Nature of Contract
1. Loan Agreement in the amount of $3,060,494. Of this amount, $1,436,000 will be new funds. In 2009 the City loaned $2,728,745 to HVA to pay for costs associated with the infrastructure work for the Project located at Middlepoint Road, as of this date all funds have been fully disbursed. HVA and the City have acknowledged that a portion of the funds in the amount of $1,624,494 were used to pay for costs associated with the infrastructure work for the Project and now desires to reallocate those funds to the new funds in the amount of $1,436,000 to pay developer fee costs associated with the infrastructure work for the Project.
2. Second Amendment to Loan Agreement and Promissory Note in the amount of $2,728,745 (2009 Loan) whih will be decreased to $1,104,452, due to reallocation of $1,624,494 which was added to new funds as discussed in #1 above.
Date Contract Approved
December 21, 2012
#1 – Amount fo contract: $3,060,494.00
#2 – Amount of 2nd Amendment: $1,104,432.00