waiver of any FAR-1.
- : quirertent or I r'"\'1Uric!: - the sTK_' I',c it) wt'ltInc?, Sillkld I�' t1,1_ S(.,10,a..,
J �'XI!resfsly SUDIC t( 0_111`"t1tLlt(:• SUCK 41u1vC'C.
Sc•ctiol, :1.i4 I11ectivt: I-.ato
ja) 1his Urant AUrecrunt shall, when exiacuten ann dateu Ly th(.
ur:r"+:t.7Ly, ConSt1tuto all A1et hy the Secretary t(` tin it ii IM to ro4e f;t•
within (,rant and tc timor lr o t1:is Grant Agrevnient. MO tiullverc'(I t( to.
Iecllamt SCE eXUCUtUO AXI COW!, file Willie `;hall (YUn;;tltuLe a t(•rinut f
wt,ich si;M to Irc):•I'tly ac-(:el Led, if at all, 11, thu 5,11 lent no W :,•t.
�1•.:1. nca tom• altt•r(11 �,1tI:0tJt t1(e secretary'_, alai tvvu1. :t.( Sc•cret4r) t _:1.
►.• t Ltrnku r .:n(i it_:•('lr.(1 titu Offer at ally tlrt• Isit t to its acctl tant•t t;y
l 1f fa, t'.' written nt)tlt•(' t'f the BVIA1.01 it, 11((• 1AVII'1('llt, tt1Vt'11 cJf,
(t t 1• .. 11 .i:1 t1;i:: t.i int A(;i�:;t .
(u) Thi:, grant Acar(,emPnt shall inn ,r� t� havn tom" .
;ection 'crmination of Grant h.-reemcnt
t�nl^ r t�1C'f1,1 iCtT tF) -it(-I hj' t h- f ncvo7!avy pursuant to Art ' o ..
this G!-.Int ,' II 4,nT71E!-.I" � �.i. MIlt:1.1 it f'()n:=E'nt (A W,cipient and t l,f �
this Grant lldreF7-nt- shall tcg-minatc tipon th^ ccmpletion of all clam;,,- 0
nrrx�aiurPr r,,s-poctinq this grant and the final- settlement and conclusion
the Sncretaty of all issues arising out of this,grant, unlc�
��' rw�s� rr:willr'fl in the close --out agreemcnt between Recipient and the : -; -,A.it .
19 84--773
SIGNATURE: PACE
THIN G4ANT AGRtM,':b'NT, numbered P---AA-1;-''-WC 9 is hereby
Executed end delivered by the Pasties; hereto on the dates set
forth t-.?:ow the' r respective siE-natures. as follows:
THE SBCREMY OF HOOING AND URBAN DEMAPPOiT
JUN 18 1984
4nha'lo E-e
Deputy Assistant 5ecretar.;
for Prot7am N,anVempnt
Office of Com,-muiit-,; 1'lannins-
and Development
THE CITY OP IQAMI v FIDMA
Date:
By:
Maurice e-rre
T.itle: Mayor
CANT -_
One (1) fully executed copy of this Grant Agreement must be mailed
to the Office of Urban Development Action Grants, and two (2) fully
executed copies of this Grant Agreement must be mailed to the NCR,
Field Office Manager, in accordance with Section 11.01, on the sa•.
date executed by Recipient.
84- 7►73
01
02
03
04
05
06
M
0@
09
10
11
14
Ek.i i 1 i i A
,';'i'FLN,4F.NT*Y FIC'V111,I101i.
;1:der :c•�•t:on 1 .03(� ). In ads;:tJon to iwcA1) e. A}•I
ir,iI ASSestan cc (SF 424), the "Aphl:`entAOn" shall inC
Ater dated M` ,iron ,. iq, 1 , 34, fro-m Carlos tva: IaAred ..
k. i,r-.,te7- and r3t!.,achments dated March IG, IT-41, from Camilo adreda to
iP41- -'r 3att d March 9, from C,-ir los Sanchez to Vamiilo Padre3a.
ijetter dated I'u-,ruary ;. 1954, from Carlos Sanchez to Camilo
.'illy' i a1i.I tzonal ma er:als submitted since the date the P,FrI: %:'.. �n +•'=
filea w-..* ch the :secretary relied in snaking this award.
