HomeMy WebLinkAboutAppendix Q Developer MOU with HRDC PERIOD OF ;T ish Memorandum of Understanding is between HRDC and Mill
AGREEMENT (Yard LLC. It is effective upon signing and shall remain in effect
iuntil termination by either party with 30 day written notice, or by
lend of due diligence process at April 11, 2020.
PARTIES 1. Human Resource Development Council of District IX, Inc.
(Hereinafter HRDC)
2. Imperial Development LLC_(Hereinafter Imperial)
COMMON HRDC and Imperial have as a common objective to:
OBJECTIVE :Provide for 7 rental units in the Cottonwood and Ida PUD
javailable at 60% AMI for a minimum term of 20 years
DISTRIBUTION OF In view of the common objective, HRDC and Imperial agree on
FUNCTIONS f the following distribution of functions:
Imperial will provide pre-development services for evaluation and
assessment of the proposed project in the form of:
1. Design/Construction of the units
2. Management of the units
3. Solicitation and screening of prospective tenants
4. Referral of the tenants to HRDC for income eligibility
verification
5. Copies of lease agreements to HRDC annually for
verification of rent structure compliance
HRDC will provide the following services:
1. Annual Auditing to ensure that the Cottonwood and Ida
PUD meet the requirements of 38.430.090.E7.a.ii of the
Bozeman municipal code and meeting the definition of
affordable rentals outlined in 38.700.020 "Affordable
Housing Definitions.
2. Provide Developer with maximum rents as released by
HUD/MBOH annually
3. Income Eligibility Verification of the prospective tenants
4. Annual report to Developer outlining compliance of rent
structure for designated units and tenant eligibility
DISTRIBUTION OF Imperial will provide: - li
FUNDS - Funding to HRDC in the amount of$50 per income eligibility
verification, billed annually
- Funding to HRDC in the amount of$100 per unit per year for
compliance reporting/verification, billed annually
!CONTRACT JHRDC and Imperial will be required to provide annual auditing
QUIREMENTS (showing that the project has provided the affordable rental units as
loutlined above.
COMMUNICATION �BD
(REPORTING/ HRDC will provide 3`d party income eligibility verification for all
Memorandum of Understanding HRDC & MILL YARD
April 2019
,RECORDKEEPING tenants meeting the requirements directly to Imperial as verified
Sand will provide an annual summary of tenant income eligibility.
HRDC will provide an annual summary of rent structure
icompliance.
CONTACTS (Agency contacts for purposes of upholding, amending, and
implementing this Memorandum of Understanding shall be
:designated as follows:
HRDC
Heather Grenier
132 South Tracy Avenue
!Bozeman, MT 59715
4406.587.4486
Mill Yard LLC
rik Nelson
133 N Black Ave
JBozeman, MT 59715
�06.539.1176
CONFIDENTIALITY;Imperial and HRDC each shall safeguard the use of and access to
linformation regarding this project.
PUBLICITY �TBD.
PROCEDURE FOR !In the event of a dispute, difference of interpretation, or appeal of
RESOLVING ;a decision regard ng the terms and/or conditions of this agreement,
DISPUTES Isettlement shall first be sought between HRDC and Imperial. If
settlement cannot be reached, the issue shall then be presented to
(the Board of Directors of the two agencies for joint resolution by
jthem.
AMENDMENT This Memorandum of Understanding may be amended on the
;initiative of either party by submitting a proposed amendment in
1writing to the other party and agreement of that party to the
amendment.
This agreement is hereby entered into on this �� day of April, 2019.
U
Heather G enier, Prd dent/CEO, Human Resource Development Council of District IX,
Inc., a Montana none rofit public benefit corporation
By:
Erik R Nelson- Managing Member, Mill Yard LLC., a Montana Limited Liability
Company
Memorandum of Understanding HRDC & MILL YARD
April 2019