HomeMy WebLinkAboutRedding Retirement Housing - HOME - Sierra Gateway Senior Residence II - 2013RECORDED AT THE REQUEST OF
AND WHEN RECORDED RETURN TO:
City of Fresno
City Clerk
2600 Fresno Street, Room 2133
Fresno, CA 93721-3603
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This Amendment I to HOME Agreement is recorded at the request and for the benefit of
the City of Fresno and is exempt from the payment of a recordíng fee pursuant to
Government Code Section 6103.
CITY OF FRESNO
By:
Name:Mark Scott
Its: Cit
Date:
AMENDMENT I TO
CITY OF FRESNO HOME INVESTMENT PARTNERSHIPS PROGRAM
AGREEMENT
by and between
CITY OF FRESNO, a municipal corporation
and
Redding Retirement Housing corporation, a carifornia corporation
and
sierra Gateway senior Residence ll, a california corporation
Regarding
Sierra Gateway Senior Residence ll
Affordable Multi-Family Senior Housing
Adjacent to property at the southwest corner of
West San Jose Avenue and North Marty Avenue
Fresno, CA 93711 (APN: 415-044-59)
q/
ASSIGNMENT AND AMENDMENT OF HOME AGREEMENT
This assignment and first amendment to the HOME lnvestment Partnerships Program
Agreement ("Amendment l"), by and between the City of Fresno, a municipal corporátion,
acting through its Development and Resource Management Department - Housing and
Community Development Division ("C|TY"), Redding Retirement Housing Corp., a California
corporation ("DEVELOPER' and "ASSIGNOR") and Sierra Gateway Senior Residence ll, a
California corporation ("SGSR ll" and "ASSIGNEE") is effective upon the date it is recorded in
the office of the Fresno County Recorder.
CITY and DEVELOPER entered ínto a HOME lnvestment Partnerships Program
Agreement on September 29, 2011, recorded in the Fresno County Recorder's Office on
September 30, 2011, as document number 2011-032012 ("Agreement") for a loan of
$750,000. The Agreement, relates to the development of a sixty-eight (68) unit senior rental
housing project of which sixty-seven (67) units shall be constructed and preserved for low-
and very low-income seniors.
DEVELOPER and SGSR ll have requested: an assignment of the Agreement from
DEVELOPER to SGSR ll; a release of DEVELOPER's liability under the Agreement; and an
increased loan amount of $240,000 (for a total loan of $990,000.00) to complete financing of
the project.
The parties therefore agree as follows:
1. DEVELOPER shall have Southern California Presbyterian Homes, lnc., a
California Corporation, grant by deed to SGSR ll all of its right, title and interest
in the property located at the southwest corner of West San Jose Avenue and
North Marty Avenue, Fresno, CA 93711, Assessor's Parcel Number 415-044-59,
which property is the subject of the Agreement and said deed must be recorded
with this Amendment I or sooner, such recording of this Amendment No. I to be
concurrent with the HUD Closing which shall be prior to the commencement of
construction of the project.
2. ASSIGNOR hereby assigns and transfers to ASSIGNEE and ASSIGNEE
accepts all right, title, interest and obligations of and to the Agreement as
amended hereby. ASSIGNOR and ASSIGNEE, without waiver or limitation,
agree to take any and all actions required to bind ASSIGNEE to the Agreement
and all applicable attachments thereto at the request of and as requested by
CITY and such is both a condition precedent to this Amendment 1 and an
obligation which survives the release of ASSIGNOR's liability contained herein
until the termination of the Agreement.
3. All references in the Agreement to Redding Retirement Housing Corp., a
California corporation are hereby replaced with Sierra Gateway Senior
Residence ll, a California corporation.
4. ASSIGNEE shall have no greater rights than ASSIGNOR under the Agreement.
Amendment 1 Page 1 of 4
AJ
5.
6.
7.
CITY shall increase the Loan (as defined in Article 1, section 1.29 of the
Agreement) by $240,000.00 for a total Loan of $990,000 of HOME funds
pursuant to all the terms and conditions of the Agreement.
All sectionsof theAgreement, including butnotlimitedto 1.16, 1.29,1.32,2.1,
6.1, 6.3, Exhibit F and Exhibit G are amended hereby to reflect the revised and
restated Loan amount of $990,000.00.
Article 1, section 1 .35 of the Agreement is corrected to read:
Proiect schedule means the schedule for completion of the Project
included in EXHIBIT A: PROJECT DESCRIPTION AND SCHEDULE
Section ll, PROJECT SCHEDULE, of EXHIBIT A: PROJECT DESCRTPTTON
AND SCHEDULE to the Agreement is stricken in its entirety and replaced with
the following:
TASK COMPLETION DATErlan Check, Contractor Bidding, Firm Documents, anc
¡llTax Exemptions June 3, 2013
IUD Closing Ausust 6, 2013
lommence Construction Auqust 13,2013
lomplete Construction December 29,2014
-ease Up March 1,2015
EXHIBIT C: PROJECT BUDGET attached to the HOME Agreement is stricken
in its entirety and replaced with EXHIBIT C: REVISED PROJECT BUDGET
attached hereto and incorporated herein.
