Contract - 466 Works Community Development Corp - Construct Home at 209 E Indiana

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ACTIVITY SERVICE AREA The activities under this contract must take place at 209 E. Indiana Avenue, South Bend, 46613. TIMETABLE Costs may be incurred when the agency is notified to proceed by the Department of Community Investment. This activity shall commence on January 1, 2017, and shall continue to and include December 31, 2018. All funds unobligated by 12/31/19 and all funds unspent by 1/31/20 will be subject to reprogramming at the option of the City. PROGRAM BUDGET The total CDBG budget for the New Construction Program I17-JC-46 (02)] shall not exceed $210,000. It is understood that funds can be moved between eligible line items as costs increase or decrease because of market conditions. However, the developer fee cannot exceed 12.5% of funds expended, or a maximum of $23,335. Architectural/Engineering $ 2,500 Construction Hard Costs $174,665 Holding/SeIling Costs $ 9,500 Developer Fee (not to exceed) $ 23,335 TOTAL 1 000 COST CATEGORIES Generally, costs must be necessary, reasonable and directly related to the grant. Please see "Prograrn Budget" above. PROGRAM INCOME At the time of transfer of ownership of the property to an income -eligible buyer ("closing"), the closing agent shall remit to the City all gross proceeds from the sale of this activity. This is understood to represent the purchase price of the property less closing costs, adjustments, credits and Real Estate agent fees. The final CIosing Disclosure, indicating final loan terms and closing costs, must accompany the remittance. NON -EXPENDABLE PROPERTY Notwithstanding any provision herein to the contrary, no costs may be incurred for non -expendable property (equipment, furniture, fixtures, etc.) without obtaining prior written approval from the Department of Community Investment. PRIOR APPROVAL Prior written approval from the Department of Community Investment will be required in order to expend funds for cost categories, types of activities, or locations not listed above. Prior written approval must also be obtained for any reductions, deletions, or additions to the approved line item budget. FINANCIAL AND ADMINISTRATIVE REPORTS The Agency shall submit the Reimbursement and Progress Report supplied by the City upon each request for withdrawal of funds (claim). The Agency understands that claims for reimbursement of expenses (goldenrod forms) shall be accompanied by proper documentation (check copies, invoices, staff time distributions, etc.). The City reserves the right to refuse any or all claims not properly supported with adequate and proper documentation of claims and activity progress. Appendix I - Scope of Services Page 2