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HomeMy WebLinkAbout2024-129 Agrmt Sunstone Housing CollaborativeCITY OF ASHLAND AFFORDABLE HOUSING TRUST FUND GRANT AGREEMENT GRANTOR: CITY OF ASHLAND 20 E Main Street Ashland, OR 97520 PHONE: (541) 488-6002 FAX: (541) 488-5311 GRANTEE: Sunstone Housing Collaborative Address: 1467 Siskiyou Blvd #79 Ashland, OR 97520 PHONE: (530) 227-3421 Term of this Grant Agreement: July 1, 2024, to June 30, 2025 11 Grant Funds provided under this Agreement: $55,000 I This Affordable Housing Trust Fund Grant Agreement (hereinafter "Agreement") is entered into by and between the City of Ashland, an Oregon municipal corporation (hereinafter "City"), and Sunstone Housing Collaborative, a Non-profit organization. ("hereinafter "Grantee"). NOW THEREFORE, in consideration of the mutual promises and covenants contained herein, the City and Grantee agree as follows: 1. Nature of Grant. Subject to the terms and conditions of this Agreement and in reliance upon Grantee's approved grant application, the City agrees to provide grant funds to Grantee in the amount of fifty-five thousand dollars ($55,000.00). Grant funds shall be utilized or contractually committed during the term of this Agreement. 2. Scope of Work. Grantee shall undertake activities as more specifically set forth in Grantee's grant application, which is attached hereto as "Exhibit A" and incorporated herein by this reference. Grantee's services and obligations under this Agreement are collectively referred to herein as the "Work." 3. Qualified Work. Grantee has represented, and by entering into this Agreement now represents, that any personnel assigned to the Work referenced in this Agreement are fully qualified to perform the Work to which they will be assigned in a skilled and worker -like manner and, if required to be registered, licensed, or bonded by the State of Oregon, are so registered, licensed, and bonded. Grantee shall also maintain a current City business license. 4. Use of Grant Funds. The use of grant funds is expressly limited to the activities as set forth in this Agreement and Resolution No. 2008-34. A copy of Resolution No. 2008-34 is attached hereto as "Exhibit B" and incorporated herein by this reference. 5. Grantee agrees to acknowledge the City as a funding source in all of Grantee's printed and electronic notices and advertisements relating to the use of the grant funds. 6. Grantee agrees to submit a written report to the City on the use of the grant firnds within sixty (60) days following the expenditure of the funds, but in no event later than October 30, 2025. PAGE I OF 5: AFFORDABLE HOUSING TRUST FUND GRANT AGREEMENT BETWEEN THE CITY OF ASHLAND AND SUNSTONE HOUSING COLLABORATIVE 2024 7. Unexpended Grant Funds. Any grant funds not expended by October 30, 2025, shall be immediately returned to the City. S. Financial Records and Inspection. Grantee shall maintain a complete set of books and records relating to the Work for which the grant funds were awarded. Such records shall be kept in accordance with generally accepted accounting principles. Grantee gives the City and any authorized representative of the City access to and the right to examine all books, records, papers, or documents relating to the use of the grant funds. Such access shall be given within 72 hours of receiving notice of a request to inspect from the City. 9. Living Wage Requirements. If the total amount of grant funds awarded under this Agreement is $21,127.46 or more, Grantee is required to comply with Chapter 3.12 of the Ashland Municipal Code by paying a living wage, as defined in that chapter. 10. Termination. a. Mutual Consent. This Agreement may be terminated at any time by the mutual written consent of both parties. b. City's Convenience. This Agreement may be terminated at any time by City upon not less than thirty (30) days' prior written notice. C. For Cause. City may terminate this Agreement, in whole or in part, effective upon delivery of written notice to Grantee under any of the following conditions: i. If City funding from federal, state, county or other sources is not obtained and continued at levels sufficient to allow for the grant; ii. If federal or state regulations or guidelines are modified, changed, or interpreted in such a way that the grant purposes are no longer allowable or appropriate for award under this Agreement or are no longer eligible for the funding proposed for payments authorized by this Agreement; or iii. If any license or certificate required by law or regulation to be held by Grantee to provide the Work required under this Agreement is denied, revoked, suspended, or not renewed. 