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HomeMy WebLinkAbout10-10-16 CC Mtg. - C5. Grant Agreement with Homeword for Low-income Housing Tax1 Commission Memorandum REPORT TO: Honorable Mayor and City Commission FROM: Mayana Rice, Associate Planner SUBJECT: Homeword and GMD Development LLC request grant acceptance of $200,000 for a low income housing development known as Larkspur Commons for deferred transportation impact fees. The property is located the north of Manzanita Drive between 12th and 14th Avenues more specifically 1236 & 1240 N. 14th Ave, 1241 & 1245 N 12th Ave, 1233, 1271, 1323 & 1375 Manzanita Drive. MEETING DATE: October 10, 2016 AGENDA ITEM TYPE: Consent RECOMMENDATION: Accept the grant agreement for the low-income housing tax credit development known as Larkspur Commons for deferred transportation impact fees. BACKGROUND: The grant was approved by the City Commission on May 11, 2015. The impact fee deferral has already been submitted and was approved before construction began. As they are approaching occupancy, the request for the funds is needed as a term of deferral, in full payment, prior to issuance of occupancy. The amounts deferred are by building permit number: 15-23016 Multi-household $ 97,124.72 Larkspur Commons 15-23020 Multi-household $ 22,199.94 Larkspur Commons 15-23021 Multi-household $ 22,199.94 Larkspur Commons 15-23022 Multi-household $ 22,199.94 Larkspur Commons 15-23023 Multi-household $ 22,199.94 Larkspur Commons 15-23024 Multi-household $ 91,574.74 Larkspur Commons 15-23031 Multi-household $ 49,949.86 Larkspur Commons 15-23033 Multi-household $ 49,949.86 Larkspur Commons UNRESOLVED ISSUES: None at this time. FISCAL EFFECTS: The City previously budgeted funds for affordable housing and the commission approved grant of the $200,000 with the caveat that the grant agreement be completed. 118 2 The acceptance of the grant agreement, will release to Homeword and GMD Development LLC’s a sum of up to two-hundred thousand dollars ($200,000) from the City’s community Housing Fund. Attachments: Grant Agreement Certificate of Insurance 119 120 121 122 123 124 125 126 127 128 129 1 of 4 GMDDEVEL (JA000) CERTIFICATE HOLDER © 1988-2010 ACORD CORPORATION. All rights reserved. ACORD 25 (2010/05) AUTHORIZED REPRESENTATIVE CANCELLATION DATE (MM/DD/YYYY)CERTIFICATE OF LIABILITY INSURANCE LOCJECTPRO-POLICY GEN'L AGGREGATE LIMIT APPLIES PER: OCCURCLAIMS-MADE COMMERCIAL GENERAL LIABILITY GENERAL LIABILITY PREMISES (Ea occurrence)$DAMAGE TO RENTED EACH OCCURRENCE $ MED EXP (Any one person) $ PERSONAL & ADV INJURY $ GENERAL AGGREGATE $ PRODUCTS - COMP/OP AGG $ $RETENTIONDED CLAIMS-MADE OCCUR $ AGGREGATE $ EACH OCCURRENCE $ UMBRELLA LIAB EXCESS LIAB DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (Attach ACORD 101, Additional Remarks Schedule, if more space is required) INSRLTR TYPE OF INSURANCE POLICY NUMBER POLICY EFF(MM/DD/YYYY)POLICY EXP(MM/DD/YYYY)LIMITS WC STATU-TORY LIMITS OTH-ER E.L. EACH ACCIDENT E.L. DISEASE - EA EMPLOYEE E.L. DISEASE - POLICY LIMIT $ $ $ ANY PROPRIETOR/PARTNER/EXECUTIVE If yes, describe underDESCRIPTION OF OPERATIONS below (Mandatory in NH)OFFICER/MEMBER EXCLUDED? WORKERS COMPENSATION AND EMPLOYERS' LIABILITY Y / N AUTOMOBILE LIABILITY ANY AUTO ALL OWNED SCHEDULED HIRED AUTOS NON-OWNEDAUTOS AUTOS AUTOS COMBINED SINGLE LIMIT BODILY INJURY (Per person) BODILY INJURY (Per accident) PROPERTY DAMAGE $ $ $ $ THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THISCERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR ADDL WVD SUBR N / A $ $ (Ea accident) (Per accident) THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). The ACORD name and logo are registered marks of ACORD COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: INSURED PHONE(A/C, No, Ext): PRODUCER ADDRESS:E-MAIL FAX(A/C, No): CONTACTNAME: NAIC # INSURER A : INSURER B : INSURER C : INSURER D : INSURER E : INSURER F : INSURER(S) AFFORDING COVERAGE SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORETHE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. 