DEVELOPER is released from all liability under the Agreement except as
reserved herein.
ln the event of any conflict between the body of this Amendment I and any
exhibit or attachment hereto, the terms and conditions of the body of this
Amendment I shall control and take precedence over the exhibit/attachment.
All capitalized terms used in this Amendment No. l, unless othen¡rise defined
herein, shall have the meanings assigned to such terms in the HOME
Agreement.
Except as expressly modified and amended hereby, the HOME Agreement shall
remain in full force and effect. Commencing on the effective date of this
Amendment l, references in the HOME Agreement to Agreement shall mean the
HOME Agreement as hereby amended.
B.
9.
10.
11.
12.
13.
ilt
Amendment 1 Page 2 of 4 (ù
APPROVED AS TO FORM:'J)s¿t¿l.rf g
I City Attorney
Exhibit C: Revised Project Budge
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REDDING RETIREMENT HOUSING CORP.,
a Cal
By:
Agent (Attach Notary certificate of
ackno
Date:
SIERRA GATEWAY SENIOR RESIDENCE II
lN WITNESS WHEREOF, the authorized agents of the parties hereto have executed
this Amendment l, at Fresno, California, the day and year first above written.
CIry OF FRESNO,
a California municipal corporation
By:
Name/Title: Mark Scott, City Manager
(Attach notary certificate of acknowledgment)
Date: ç-l- /3
ATTEST:
WONNE SPENCE, CMC
City Clerk
aCa
By:
Dv- :a !
R
Date:
\
Amendment 1 Page 3 of 4
CLERK'S CERTIF¡CATION
State of California)
County of Fresno )
On May 13, 2013, before ffie, Cindv Bruer. Deputv Citv Clerk, personally
appeared Mark Scott. Citv Manaqer of the Citv of Fresno who proved to me on
the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to be within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), acted, executed the
instrument.
I certify under PENALTY OR PERJURY under the laws of the State of California
that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
WONNE SPENCE. CMC
CITY CLERK, City of Fresno
I
)
CALIFORNIA ALL.PURPOSE ACKNOWLEDGMENT
State of California
County of
personally appeared
before me,
Ì
On
tv"r. tr
Gedrlttnn
XoEf *.Ctonhtof¡e*f Gqltt
I
'l
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within instrument and acknowledged to me that
instrument the person , or the entity upon behalf of
which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws
of the State of California that the foregoing paragraph is
true and correct.
WITNESS my
Place Notary Seal Above
Signature
OPTIONAL
Though the information below is not requ¡red by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date:Number of Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name:
! lndividual
Signer's Name:
n lndividual
E Partner-n Limited n General
tr Attorney in Fact
E Trustee
n Guardian or Conservator
n Other:
n Corporate Officer - Title(s):n Corporate Officer - Title(s):
n Partner-n Limited n General
n Attorney in Fact
! Trustee
tr Guardian or Conservator
tr Other:
Signer ls Representing:Signer ls Representing;
BIGHTTHUMBPRINT
OF SIGNER
O20OTNational NotaryAssoc¡ation.9350DeSotoAve,POBox2402.Chatsworth,CA91313-2402.MNationalNotaryorg ltem#5907 Fìeorder:CallToll-Free1,800-876-ô827
EXHIBIT C
REVISED PROJECT BUDGET
ITEM: HUD 202: Owner HUD HOME TOTAL
Construction + lns. $7,504,822
Architect's fee $ 398,000
Other fees $ 861,351
HUD 2% contingency $ 187,883
Taxes
lnsurance
Consultant fee
Closing
$ 10,000$ 35,000
$ 60,000$ -o-
$680,000
$310,000
$ 8,184,922
$ 398,000$ 861,3s1$ 1BZ,BB3$ 1o,ooo$ 35,000$ 25,000$ 3B,Boo$ 12,ooo$ 462,000$ 28,000$ 60,000$ 639,760g 273,326
Title&Recording $ 25,000Legal $ 99,800
Cost certification $ 12,000
Land $ 152,000
Organizationalcosts $ 28,000
$639,760
Rent uplfurniture $ 273,326
Working capital $ 223,318 $ 223,318
TOTAL: $9,809,500 $639,760 $990,000 $11,439,260
Amendment 1 Page 4 of 4
1L,
NOTARY SEAL CLARIFICATION PAGE
I certifu under penalty of perjury that the "Notary Seal" on the
document to which this statement is attached reads as follows:
Name of Notary:
Commission #:
Date commission expires:
Place of execution:
(Gov't. Code, Sec 27361.'l)
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