11. Default. If Grantee fails to perform or observe any of the covenants or provisions contained in this Agreement or fails to expend the grant funds or enter into binding legal agreements to expend the grant funds during the term of this Agreement, the City, by written notice of default to the Grantee, may terminate this Agreement and may pursue any remedies available to the City at law or in equity. Such remedies may include, but are not limited to, termination of this Agreement, the stopping of payment on the grant funds, Grantee's payment of interest earned on grant funds or the declaration of Grantee's ineligibility for the receipt of future grant awards. In the event of termination of this Agreement, City shall stop payment or withhold any Grant fiends in City's possession from Grantee, and Grantee shall immediately return all unexpended and unencumbered grant funds to City, In addition, City shall be entitled to recover any administrative costs, including attorney fees or collection costs, as a result of Grantee's failure to return any grant fiends. If grant funds are not returned or it is found that Grant funds were misappropriated, Grantee shall be ineligible and disbarred from receipt of future grant funds until such matters are finally PAGE 2 OF 5: AFFORDABLE HOUSING TRUST FUND GRANT AGREEMENT BETWEEN THE CITY OF ASHLAND AND SUNSTONE HOUSING COLLABORATIVE 2024 adjudicated and settled. The rights and remedies of this section are not exclusive and are in addition to any other rights and remedies available to the City under the law. 12. Notice. Whenever notice is required or permitted to be given under this Agreement, such notice shall be sufficient if given in writing and: (1) delivered personally to the addressee; (2) sent via a reputable commercial overnight courier; or (3) mailed using registered or certified United States Mail, postage prepaid, and return receipt requested, to the address set forth below: 1f to the City: Planning Department Attn: Linda Reid, Housing Program Specialist 20 E. Main Street Ashland, OR 97520 Phone: (541) With a copy to: City of Ashland Legal Department 20 East Main Street Ashland, OR 97520 Phone: (541) 488-5350 1f to Grantee: Sunstone Housing Collaborative Organizing Committee Attn: Krista Palmer 1467 Siskiyou Blvd #79 Ashland, OR 97520 Phone:541-210-8675 Any such notice delivered by personal delivery shall be deemed delivered and effective upon actual receipt. Any such notice sent by United States Mail, postage prepaid, shall be deemed delivered and effective five (5) business days after mailing. Any notice sent by commercial overnight courier shall be deemed delivered and effective three (3) business days after dispatch. 13. Amendments. This Agreement may not be altered, modified, supplemented, or amended in any manner except by written instrument signed by both parties. 14. Indemnity. Grantee hereby agrees to defend, indemnify, save, and hold the City, its officers, employees and agents harmless from any and all losses, claims, actions, costs, expenses, judgments, or other damages of any nature whatsoever resulting from or arising out of the performance of this Agreement by Grantee (including but not limited to, Grantee's employees, agents, and others designated by Grantee to perform work or services attendant to this Agreement). However, Grantee shall not be held responsible for any losses or damages caused by the sole negligence of the City, its officers, and employees. 15. Liability Insurance. Grantee shall, at its sole expense, obtain and maintain during the term of this Agreement, a policy or policies of liability insurance including conuirercial general PAGE 3 OF 5: AFFORDABLE HOUSING TRUST FUND GRANT AGREEMENT BETWEEN THE CITY OF ASHLAND AND SUNSTONE HOUSING COLLABORATIVE 2024 liability insurance with a combined single limit, or the equivalent, of not less than $2,000,000 (two million dollars) per occurrence. The insurance required in this Section 15 shall include the following coverages: • Comprehensive General or Commercial General Liability, including personal injury, contractual liability, and products/completed operations coverage; and • Automobile Liability. 16. Workers' Compensation Insurance. Grantee shall, at its sole expense, provide Workers' Compensation insurance in compliance with ORS 656.017, which requires subject employers to provide Oregon workers' compensation coverage for all its subject workers. 17. Assignment. Grantee shall not assign this Agreement nor subcontract any portion of any work to be performed hereunder without the written consent of the City. Any attempted assignment or subcontract without the written consent of City shall be null and void. 18. Governing Law; Jurisdiction; Venue. This Agreement shall be governed by the laws of the State of Oregon without regard to conflict of laws principles. Exclusive venue for litigation of any action arising under this Agreement shall be in the Circuit Court of the State of Oregon for Jackson County unless exclusive jurisdiction is in federal court, in which case exclusive venue shall be in the federal district court for the district of Oregon. Each party expressly waives any and all rights to maintain an action under this Agreement in any other venue, and expressly consents that, upon motion of the other party, any case may be dismissed or its venue transferred, as appropriate, so as to effectuate this choice of venue. 