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A resolution to approve the Third Amendment to a grant contract for constructing affordable housing approved by RS2022-1443 between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Inspiritus, Inc.
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WHEREAS, The Metropolitan Government of Nashville and Davidson County (“Metro”), acting by and through the Metropolitan Housing Trust Fund Commission, previously entered into a grant contract with Inspiritus, Inc., for the express purpose of constructing affordable housing approved by RS2022-1443; and
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Inspiritus, Inc. executed a First Amendment to said grant contract to extend the term of the contract, approved by RS2024-332; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Inspiritus, Inc. executed a Second Amendment to said grant contract to amend the draw schedule, approved by RS2024-333; and,
WHEREAS, the parties wish to amend this grant contract by extending the term of the contract to 48 months, 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 Third 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 Inspiritus, 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 third amendment to a grant between the Metropolitan Housing Trust Fund Commission and Inspiritus Inc. originally approved by Resolution No. RS2022-1443 (Exhibit J to RS2022-1443).
RS2022-1443 approved a contract for a grant of $2,500,000 to be used for the construction of affordable housing rental units at 1622 Rosa Parks Boulevard.
The first amendment, approved pursuant to Resolution No. RS2024-332, extended the term of the contract from 24 months to 36 months. The second amendment, approved pursuant to Resolution No. RS2024-333, replaced Section C.3 of the grant contract related to Payment Methodology regarding the grant draw schedule.
The amendment under consideration would extend the term of the contract from 36 months to 48 months.