`r.:der to Section 1.0302). The term "Part;cipating Party" con:1:1-t,• c
t'w fellow -tie rvrson , f.rw, corporations a :d entitles:
"oeveloNr" shall mean Airport 5040 Limited Par tnersh:F with off.
134 Madeira Avenue, Core Gat)les, Flor:da ?`
General Federal Savincis
"under" shall mean x r l �'ed�^3;_Sa :xta `.ices a*_22.25
or any Seu*Y,1►est�i*h �tzeeLr�:ia�:, Faa�da_:1:;,.
bank acceptable to HUD and the City of Miami.
"Guarantor" shall mean the General Partners of A: rport 5040 Li:ri toy
Partnership.
Rader to Section 2.01. The amount of this UDAG grant is: ONE NwLLIJ!J
F)UR HUNDRED SEVEN THOUSAND THREE HUNDRED SIX DOLLARS ($1,407,306).
Rider to Section 1.03(13.). The phrase "the UDA,3 : ercentae-e of" ccs: t-..* ne-
on the first line of paragraph (13) and the last sentence thereof are de:,.-te:i
in their entirety.
L'Y.iili,!T A
krer. I` -
84--'77k'
".I, . .tint..
. i t;�• � 1 i 1. r u; r ,
Rider to
Continuation ",heet--Exh;.h:t A
71 ) "Project. Ell, em�'nts" i mean co%.•• - ii '•.. ..
.:t .,ry titii' Id nr- of )p1,rr)x=)t.e?y 90,�,.t rr � , > sglmre feet and
a^fr�Y :-.�tely 162 s,-irfnce pnrkine spaces; and lesj=;`n of approximately 7 ),2`,) ,
7 ;-.;.,..r, feet to retail tenants on the first fluor and office tenants or, thr.
rPrrn;n:nr eirht floors.
:::der to Section 1.03. (22) "Project Site" shall mean approximately
sluare feet located on the South side of N.W. 7th Street approximately 77:
feet Est of N.W. 51st Avenue in Muni, Florida as more specifically describe'
-^ pae e 10 of the Application.
Hider to Sections 2.04,
9.01, 9.02
and
9.03. Any
repayment or other
payments received pursuant
to Paragraph
III
of Exhibit
E of this Grant
Agreement and received prior to completion of the UDAG funded Recipient
Activities shall be held in escrow pursuant to Section 2.04(a) of this Grant.
Agreement until completion of the UDAG funded Recipient Activities. All
escrowed funds shall bear interest with the accounts insured by an agency of
the U.S. Government. Upon completion of the UDAG funded Recipient Activities,
any funds held in said escrow shall be spent for activities eligible under
Title I of the Housing and Community Development Act of 1974, as amended, an3
shall be spent in accordance with Part 570 of Title 24 Code of Federal
Rer-ulations. An;; repayments received after completion of the UDAG funde--
Recipient Activities shall be deemed miscellaneous revenues and shall be
for activities eligible under Title I of the Housing and Community Devel:;— e•,.•
Act of 1974,
as attended, and
sh:ill not be
governed
by fart 570.
Rader to
Section 5.01 W,,).
Faragraph
(8) shall
t,(, deleted in :!: ��.• .
and the follow. -Me, shall be inserted in place, thereof:
"(8) Recipient s' comply with the conflict of interest provision.
forth in CFR Section 5'. 1 (4-8 Federal Register 186, pp. 43571-72,
9/23/83)."
D; --!.: r I T A Peke 2 of 3
84-773
)l
U111
.1 •on • :ty of •17.. i ; t, ;r :! Nun.,:•r:
Continuation :,heet--Exhi>: i t A
'� ;�. -ind n.0'). The jobs referenced at .;r .. .. .
*na:,"urance:,. required at (. -et on ".06 shalI vTrej_,-ite:
N-w 't'errn-)lent Jobs: €�
�nta� New i'e`': tan. ;,' .lobs for 1-ow- and tlo( er �t.e-1r,.txnf Person: ' 44
7,-)+a! New i'ti=-mend Jobs for wit;-i:a;CI'b?a Persons: 72
T,,• w irr:� r�*, .iota fnr MJA*nor:ties: 27C)
Aotal New Pern"ent Job; for Low- and Moderate -Income Resident.
