Contract - DCI - South Bend Heritage Foundation - Provide Development Costs for Rehabilitation of Property at 113 Garfield Court

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$231,640.00. 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 $25,740.00. Acquisition of Real property $ 25,000.00 Construction hard costs $155,900.00 Other $ 15,000.00 Holding/selling costs $ 10,000.00 Developer Fee (not to exceed) $ 25,740.00 3-231 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 Closing Disclosure, indicating final loan terms and closing costs, must accompany the remittance. COST CATEGORIES Generally, costs must be necessary, reasonable and directly related to the grant. In accordance with the Statement of Purpose and Intent, eligible cost categories include personnel wages and fringe benefits associated with the administration of CDBG activities listed above. Time cards must be submitted indicating time spent on CDBG activities before reimbursement will be approved. 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 subunit the Reimbursement and Progress Report supplied by the City upon each withdrawal of funds. Documentation must be submitted indicating time spent on CDBG activities before reimbursement will be approved. 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 1- Scope of Services Page 2