Loading...
R95-067RESOLUTION NO. R95-~ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE A COMMUNITY REINVESTMENT PROGRAM AGREEMENT WITH SPECIFIC LENDERS, PROVIDING ASSISTANCE TO RESIDENTS FOR REHABILITATION OF DISTRESSED AREAS OF THE CITY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Boynton Beach desires to rehabilitate single family homes in distressed lower to moderate income areas of the community; and WHEREAS, specific area lenders are committed to serving the local community and deszre to take a leadership role in the rejuvenation of distressed areas of the City; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT: Section 1. The City Commission of the City of Boynton Beach, Florida does hereby authorize and direct the Mayor and City Clerk to execute a Community Reinvestment Program Agreement with the following lenders: ko B. C. D. E. F. G. First Union National Bank Prime Bank Bank Boynton Banyan Bank Barnett Bank of Palm Beach County Sun Bank First Federal Savings & Loan of the Palm Beaches Nations Bank Section 2. That this Resolution shall become effective immediately upon passage. PASSED AND ADOPTED this /~ day of April, 1995. ATTEST: CITY OF BOYNTON BEACH, FLORIDA City Clerk Lenders.Asr comm/mnp 4/14/95 COMMUNITY REINVESTMENT PROGRAM AGREEMENT WHEREAS, the City of Boynton Beach (hereinafter CITY) desires to rehabilitate single family homes in distressed lower to moderate income areas of the community; WHEREAS, the CITY desires to rehabilitate this area through cooperative efforts of the CITY and local lending institutions under this Community Reinvestment Program (hereinafter "PROGRAM"); WHEREAS, the CITY desires that designated members of the CITY's staff shall facilitate investment in distressed areas of the CITY; WHEREAS, without the assistance of CITY staff many of the residents would not otherwise have the ability to obtain financing from institutional lenders; WHEREAS, the CITY Commission deems it to be in the best interests of the health, safety and welfare of the citizens of the entire city that distressed areas of the CITY are not permitted to further deteriorate; WHEREAS, (hereinafter "LENDER") is committed to serving the local community and desires to take a leadership role in the rejuvenation of distressed areas of the CITY; and WHEREAS, BANK desires the assistance of the CITY in processing loan applications and disbursing loan funds to contractors under this Agreement. NOW, THEREFORE, in consideration of the foregoing WHEREAS clauses the CITY and the Lender do hereby covenant and agree that: 1.10 LENDER and CITY agree to share responsibilities for marketing the PROGRAM and soliciting eligible property owners under this PROGRAM. The CITY's efforts shall include soliciting and prequalifying applications and coordinating meetings in the community between CITY Government, staff members of LENDER, and eligible members of the community. LENDER shall appoint staff members to meet with CITY staff on a regular basis and attend community meetings and shall provide brochures, printed materials and application packages which shall be made available at CITY hall and LENDER's branches in the CITY. 2.10 LENDER agrees to commit to eligible participants up to $20,000.00 for a single family residence and $30,000.00 for an owner occupied duplex at an interest rate which shall be set monthly at the monthly meeting of participating banks and shall be equal to the average rate offered by participating banks for second mortgages. This interest rate shall be fixed over the term of the loan which shall not exceed ten years. 3.10 CITY shall solicit and prequalify applicants in accordance with the guidelines set forth by the United States Department of Housing and Urban Development based upon the median income for Palm Beach County, Florida. Eligible individuals shall be defined as citizens of the CITY who are owners of eligible property whose household income is greater than 50% of the median income of the City of Boynton Beach and not to exceed 120% of the median income for Palm Beach County. 3.20 CITY shall meet with the property owner to determine the extent of work necessary and shall prepare a rehabilitation proposal which shall list the improvements necessary to the distressed property. 3.30 T~e CITY shall cause the property to be inspected, and shall determine based upon the nature of the improvement and the location of the property, whether the property is eligible under this Program. Eligible property shall be defined as single family residential property bounded on the north by Minton Road, on the south by S.E. 25th Avenue, on the west by 1-95 and on the east by Florida East Coast Railway. Property outside this area shall be considered on a case by case basis. 4.10 Applicants under the PROGRAM shall designate the CITY as their agent for awarding contracts. 4.20 CITY shall screen and prequalify contractors for participation in the program. Only those contractors who are prequalified shall be eligible to bid on the projects. The screening process for prequalification shall include investigation of FHAqualification, State licensing, and insurance. Lenders and Borrowers shall be provided with a copy of the approved list. 4.30 The CITY makes no representations or warranties regarding the actual work done by any contractor who is prequalified under this program. 5.10 CITY shall bid the job under a closed bidding system wherein eligible contractors from the prequalification list shall submit closed bids to the CITY. 5.20 Once the bids are reviewed the CITY shall assist the property owner in completing the LoanApplication Package and shall transmit the package to participating lenders on an alphabetically rotating basis; however if the applicant already banks at a participating lender, that applicant shall have the opportunity to elect that lender under this PROGRAM. The Loan Application package shall include: a. A completed Loan Application form which shall be developed by the participating lenders and shall be standardized for use by all.participating lenders; b. A completed Property Inspection Report outlining the necessary repairs and a CITY inspector's cost estimate; and, c. A completed bid and work write-up from the contractor. If the bid exceeds the CITY inspector's estimate, a reinspection shall be required to determine whether the increased costs are justified. 6.10 LENDER agrees to review and conSider all Loan Application Packages transmitted by CITY staff. 6.30 LENDER shall waive points at closing and costs shall be limited to Standard industry costs for: Documentary Stamps, Intangible tax, Recording costs, Ownership Encumbrance Reports, Flood Searches, Appraisals, and any other costs associated in recording documents for lenders lien position. 7.10 LENDER shall be solely and completely responsible for servicing of any loans financed under this agreement. 7.20 The funds provided by any LENDER under this PROGRAM shall be held in escrow by the CITY and disbursed to the contractor by the CITY in accordance with the CITY'S property inspection report and approved bid and work write up report. Disbursement shall be made pursuant to the City of Boynton Beach Community Improvement Department Contractor Payment Request Form. (Revised 10/07/92) The CITY shall secure all required lien releases and will forward same to the respective LENDER. 