title
A resolution to approve the Second Amendment to a grant contract to construct affordable housing between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Living Development Concepts, Inc.
body
WHEREAS, The Metropolitan Government of Nashville and Davidson County (“Metro”), acting by and through the Metropolitan Housing Trust Fund Commission (“Commission”), previously entered into a grant contract with Living Development Concepts, Inc., for the express purpose of constructing affordable housing approved by RS2022-1857; and,
WHEREAS, RS2022-1857 granted four properties owned by Metro to Living Development Concepts, Inc., for the express purpose of constructing affordable housing; and,
WHEREAS, Metro, acting by and through the Commission, previously executed a First Amendment to the grant contract, which extended the term of the contract to 36 months, and was approved by RS2024-710; and,
WHEREAS, the property located at 919 43rd Avenue North was deemed not feasible for construction due to significant site issues, which caused Living Development Concepts Inc., to return the property to Metro and decrease the grant amount due to a reduced number of overall units being constructed; and,
WHEREAS, the parties wish to amend section B.1 of this grant contract by extending the term of the contract to 48 months, section C.2 to reduce the maximum grant amount to $395,150.77, and replace Attachment A to the grant contract, a copy of which amendment is attached hereto and incorporated herein; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that the amendment to the grant contract be approved.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That this Second Amendment to the grant contract for constructing affordable housing between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Living Development Concepts, Inc., a copy of which is attached hereto and incorporated herein, is hereby approved, and the Metropolitan Mayor is hereby authorized to execute the same.
Section 2. That this resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution approves the second amendment to a grant contract to construct affordable housing between the Metropolitan Housing Trust Fund and Living Development Concepts, Inc.
The original grant contract, approved by Resolution No. RS2022-1857, granted four Metro-owned properties to Living Development Concepts, Inc., and provided $750,000 in funding for six Barnes Fund-related developments.
The first amendment, as approved by Resolution No. RS2022-1857, extended the term of the grant contract from 24 to 36 months.
The proposed amendment would reduce the maximum grant award by $354,849.23 from $750,000 to $395,150.77. The property located at 919 43rd Avenue North was deemed not feasible for construction due to significant site issues. Living Development Concepts, Inc. returned the property to the Metropolitan Government, which decreased the amount due to a reduced number of overall units being constructed. The proposed amendment would also extend the term of the agreement from 36 to 48 months.