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File #: 22-4515    Version: 1 Name:
Type: Contract - Amendment Status: Passed
File created: 7/21/2022 In control: Commissioners Court
On agenda: 8/2/2022 Final action: 8/2/2022
Title: Request for approval of a fourth contract amendment to a loan agreement with Lakeside Place PFC to extend the 18-month construction completion period for the Richcrest Apartments project.
Attachments: 1. Richcrest Apartments Fourth Amendment 8.2.22
Department: Community Services
Department Head/Elected Official: Adrienne M. Holloway, Ph.D., Executive Director

Regular or Supplemental RCA: Regular RCA

Type of Request: Contract - Amendment

Project ID (if applicable): D2017-064
Vendor/Entity Legal Name (if applicable): Lakeside Place PFC


MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - project was awarded prior to launch of County's M/WBE Program

Request Summary (Agenda Caption):
title
Request for approval of a fourth contract amendment to a loan agreement with Lakeside Place PFC to extend the 18-month construction completion period for the Richcrest Apartments project.
end

Background and Discussion:
On April 7, 2020, Commissioners Court approved an agreement between the Harris County and Lakeside Place PFC for the Richcrest Apartments Project. On January 4, 2022; February 22, 2022; and May 24, 2022, Commissioners Court approved the First, Second, and Third Amendment to the agreement, respectively. Attached for the Commissioners Court review and approval is the fourth amendment to the agreement between Harris County and Lakeside Place PFC for the Richcrest Apartments project. The parties desire to amend said agreement to (i) extend the 18-month construction completion requirement for approximately five months to November 15, 2022, due to supply chain, material, and labor shortages; and (ii) utilize, subject to the approval of the Texas General Land Office (GLO) of the GLO Action Plan Approval Amendment No. 5 to Contract No. 18-495-000-B220, the Harvey 57M Fund rather than the previously anticipated CDBG-DR funding, in the amount of $16,590,000.

Expected Impact:
The expected impact is to allow the project additional time and funding source to finish constructing the multifamily units. The anticipated financial impact to the County is the use of $16,590,000 in Harvey 57M funds rather than CDBG-DR funds.
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