09/12/2016 Parker, Smith & Feek, Inc. 2233 112th Avenue NE Bellevue, WA 98004 425-709-3600 425-709-7460 Navigators Specialty Insurance Company MT Larkspur, LLLP 520 Pike Street, Suite 1010 Seattle, WA 98101 A X 2,000,000SF15CGL179504IC12/15/2015 6/15/2017 Excluded Excluded 1,000,000 2,000,000 2,000,000 Larkspur Commons - 1241 N. 12th Ave., Bozeman, MT 59715. The City of Bozeman, its officers, agents, and employees are an additional insured and coverage is primary and non-contributory on the general liability policy per the attached endorsements/forms. CANCELS AND REPLACES PREVIOUSLY ISSUED CERTIFICATE The City of Bozeman 121 N. Rouse P.O. Box 1230 Bozeman, MT 59771-1230 130 POLICY NUMBER: SF15CGL 1795041C COMMERCIAL GENERAL LIABILITY CG 20 37 07 04 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. ADDITIONAL INSURED-OWNERS, LESSEES OR CONTRACTORS-COMPLETED OPERATIONS This endorsement modifies insurance provided under the following : COMMERCIAL GENERAL LIABILITY COVERAGE PART SCHEDULE Name Of Additional Insured Person(s) Or Organization(s): Location And Description Of Completed Operations City of Bozeman, its officers, agents, and employees 1241 N. 12th Ave, Bozeman, MT 59715 121 N. Rouse, PO Box 1230 Bozeman, MT 59771-1230 Information required to complete this Schedule, if not shown above, will be shown in the Declarations. Section II -Who Is An Insured is amended to include as an additional insured the person(s) or organization (s) shown in the Schedule, but only with respect to liability for "bodily injury" or "property damage" caused, in whole or in part, by "your work" at the location designated and described in the schedule of this endorsement performed for that additional insured and included in the "products-completed operations hazard". CG 20 37 07 04 ©ISO Properties, Inc., 2004 Page 1 of 1 131 POLICY NUMBER: SF15CGL 1795041C COMMERCIAL GENERAL LIABILITY CG 2010 07 04 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. ADDITIONAL INSURED -OWNERS, LESSEES OR CONTRA-cTORS -SCHEDUlED PERSON ·oR ORGANIZATION This endorsement modifies insurance provided under the following: COMMERCIAL GENERAL LIABILITY COVERAGE PART · SCHEDULE Name Of Additional Insured Person(s) Or Organization(s): Location(s) Of Covered Operations City of Bozeman, its officers, agents, and employees 1241 N. 12th Ave, Bozeman, MT 59715 121 N. Rouse, PO Box 1230 Bozeman, MT 59771-1230 Information required to complete this Schedule, if not shown above, will be shown in the Declarations. A. Section II -Who Is An Insured is amended to include as an additional insured the person(s) or organization(s) shown in the Schedule, but only with respect to liability for "bodily injury", "property damage" or "personal and advertising injury" caused, in whole or in part, by: 1. Your acts or omissions; or 2. The acts or omissions of those acting on your behalf; in the performance of your ongoing operations for the additional insured(s) at the location(s) desig- nated above. B. With respect to the insurance afforded to these additional insureds, the following additional exclu- sions apply: This insurance does not apply to "bodily injury" or "property damage" occurring after: 1. All work, including materials, parts or equip- ment furnished in connection with such work, on the project (other than service, maintenance or repairs) to be performed by or on behalf of the additional insured(s) at the location of the covered operations has been completed; or 2. That portion of "your work" out of which the injury or damage arises has been put to its in- tended use by any person or organization other than another contractor or subcontractor en- gaged in performing operations for a principal as a part of the same project. CG 2010 07 04 ©ISO Properties, Inc., 2004 Page 1 of 1 132 4 of 4 GMDDEVEL (JA000) 133