HomeMy WebLinkAboutWyman Fields Foundation Agreement Creation Affordable Housing Jan 1999AGREEMENT RELATING TO
CREATION OF AFFORDABLE HOUSING
THIS AGREEMENT dated this ~}~ day of~ 1999 is by and
between the City of Winter Springs, Florida, a municipal c oration, ereinafter called "City";
Wyman Fields Foundation hereafter called "Wyman Fields" and is based on the following
premises:
WHEREAS, the City has identified an area in the vicinity of Lori Anne Lane as an area
where the housing is in substantial need of rehabilitation; and
WHEREAS, the City has identified this area as an area that is experiencing a number of
social problems and an increasing number of vacant housing units; and
WHEREAS, the City recognizes the need to rehabilitate this housing and desires to
implement a program that could lead to the acquisition of these housing units utilizing a third
party entity for the conversion of certain housing units, on Lori Anne Lane; and
. WHEREAS, the City has selected Wyman Fields and determined it is an appropriate
organization to serve as project director of the proposed project relating to the acquisition and
rehabilitation of housing units, and resale to qualified income eligible citizens; and
WHEREAS, Wyman Fields is interested in undertaking this project in phases; and
WHEREAS, the City and Wyman Fields have identified up to 158 units as potentially
needing the acquisition rehabilitation and resale efforts contemplated in this agreement; and
WHEREAS, the City and Wyman Fields agree that the project will be implemented in
phases to be determined from time to time by the parties; and
WHEREAS, the City and Wyman Fields have identified the American Housing
Development Corporation as a nationally known recognized resource in undertaking this project;
and
WHEREAS, the City and Wyman Fields have recognized the need to formally involve
America's Housing Development Corporation (hereinafter called AHD Corporation); and
WHEREAS, the City and Wyman Fields have contacted NationsBank and NationsBank
has indicated an interest in participating in this program; and
WHEREAS, the City and Wyman Fields have contacted Seminole County's S.H.I.P.
program for the purpose of utilizing the resources of the S.H.I.P. program including
rehabilitation assistance fund, down payment fund and identification of income eligible
individuals and families for the homeownership component of the affordable housing program
contemplated in this agreement; and
C:\Main Files\Winter SpringsUorianne.agr.doc
WHEREAS, the City and Wyman Fields have identified the need to enter into this
agreement that contemplates two (2) major categories of service, namely: (1) the Due Diligence
Phase wherein certain architectural, environmental site, general contractor assessment, and
economic feasibility studies will be undertaken; and (2) the implementation of the project, if the
Due Diligence findings support moving forward; and
WHEREAS, it is the purpose of this agreement to specifically provide for the Phase One
Due Diligence Phase of this agreement and generally outline the Phase Two acquisition
rehabilitation and resale of the housing units phase.
NOW THEREFORE, be it agreed by and between the parties as follows:
1. Premises Incorporated: Each and all of the foregoing premises
are incorporated into this agreement and acknowledged to be true and correct.
2. Due Diligence: The City and Wyman Fields agree that certain
activities and analysis are necessary pre-requisites to further commitments by the
parties under this agreement (as supplemental by written notices to proceed. with
the tasks and activities described below). The purpose of the Due Diligence
activities to be funded by the City in an amount not to exceed the sum set forth
hereinbelow at Paragraph 4 of this Agreement, are to determine the feasibility of
the project on Lori Anne Avenue (and entailing acquisition, rehabilitation and
resale of dwelling units). Tasks are identified and agreed to by the parties, and
are to undertaken by Wyman Fields. The Due Diligence tasks shall be completed
in these steps, as follows:
Step I A: Assessment of current owner, initial commitment to sale or sale price,
and current residential lease requirements for acquisition.
Step I B: Completion of current owner assessment report and initial feasibility
recommendation.
Step II A: General construction, architectural, engineering site reports and hard
estimates regarding overall renovation activities.
Step II B: Environmental (including interior assessments of wall paint, floor tile,
ceilings, and insulation) and Appraisal Reports.
Step II C: Marketing strategies and plan including advertising, promotions and
sales.
Step II D: Creation of proposed final work plan including final development cost
and project time-lines.
Step II E: Completion of proposed feasibility report, including final feasibility
recommendation.
C:\Main Files\Winter Springs\lorianne.agr.doc
Step III A: Review of final report by City Staff.
Step III B: Completion of Final Report amendments, if required.
Step III C: Presentation of Final Feasibility Report to City Commission.
The Parties acknowledge and agree that the expectation is that all tasks will be
implemented during the course of the project.
