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File #: 18-0742 CRA    Version: 1 Name:
Type: CRA Contract Status: Agenda Ready
File created: 2/12/2021 In control: Community Redevelopment Agency
On agenda: 2/23/2021 Final action:
Title: FIRST AMENDMENT TO RENT SUBSIDY FUNDING AGREEMENT - APEX INSURANCE & INVESTMENT GROUP, LLC
Attachments: 1. Agenda Cover Report, 2. Exhibit A - First Amendment to Rent Subsidy Funding Agreement
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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

 

Body

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.

 

Body

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