7.30 Any excess funds remaining after completion of repairs and payment of the contractors shall be applied to the principal of the loan. 8.10 LENDER recognizes and agrees that the CITY's performance under this agreement does not constitute a guaranty or a surety arrangement of payment for any financing obtained under this agreement. 8.20 This agreement is intended to inure to the benefit of the parties executing this Agreement, and neither party intends to create any rights or incur any obligations to any third person or entity not a party hereto. 8.30 The rights of each party hereto are personal to that party and may not be assigned or transferred to any other person or entity without prior expressed and written consent of the other party. 8.40 This agreement constitutes the entire agreement between the parties and any prior understanding or representation of any kind shall not be binding upon the parties except to the extent incorporated in this agreement. 8.50 LENDER acknowledges that the CITY is merely acting as a facilitator of the PROGRAM and the CITY shall have no liability for any demands or causes of action arising out of the bidding procedures, awarding of contracts, processing of Loan Application Packages, workmanship of contractors, or defaults in payments of loans. ~.60 Each party hereto reserves the right to cancell this agreement on 90 days written notice to the other party; however, the cancellation of this agreement shall not affect any loans financed hereunder prior to the cancellation date. 8.60 Any modification to this agreement or additional obligation assumed by either party in connection with this agreement shall be binding only if executed with the %a~ formalities as this agreement. WITNESSES: -~ ~ ^n~, - Print Name Lending Institution CEC / 900182 AGMT HOUSING COMMUNITY REINVESTMENT PROGRAM AGREEMENT WHEREAS, the City of Boynton Beach (hereinafter CITY) desires to rehabilitate single family~homes in distressed lower to moderate income areas of the community; WHEREAS, the CITY desires to rehabilitate this area through cooperative efforts of the CITY and local lending institutions under this Community Reinvestment Program (hereinafter "PROGRAM"); WHEREAS, the CITY desires that designated members of the CITY's staff shall facilitate investment in distressed areas of the CITY; WHEREAS, without the assistance of CITY staff many of the residents would not otherwise have the ability to obtain financing from institutional lenders; WHEREAS, the CITY Commission deems it to be in the best interests of the health, safety and welfare of the citizens of the entire city that distressed areas of the CITY are not permitted to further deteriorate; WHEREAS, ~£~/-/ ~/~ (hereinafter "LENDER") is committed to serving the local community and desires to take a leadership role in the rejuvenation of distressed areas of the CITY; and WHEREAS, BANK desires the assistance of the CITY in processing loan applications and disbursing loan funds to contractors under this Agreement. NOW, THEREFORE, in consideration of the foregoing WHEREAS clauses the CITY and the Lender do hereby covenant and agree that: 1.10 LENDER and CITY agree to share responsibilities for marketing the PROGRAM and soliciting eligible property owners under this PROGRAM. The CITY's efforts shall include Soliciting and prequalifying applications and coordinating meetings in the community between CITY Government, staff members of LENDER, and eligible members of the community. LENDER shall appoint staff members to meet with CITY staff on a regular basis and attend community meetings and shall provide brochures, printed materials and application packages which shall be made available at CITY hall and LENDER's branches in the CITY. 2.10 LENDER agrees to commit to eligible participants up to $20,000.00 for a Single family residence and $30,000.00 for an owner occupied duplex at an interest rate which shall be set monthly at the monthly meeting of participating banks and shall be equal to the average rate offered by participating banks for second mortgages. This interest rate shall be fixed over the term of the loan which shall not exceed ten years. 3.10 CITY shall solicit and prequalify applicants in accordance with the guidelines set forth by the United States Department of Housing and Urban Development based upon the median income for Palm Beach County, Florida. Eligible individuals shall be defined as citizens of the CITY who are owners of eligible property whose household income is greater than 50% of the median income of the City of Boynton Beach and not to exceed 120% of the median income for Palm Beach County. 3.20 CITY shall meet with the property owner to determine the extent of work necessary and shall prepare a rehabilitation proposal which shall list the improvements necessary to the distressed property. 3.30 The CITY shall cause the property to be inspected, and shall determine based upon the nature of the improvement and the location of the property, whether the property is eligible under this Program. Eligible property shall be defined as single family residential property bounded on the north by Minton Road, on the south by S.E. 25th Avenue, on the west by 1-95 and on the east by Florida East Coast Railway. Property outside this area shall be considered on a case by case basis. 4.10 Applicants under the PROGRAM shall designate the CITY as their agent for awarding contracts. 4.20 CITY shall screen and prequalify contractors for participation in the program. Only those contractors who are prequalified shall be eligible to bid on the projects. The screening process for prequalification shall include investigation of FHA qualification, State licensing, and insurance. Lenders and Borrowers shall be provided with a copy of the approved list. 4.30 The CITY makes no representations or warranties regarding the actual work done by any contractor who is prequalified under this program. 5.10 CITY shall bid the job under a closed bi~ding system wherein eligible contractors from the prequalification list shall submit closed bids to the CITY. 5.20 Once the bids are reviewed the CITY shall assist the property owner in completing the Loan Application Package and shall transmit the package to participating lenders on an alphabetically rotating basis; however if the applicant already banks at a participating lender, that applicant shall have the opportunity to elect that lender under this PROGRAM. The Loan Application package shall include: a. A completed Loan Application form which shall be developed by the participating lenders and shall be standardized for use by all participating lenders; b. A completed Property Inspection Report outlining the necessary repairs and a CITY inspector's cost estimate; and, c. A completed bid and work write-up from the contractor. If the bid exceeds the CITY inspector's estimate, a reinspection shall be required to determine whether the increased costs are justified. 