2022-09-14 City Council Packet - Laserfiche WebLink

Home Browse Search

Centerville Schifsky PA version 09092022-2 for Council Packet the Seller upon written demand therefor in exchange for S amount equal to the Purchase Price (the Repurchase Upon completion of the Buyer Infrastructure Work, the City agrees to execute and deliver to the Buyer a release of the City Repurchase Right in recordable form (the shall pay the cost of recording the City Repurchase Right Release. C. Buyer Letter of Credit and Performance Bond. The Buyer shall deliver to the City at Closing a combination of a letter of credit and a performance bond under which the Buyer and/or the City, as the case may be, are listed as the beneficiaries or obligees construction of the homes to be constructed on the Real Property which are designated Credit/Performance Bonda combination of letter of credit and performance bond shall be in the aggregate amount of $400,000 and shall be issued by a recognized lending institution and bonding company, with assets of not less than $50,000,000.00 as it relates to the Letter of Credit, and both the letter of credit and the performance bond shall be issued by mutually acceptable institutions and in forms acceptable to the City in its reasonable discretion. The City agrees that the face amounts of the Buyer Letter of Credit and the Performance Bond shall be subject to pro rata reductions upon completion of construction (as evidenced by issuance by the City of a certificate of occupancy for such unit) of each unit of affordable housing, and presentation to the City of evidence that a covenant has been placed of record against such unit insuring compliance with the affordable housing requirements set forth in the CDBG grants made of Credit and performance bond shall provide, in relevant part, that the City may submit a sight draft or other request for payment thereunder in the event that the Buyer fails to complete the required number of affordable housing units by the deadlines set forth herein and provide to the City the required Affordability Covenant with respect thereto, and such failure continues for a period of thirty (30) days after written notice of such failure. D. HOA Pre-Funding. At Closing, Buyer agrees to deposit in escrow the sum of $65,000 as security for the obligation of the Buyer to construct and complete the required number of townhome units (i.e., 26) on the Real Property (the Title Company pursuant to an escrow agreement in form and substance acceptable to the Buyer, the . Buyer shall prepare a proposed form of the Escrow Agreement and provide the same to the City within twenty (20) days after the date hereof, and the parties shall thereafter negotiate the same in good faith with the intent to agree upon the terms thereof prior to the Condition Date. The Escrow Agreement shall provide, in relevant part, that Buyer shall receive distribution from the Title Company the amount of Five Thousand and 00/100 Dollars ($5,000.00) from the Buyer Completion Deposit with the closing of the sale of each townhome unit constructed on the Real Property, commencing with the fourteenth thth (14) townhome unit sold, with the intent that, upon closing of the twenty-sixth (26) townhome unit, the entire Buyer Completion Deposit shall have been returned to Buyer. If Buyer fails to complete the construction of the required number of townhome units on the Real Property as and when required hereunder, the City may draw upon the Buyer Completion Deposit as per the terms of the Escrow Agreement to defray to assessments and costs otherwise payable by purchasers of townhome units on the 8