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2022-09-14 City Council Packet
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2022-09-14 City Council Packet
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Centerville Schifsky PA version 09092022-2 for Council Packet <br />the Seller upon written demand therefor in exchange for S <br />amount equal to the Purchase Price (the Repurchase Upon completion of <br />the Buyer Infrastructure Work, the City agrees to execute and deliver to the Buyer a <br />release of the City Repurchase Right in recordable form (the <br /> shall pay the cost of recording the City Repurchase Right Release. <br />C. Buyer Letter of Credit and Performance Bond. The Buyer shall <br />deliver to the City at Closing a combination of a letter of credit and a performance bond <br />under which the Buyer and/or the City, as the case may be, are listed as the <br />beneficiaries or obligees <br />construction of the homes to be constructed on the Real Property which are designated <br />Credit/Performance Bonda combination of letter of credit and performance <br />bond shall be in the aggregate amount of $400,000 and shall be issued by a recognized <br />lending institution and bonding company, with assets of not less than $50,000,000.00 <br />as it relates to the Letter of Credit, and both the letter of credit and the performance <br />bond shall be issued by mutually acceptable institutions and in forms acceptable to the <br />City in its reasonable discretion. The City agrees that the face amounts of the Buyer <br />Letter of Credit and the Performance Bond shall be subject to pro rata reductions upon <br />completion of construction (as evidenced by issuance by the City of a certificate of <br />occupancy for such unit) of each unit of affordable housing, and presentation to the <br />City of evidence that a covenant has been placed of record against such unit insuring <br />compliance with the affordable housing requirements set forth in the CDBG grants <br />made <br />of Credit and performance bond shall provide, in relevant part, that the City may submit <br />a sight draft or other request for payment thereunder in the event that the Buyer fails <br />to complete the required number of affordable housing units by the deadlines set forth <br />herein and provide to the City the required Affordability Covenant with respect thereto, <br />and such failure continues for a period of thirty (30) days after written notice of such <br />failure. <br />D. HOA Pre-Funding. At Closing, Buyer agrees to deposit in escrow the <br />sum of $65,000 as security for the obligation of the Buyer to construct and complete <br />the required number of townhome units (i.e., 26) on the Real Property (the <br />Title Company pursuant to an escrow agreement in form and substance acceptable to <br />the Buyer, the . Buyer shall <br />prepare a proposed form of the Escrow Agreement and provide the same to the City <br />within twenty (20) days after the date hereof, and the parties shall thereafter negotiate <br />the same in good faith with the intent to agree upon the terms thereof prior to the <br />Condition Date. The Escrow Agreement shall provide, in relevant part, that Buyer shall <br />receive distribution from the Title Company the amount of Five Thousand and 00/100 <br />Dollars ($5,000.00) from the Buyer Completion Deposit with the closing of the sale of <br />each townhome unit constructed on the Real Property, commencing with the fourteenth <br />thth <br />(14) townhome unit sold, with the intent that, upon closing of the twenty-sixth (26) <br />townhome unit, the entire Buyer Completion Deposit shall have been returned to Buyer. <br />If Buyer fails to complete the construction of the required number of townhome units <br />on the Real Property as and when required hereunder, the City may draw upon the <br />Buyer Completion Deposit as per the terms of the Escrow Agreement to defray to <br />assessments and costs otherwise payable by purchasers of townhome units on the <br />8 <br /> <br />
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