P� r:•'t of I overtti•: N/A •
Jct ':-au..re;nents shall be completed within 30 months from tne,
ate of Prelimin,_.y Approval.
hider to Section 9.13 Conflict of Interest. Section 9.13 shall br.
in its entirety and the following shall be inserted in place thereof:
"The Recipient shall include in all contracts with Part icipat inE
an! in all contracts with any party involving the use of Grant Funds, a
conflict of interest provision consistent with 24 CFR Section 570.611 �46
Federal Register 186, pp. 43571-72, 9/23/83)•"
Rider to Section, 11 .01. The address of the Recipient for the P'ar-occ c
communications relating to this Grant Agreement is:
Honorable Maurice Ferre
Mayor of Mimi
Mimi, Florida 33233
Contact Person: Ms. Dena Spillmam
Department of Community Development
1145 Northwest 11th Street
Miami, Florida 33136
E)GiIEIT A Page 3 of
84 '`mot--' 6
I'!:'�;hil';IC?W OF kL;CII'aF:��T t+Cil�lii'r�.;
'ot7t:or 1.01 17) The "Recipient Activit:e:." shall
1
sliaill IPnd to I>eveloper up to and -'nclud.fq• 050t-- of ur--e.
--ir! —LI `:nand, the construction of the Project MemAs on the i r
MIBIT B pace 1 of ,
8473
'• �''•'.
t' r " - w , , !',�'1''.i'1 li r'17'.� iituri�•'r: •.i-: .._ ._
FX! I i I T C
Ph..;i:1;il'TIC7ly OF NON-RD'II'IK T AUriVITI::'
;•_: to
Sec :on 1.03(11 the ";don -I cipient Activ,tie.." sh.L: •..'• :
a. e-ve., -per
chill purchase the Project Site at a cost of not less; •_ .
V,
t :,eveloper
shall con_,truct the Project Elements at a cost
•ii,:ta1)
of not less, than $7,082,306.
_ Ueveicper
shall finance the purchase of the Project Site and tfie cc�.,
of the Froject
Elements from the followine, sources:
Lender loan $5,475,000
Developer equity 1,700,000
UDA3 roar, 1 7407,306
Total $8,562,306
id) Developer
shall manage, or caused to be managed, the Project.
II
Lender shall
lend at least $5,475,000 to Developer to partially finance tnrf
Project.
Pam, of ,
84-773
1
-- - -- 't `y, t`
- I
90� G111 i ,* ,
'. n ccrlt.r4-t>nc,;
156,1`�,
.�� A-1] N- nerrirkr
122,00,
147,50J,
7 str,.: - : n 1)07 interest
590, 00
91 DX
1
ri. apical E;juipment
i
1. Fquipment not counted in
leverage ratio
m. Working Capital (not
counted in leverage ratio)
n. Profit & Overhead (not
~
counted in leverage ratio)
o. TOTAI, PRWDD T COST
$1,407,306
$7,175,000
, ; -
p. Recipient administrative costs
--
--
reimbursed from UUAG funds
q. Less: items not counted in
1
leverage ratio (lines 1.-n.)
-1,530,0?->
-
r. Tota1 private investment to
----
be reported on QPR's ("countable
Trivate"),
�_--
s. Plus: Di counted value of
- --- �---- -- - -
LiA� loan: rejja; sent
t. i 1u5: il;. counted Value Of
other p.�lic loan
U. 1I'.Z 1'rcae!,t value: of
leverL4 t rai,: o
� 1 , 407, -06
: ,.1r:4 .,,ate: 1J%, 1 Site costs determined not countable because of flip- polio%-
Rev:sed `);'24, t%4
page , Cf ,
s
2
r
J
tie cil`lent: City o;' Niar-, Grant Nurcbf,r:
E.X111 B I T E
HP-,'J1HM EVIDENTIfwA' MATMIAI„',
': ne ev.- dentiary miter;al s to be sribmi tted by the Rec-* .- en t for tr:',
'a.'t ti ��� ' ...i ;'•�L�r shall include the PUkvisiorLc' f r ' r! ; r
7v -f *1 : _,rant A.treent,nt and shall consist of the fallowing:
I
• n' All governmental approvals and permits necessary for the c-77:.•
Fi cip ent Activities ,
• ♦ !:N 7c".'• : P: �` fa71d ��C'h-.tf' ,� Activities sh311 have bE'C'rl O)• t's. 1i•' .