6.10 LENDER agrees to review and consider all Loan Application Packages transmitted by CITY staff. 6.30 LENDER shall waive points at closing and costs shall be limited to Standard industry costs for: Documentary Stamps, Intangible tax, Recording costs, Ownership Encumbrance Reports, Flood Searches, Appraisals, and any other costs associated in recording documents for lenders lien position. 7.10 LENDER shall be solely and completely responsible for servicing of any loans financed under this agreement. 7.20 The funds provided by any LENDER under this PROGRAM shall be held in escrow by the CITY and disbursed to the contractor by the CITY in accordance with the CITY'S property inspection report and approved bid and work write up report. Disbursement shall be made pursuant to the City of Boynton Beach Community Improvement Department Contractor Payment Request Form. (Revised 10/07/92) The CITY shall secure all required lien releases and will forward same to the respective LENDER. 7.30 Any excess funds remaining after completion of repairs and payment of the contractors shall be applied to the principal of the loan. 8.10 LENDER recognizes and agrees that the CITY's performance under this agreement does not constitute a guaranty or a surety arrangement of payment for any financing obtained under this agreement. 8.20 This agreement is intended to inure to the benefit of the parties executing this Agreement, and neither party intends to create any rights or incur any obligations to any third person or entity not a party hereto. 8.30 The rights of each party hereto are personal to that party and may not be assigned or transferred to any other person or entity without prior expressed and written consent of the other party. 8.40 This agreement constitutes the entire agreement between the parties and any prior understanding or representation of any kind shall not be binding upon the parties except to the extent incorporated in this agreement. 8.50 LENDER acknowledges that the CITY is merely acting as a facilitator of the PROGRAM and the CITY shall have no liability for any demands or causes of action arising, out of the bidding procedures, awarding of contracts, processing of Loan Application Packages, workmanship of contractors, or defaults in payments of loans. 8.60 Each party hereto reserves the right to cancell this agreement on 90 days written notice to the other party; however, the cancellation of this agreement shall not affect any loans financed hereunder prior to the cancellation date. 8.60 Any modification to this agreement or additional obligation agreement shall be binding formalities as this agreement. WITNESSES: assumed by either party only if Print Name Print Name in connection with this executed with t.h~_'_ s~e -Cz ty of ~oy~on Be~h ¥ Mayor Oer~/ld ~ylor~/ Le~di~ I~titu~n : CEC/I~ 90018Z AGMT HOUSING COMMUNITY REINVESTMENT PROGRAM AGREEMENT WHEREAS, the City of Boynton Beach (hereinafter CITY) desires to rehabilitate single family homes in distressed lower to moderate income areas of the community; WHEREAS, the CITY desires to rehabilitate this area through cooperative efforts of the CITY and local lending institutions under this Community Reinvestment Program (hereinafter "PROGRAM"); WHEREAS, the CITY desires that designated members of the CITY's staff shall facilitate investment in distressed areas of the CITY; WHEREAS, without the assistance of CITY staff many of the residents would not otherwise have the ability to obtain financing from institutional lenders; WHEREAS, the CITY Commission deems it to be in the best interests of the health, safety and welfare of the citizens of the entire city that distressed areas of the CITY are not permitted to further deteriorate; WHEREAS, Banyan Bank (hereinafter "LENDER") is committed to serving the local community and desires to take a leadership role in the rejuvenation of distressed areas of the CITY; and WHEREAS, BANK desires the assistance of the CITY in processing loan applications and disbursing loan funds to contractors under this Agreement. NOW, THEREFORE, in consideration of the foregoing WHEREAS clauses the CITY and the Lender do hereby covenant and agree that: 1.10 LENDER and CITY agree to share responsibilities for marketing the PROGRAM and soliciting eligible property owners under this PROGRAM. The CITY's efforts shall include soliciting and prequalifying applications and coordinating meetings in the community between CITY Government, staff members of LENDER, and eligible members of the community. LENDER shall appoint staff members to meet with CITY staff on a regular basis and attend community meetings and shall provide brochures, printed materials and application packages which shall be made available at CITY hall and LENDER's branches in the CITY. 2.10 LENDER agrees to commit to eligible participants up to $20,000.00 for a single family residence and $30,000.00 for an owner occupied duplex at an interest rate which shall be set monthly at the monthly meeting of participating banks and shall be equal to the average rate offered by participating banks for second mortgages. This interest rate shall be fixed over the term of the loan which shall not exceed ten years. 3.10 CITY shall solicit and prequalify applicants in accordance with the guidelines set forth by the United States Department of Housing and Urban Development based upon the median income for Palm Beach County, Florida. Eligible individuals shall be defined as citizens of the CITY who are owners of eligible property whose household income is greater than 50% of the median income of the City of Boynton Beach and not to exceed 120% of the median income for Palm Beach County. 3.20 CITY shall meet with the property owner to determine the extent of work necessary and shall prepare a rehabilitation proposal which shall list the improvements necessary to the distressed property. 3.30 The CITY shall cause the property to be inspected, and shall determine based upon the nature of the improvement and the location of the property, whether the property is eligible under this Program. Eligible property shall be defined as single family residential property bounded on the north by Minton Road, on the south by S.E. 25th Avenue, on the west by 1-95 and on the east by Florida East Coast Railway. Property outside this area shall be considered on a case by case basis. 4.10 Applicants under the PROGRAM shall designate the CITY as their agent for awarding contracts. 4.20 CITY shall screen and prequalify contractors for participation in the program. Only those contractors who are prequalified shall be eligible to bid on the projects. The screening process for prequalification shall include investigation of FHA qualification, State licensing, and insurance. Lenders and Borrowers shall be provided with a copy of the approved list. 4.30 The CITY makes no representations or warranties regarding the actual work done by any contractor who is prequalified under this program. 