R2008-216 AUTHORIZING AGREEMENT DOVE, INC.

Home Browse Search

� . RENTAL REHABILITATION AGREEMENT This RENTAL REHABILITATION AGREEMENT, made this �� day ofN ),�� + l �-`� 2008, between the City of Decatur, a municipal corporation, "City", and Dove, Inc., "Owner", collectively the "Party", pursuant to the Multi-Unit Rental Rehabilitation Program administered by the City for rehabilitation of residential rental units,WITNESSETH: 1. The City has approved, or will approve a deferred forgivable loan, in favor of Owner in the amount of Twenty Thousand Dollars ($20,000.00), upon the terms and conditions set forth in the Rental Rehabilitation Promissory Note. The proceeds of the loan shall be used by the Owners exclusively for the purpose of rehabilitating the residential rental units located at 788 East Clay Street, which shall thereafter be used by the Owner(s) exclusively as rental properties pursuant to all applicable requirements of the Multi-Unit Rental Rehabilitation Program. Owner(s) shall expend loan proceeds by April 30, 2009 exclusively for improvements of a certain parcel of real property located in Decatur, Macon County, Illinois, legally described as: Lot Two (2) of St. James Addition, as per plat recorded in Book 1832, Page 301 of the Records in the Recorder's Office of Macon County, Illinois, situated I in Macon County, Illinois. Commonly known as: 788 East Clay Street, Decatur, Illinois. 2. The use of said loan proceeds for any other properry, or any improvements not , approved by City shall constitute a breach of this Agreement. 3. The loan proceeds may be used only for actual costs for labor and materials, ,, which shall be spent or obligated by Owner(s) to bring the structure into I compliance with the Housing Quality Standards as established by the Department of Housing and Urban Development, the International Property Maintenance Code, and applicable City building and housing codes. The loan proceeds shall be used as described in Owners' proposal dated October 15. 2008; specifically, for eligible costs of rehabilitation of certain residential rental property located at 788 East Clay Street. 4. Owner(s) agree to commit additional sources of funding for the project, and shall submit sufficient descriptions of same to allow City to confirm the availabiliry of said additional sources of funding, prior to City authorizing release of the loan proceeds. Owners' Project Budget shall include at a minimum: $11,500 for installation of a new domestic hot water boiler. 5. Owner(s) shall neither expend nor obligate funds under this agreement until a written Notice to Proceed is issued by the Economic and Urban Development Department of the City of Decatur. The Economic and Urban Development Department shall issue a Notice to Proceed upon completion of all of the following conditions: 1) completion of Section 106 Illinois Historic Preservation review by City staff, 2) confirmation of additional funding sources 1