�r't E`vidence oi' this cmmiitment shall be a written certific.atior,
by the chief executive officer, in accordano- wit•.
ion 13.02 cf this Grant tVreement, that all such governmental al -I r v•.::-
Win? perm'. t� have been obtained.
II
�a, Title to all land necessary for the Project, except land t.: be
acquired with Grant F=ds, shall be held by Recipient or the appropriate
Participati rip, Party.
(b) Evidence of this cormitment shall be in accordance with Sc. ,ti
,if this Grant Agreement.
III
(a,' Re^ipient and Developer shall enter into an a�Teement w '.-h n.:.
--ntain provisions consistent with the following:
(1) Recipient shall wee to carry -out all recipient Activitir_
forth in Exhibit EE to this Grant Agreement.
(2) Developer s}1-11 a. lee to carry-ou+.
as^ribed to Developer in FY_hit,it C to this Gra:,. Ajreezer:: . T t:-
^h:iil set form the .:col, of the work, it iOCt.'t:Oti, ri!;.'. the O:'i:E:..
;keveloper to invest not less th_'ui $7,17�, �� o1
funds
Jr, the- :r
(3) }itcihient shall
be obli te; to
r:.:"C. .I l,�ar to
i)evr..I
r:,re tnan $1,407,�;�! , of Grant
11unds (the "u:)A,�
:�ar�"�, wt;irh
sh%:: .. • .
fir construction of the Project Elements on the
u
84- a :
ie iFient. City of Florid:x Grant Number: i��.-;:►•-'. -
Continuation Sheet ----Exhibit L•
The term- anii conditions of the UDAG Loan shall be cons:+tent with tto,
k:) MUAG Interim Loan
(aa) Principal - The principal amount of the Interim L<rw.
r►1.Li 1 be n, more than ..' , 40 t , ��•
(bb) Interest - Interest shall be forgiven durini t.,o_
te-r. cl'* the Interim Loan.
(cc) L'A sbursement Ratio - Loan disbursements 4 h ;: t.�-
b:oe: or; vouchers submitted by Developer, verified by Recipient, and c-
ty the architect, construction manger, or other certifying officia; otvil_
a_cettable to Recipient. All sub-n'ss ons by contractors of rnont-
A
,e4u:.=itions shall be on AIA Forms 70' and 703 or their equivalent.
No disbursement of the UDAG Loan shall be made until:
(I) Developer has furnished Recipient with the
following:
(a) an ALTA policy for mortgage title
insurance, in the fu-11 amount of the UDAG Loan, insurin.& that Rec:F:ent w..J
be the holder of a second lien on the hereafter described security, free c`
encuWbrances and other exceptions to title other than those approve' :•.
advance by Recipient, and not subordinated to any interest except the
first mortgaCe loan in an amount not to exceed $7,475,000 plus
advances by the Lender which are invested in the Project and are
its completion; and
(b) a Builder':-, Ii,:=1: r-n.. Fire
or policies duly endorsed to indicate Recil,ien't as w; irLsured ports-,• ;
(II) A11 of ti-,e evident.<ary-%%terials re----.-,
tnis Echibit F have been submitted to and all,roved L')ecrvtrr•
:.^retary has ait►:orized Recipient to draw down such fiuids frc,n. .t.,
Cred i t.
N-) lea, funds shall be disbursed until bevelor-er nas first ex,*-r.:• ` r.• t
trar. 'r�,5JO,O.j of private funds for the Project ::te.
r* .:•I'!
Baet- cf
•
2
i
• , .nuatlor, . rieet----rich:t:t F
1`!rr yr .o1--,r hn. rxpendr-f? Iir:vats fUnl :ri the al irr• ; ,) , f
f-ind;; =ky be drawn dowii for Project actAv,' in a rw
..v•st" funds of not more than $1 ,00 of UDAG fund:- to a-4.0-J of cc....t is :
:v .r `.' i"iar�; ti!us,, fcr e��-r�' ��`�.JJ of funds ex: -nded on the Project
i :%- regairtd eori ,r..but,on) not more than '1 •�,k) w.11 be UDAG fur.. ...
w•_col1S]table i rV'3!.r' funds.
�. U1,f1J i ermanent Jocin —
1
(aa) Terri- Term of the ITDAG Permanent Loan shall tF
C7'�"Jer�cin;
upon completion
of construction,
but in no event 'Later, tr:,:.•.
1 ebruary 1,
1986.
