HomeMy WebLinkAboutECHDA18-002 Town of VailSECOND AMENDMENT TO AGREEMENT BETWEEN
EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY
AND
THE TOWN OF VAIL
THIS SECOND AMENDMENT ("Second Amendment") entered into this 02/27/2018
and effective as of the 30 day of December, 2017 by and between the Town of Vail, a municipal
corporation (hereinafter "Town") and Eagle County Housing and Development Authority, a
body corporate and politic (hereinafter "ECHDA").
RECITALS
WHEREAS, ECHDA and Town entered into an agreement dated the 31" day of May, 2016, for
certain Services (the "Original Agreement"); and
WHEREAS, the Original Agreement contemplated that ECHDA would perform certain Services
for Town with compensation in an amount equal to $11,700 plus 2% of the deed restricted sales
that ECHDA completes; and
WHEREAS, ECHDA and Town entered into a First Amendment dated the 18`i' day of January,
2017 and effective as of the 3 V day of December, 2016 to have ECHDA perform additional
Services for additional compensation and to extend the term of the Original Agreement; and
WHEREAS, ECHDA and Town desire to modify the scope of Services and compensation for
2018 as set forth below; and
WHEREAS, the term of the Original Agreement expires on the 3 V day of December, 2017, and
the parties desire to extend the term for an additional year.
SECOND AMENDMENT
NOW THEREFORE, in consideration of the foregoing and the mutual rights and obligations as
set forth below, the parties agree as follows:
The Original Agreement shall be amended to include 2018 Services as described in
Exhibit 1, which is attached hereto and incorporated herein by reference.
2. The compensation for the 2018 Services set forth in Exhibit 1 shall not exceed $9,100
plus 2% of the deed restricted sales that ECHDA completes.
3. The term of the Original Agreement is hereby extended to the 3 V day of December,
2018.
ECH DA18-002
4. Capitalized terms in this Second Amendment will have the same meaning as in the
Original Agreement. To the extent that the terms and provisions of the Second
Amendment conflict with, modify or supplement portions of the Original Agreement,
the terms and provisions contained in this Second Amendment shall govern and
control the rights and obligations of the parties.
5. Except as expressly altered, modified and changed in this Second Amendment, all
terms and provisions of the Original Agreement shall remain in full force and effect,
and are hereby ratified and confirmed in all respects as of the date hereof.
6. This Second Amendment shall be binding on the parties hereto, their heirs, executors,
successors, and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to the
Original Agreement the day and year first above written.
Attest:
Regina O'Brien, Clerk
Attest:
EAGLE COUNTY HOUSING AND
DEVELOPMENT AUTHORITY
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Kathy Chandler -Henry, Chair
By: a U� OF i.
Pa McKenny, T Ierk
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EXHIBIT 1
2018 SCOPE OF SERVICES AND FEES
The following services will be provided to the Town of Vail (Town) by ECHDA/TVHS:
1. Resales of the Town's deed restricted housing stock.
a. Includes all aspects of sales, from listing through closing of the unit ensuring
compliance with all aspects of the deed restrictions.
b. ECHDA/TVHS staff will hold 2 open houses for each listing and/or provide
individual unit showings as appropriate.
c. ECHDA/TVHS will cause units offered for sale to be advertised in accordance
with the Guidelines.
d. ECHDA/TVHS will assist sellers, buyers, lenders, and appraisers through the
process.
e. ECHDA/TVHS will comply with policies and procedures outlined in the
Guidelines, as may be updated from time to time.
f. ECHDA/TVHS will receive sales fees of 2% of the deed restricted sales that it
completes as compensation for this service.
2. Lottery Process
a. Work with Town to advertise lottery opening and closing dates.
b. Collect and score lottery applications.
c. ECHDA/TVHS understands that this process may change and will work with
Town to complete future lotteries or equivalent in accordance with policy set by
the Town.
d. Out of pocket costs (advertising) will be paid by Town.
e. Compensation for this service based on the current process will be paid by the
Town to ECHDA/TVHS on an hourly basis not to exceed $3,250 per calendar
year. This fee is based on 50 hours of work at $65/hour. If this process changes,
the compensation may be adjusted accordingly with a written agreement approved
by both Town and ECHDA/TVHS.
3. ECHDA/TVHS will serve as a resource to Town and consumers regarding the Town's
affordable housing program.
a. Communicate Town's information on TVHS website, including deed restriction
purchase program.
b. Provide up to three (3) in person first time homebuyer education course.
c. Provide individual credit counseling or budgeting sessions to buyers or owners of
Town units or down payment assistance programs.
d. Attend work sessions with Vail Local Housing Authority or Town Council as
requested and recommend best practices.
e. Advise and assist as needed with the Employee Housing Unit Compliance.
f. Provide best practices and recommendations for Housing Guidelines revision, if
needed.
g. Compensation for this service will be $5,850 and will be paid by the Town to
ECHDA/TVHS. This fee is based on 90 hours of work at $65/hour.
