Item Text

H-1. MASTER DEVELOPMENT AGREEMENT WITH GORMAN & COMPANY, INC. FOR COFFELT LAMOREAUX PUBLIC HOUSING REVITALIZATION Adopt Resolution No. 13-016 and approve a Master Development Agreement (Agreement) between the Housing Authority of Maricopa County (HAMC) and Gorman & Company, Inc. for Coffelt Lamoreaux public housing revitalization. HAMC and the Gorman & Company, Inc. intend to revitalize Coffelt Lamoreaux via the development of new affordable housing units. The revitalized community will be developed in an economical and high-quality manner. The Agreement shall commence upon the execution hereof and shall terminate at Project Stabilization of the final rental phase, unless sooner terminated in accordance with the Agreement. Upon the request of Gorman & Company, Inc., HAMC shall make a predevelopment loan in an amount not-to-exceed $100,000. This amount has been budgeted in HAMC’s 2012 Capital Fund. For purposes of this Agreement, the Authority intends to convey the property by executing a sales agreement with a purchase price not to exceed the appraised value of the property, the conveyance shall be to the owner entity of the development and have an established payment agreement. The Owner Entity will own and operate affordable housing at the Development. The Developers shall obtain sources of debt and equity funding and grants and loans from public and private sources. HAMC shall earn revenue per the Development Fee payment schedule set forth in the Development Budget. The Development Fee shall be paid solely from non-HAMC funding sources. Gorman & Company, Inc. shall receive 65% of the Developer Fee and HAMC shall receive 35% of the Development Fee. Accordingly, Gorman & Company, Inc. shall pay to HAMC the Authority's share of the Development Fee as such Development Fee is received. (C-66-13-044-M-00)