5.10 CITY shall bid the job under a closed bidding system wherein eligible contractors from the prequalification list shall submit closed bids to the CITY. 5.20 Once the bids are reviewed the CITY shall assist the property owner in completing the Loan Application Package and shall transmit the package to participating lenders on an alphabetically rotating basis; however if the applicant already banks at a participating lender, that applicant shall have the opportunity to elect that lender under this PROGRAM. The Loan Application package shall include: a. A completed Loan Application form which shall be developed by the participating lenders and shall be standardized for use by all participating lenders; b. A completed Property Inspection Report outlining the necessary repairs and a CITY inspector's cost estimate; and, c. A completed bid and work write-up from the contractor. If the bid exceeds the CITY inspector's estimate, a reinspection shall be required to determine whether the increased costs are justified. 6.10 LENDER agrees to review and consider all Loan Application Packages transmitted by CITY staff. 6.30 LENDER shall waive points at closing and costs shall be limited to Standard industry costs for: Documentary Stamps, Intangible tax, Recording costs, Ownership Encumbrance Reports, Flood Searches, Appraisals, and any other costs associated in recording documents for lenders lien position. 7.10 LENDER shall be solely and completely responsible for servicing of any loans financed under this agreement. 7.20 The funds provided by any LENDER under this PROGRAM shall be held in escrow by the CITY and disbursed to the contractor by the CITY in accordance with the CITY'S property inspection report and approved bid and work write up report. Disbursement shall be made pursuant to the City of Boynton Beach Community Improvement Department Contractor Payment Request Form. (Revised 10/07/92) The CITY shall secure all required lien releases and will forward same to the respective LENDER. 7.30 Any excess funds remaining after completion of repairs and payment of the contractors shall be applied to the principal of the loan. 8.10 LENDER recognizes and agrees that the CITY's performance under this agreement does not constitute a guaranty or a surety arrangement of payment for any financing obtained under this agreement. 8.20 This agreement is intended to inure to the benefit of the parties executing this Agreement, and neither party intends to create any rights or incur any obligations to any third person or entity not a party hereto. 8.30 The rights of each party hereto are personal to that party and may not be assigned or transferred to any other person or entity without prior expressed and written consent of 'the other party. 8.40 This agreement constitutes the entire agreement between the parties and any prior understanding or representation of any kind shall not be binding upon the parties except to the extent incorporated in this agreement. 8.50 LENDER acknowledges that the CITY is merely acting as a facilitator of the PROGRAM and the CITY shall have no liability for any demands or causes of action arising out of the bidding procedures, awarding of contracts, processing of Loan Application Packages, workmanship of contractors, or defaults in payments of loans. 8.60 Each party hereto reserves the right to cancell this agreement on 90 days written notice to the other party; however, the cancellation of this agreement shall not affect any loans financed hereunder prior to the cancellation date. 8.60 Any modification to this agreement or additional obligation assumed by either party in connection with t~is agreement shall be binding only if ~xecuted with ~e s~e/ formalities as this agreement. \."t/%4V:vl~/~vv CI~ A~ORNE¥ WITNESSES: City of ~yn~bn Beth by ~yo~ c~ ~¢y~o~// Print Name zn~~ t; , ~k _~ -Lendfng rnstitutidn Pr CEC / 900182 AGMT HOUSING COMMUNITY REINVESTMENT PROGRAM AGREEMENT WHEREAS, the City of Boynton Beach (hereinafter CITY) desires to rehabilitate single familY homes in distressed lower to moderate income areas of the community; WHEREAS, the CITY desires to rehabilitate this area through cooperative efforts of the CITY and local lending institutions under this Community Reinvestment Program (hereinafter "PROGRAM"); WHEREAS, the CITY desires that designated members of the CITY's staff shall facilitate investment in distressed areas of the CITY; WHEREAS, without the assistance of CITY staff many of the residents would not otherwise have the ability to obtain financing from institutional lenders; WHEREAS, the CITY Commission deems it to be in the best interests of the health, safety and welfare of the citizens of the entire city that distressed areas of the CITY are not permitted to further deteriorate; WHEREAS, BANKBOYNTON, FSB (hereinafter "LENDER") is committed to serving the local community and desires to take a leadership role in the rejuvenation of distressed areas of the CITY; and WHEREAS, BANK desires the assistance of the CITY in processing loan applications and disbursing loan funds to contractors under this Agreement. NOW, THEREFORE, in consideration of the foregoing WHEREAS clauses the CITY and the Lender do hereby covenant and agree that: 1.10 LENDER and CITY agree to share responsibilities for marketing the PROGRAM and soliciting eligible property owners under this PROGRAM. The CITY's efforts shall include soliciting and prequalifying applications and coordinating meetings in the community between CITY Government, staff members of LENDER, and eligible members of the community. LENDER shall appoint staff members to meet with CITY staff on a regular basis and attend community meetings and shall provide brochures, printed materials and application packages which shall be made available at CITY hall and LENDER's branches in the CITY. 2.10 LENDER agrees to commit to eligible participants up to $20,000.00 for a single family residence and $30,000.00 for an owner occupied duplex at an interest rate which shall be set monthly at the monthly meeting of participating banks and shall be equal to the average rate offered by participating banks for second mortgages. This interest rate shall be fixed over the term of the loan which shall not exceed ten years. 3.10 CITY shall solicit and prequalifY applicants in accordance with the guidelines set forth by the United States Department of Housing and Urban Development based upon the median income for Palm Beach County, Florida. Eligible individuals shall be defined as citizens of the CITY who are owners of eligible property whose household income is greater than 50% of the median income of the City of Boynton Beach and not to exceed 120% of the median income for Palm Beach County. 3.20 CITY shall meet with the property owner to determine the extent of work necessary and shall prepare a rehabilitation proposal which shall list the improvements necessary to the distressed property. 3.30 The CITY shall cause the property to be inspected, and shall determine based upon the nature of the improvement and the location of the property, whether the property is eligible under this Program. Eligible property shall be defined as single family residential property bounded on the north by Minton Road, on the south by S.E. 25th Avenue, on the west by 1-95 and on the east by Florida East Coast Railway. Property outside this area shall be considered on a case by case basis. 