(1+) irincipal - The principal of the UL)A3
hall be the amount disbursed under the ULAJ Interim Loan.
(cc) Interest - The interest rate shall 1^e 74 t.er
(dd) Reps-ment - Principal and interest pa -ment :,nail t•
deferred :n years 1 and 2 and shall be paid at the end of year 15 cf ti.-� *- r.l
Permanent Loan. Cormencing in ,year 3, repayment of principal and interE.:t
shall be mane in annual installments in accordance with a 25 year
s2nedule during the term of the UDAG permanent loan, and a balloon
suff:cient to pay off the entire outstanding indebtedness
cf principal and interest shall be made at maturity of the UDAG Fer•-.n.n-r.`
Loan, -
(ee) Contingent Interest/Participation in Cash Flow -
Developer shall pay to Recipient for a period of time equal to the Term c:' t:
erm�--nent 21;(' Of the Net Annual C13--)'1 Flow of trier "•s, •
.ncor�P FSri—,J f the
:;er ,ce on the fifill] tiie 1111'r',3 1 rui,-inent. man, rea: F':.•.
anreasor%at-le operat:nc, ii rJ:i` -ae-'ment fet n
'} cf Operflt.rif- i1ilOWibit: for Federal :RCO'::r !r1X
Pxr-1,11inc reserves for capital improvements, depreciat.'on an,i .•' r •-
�� 84-773
I•
t
.., . .s .•r,.. i .�• o, •sr.•:., ------- gran.. fnumbc.r:
�•.'11ait:on .,beet—Exh:bA E -_
"'t c wh-on-cash return on eq?j: ty rontr.l,i t` I for the i'rc. , •t t�' NEW---
. v• . ;• .. :ter iE:s cokrpul-ation, Developer's equity wall be I J,, :}1•:.
r ' _ :: +' ; •, 1 '�;."1i' �' ` sh,,tll be due within ," aa`•c, of the end of the . • .
;
rldi I T IONAI, PROVISIONS APPLICAF,a TO UIW' I14 E-r;IM A1�I'
l :.. recur:ty - The UhA6 Ipan 'hall 1,C Occurt t ./i •:t ' '
try•' r mortErl• :n favor of liec.pient upon all land, buildinC:s, . r.
and : tr.-r russets of the DevelolN-2r co:m"FrisinC, the Project :r.t
'
se^ur:tti' pcs:t:on of the Rec:p:ent racy be subordinated to the first tv�rt�zr•
, :r.terest of the Lender :n an amount not to exceed 55,47,,:��
ad •IcC, the mender which are invested :n the Project and art,
rred for its comT.1 ion.
The deed of trust or morsL--aC-e shall also contain standard prova;I;-�
'
^^-•sect the interest of the second mortgagee, including, for exa�ple, fl
r
rrov.s:on that a default under the first mort&a&e which could permit a
f--'^,?clos,x,e b;; the firs* mortgagee shall constitute a default under the se�_-.i
and the unpaid principal balance and interest of the LTDN3 roar sh<ul
,.>,J•u (- :Wined:ately due and payable.
_.
To the extent permitted by law, all of the persona: 1ropert,
tnc mortgage shall be deemed to be fixtures and part of the real
to ar;; part of such personal property not deemed or permitted by law
f:xtares, the mortg.,�_:e shall constitute a security agreement under t:.e
Code.
(iv) Partic:ya+ion :n Sale or Refinanc:nf - Develope • s';a' : ::•
i,e�:I:ent 25� of the Net Proceeds from any sale or d:sp)s.'tion in
part of the Project or from any syndications" or refin .no_' % ,, except
aalrwe% pursuant to a call and/or takeout provision in the firs' m..^':•...-
FV :17 � t T F } aev : e f t
• : , nciicat ion used to raise the eyu i t ..• I L',iu i rt-d by Para -r:-i1 h 1 . t
: i) [-:xhibit C, and paragraph 4 Fxhibit E shall not caust ret ayn.t•nt
or participation by recipient in the syndication
�,. s &r� oe luent sync]i eatiun shall cause the l'Ui c loan, to L,- c? :c
A-Ji,le andA shall re:luire the Dovel(,i,c•r to 1,3V the i,_.
f
her :Rent: Cif c. !►::•�:... .,r. urant. Numh,-r
,ontinuation Sheet ---Exhibit %,
"Not. Proc•e#-dr" !.hall he defined as all proceeds received less (') rep=*iT)ent ('f
Vie f.rst more ,e (if applicable), (2) repV. -meat of the UDAG boar, (3)
Developer's documented reasonable costs of caie or refinancing, and (4)
tf
.
repayment of documentc.J Developer equity contrihuted to the Project, de.`;nF
as f,.ir this computation.
