HomeMy WebLinkAboutWyman Fields Foundation Agreement Creation Affordable Housing June 1999
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AGREEMENT RELATING TO
CREATION OF AFFORDABLE HOUSING
THIS AGREEMENT dated this 28~' day of June. 1999 is by and between the City of
Winter Springs, Florida, a municipal corporation, hereinafter called "City" and the
Wyman Fields Foundation hereafter called ""Wyman Fields" and is based on the
following premises:
WHEREAS, the City and Wyman Fields have identified up to IS8 units as potentially
needing the acquisition rehabilitation and resale efforts contemplated in this agreement;
and
WHEREAS, the City and Wyman Fields enterer! into an agreement thffi contemplated two
(2) major categories of service, namely (1) the Due Diligence Phase wherein certain
architectural, environmental, site, general contractor assessment, and economic feasibility
studies were undertaken; and (2) the implementation of the project, if the Due Diligence
findings support moving forward; and
WHEREAS, Phase 1, Due Diligence has been completed and determined the, project
feasible;
THEREFORE, it is the purpose of this agreement to specifically provide for the Phase
Two acquisition, rehabilitation, and resale of the housing unit's phase.
THE FOLLOWING PROJECT IMPLEMENTATION SERVICES WILL BE
PROVIDED BY WYMAN FIELDS FOUNDATION:
ACQUISITION:
1. Acquisition of 52 units, and common areas; 20 units located on Rhoden Lane, and 32
units located on Kristi Ann Lane, Winter Springs.
2. Generation of a first lenders mortgage for the ownership of the said buildings and
units held by the Foundation until which time as the units will be sold through
condominium documentation to homeowners.
3. Ownership and maintenance of common areas and any common buildings for a
period of at least twenty years, through the Foundation and a legally formed
Homeowners Association.
REHABILITATION:
4. Inspect eligible housing units to determine deficiencies and prepare work
specifications and architectural plans for permitting puiposos, code compliance issues,
and City of Winter Springs Laad Development Regulations.
S. Roquest and accept bids from eligible contractors to complete the work according to
work specifications, and architectural plans. Require that all contractors and
subcontractors carry workmen compensation insurance in accordance with State law
Paps 1 of 4
and public liability insurance in the minimum amount of $500,000.00 per occurrence.
6. Execute construction contracts with contractors.
7. Under Seminole County's assistance and direction, provide for the relocation of
eligible tenants during rehabilitation, utilizing funds other than City funds.
8. Inspect, and monitor progress and assure the completion of specified work as it
relates to the rehabilitation of the exterior and interior of 52 units.
9. Inspect, and monitor progress and assure the completion of specified work including
but not limited to common areas, parking lots, street scape, landscaping, irrigation,
lighting, and signage of each complex.
SALE OF UNITS:
10. Request, aggressively advertise, receive and process applications from potential home
owners for the purchase of 52 units described in Section 1 herein, assuring
non-discrimination on the basis of race, origin, nationality and gender.
MISCELLANEOUS PROVISIONS:
11. Prepare and submit to the City by the 15th of each month, monthly status reports.
12. Upon completion, submit to the City, Certification from the project architect that the
project is 100% complete in accordance with the approved plans and specifications
and is in compliance with all local zoning and building codes.
13. Upon completion, submit to the City, Certification that all units have Certificates of
Occupancy.
14. Maintain and make available appropriate records, project files and financial records in
accordance with City's requirements. Said records to be maintained for seven years
from date of executed agreement.
15. Indemnify and hold City harmless from any and all claims whether in tort or contact,
be solely responsible for the obligations it incurs with private contractors, shall carry
public liability insurance naming the City as additional insured for claims arising
under this agreement in the minimum aggregate amount of $1,000,000.00. per
occurrence.
16. Carry workers compensation insurance on its employees in the minimum amount
required by State law. No employees of Wyman Fields shall be considered an
employer of City.
