TO: CRA Board of Commissioners
FROM: Alexina Jeannite, Grant Manager
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: February 23, 2021
Title
FIRST AMENDMENT TO RENT SUBSIDY FUNDING AGREEMENT - APEX INSURANCE & INVESTMENT GROUP, LLC
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Recommended Action:
Recommendation
Approve the First Amendment to the Rent Subsidy Funding Agreement for APEX Insurance & Investment Group, LLC and allow the Executive Director to execute any additional amendments.
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Background:
At the October 27, 2020 CRA Board Meeting, the CRA Board approved a Rent Subsidy funding award to APEX Insurance & Investment Group, LLC, located at 702 NE 3rd Avenue, within CRA sub-area #6.
Per the funding agreement, subsidy payments are to be paid on a monthly basis beginning on the first day of the first full month after the approval of the agreement. As such, payments were to begin in December 2020. However, The Owner, Mr. Paul Jacques, is requesting for rent subsidy payments to begin in April 2021.
Staff is requesting the terms of the funding agreement amended to begin payments in April 2021 and for subsequent monthly payments to be made for a period of twelve months thereafter.
Attachments: Exhibit A - First Amendment to Rent Subsidy Funding Agreement - APEX Insurance & Investment Group, LLC
CRA Attorney Review:
The CRA Attorney has reviewed the Funding Agreement to form and determined it to be acceptable.
Finance Review:
N/A
Funding Source/Financial Impact:
N/A