(v) Sale/efinancin a - The entire balance of the outst i•::-,��
principal of the tMAG Doan, and all accrued unpaid interest thereon, st,a"'
become immediately due and payable either upon the bankruptcy, reortan: .tior;,
syndication; dissolution or liquidation of the Developer, or upon the a�e,
Partial sale, refinancing, exchange, transfer, sale under foreclosure, or
,other disposition of the Project Site, improvements and/or capital ei,.:l,:,�:.
situated thereon.
(vi) Guarantee - The repayment of the UDAG Loan shall be
unconditionally and irrevocably guaranteed by Guarantors until completion
construction of the
of Project. Thereafter, UDAG Loan is non-recour;,e
to Developer. The completion of the Non -Recipient Activities paertainiV
to Developer shall be unconditionally and irrevocably guaranteed by Gua_ a -tor.
Penal ty .
(vii) Prepayment.- Prepayment may occur at any time w:tho-at
(viii) Annual Accounting - Developer shall deliver a statemen*
to Recipient from an independent Certified Public Accountant, within 90 da�;-
of the close of each operating year during the Term of the UDA3 Ferm-,non-
Lean, certifying:
(1) Operating Income and receipts of
Project;
(2) Operative, lxperuses;
(3) Net Ar:nu_il Cash Flow;
(4) Develo7-x--r equity;
(5) 11'et Proceeds, if apFlicacle; an-
(6) The amount of participation in Net Annual,
Cash Flow and Net Proceeds due Recipient. 84-773
E}i1,iEIT E Fa€e cf c
syndication used to raise the equity renui red by para,:, , y t; I
: i.::t�clh tson by recipient in the syndication,
lt_syndication shall cause the UI)I,.c, Io'-JI TO tJ(-
and shall re.�uiie the Utz,-�1��E,�r to F.;a'Y
I"1.51c#
D -fit'''
i
Recipient: City of M:arr , r, Grant. Number: L�-�, ►
continuation .>heet----Exhibit E
(4) ',1, alq ticar,< terms and conditions of this Grant Agrehment,
:n-',udin(,, Article IX provisions and Jot in Section:.-, .7
wid l.Jt. sha:l be set forth in the agreement.
( `,) The rt�reemen!. -hall ..!pec i L y .i t imeframp for performanrt •
con^.st,n! wits, ixr;;tit F of this Grant Agreement.
(h) DurinC the tern, of this Grant Agreement, Developer shF 1
to provide neee _,':ry data and information as to private investment and ,
relat.in- to this vrwit Agreement.
0
(t,) T� ,idence of this comi ment shall be in accordance with Section
of ttiis Grant Agreement toCether with copses of the forms of all : ZAj
iocaments tc be used at closinC-.
IV
(a) The Developer shall provide evidence to HUD that the Uevelc-
er has assets of $1,700,000 available, and are sufficient to complcf-
c�c�-� Z ft -L�a t• � b -ar_ 1 ic;.u:..d _ nssa� *s _a� .nD i, �5� =�� ��� ¢�z- '� r � _l*
the project in the following form: (1) $500,000 line or letter of
a r rc%Ree a~l-3L e ear e d 44-� DGv-CQ Qp, 5 �r- zn d - arz-m Z-d 1-1 cc-redit; (2) $500,000 performance could be reduced dollar per dollit
PrZ' ve.:~--Stirc(--r�.-ficn4,-.nn-si1 I—�t.4 - t�the•-izind•s-off-assets-=-trre--rat,7r-�
f or project expenditures as defined in Exhibit D which the l)evc•lcl ,
of '!ht' �7T�VCTCB�'I� �OiW^�'t' rta. can demonstrate has been expended up t�-
$200,000. (3) $700,000 in other assets.
(b) Evidence of this commitment shall be in accordance with Sections
1,).07 or 10.08 of this Grant Agreement.
�r a:.t ACreemen t.
v
(a) Guarantor shall guarantee the repayment of the UDA:
Interim/Permanent Loan as specified in Paragraph III (a)(3)(vi) to
this Exhibit L, ar,d the com-letion of the Project w:th`n the t:meframe
hereafter set forth in F to this Grant Agreement.