4.10 Applicants under the PROGRAM shall designate the CITY as their agent for awarding contracts. 4.20 CITY shall screen and prequalify contractors for participation in the program. Only those contractors who are prequalified shall be eligible to bid on the projects. The screening process for prequalification shall include investigation of FHA qualification, State licensing, and insurance. Lenders and Borrowers shall be provided with a copy of the approved list. 4.30 The CITY makes no representations or warranties regarding the actual work done by any contractor who is prequalified under this program. 5.10 CITY shall bid the job under a closed bidding system wherein eligible contractors from the prequalification list shall submit closed bids to the CITY. 5.20 Once the bids are reviewed the CITY shall assist the property owner in completing the Loan Application Package and shall transmit the package to participating lenders on an alphabetically rotating basis; however if the applicant already banks at a participating lender, that applicant shall have the opportunity to elect that lender under this PROGRAM. The Loan Application package shall include: a. A completed Loan Application form which shall be developed by the participating lenders and shall be standardized for use by all participating lenders; b. A completed Property Inspection Report outlining the necessary repairs and a CITY inspector's cost estimate; and, c. A completed bid and work write-up from the contractor. If the bid exceeds the CITY inspector's estimate, a reinspection shall be required to determine whether the increased costs are justified. 6.10 LENDER agrees to review and consider all Loan Application Packages transmitted by CITY staff. 6.30 LENDER shall waive points at closing and costs shall be limited to Standard industry costs for: Documentary Stamps, Intangible tax, Recording costs, Ownership Encumbrance Reports, Flood Searches, AppraiSals, and any other costs associated in recording documents for lenders lien position. 7.10 LENDER shall be solely and completely responsible for servicing of any loans financed under this agreement. 7.20 The funds provided by any LENDER under this PROGRAM shall be held in escrow by the CITY and disbursed to the contractor by the CITY in accordance with the CITY'S property inspection report and approved bid and work write up report. Disbursement shall be made pursuant to the City of Boynton Beach Community Improvement Department Contractor Payment Request Form. (Revised 10/07/92) The CITY shall secure all required lien releases and will forward same to the respective LENDER. 7.30 Any excess funds remaining after completion of repairs and payment of the contractors shall be applied to the principal of the loan. 8.10 LENDER recognizes and agrees that the CITY's performance under this agreement does not constitute a guaranty or a surety arrangement of payment for any financing obtained under this agreement. 8.20 This agreement is intended to inure to the benefit of the parties executing this Agreement, and neither party intends to create any rights or incur any obligations to any third person or entity not a party hereto. 8.30 The rights of each party hereto are personal to that party and may not be assigned or transferred to any other person or entity without prior expressed and written consent of the other party. 8.40 This agreement constitutes the entire agreement between the parties and any prior understanding or representation of any kind shall not be binding upon the parties except to the extent incorporated in this agreement. 8.50 LENDER acknowledges that the CITY is merely acting as a facilitator of the PROGRAM and the CITY shall have no liability for any demands or causes of action arising out of the bidding procedures, awarding of contracts, processing of Loan Application Packages, workmanship of contractors, or defaults in payments of loans. 8.60 Each party hereto reserves the right to cancetl this agreement on 90 days written notice to the other party; however, the cancellation of this agreement shall not affect any loans financed hereunder prior to the cancellation date. 8.60 Any modification to this agreement or additional obligation assumed by either party in connection with this agreement shall be binding only if executed with the formalities as this agreement. WITNESSES: Print Name Print Name CEC/lms 900182 AGMT HOUSING COMMUNITY REINVESTMENT PROGRAM AGREEMENT WHEREAS, the City of Boynton Beach (hereinafter CITY) desires to rehabilitate single family homes in distressed lower to moderate income areas of the community; WHEREAS, the CITY desires to rehabilitate this area through cooperative efforts of the CITY and local lending institutions under this Community Reinvestment Program (hereinafter "PROGRAM"); WHEREAS, the CITY desires that designated members of the CITY's staff shall facilitate investment in distressed areas of the CITY; WHEREAS, without the assistance of CITY staff many of the residents would not otherwise have the ability to obtain financing from institutional lenders; WHEREAS, the CITY Commission deems it to be in the best interests of the health, safety and welfare of the citizens of the entire city that distressed areas of the CITY are not permitted to further deteriorate; WHEREAS, FIRST UNION NATIONAL BAN~ereinafter "LENDER") is OF FLORIDA committed to serving the local community and desires to take a leadership role in the rejuvenation of distressed areas of the CITY; and WHEREAS, BANK desires the assistance of the CITY in processing loan applications and disbursing loan funds to contractors under this Agreement. NOW, THEREFORE, in consideration of the foregoing WHEREAS clauses the CITY and the Lender do herebY covenant and agree that: 1.10 LENDER and CITY agree to share responsibilities for marketing the PROGRAM and soliciting eligible property owners under this PROGRAM. The CITY's efforts shall include soliciting and prequalifying applications and coordinating meetings in the community between CITY Government, staff members of LENDER, and eligible members of the community. LENDER shall appoint staff members to meet with CITY staff on a regular basis and attend community meetings and shall provide brochures, printed materials and application packages which shall be made available at CITY hall and LENDER's branches in the CITY. 2.10 LENDER agrees to commit to eligible participants up to $20,000.00 for a single family residence and $30,000.00 for an owner occupied duplex at an interest rate which shall be set monthly at the monthly meeting of participating banks and shall be equal to the average rate offered by participating banks for second mortgages. This interest rate shall be fixed over the term of the loan which shall not exceed ten years. 