17. Provide Construction Bond for the amount of tho construction contracts with a surety
authorized to do business in the State of Florida acceptable to the City of Winter
Springs.
Ppa 2 of 4
CITY FINANCIAL PARTICIPATION:
The City of Winter Springs will provide to Wyman Fields the availability and
accessibility to loan proceeds in the amount of $869,071 for those activities outlined
above, and agree to provide 10% of the loan proceeds to Wyman Fields as project
delivery fees, rounded to the nearest one dollar ($87,000) in the implementation of all
provisions outlined in this agreement, Project delivery fees and services to include but not
be limited to; assisting home owners, contractors and other entities, participating or
seeking to Participate in this project.
Loan Provisions:
BORROWER (S): The Wyman Fields Foundation is a 501 (c) (3) non profit
organization incorporated in the State of Florida in good standing at the time of
closing of the loan.
KEY PRINCIPALS: The President and Secretary of the Board of Directors (Key
Principals) of the borrowing entity will be required to sign the loan documents.
MAXIMUM LOAN AMOUNT: $782,07 1. This amount is based upon pro
forma estimates of work activities as provided by the Bottower, less the project
delivery fees. City generally intends that such funds are allocated to the overall
project on a per unit basis.
INTEREST RATE: Estimated to be Zero rpe cent as of the date of this Agreement
based upon the BOND rate as of the date hereof.
LOAN TERM: Twenty four (24) months interest-only construction period (which
may be extended for one six (6) month period at the City's option), followed by
the repayment of any outstanding principal amount not to exceed $782,071.
MORTGAGE: City reserves the tight to place a second mortgage on each unit
acquired, rehabbed or sold, prior to the sale of said unit to an eligible homeowner.
TERM/DELIVERABLE/PAYMENTS TO WYMAN FIELDS:
1. Project Delivery fees will be due and payable as follows;
/ 80% within seven (7) days of execution of this agreement.
/ 10% within seven (7) days of Certificate of Occupancy on twenty units
(Rhoden Lane)
/ % within seven (7) days of Certificate of Occupancy on thirty two units
(KristiAnn Lane)
2. Loan proceeds averaging $18,000 per unit/20 units (including as agreod upon
pro-rata share of common area costs allocated per unit) on Rhoden Lane, in
an amount not to exceed $360,000 based upon actual cost, shall bo due and
payable within seven (7) days of an approved draw request as outlined in
Attachment "A".
Peg. 3 or 4
3. Loan proceeds averaging $18,000 per unit/32 units (including an agreed
upon pro-rata share of common area costs allocated per unit) on KristiAnn
Lane, in an amount not to exceed $576,000 based upon actual cost, shall be
due and payable within seven (7) days of an approved draw request as
outlined in Attachment "A".
4. Not withstanding the provisions of the preceding paragraphs 2 and 3, the total
amount due from City at any given time under this agreement shall not
exceed $782,071.00 per Attachment "B". Repayment of loan proceeds to the
City of Winter Springs will be subject to the approved repayment schedule
outlined in Attachment "B".
S. All tasks shall be completed on or before January 1, 2001.
6. The City shall not be liable to any third party for any fees or costs incurred
under this agreement.
7. Funds payable hereunder from the City of Winter Springs may be withheld
for failure by Wyman Fields to comply with the provisions of this agreement.
WYMAN FIELDS shall, in fulfillment of this Agreement, comply with HUD
regulations regarding lead-based paint, the site-specific environmental clearances and the
rules mandated by Section 104 (d) of the Housing and Community Development Act of
1974, set forth in 24 CPR Part 570.496 (a) and 24 CFR Part 570,606, as amended.
IN WITNESS WHEREOF the parties have set their hands and seals on the date
first written above to this three page Agreement.
A IELDS ~NDATION, INC.