(b) Evidence of this co., :tment shawl be in accordance with
1 t f this Grant Agreement.
VI
1) Lender shall lend $5,475,000 to Developer for financing the
1'r „t .t.
(b) Evidence of this commitment shall be in accordance with Section
.'A, of this Grant Agreement.
84--773
2
i
W
D3
34
Y5
is
19
p
2
3
Recipient: City of Mlar', ' Ylo-A-z Grant Number:
F2II L-I T I'
PriWIM PIS FORMANI"'E SCIMUI.E
I
(a t The P.tridentiary Kateria-Is described in Exhib,- t E of this Grant
tr .
Agr« mrnt must be submitted to the Secretary by Recipient not later ti,asi
T.ugust 31,
(b) Upon notification to Recipient of the approval by the Secretary of
the E\,identiary Materials required by subparagraph (a) above, Recipient shah
be authorized to draw down Grant Funds in accordance with ParaE;rayh III of
Exhibit E of this Grant Agreement for Eligible Costs consistent with Letter
of Credit procedures and the provisions of this Grant Agreement.
II
The Recipient and Non -Recipient Activities shall be commenced and
completed in accordance with the following schedule:
Activi Commencement Date Completion Date
Site Acquistion - July 1, 1984
Project Construction Au&st.4-1-�984 December-;-t985
September 30, 1984 February 1, 1986
P9ge 1 of 1
9
84-r-`T'7:� -
CITY OF MIAMI, r(-oRIDA
INTER -OFFICE MEMORANDUM
TO. Howard V . Gary
City Manager
FROM Dena Spillman, Director
Department of Community Development
DATE July 23, 1984 F1l.E:
SUBJECT! UDAG Grant Airport 7
Office Building
REFERENCFS City COMMi_ssion Agenda
July 30, 1-984
ENCLOSURES
tf
It is recommended that the City
Commission approve the attached
Ordinance and Resolution, appro-
priating the sum of $1,407,306
and authorizing the City Manager to
execute on behalf of the City the
attached Grant Agreement as amended,
with the United States Department of
Housing and Urban Development to
receive an Urban Development Action
Grant (UDAG) which will provide
$1,407,306 to Airport 5040 Limited
Partnership in the form of a loan
for the development of an office building
in the Flagami Area and authorizing the
City Manager to accept the UDAG and
execute an agreement with the Developer
base on the term of the grant.
This project entails
the construction of a nine (9) story 90,686
— sq. ft. building for
commercial and office use located at N.W.
7th street and N.W.
51st Avenue. Total cost of the project
$8,982,306 UDAG Loan
$1,407,306. (See attached Fact Sheet).
The Airport Seven Office Building UDAG application, was approved
by the City Commission on April 27, 1984. The application received
preliminary approval by the U.S. Department of HUD on April 4, 1984
and final approval on June 18, 1984.
The Developer and the U.S. Department of Housing and Urban Develop-
ment are in agreement with the term of the contract, as amended as
is the City Staff.
6
•
e
Howard V. Gary
July 23, 1984
Page 2.
It is recommended that the City Commission approve the attached
emergency ordinance and resolution authorizing the loan to the
developer in order that this important project to the Flagami
area can proceed.
DS:so
84 73
it
UKDAN UtVtLUrMtN1 AL1 LUN UHANI (UUAU)
FIRST ROUND, 1984
1. Project: Airport 7 Office Building
The project consists of construction of
a nine
(9) story building for commercial and office
space located on the south side of N.W.
7th
Street, approximately 370 feet east of
N.W 51st
Avenue.
2. Total Cost of Project: $8,982,306
3. UDAG Loan: $1,407,306
4. Term of UDAG Assistance/Return to City:
a) 1% of UDAG at closing $
14,074
b) 25 years loan at 3% interest
with a call at the 15th year
2,020,464
c) 20% distribution on the
available cash flow
587,200
d) At the end of the fifteenth
year:
25% of net sale proceeds
2,000,000
Sub total
$4,621,738
e) Real Estate taxes generated*
1,717,969
Total Benefit to City
$6,339,707
*First year estimated tax increase, $89,679. Assumed appreciation
of 3% yearly compound during 15 years.
84'"""` 7