3. Future Project Imalementation Services: As the Due Diligence Phase
progresses. the City and Wyman Fields intend to enter into an additional
agreement(s) specifically addressing the respective roles of the Parties regarding:
(a) City Financial Participation;
(b) Fees to Wyman Fields;
(c) Ownership of Housing Units and common areas from
rehabilitation through resale;
(d) Resale objectives including final development costs and
marketing costs;
(e) "Pro Forma" costs of units yielding an affordable sales price
following acquisition, rehabilitation and resale;
(f) Role of America's Housing Development Corporation;
(g) Role of lending institution and County S.H.I.P. program;
(h) Housing or housing rehabilitation grants.
4. Term/Deliverables/Payments to Wyman Fields:
A. All tasks shall be completed on'or before May 1, 1999.
B. Any and all deliverables due hereunder shall be delivered to the City
Manager fifteen (15) days before Step III C.
C. Payments for the services set forth in paragraph 3, above, shall be due
in advance within seven (7) days of the execution of this Agreement.
Payments from the City to Wyman Fields for the Due Diligence Tasks set
forth herein shall total THIRTY SEVEN FIVE HUNDRED DOLLARS
($37,500.00). At the conclusion of Step III activities the City shall pay
Wyman Fields TWO THOUSAND FIVE HUNDRED DOLLARS
($2, 500.00).
D. Total compensation to Wyman Fields for all services rendered and
costs incurred by any' entity, including any entity contracted with Wyman
Fields shall not exceed FORTY THOUSAND DOLLARS ($40,000.00).
The City shall not be reliable to any third party for any fees or costs
incurred under this agreement.
C:\Main Files\Winter S~xingsUoriam-e.agr.doc
Miscellaneous Provisions:
A. The provisions of this Agreement may not be changed orally, but
may be amended or supplemented by an Agreement in writing, signed by both of
the parties.
B. This instrument contains thy; entire and full agreement between the
City and Wyman Fields with regard to the matters covered in this Agreement. No
amendment, modification, alteration or waiver of the terms of this agreement shall
be binding unless the same shall be in writing, dated subsequent to the date of this
agreement and duly executed by the parties hereto.
C. This agreement shall be governed by and construed in accordance
with the laws of the State of Florida. The venue for any cause of action arising
hereunder shall be in the Circuit Court of Seminole County, Florida.
D. All notices and other communications to be given pursuant to this
agreement shall be deemed to have been duly given (1) if personally delivered to
the person being served or to an officer of the corporation party being served, (2)
if mailed by United States ceertified mail, return receipt requested, postage
prepaid to the parties at the following address:
CITY: City Manager
City of Winter Spirngs
1126 E. S.R. 434
Winter Springs, FL 32708
WYMAN FIELDS: Wyman Fields Foundation, Inc
125 Coastline Road, Suite 1400
Sanford, Florida
Attn: Candace Birle, Executive Director
Either party may designate a different place or places of notice by delivering
written notice thereof to the other party in accordance with this Section.
F. If any one or more of the clauses, covenants or provisions
contained in this agreement should be held to be unenforceable under the laws of
the United States or any state, such invalidity or unenforceability shall not affect
the remainder of this agreement, which shall remain in full force and and effect, in
accordance with its terms.
G. The waiver by' either party of the breach of any provisions of this
Agreement shall not operate or be construed as a waiver of any other subsequent
breach hereof.
C:\Main Files\Winter Springs\lorianne.agr.doc
H. Each of the parties hereto warrants and represents that the person
executing this agreement on behalf of such party has the full authority to execute
this agreement and to bind such party to all terms and provisions hereof.
IN WITNESS WHEREOF the parties have set their hands and seals on the date first
written above.
FIELDS FOUNDATION, INC.
ATTEST
By
Its Ui ~2 ~,,.a„_ ~~~W~
ATTEST
By: Margo Pierce
City Clerk
r.
7
/~
CITY OF WINTER SPRINGS
Rona d W. McLemore, City Manger
C:\Main Files\Winter Springs\lorianne.agr.dce
' ~ a ~, 'a . ' n1 Ia pv a 6 22 23 ~~OO~t 2 ~ T
_~ , ~ 63 T 'Y. tA~.`.'' a '.j R~Ci .e.. 7 ~\S ~~ 3 r~
6 ~ 6 ~ ~
~, 6~ y ~~ ono (a0
H N r4
:~ sv K~ROSF sr ewcK c ~P•y ~ ,~
>soo-o~so
~q.~ ~ ~, 2t
.~ ~ ,
~~~ O 7 swasrarE
3
1
st ~.~ a0 w u t 2 3 a s O t , u
ss ~G R 7 t
a7 9 a n ~ ST. ° t2 t
as 2. 7 e 7 tl ~
C` ~ y y u s 7• y a z ~r
a~ T 3 6 t i! 3 3
` ~ata t 2 ~ 9 a „ 2 26 a
~ ~ 7 Q ~ y
10 ~ H _ ° to r zs ' a 7
3 a 6
{ t 2 1B~ 9
s ~
r -c- T 1AAICOUFf LN r .