~~ thony errone, President, Board of Directors
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Date .) ~ ~ ~ .144 ~i
ATTEST:
~~
Tod onnett, ,
Board of
Date ~ ~ +~. 3~, I `i I Y
C O RIN
Mayor: aul P. Partyka
Date .Tune 28, 1999
ATTEST:
Interim City Clerk:
Andrea Lorenzo-Luaccs
Date June 28, 1999
Paps 4 of 4
Attachment "A"
Wyman Fields -City of Winter Springs Agreement
- Draw requests will be based upon the approved plans prepared by the
architect/engineer as appropriate to work.
- The architect/engineer shall sign off on draw requests.
- Draw requests shall be for actual costs incurred for rehabilitation set forth
in this Attachment "A" including the cost of common area improvements
approved in advance by the City, allocated on a per unit basis.
- City shall pay against draw requests submitted by Wyman Fields
supported by:
a) sign off on each request by the Wyman Fields project director, the
contractor certifying completion of the work or installation of the
building components for which draw request is sought; and, the
architect/engineer as appropriate; and
b} delivery of any warranties, bills of sale, releases of lien for any
applicable building components or construction; and
c) a contractor's afFidavit in accordance with Chapter 713, Florida
Statutes, and other applicable law, certifying that all labor, material or
other construction contractor's have been released or a construction
bond for the amount of any such draw; and
d) Review of work by a City representative designated by the City
Manager, and initially to be the City Building Official.
e) City may reject a draw request in writing, to require any of the
foregoing or for additional information relating to compliance of work
with approved plans, contracts or relevant building codes or
development standards.
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Resolution No 883
A RESOLUTION OF THE CITY OF WINTER SPRINGS MAKING CERTAIN
FINDINGS OF PUBLIC PURPOSE AND COMPLIANCE WITH LOCAL PLANS
RELATING TO AFFORDABLE HOUSING INITIATIVES ON RHODEN LANE AND
KRISTI ANN LANE IN THE CITY OF WINTER SPRINGS, FLORIDA
WHEREAS, Section 220.183, Florida Statutes (Community Contribution Tax Incentive Program),
requires for project application, the inclusion of a local government resolution finding the project proposed
for eligibility consistent with local plans and regulation, including comprehensive plans: and
WHEREAS, City of Winter Springs supports and encourages the efforts of community
organizations to create a better environment through locally initialed partnerships between he public and
private sectors; and
WHEREAS, Wyman Fields Foundation has established a program to improve housing opportunities
and conditions for low and moderate income individuals in Winter Springs; and
WHEREAS, Wyman Fields Foundation proposes to undertake a number of activities related to
accomplishing development of housing for needy individuals in targeted project areas throughout the Moss
Road Area, as described in the proposaUagreement attached hereto and incorporate herein; and
WHEREAS, Wyman Fields Foundation is making an effort to obtain private contributions for
establishment of benevolent grant funds and activities for rehabilitation for low and moderate income
individuals in Winter Springs; and
WHEREAS, Wyman Fields Foundation wishes to apply to the State of Florida for eligibility
pursuant to the Community Contribution Tax Incentive Program as set forth in Section 220.183, Florida
Statutes, and
WHEREAS, the action taken herein is authorized by law and serves a public purpose,
NOW, THEREFORE BE TT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER
SPRINGS, FLORIDA, THAT:
Section 1. The above recitals are hereby adopted as findings of fact and conclusions of law as if
fully set forth in this operative part of this Resolution.
Section 2. The project proposed by Wyman Fields Foundation for the development of housing for
low and moderate income individuals on Rhoden Avenue and Kristi Ann Lane, Winter Springs,
Florida is consistent with local plans and regulation, including the Winter Springs Comprehensive
Plan.
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Section 3. Effective Date. This Resolution shall become effective immediately upon its adoption.
ADOPTED this 28~' day of June, 1999.
[Seal]
CITY E FLINGS, FLCUI~A
By. ~ __
Mayor: Paul P. Parit~ka ~ - _
ATTE~T:
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8~~1~~ I~
Inter'lttf City Clerk
Andrea Lorenzo-Luaces
Approve to form and legal sufficiency:
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City Attorney