3.10 CITY shall solicit and prequalify applicants in accordance with the guidelines set forth by the United States Department of Housing and Urban Development based upon the median income for Palm Beach County, Florida. Eligible individuals shall be defined as citizens of the CITY who are owners of eligible property whose household income is greater than 50% of the median income of the City of Boynton Beach and not to exceed 120% of the median income for Palm Beach County. 3.20 CITY shall meet with the property owner to determine the extent of work necessary and shall prepare a rehabilitation proposal which shall list the improvements necessary to the distressed property. 3.30 The CITY shall cause the property to be inspected, and shall determine based upon the nature of the improvement and the location of the property, whether the property is eligible under this Program. Eligible property shall be defined as single family residential property bounded on the north by Minton Road, on the south by S.E. 25th Avenue, on the west by 1-95 and on the east by Florida East Coast Railway. Property outside this area shall be considered on a case by case basis. 4.10 Applicants under the PROGRAM shall designate the CITY as their agent for awarding contracts. 4.20 CITY shall screen and prequalify contractors for participation in the program. Only those contractors who are prequalified shall be eligible to bid on the projects. The screening process for prequalification shall include investigation of FHA qualification, State licensing, and insurance. Lenders and Borrowers shall be provided with a copy of the approved list. 4.30 The CITY makes no representations or warranties regarding the actual work done by any contractor who is prequalified under this program. 5.10 CITY shall bid the job under a closed bidding system wherein eligible contractors from the prequalification list shall submit closed bids to the CITY. 5.20 Once the bids are reviewed the CITY shall assist the property owner in completing the Loan Application Package and shall transmit thepackage to participating lenders on an alphabetically rotating basis; however if the applicant already banks at a participating lender, that applicant shall have the opportunity to elect that lender under this PROGRAM. The Loan Application package shall include: a. A completed Loan Application form which shall be developed by the participating lenders and shall be standardized for use by all participating lenders; b. A completed Property Inspection Report outlining the necessary repairs and a CITY inspector's cost estimate; and, c. A completed bid and work write-up from the contractor. If the bid exceeds the CITY inspector's estimate, a reinspection shall be required to determine whether the increased costs are justified. 6.10 LENDER agrees to review and consider all Loan Application Packages transmitted by CITY staff. 6.30 LENDER shall waive points at closing and costs shall be limited to Standard industry costs for: Documentary Stamps, Intangible tax, Recording costs, Ownership Encumbrance Reports, Flood Searches, Appraisals, and any other costs associated in recording documents for lenders lien position. 7.10 LENDER shall be solely and completely responsible for servicing of any loans financed under this agreement. 7.20 The funds provided by any LRNDER under this PROGRAM shall be held in escrow by the CITY and disbursed to the contractor by the CITY in accordance with the CITY'S property inspection report and approved bid and work write up report. Disbursement shall be made pursuant to the City of Boynton Beach Community Improvement Department Contractor Payment Request Form. (Revised 10/07/92) The CITY shall secure all required lien releases and will forward same to the respective LENDER. 7.30 Any excess funds remaining after completion of repairs and payment of the contractors shall be applied to the principal of the loan. 8.10 LENDER recognizes and agrees that the CITY's performance under this agreement does not constitute a guaranty or a surety arrangement of payment for any financing obtained under this agreement. 8.20 This agreement is intended to inure to the benefit of the parties executing this Agreement, and neither party intends to create any rights or incur any obligations to any third person or entity not a party hereto. 8.30 The rights of each party hereto are personal to that party and may not be assigned or transferred to any other person or entity without prior expressed and written consent of the other party. 8.40 This agreement constitutes the entire agreement between the parties and any prior understanding or representation of any kind shall not be binding upon the parties except to the extent incorporated in this agreement. 8.50 LENDER acknowledges that the CITY is merely acting as a facilitator of the PROGRAM and the CITY shall have no liability for any demands or causes of action arising out of the bidding procedures, awarding of contracts, processing of Loan Application Packages, workmanship of contractors, or defaults in payments of loans. 8.60 Each party hereto reserves the right to cancell this agreement on 90 days written notice to the other party; however, the cancellation of this agreement shall not affect any loans financed hereunder prior to the cancellation date. 8.60 Any modification to this agreement or additional obligation assumed by either party in connection with this agreement shall be binding only if. executed with the same ~. ~--~_ll~ ~'~--~F~! formalities as this agreement. 'city of o ky ' ~/ ' '~ ~ Lending ~stitution PATRICIA RIGGLE -- C~OL A. KNITTEL Print N~e ASST. VICE PRES. CEe/~m 900182 AGMT HOUSING COMMUNITY REINVESTMENT PROGRAM AGREEMENT WHEREAS, the City of Boynton Beach (hereinafter CITY) desires to rehabilitate single family homes in distressed lower to moderate income areas of the community; WHEREAS, the CITY desires to rehabilitate this area through cooperative efforts of the CITY and local lending institutions under this Community Reinvestment Program (hereinafter "PROGRAM"); WHEREAS, the CITY desires that designated members of the CITY's staff shall facilitate investment in distressed areas of the CITY; WHEREAS, without the assistance of CITY staff many of the residents would not otherwise have the ability to obtain financing from institutional lenders; WHEREAS, the CITY Commission deems it to be in the best interests of the health, safety and welfare of the citizens of the entire city that distressed areas of the CITY are not permitted to further deteriorate; WHEREAS, FIRST FEDERAL OFT HE PALM (hereinafter "LENDER") is BEACHES committed to serving the local community and desires to take a leadership role in the rejuvenation of distressed areas of the CITY; and WHEREAS, BANK desires the assistance of'the CITY in processing loan applications and disbursing loan funds to contractors under this Agreement. NOW, THEREFORE, in consideration of the foregoing WHEREAS clauses the CITY and the Lender do hereby covenant and agree that: 1.10 LENDER and CITY agree to share responsibilities for marketing the PROGRAM and soliciting eligible property owners under this PROGP3%M. The CITY's efforts shall include soliciting and prequalifying applications and coordinating meetings in the community between CITY Government, staff members of LENDER, and eligible members of the community. LENDER shall appoint staff members to meet with CITY staff on a regular basis and attend community meetings and shall provide brochures, printed materials and application packages which shall be made available at CITY hall and LENDER's branches in the CITY. 2.10 LENDER agrees to commit to eligible participants up to $20,000.00 for a single family residence and $30,000.00 for an owner occupied duplex at an interest rate which shall be set monthly at the monthly meeting of participating banks and shall be equal to the average rate offered by participating banks for second mortgages. This interest rate shall be fixed over the term of the loan which shall not exceed ten years. 