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A resolution to approve the Third Amendment to a grant contract for constructing affordable housing approved by RS2022-1857 between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Woodbine Community Organization, 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 Woodbine Community Organization, Inc., for the express purpose of constructing affordable housing approved by RS2022-1857; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Woodbine Community Organization, Inc. executed a First Amendment to said grant contract to add a property address to the contract, approved by RS2023-2168; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Woodbine Community Organization, Inc. executed a Second Amendment to said grant contract to extend the term of the agreement and increase the number of housing units, approved by RS2024-711; and,
WHEREAS, the parties wish to amend this grant contract by extending the term of the contract to 48 months and to amend the draw schedule, 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 Woodbine Community Organization, 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 contract between the Metropolitan Housing Trust Fund Commission and Woodbine Community Organization, Inc. as approved by Resolution No. RS2022-1857.
The original grant agreement was approved on November 15, 2022, with a term extending until the completion of the project or no later than 24 months after the execution of the agreement. Under the original agreement, 60 affordable housing would be built at 6962 Highway 70S. The first grant amendment was approved through Resolution No. RS2023-2168 and added the address 3545 Dickerson Pike to the property description. The second amendment, approved by Resolution No. RS2024-711, changed the location of the project to 869 West Trinity Lane and increased the number of affordable housing units from 60 to 182 units. The amendment also extended the grant term to no later than 36 months.
The proposed amendment would extend the term of the agreement to no later than 48 months from the execution of the grant agreement. The amendment would also alter the grant draw as follows:
• 12.5%: Upon receipt of a building permit, proof of builder’s risk insurance with the Metropolitan Government listed as a lienholder;
• 25%: Documented predevelopment costs;
• 20%: Footing, framing, and foundation complete;
• 20%: Plumbing, electrical, and mechanical roughed-in, inspected, and passed by the Department of Codes Administration; roofing complete;
• 10%: Doors, cabinets, countertops, drywall, trim installed; and
• 12.5%: Receipt of final Use and Occupancy letter from the Department of Codes Administration.
The grant amount of $2,470,000 would not change through the proposed amendment.