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ILLUMINATION FOUNDATION (40)
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ILLUMINATION FOUNDATION (40)
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Last modified
11/14/2024 3:25:41 PM
Creation date
11/7/2024 2:44:51 PM
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Contracts
Company Name
ILLUMINATION FOUNDATION
Contract #
A-2024-169
Agency
Community Development
Council Approval Date
10/15/2024
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Exhibit F—City Deed of Trust <br /> Exhibit G—NEPA Mitigation Measures <br /> Exhibit H—Community Workforce Agreement(if applicable) <br /> 2. SCOPE OF WORK/PROJECT BUDGET <br /> The Project is generally described in Exhibit B, and shall comprise of the rehabilitation <br /> of die Property as described in Recital C, to provide eleven (11) residential housing units, with <br /> ten (10) restricted as Affordable Units, and one (1) one-bedroom unrestricted manager's unit. <br /> The "Scope of Work" for the Project is attached hereto as Exhibit B. Any material change to <br /> the Scope of Work requested by the Grantee shall be subject to the prior written approval of the <br /> City Project Manager. The Scope of Work sets forth the construction work that shall be <br /> performed on the Property for the Project and timeframes for approvals of such work. <br /> A line-item budget for the Project, including a summary of statement of sources and uses <br /> of funds, is provided in Exhibit C ("Project Budget"). <br /> 3. CONDITIONAL HHAP GRANT <br /> 3.1 Provided Grantee complies with the terms of this Agreement and the Regulatory <br /> Agreement, Grantee will be subject to no repayment obligation. In the event the Project is not <br /> constructed in compliance with the Scope of Work within two (2) years from the date of the <br /> first disbursement of the HIIAP Grant funds, the City may terminate this Agreement and, <br /> pursuant to the default remedy provisions of this Agreement set forth in Section 6.1, the City <br /> shall seek repayment of all HHAP Grant funds. <br /> 3.2 Amount and Purpose. Subject to the terms and conditions of this Agreement, <br /> City agrees to make the HI-IAP Grant to Grantee in an amount not to exceed Two Million <br /> Twenty One Thousand Three Hundred Nineteen Dollars ($2,021,319), as follows: an initial <br /> disbursement of One Million Eight Hundred Nineteen.Thousand One Hundred Eighty Seven <br /> Dollars ($1,819,187) (the "Initial Disbursement") upon complete execution of this Agreement <br /> and satisfaction of the Conditions to Disbursement of HHAP Grant Proceeds, and Two Hundred <br /> Two Thousand One Hundred Thirty Two Dollars ($202,132) (the "Final Disbursement") upon <br /> completion of construction of the Project. Grantee may use the proceeds in accordance with this <br /> Agreement for expenses that are actually and reasonably incurred by Grantee for the Project as <br /> set forth in the Scope of Work, and for no other purpose. <br /> 4. CONDITIONS TO DISBURSEMENT OF GRANT PROCEEDS <br /> 4.1 Conditions Precedent. City's obligation to disburse the I-IHAP Grant is subject <br /> to the satisfaction of the following conditions precedent: <br /> (a) City Council. Review, approval and execution of this Agreement and the <br /> Regulatory Agreement. <br />
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