3.10 CITY shall solicit and prequalify applicants in accordance with the guidelines set forth by the United States Department of Housing and Urban Development based upon the median income for Palm Beach County, Florida. Eligible individuals shall be defined as citizens of the CITY who are owners of eligible property whose household income is greater than 50% of the median income of the City of Boynton Beach and not to exceed 120% of the median income for Palm Beach County. 3.20 CITY shall meet with the property owner to determine the extent of work necessary and shall prepare a rehabilitation proposal which shall list the improvements necessary to the distressed property. 3.30 The CITY shall cause the property to be inspected, and shall determine based upon the nature of the improvement and the location of the property, whether the property is eligible under this Program. Eligible property shall be defined as single family residential property bounded on the north by Minton Road, on the south by S.E. 25th Avenue, on the west by 1-95 and on the east by Florida East Coast Railway. Property outside this area shall be considered on a case by case basis. 4.10 Applicants under the PROGRAM shall designate the CITY as their agent for awarding contracts. 4.20 CITY shall screen and prequalify contractors for participation in the program. Only those contractors who are prequalified shall be eligible to bid on the projects. The screening process for prequalification shall include investigation of FHA qualification, State licensing, and insurance. Lenders and Borrowers shall be provided with a copy of the approved'list. 4.30 The CITY makes no representations or warranties regarding the actual work done by any contractor who is prequalified under this program. 5.10 CITY shall bid the job under a closed bidding system wherein eligible contractors from the prequalification list shall submit closed bids to the CITY. 5.20 Once the bids are reviewed the CITY shall assist the property owner in completing the Loan Application Package and shall transmit the package to participating lenders on an alphabetically rotating basis; however if the applicant already banks at a participating lender, that applicant shall have the opportunity to elect that lender under this PROGRAM. The Loan Application package shall include: a. A completed Loan Application form which shall be developed by the participating lenders and shall be standardized for use by all participating lenders; b. A completed Property Inspection Report outlining the necessary repairs and a CITY inspector's cost estimate; and, c. A completed bid and work write-up from the contractor. If the bid exceeds the CITY inspector's estimate, a reinspection shall be required to determine whether the increased costs are justified. 6.10 LENDER agrees to review and consider all Loan Application Packages transmitted by CITY staff. 6.30 LENDER shall waive points at closing and costs shall be limited to Standard industry costs for: Documentary Stamps, Intangible tax, Recording costs, Ownership Encumbrance Reports, Flood Searches, Appraisals, and any other costs associated in recording documents for lenders lien position. 7.10 LENDER shall be solely and completely responsible for servicing of any loans financed under this agreement. 7.20 The funds provided by any LENDER under this PROGRAM shall be held in escrow by the CITY and disbursed to the contractor by the CITY in accordance with the CITY'S property inspection report and approved bid and work write up report. Disbursement shall be made pursuant to the City of Boynton Beach Community Improvement Department Contractor Payment Request Form. (Revised 10/07/92) The CITY shall secure all required lien releases and will forward same to the respective LENDER. 7.30 Any excess funds remaining after completion of repairs and payment of the contractors shall be applied to the principal of the loan. 8.10 LENDER recognizes and agrees that the CITY's performance under this agreement does not constitute a guaranty or a surety arrangement of payment for any financing obtained under this agreement. 8.20 This agreement is intended to inure to the benefit of the parties executing this Agreement, and neither party intends to create any rights or incur any obligations to any third person or entity not a party hereto. 8.30 The rights of each party hereto are personal to that partY and may not be assigned or transferred to any other person or entity without prior expressed and written consent of the other party. 8.40 This agreement constitutes the entire agreement between the parties and any prior understanding or representation of any kind shall not be binding upon the parties except to the extent incorporated in this agreement. 8.50 LENDER acknowledges that the CITY is merely acting as a facilitator of the PROGRAM and the CITY shall have no liability for any demands or causes of action arising out of the bidding procedures, awarding of contracts, processing of Loan Application Packages, workmanship of contractors, or defaults in payments of loans. 8.60 Each party hereto reserves the right to cancell this agreement on 90 days written notice to the other party; however, the cancellation of this agreement shall not affect any loans financed hereunder prior to the cancellation date. 8.60 Any modification to this agreement or additional obligation assumed 'by either party in connection with this agreement shall be binding only if executed with the same formalities as this agreement. WITNESSES: Print Name Print Name · CiTY A"~'ORN Y~ c.