`' SUBJECT PROPERTIES
'~" ~ ~
1 2a 23 22 2t `
6 ~ 3 ' ~IVt1C
i 29 30 31 ~ b ~ ~ M y ~ tl a 20y q
u c ua< to 7 ~
>s a ~ a ti ~ y ~ ~
27 U ~ 3 ~ tao ,~<v is 4 ~ 6 'Sw S ~
2 ti 3 7 0 17 ~ u 7 ~O~ µ O 9 1 ~ T7~ 9 ['
2y
7 .. a e 2 u 7 n <v tBOv 7
' ~CY (N a t ~ 9 e to n 2 a ~ u.o
til ~ n t2 6 ~ ~
,~ ~ t a 9 ~ t2 K ~ ~ .ia4
~~ n 2
•i r y 1 a A~µ,, u t3 p ua„ t ~
a6 a° LO = t -"'^1nf 12 II R 9 e
~ e~ (O ~ zow ~ y a z +~ ~ to 1$T t~~c ~ rwE
TR/Gi A^ ~ ~ ~ ~ a 17 N 33 ~ 2 II ' `S v STATKW
•~~ ~ i ~f x o3 ry 2 ~ Il0 ~
f ~ ~ 17 ~~ y 13 K a o
6 ua K ~ ~
~ M ` 12 0 ' 3 LO
f0a 3 2 1 ~ ~ 7 ~ 7 N s t '" a Z l~ LN E
6~ s ~ µ 6 Z a i C' O 11
~~ C Z II t ~p 2 S (~ ~ N
z t a ° c' C7 • ~.
p • $
~ = C M O ~ QO ~ Il0 -C AT
TN/Gi 3 f ~ L ~0 K ~ At K/l0 i
i ~ ' Ao E M ~
a 0 •
F ~"
tst.i D s ` n t " ~ ~ State Road 43 :." ~
..r.
w
wo~ rQ,t.o ~
x x
2 s .~ a
s
® ~ H
a
7 26
c ssc s e 27 an
s ~ r"
MNTER SPR9aC5 p,[UE71TNtY yGNOOI. c• 7 S 16
e M
R p a 23 ~~
,., n 2a
9
~ 3t 32 33 3a 15 ]6 a G ~2 22 . ~
27 Zti 29 ~3
37
26
~ )2
25 eR~~ a2 £ 3e ~ ~k' ~ ~
O 92 ~3 tl ~
s7 ~ sv u
2a ,. £ 7y S6 a3 Z wa ;Z9,S
~ 3a r_ ~j r a a >: `~ N
u.e et.ocK c
"~i
sic
4~ a;
~ 3
N
to 2
~p T '!
C7 t
s:.~
l~ ~_~
.~ ~ C~ 1a
3 2 t
s a
7 ~
~---~
(~~
~O
by
~O
2
.!•llla ~ •~ l~FIJI~J~ IIIU, ~Ov. ~~ ~~~ ~4:54AM P2
.. ~ • ~"
d~ZN~~Z~~~~
Wyman Fields Woundation, 1<nc.
] 25 Cosstline Rd
Suitt 1400 Yob. Due DiliSutce on prppertyr looted in alai
,
Sanford, Florida X2791 around Lori Lane. Winter Springs, Florida, to
determine the feasibility of the proposed
•
rn
ect.
DueDiligance: Estimated Fees:
1. Project Coordination providing
linkages between all principal parting
for completion of outlined tasks $ 5 , 0 0 0.0 0
Z. Currant Owner's initial conunitment of
solo price and current reside¢~tial lease $5
000.00
requirernent5 for Acquisition ,
3. Marketing Strategies ahd Plan
including advertising, promvtioi~, and $7, 000.00
sales.
4. Qcncrat Contractor, Architect,
Engineer silo reports end hard
estimates regarding overall renovation $11, 0 0 0.0 0
aotivities.
3, Environments! and Appraisal rC}iorts $ 7 , 0 0 0.0 0
d. Creation of propoaaf project final
work plan to iaciuda 1)Committad
number of Acquisition Chits (opt+on to $ 5 , 0 0 0.0 0
purchase) 2)Final Development Cost,
3)Projeat Timeline.
Totai Due Not ~o Exceed * 540,000
Due and {~~}'stile
* Total due includes all operational service and redevelopment
fees for America's Housing Development Corp., artd TnTyman FSald6
Foundation, Inc. for the Due DilligencQ Phase.
T/T ' d 06Sti '8 WkJGE : i T 66. LZ Wd!'