HomeMy WebLinkAboutGO -HNI/Verve Credit Union Line of Credit amendment 2017The City of Oshkosh, hereinafter referred to as CITY, and the Greater Oshkosh
Healthy Neighborhoods Incorporated, hereinafter referred to as the GO HNI have
previously entered into an Agreement under which GO HNI provides neighborhood
program, community building and engagement services to the City of Oshkosh in support
of the City of Oshkosh and neighborhood organizations within the City of Oshkosh.
Whereas, a part of the services to be provided by GO HNI under this Agreement
include real estate development including the acquisition and rehabilitation of properties
located within the City of Oshkosh; and
Whereas, GO HNI has received a commitment from Verve, a Credit Union, for
issuance of a Line of Credit to support the acquisition and rehabilitation of properties in the
amount of two hundred thousand dollars ($200,000.00); and
Whereas, Verve requires cash collateral as security for the Line of Credit; and
Whereas, GO HNI does not have the financial assets to provide the cash collateral
required at this time; and
Whereas, City is willing to provide cash collateral for the Line of Credit to GO HNI
in support of GO HNI's performance of its Agreement with City.
NOW, THEREFORE, in consideration of the mutual promises contained herein and
other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the parties hereto, City and GO HNI agree the following amendments are
to be incorporated into the original Funding Agreement. All other terms in the original
Funding Agreement remain unchanged and in effect.
1. GO HNI will enter into an Agreement with Verve, a Credit Union, for issuance of a
Line of Credit in the amount of two hundred thousand dollars ($200,000.00) to
support the acquisition and rehabilitation of properties under this Agreement as
previously entered into with City. GO HNI will use the Line of Credit to acquire and
pay for the rehabilitation of properties under the Agreement with City and for no
other purposes.
2. GO HNI shall develop appropriate policies or other evaluation tools to identify and
evaluate properties for acquisition and rehabilitation. Such policies and other
evaluation tools shall be subject to the approval of the City of Oshkosh. No funds
In the Presence of:
(Seal of Contractor
if a Corporation.)
GO-HN1
By:
William Wyma oard Chair
In the Presence of:
VER
By:
Jo n Hill, VP of Business Lending
(Seal of Contractor
if. a Corporation.)
CITY OF OSHKOSH
Mark A, Rohloff, City Manager
(Witness)
And.01-
(Witness)
Pamela R. Ubrig, City Clerk
APPROVED: I hereby certify that the necessary provisions
have been made to pay the liability which will
accrue under this contract.
Trena Larson, 'City Comptroller-