~c/].as 900185 AGMT HOUSING COMMUNITY REINVESTMENT PROGRAM AGREEMENT WHEREAS, the City of Boynton Beach (hereinafter CITY) desires to rehabilitate single family homes in distressed lower to moderate income areas of the community; WHEREAS, the CITY desires to rehabilitate this area through cooperative efforts of the CITY and local lending institutions under this Community Reinvestment Program (hereinafter "PROGRAM"); WHEREAS, the CITY desires that designated members of the CITY's staff shall facilitate investment in distressed areas ofthe CITY; WHEREAS, without the assistance of CITY staff many of the residents would not otherwise have the ability to obtain financing from institutional lenders; WHEREAS, the CITY Commission deems it to be in the best interests of the health, safety and welfare of the citizens of the entire city that distressed areas of the CITY are not permitted to further deteriorate; WHEREAS, Prime Bank (hereinafter "LENDER") is committed to serving the local community and desires to take a leadership role in the rejuvenation of distressed areas of the CITY; and WHEREAS, BANK desires the assistance of the CITY in processing loan applications and disbursing~loan funds to contractors under this Agreement. NOW, THEREFORE, in consideration of the foregoing WHEREAS clauses the CITY and the Lender do hereby covenant and agree that: 1.10 LENDER and CITY agree to share responsibilities for marketing the PROGRAM and soliciting eligible property owners under this PROGRAM. The CITY's efforts shall include soliciting and prequalifying applications and coordinating meetings in the community between CITY Government, staff members of LENDER, and eligible members of the community. LENDER shall appoint staff members to meet with CITY staff on a regular basis and attend community meetings and shall provide brochures, printed materials and application packages which shall be made available at CITY hall and LENDER's branches in the CITY. 2.10 LENDER agrees to commit to eligible participants up to $20,000.00 for a single family residence and $30,000.00 for an owner occupied duplex at an interest rate which shall be set monthly at the monthly meeting of participating banks and shall be equal to the average rate offered by participating banks for second mortgages. This interest rate shall be fixed over the term of the 10an which shall not exceed ten years. 3.10 CITY shall solicit and prequalify applicants in accordance with the guidelines set forth by the United States Department of Housing and Urban Development based upon the median income for Palm Beach County, Florida. Eligible individuals shall be defined as citizens of the CITY who are owners of eligible property whose household income is greater than 50% of the median income of the City of Boynton Beach and not to exceed 120% of the median income for Palm Beach County. 3.20 CITY shall meet with the property owner to determine the extent of work necessary and shall prepare a rehabilitation proposal which shall list the improvements necessary to the distressed property. 3.30 The CITY shall cause the property to be inspected, and shall determine based upon the nature of the improvement and the location of the property, whether the property is eligible under this Program. Eligible property shall be defined as single family residential property bounded on the north by Minton Road, on the south by S.E. 25th Avenue, on the west by 1-95 and on the east by Florida East Coast Railway. Property outside this area shall be considered on a case by case basis. 4.10 Applicants under the PROGRAM shall designate the CITY as their agent for awarding contracts. 4.20 CITY shall screen and prequalify contractors for participation in the program. Only those contractors who are prequalified shall be eligible to bid on the projects. The screening process for prequalification shall include investigation of FHA qualification, State licensing, and insurance. Lenders and Borrowers shall be provided with a copy of the approved list. 4.30 The CITY makes no representations or warranties regarding the actual work done by any contractor who is prequalified under this program. 5.10 CITY shall bid the job under a closed bidding system wherein eligible contractors from the prequalification list shall submit closed bids to the CITY. 5.20 Once the bids are rewiewed the CITY shall assist the property owner in completing the Loan Application Package and shall transmit the package to participating lenders on an alphabetically rotating basis; however if the applicant already banks at a participating lender, that applicant shall have the opportunity to elect that lender under this PROGRAM. The Loan Application package shall include: a. A completed Loan Application form which shall be developed by the participating lenders and shall be standardized for use by all participating lenders; b. A completed Property Inspection Report outlining the necessary repairs and a CITY inspector's cost estimate; and, c. A completed bid and work write-up from the contractor. If the bid exceeds the CITY inspector's estimate, a reinspection shall be required to determine whether the increased costs are justified. 6.10 LENDER agrees to review and consider all Loan Application Packages~transmitted by CITY staff. 6.30 LENDER shall waive points at closing and costs shall be limited to Standard industry costs for: Documentary Stamps, Intangible tax, Recording costs, Ownership Encumbrance Reports, Flood Searches, Appraisals, and any other costs associated in recording documents for lenders lien position. 7.10 LENDER shall be solely and completely responsible for servicing of any loans financed under this agreement. 7.20 The funds provided by any LENDER under this PROGRAM shall be held in escrow by the CITY and disbursed to the contractor by the CITY in accordance with the CITY'S property inspection report and approved bid and work write up report. Disbursement shall be made pursuant to the city of Boynton Beach Community Improvement Department Contractor Payment Request Form. (Revised 10/07/92) The CITY shall secure all required lien releases and will forward same to the respective LENDER. 7.30 Any excess funds remaining after completion of repairs and payment of the contractors shall be applied to the principal of the loan. 8.10 LENDER recognizes and agrees that the CITY's performance under this agreement does not constitute a guaranty or a surety arrangement of payment for any financing obtained under this agreement. 8.20 This agreement is intended to inure to the benefit of the parties executing this Agreement, and neither party intends to create any rights or incur any obligations to any third person or entity not a party hereto. 8.30 The rights of each party hereto are personal to that party and may not be assigned or transferred to any other person or entity without prior expressed and written consent of the other party. 8.40 This agreement constitutes the entire agreement between the parties and any prior understanding or representation of any kind shall not be binding upon the parties except to the extent incorporated in this agreement. 8.50 LENDER acknowledges that the CITY is merely acting as a facilitator of the PROGRAM and the CITY shall have no liability for any demands or causes of action arising out of the bidding procedures, awarding of contracts, processing of Loan Application Packages, workmanship of contractors, or defaults in payments of loans. 8.60 Each party hereto reserves the right to cancei1 this agreement on 90 days written notice to the other party; however, the cancellation of this agreement shall not affect any loans financed hereunder prior to the cancellation date. 8.60 Any modification to this agreement or additional obligation assumed by either party in connection with this agreement shall be bindin? only if executed with the s/~' formalities as this agreement. ~ ~, WITNESSES: Print Name Diane Lariviere Print Name City of Bo~to~Beac~b¥ VoPo CEC/h~ 900182 AGMT HOUSING