Agreement - 466 Works Community Development Corp Inc - Pilot Housing Subsidy Program

Home Browse Search

purposes, the corporation shall, to the extent permitted of an organization described in Section 501(c)(3) of the Code, engage in the planning, directing, and coordinating of revitalization efforts of the southeast side neighborhood located in the City; and WHEREAS, the Organization has represented that it is duly existing as a not -for - profit corporation under Indiana law and exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code, as evidenced by the copy of the Indiana Secretary of State's Certificate of Existence for the Organization and the copy of its Tax Exempt Determination Letter issued by the Internal Revenue Service, respectively attached as Appendix I and Appendix 11; and WHEREAS, the Organization has the expertise and resources to provide for and oversee the construction of housing, market properties, and engage potential buyers; and WHEREAS, the City desires to allocate funds for the Program under the terms of this Agreement for the sole purpose of "risk mitigation" for the Organization for the construction of new homes in the Southeast neighborhood; and WHEREAS, the City believes that the actions contemplated by this Agreement are in the best interests of the health, safety, and welfare of the City and its residents and that such actions comply with the public purposes and applicable provisions of state and local law; and NOW THEREFORE, for and in consideration of the mutual covenants and promises contained herein, the City and the Organization hereby agree as follows; 1. Contract A"rnount and: Act-owt. The total amount to be paid under this Agreement shall not exceed Five Hundred Thousand and 00/100 Dollars ($500,000.00) ("Contract Amount"), The Organization shall provide the Program on behalf of the City, for the Contract Amount during the period commencing March 1, 2019 and ending December 31, 2021. A more detailed schedule for the Program will be determined jointly by the Organization and the City. 2. Contract Adnrinistr•ator. The Contract Administrator shall be the individual set forth in Section 13. 3. Con ensatiarr 161, / -Qgr "ain. The Organization shall be compensated up to Seventy -One Thousand Four Hundred Twenty -Eight Dollars ($71,428) per residential structure built, with a total reimbursement not to exceed the Contract Amount. The Organization shall provide that person designated as the Contract Administrator by the City with a reimbursement request including all documentation reasonably requested by the Contract Administrator, which shall include but not be limited to a certificate of occupancy for the structure and a statement that the funds were used exclusively in furtherance of the Program, as set forth in this Agreement. The final request for reimbursement shall be received by the Contract Administrator no later than October 31, 2021. All funds unencumbered for the Program at the expiration of this Agreement shall 2