Whitefish Housing Authority

Board of Commissioners Special Meeting Friday, May 17, 2024 | 3:00 p.m. This meeting is only available virtually (click below for the link) Microsoft Teams - via browser or Teams download 1. Public Comment Ben Johnson Chairman of the Board 2. Consent Agenda 1. Approval of the Board Meeting Agenda 3. Continuing Business 2. MOU with City of Whitefish 4. Closed Door Session - Legal and/or Personnel Issues. Per Montana Code Annotated 2-3-203: The presiding officer of any meeting may close the meeting during the time the discussion relates to a matter of individual privacy and then if and only if the presiding officer determines that the demands of individual privacy clearly exceed the merits of public disclosure. The right of individual privacy may be waived by the individual about whom the discussion pertains and, in that event, the meeting must be open. 5. Adjournment  AMENDMENT TO DEVELOPMENT AGREEMENT This Amendment to the Development Agreement between the City of Whitefish, Montana, and the Whitefish Housing Authority (this “Amendment”) is made and entered into effective this _______ day of ______________, 2024 (the “Amendment Effective Date”) by and between the City of Whitefish (“City”), and the Whitefish Housing Authority (“Developer”). RECITALS A. WHEREAS, the City and Developer entered into an agreement for the development of affordable housing on the City-owned property that was donated to the Developer located between Railway Street and Depot Street commonly referred to as the “Snow Lot,” (referred to herein as “the Property”), effective July 6, 2020 (the “Agreement”). B. WHEREAS, the City and Developer now desire to extend the term of the Agreement and make additional changes as more fully set forth below. AGREEMENT Now therefore, for good and valuable consideration the receipt and sufficiency of which the parties acknowledge, including but not limited to the mutual and dependent promises contained herein, the parties agree as follows: 1. The Project. Section 1 is amended to include: Area Median Income (AMI) ranges served by the Project will range between 100% and 150%. Units will be priced between $300,000 and $425,000 as described below, with an average unit price of no more than $369,500. Price Number of Units $300,000 - $349,999 6 $350,000 - $399,999 7 $400,000 - $425,000 9 The Developer will make every reasonable effort to keep prices low. Nothing within this Section prohibits the Developer from setting prices at lower rates or qualifying buyers at AMI ranges lower than 100%. 2. Developer Undertakings. Section 6.5 is amended to include: The Developer will create and adopt policies and procedures to manage the sale of the individual housing units. The adopted policies and procedures will prioritize qualified buyers with the lowest AMI. Section 6 amended to add: 6.10 Drawdown of City Funds. The Developer agrees to promptly submit to the City a drawdown request for City funds identified in Section 7.1. The drawdown request must include copies of supplier and/or contractor invoices for which the Developer intends to pay using City funds. The Developer may request a drawdown of funds from the City to pay for a down payment 1 required to secure a construction loan. Detailed documentation of the use of funds requested as a down payment will be provided to the City on an annual basis or upon request. 6.11 Annual Reporting; Audit. The Developer will provide to the City an annual progress report on the Project. The annual report will include Project status, timeline, and budgetary updates. Upon request, City will be provided access to audit the Project spending, including access to any relevant Project financial records to complete said audit. 6.12 Construction Variance Approved by City Council. The Developer is approved to construct the internal sidewalks after the foundations are completed. Additionally, the Developer must complete all landscaping and the second lift of asphalt prior to the issuance of certificate of occupancy for any unit. The City will require bonding as determined appropriate by the Public Works Department. 3. City Undertakings. Section 7.1 is amended to include: The City will pay $2,000,000 from General Fund reserves to the Developer to be used for the planning, developing, and construction of the Project. Section 7.2 is amended to include: The City will pay the General Fund reserves of $2,000,000 to the Developer based on drawdown requests by the Developer as described in Section 6.10. All other language in Section 7 remains intact. 4. Term. Section 9.3 of the Agreement is amended as follows: City and Developer agree that as of the Amendment Effective Date the term shall continue for three (3) years. 5. Capitalized Terms. The parties agree that capitalized terms not otherwise defined in this Amendment shall have the meaning set forth in the Contract. 6. Continuing Effect. Except as specifically amended by this Amendment, all other terms and conditions of the Contract shall remain in full force and effect. In the event of a conflict in meaning between the Agreement and this Amendment, this Amendment shall prevail. 7. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which combined shall constitute one and the same instrument. Facsimile and/or electronic copies of the parties’ signatures shall be valid and treated the same as original signatures. IN WITNESS WHEREOF, the parties have entered into this Amendment to be effective as of the Amendment Effective Date. Whitefish Housing Authority City of Whitefish, Montana By: By: Name: Dana Smith, City Manager Title: Date: ____________________________ Date: ____________________________ 2