Resolution 2025-28 - Impact Development Fund Service Contract

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EXHIBIT A — SERVICES HISTORIC PRESERVATION REVOLVING LOAN PROGRAM The Contractor will provide licensed mortgage loan originator services in compliance with C.R.S. § 12-61-901 et seq. for the City's Historic Preservation Revolving Loan Program (Program). The City shall email Program applications to the Contractor to include: • Total Program funding available for the specific Program Project (Project); • Work items and costs eligible for Program funding for each application; • Design review ranking of each application work item. The City shall designate a Contact Person for this Program. Upon receipt of a project application, Contractor will request additional information from the applicant necessary to complete a loan application file. Contractor will review all provided materials for accuracy and completeness, make a credit decision, and notify the City Contact Person of its credit determination, to include all loan terms and conditions. In the event Contractor determines the applicant does not comply with Program standards, the City reserves the right to consider exceptions to its policy. Such exceptions must be provided in writing to Contractor such that Contractor is able to provide written notification of final credit determination to applicant(s) within three (3) business days of submitting the loan application. Final credit determination will include all applicable state and federal disclosures. The maximum loan amount approved by the Contractor is two hundred fifty thousand dollars ($250,000). Once a Project has been completed and inspected by the City, Contractor will prepare loan closing documents to include a lien waiver and completion of work affidavit wherein the borrower must acknowledge the amount paid to Project upon loan settlement. Contractor will acknowledge all work is completed according to local standards and in a good and workmanlike fashion within the agreed upon timeframe and will verify all suppliers or subcontractors for the Project are paid in full with no further recourse to the borrower, and furnish lien waivers to the effect. Contractor will provide and coordinate presentation of all loan documents to borrower at the time of loan settlement. Upon receipt and acceptance of completed and signed lien waiver and completion of work affidavit from the project workers and, if applicable, subcontractors, Contractor shall release loan proceeds directly to project workers upon confirmation all work is complete. Disbursement of funds is prohibited prior to expiration of the rescission period, as applicable. Public recording and other third -party fees will be assessed and collected at time of loan closing, as detailed within a closing disclosure prepared by Contractor. Applicant may choose to pay the application fee at the time of closing or have it included in the loan principle (subject to loan maximum amounts). The City shall reimburse Contractor for each loan disbursed upon receipt of an itemized invoice of all transactions, which will be provided by Contractor no more frequent than once per calendar month. Contractor will retain all original documents and permanent loan file, record all appropriate documents as necessary and as the City may reasonably require, and issue release of collateral obligations for loan repayment upon final satisfaction of the promissory note. Instruments for divestment of any required conservation easement will be issued and recorded only after City Council approval. Copies of all executed loan documents will be provided to City of Louisville as supplement to the itemized transaction invoice. Exhibit A Historic Preservation Revolving Loan Program Services to the Services Contract between Impact Development Fund and City of Louisville Page 6 of 13