Total Payments and Disbursements. Total amount of funds provided by the City to the Subrecipient under this Agreement shall not exceed $581,994.17 is to be made available for the previously described construction/renovation activity. Construction/renovation expenses must be drawn on a monthly basis, based on actual construction progress, as described in Part B, hereto. At the sole discretion of the City, any funds provided under this Agreement for construction/renovation that are unexpended as of December 31, 2021 may be de-obligated from this Agreement and made available for other eligible projects, as determined appropriate by the City. The Subrecipient will execute and deliver to the City, concurrently with this Agreement, a Promissory Note and Mortgage in the forms attached to this Agreement as Parts D and E, acknowledging that it is indebted to the City for the amount and according to the terms set forth in such Promissory Note and Mortgage. The indebtedness described under this agreement and the corresponding promissory note and mortgage is intended to replace the “Capital Loan Agreement”, made the 2nd day of May 2018, by and between Power Community Development Corporation, and the City of Wichita, Kansas, and includes funding previously advanced.
Total Payments and Disbursements. Total amount of funds provided by the City to the Subrecipient under this Agreement shall not exceed $1,220,400 and if not advanced, must be drawn and reimbursed by no later than February 10, 2022. At the sole discretion of the City, any funds remaining unexpended as of February 11, 2022 may be de-obligated from this Agreement and made available for other eligible projects, as determined appropriate by the City. Funding provided for the acquisition of real property and/or buildings must be disbursed to an authorized real estate settlement agent, subject to City staff review and approval of settlement statements and the title commitment or title work obtained for said purchase. The Subrecipient will execute and deliver to the City, at the time of acquisition of the real property, a Promissory Note and Mortgage in the forms attached to this Agreement as Exhibits D and E, acknowledging that it is indebted to the City for the amount and according to the terms set forth in such Promissory Note and Mortgage. The City agrees to subordinate its mortgage to a private sector construction and/or bridge loan secured by the organization from a local financial institution for purposes of partially financing the real property acquisition and financing construction/renovation activities, subject to review and approval of loan terms by City of Wichita Housing and Community Services Department staff.
Total Payments and Disbursements. Total amount of funds provided by the City to the Subrecipient under this Agreement shall not exceed $4,076,000 ($2,076,000 of CDBG- CARES for acquisition, construction/renovation activities and operational expenses, and $2,000,000 of other City of Wichita designated funding). Funding provided for the acquisition of the acquisition of the existing improvements/buildings subject to the Ground Lease described in Section 1 of this Agreement may be disbursed in advance of the closing date, but must be disbursed to an escrow maintained by a licensed real estate settlement agent, subject to City staff review and approval of settlement statements, the title commitment or title work obtained for said purchase, and/or other documentation as requested by the City. Construction/renovation expenses must be drawn on a monthly basis, based on actual construction progress, as described in Part B, hereto. At the sole discretion of the City, any funds provided under this Agreement for construction/renovation that are unexpended as of January 1, 2022 may be de-obligated from this Agreement and made available for other eligible projects, as determined appropriate by the City. Funding for operations expenses may be disbursed on an annual basis, with the first disbursement to occur on June 30, 2022, in an amount not to exceed $33,000, if needed, and the second disbursement to occur June 30, 2023, in an amount not to exceed $33,000, if needed. Disbursements for operations expenses must be justified by project financial statements and expense reports to be provided by the Subrecipient, and must reflect negative net income from operations. Any funds provided under this agreement for operational expense support that are unexpended as of July 1, 2023 may be de-obligated from this Agreement and made available for other eligible projects, as determined appropriate by the City. The Subrecipient will execute and deliver to the City, at the time of acquisition of the described real property, a Promissory Note and Mortgage in the forms attached to this Agreement as Parts D and E, acknowledging that it is indebted to the City for the amount and according to the terms set forth in such Promissory Note and Mortgage.