19. Non -appropriations Clause. Funds Available and Authorized: City has sufficient funds currently available and authorized for expenditure to finance the costs of this Agreement within the City's fiscal year budget. Grantee understands and agrees that City's payment of amounts under this Agreement attributable to work performed after the last day of the current fiscal year is contingent on City appropriations, or other expenditure authority sufficient to allow City in the exercise of its reasonable administrative discretion, to continue to make payments under this Agreement. In the event City has insufficient appropriations, limitations or other expenditure authority, City may terminate this Agreement without penalty or liability to City, effective upon the delivery of written notice to Grantee, with no further liability to Grantee. 20. Non -Discrimination. Grantee agrees that no person shall, on the grounds of race, color, religion, creed, sex, marital status, familial status or domestic partnership, national origin, age, mental or physical disability, sexual orientation, gender identity or source of income, suffer discrimination in the performance of this Agreement when employed by Grantee. Grantee further agrees to comply with all applicable requirements of federal and state civil rights and rehabilitation statutes, rules, and regulations. 21. Merger. This Agreement constitutes the entire understanding between the parties. There are no understandings, agreements, or representations, oral or written, between the parties not specified in this Agreement regarding the Work herein. Grantee, by the signature below of its authorized representative, acknowledges that it has read this Agreement, understands it, and agrees to be bound by its terms and conditions. PAGE 4 OF 5: AFFORDABLE HOUSING TRUST FUND GRANT AGREEMENT BETWEEN THE CITY OF ASHLAND AND SUNSTONE HOUSING COLLABORATIVE 2024 SUNSTONE HOUSING COLLABORATIVE KRISTA PALMER, ED (GRANTEE): By: A-41�1 110aA"Al Printed Name: Krista Palmer Title: Executive Director Date: 12/10/2024 CITY OF AS LAND: By: Printed Name: _&&& �LA �b k A �Mdn Title: Date: 1Z As/"-'!�-Z-4 1 / PAGE 5 OF 5: AFFORDABLE HOUSING TRUST FUND GRANT AGREEMENT BETWEEN THE CITY OF ASHLAND AND SUNS,TONE HOUSING COLLABORATIVE 2024 Exhibit A -Part 1 a r k i t e k JJ,design&architecture v Krista Palmer September 6, 2024 Sunstone Housing Collaborative 1467 Siskiyou Blvd #79 Ashland, OR 97520 Dear Krista and Members of the Sunstone Board, We submit this proposal for the Sunstone Housing Collaborative with excitement for the potential this project holds. Our team is committed to designing and planning a living environment that will provide access, utilization, and most importantly a home for those within the Ashland community. We will implement a creative approach towards a collaborative effort in finding solution in the built environment with simplicity and function at the forefront as we develop a universally accessible community that is unique to Ashland. Included in this proposal is our scope of services, timeline, and fee. We plan to establish and incorporate the principles of Universal Design as fundamental to the design process and essential in creating a space for belonging that benefits and empowers all without discrimination. The process starts by listening to community needs and desires before creating design options, identifying what is needed in the built environment to make the space welcoming for everyone; and developing an understanding of the barriers that affect access to housing for each unique user group. We appreciate your review of our enclosed proposal and are fully committed to the success of the Sunstone project. We have prepared this proposal to the best of our ability, and welcome the opportunity to further discuss with you any adjustments that may be needed to align with your expectations. Thank you again for the opportunity. Kind Regards, Christopher Brown and the Arkitek Team A. Scope of Work a. Kickoff and coordination (2 months) i. Kickoff meeting with Sunstone to refine project goals and brainstorm needs and desires ii. Outreach with non profit organizations and community members to brainstorm needs and desires iii. Analysis of on -site and off -site conditions iv. Prepare base drawings b. Draft Master Plan & Design Standards (2 months) i. Develop universal design standards packet ii. Precedent boards iii. Development of MP design options (up to 3) of site layout and architectural and landscape concepts iv. Meeting with Sunstone to review the design concepts and discuss V. Meeting & feedback from non profit organizations and community members to review the design concepts and discuss c. Master Plan (1 month) i. Revised Schematic MP design/consolidate options into 1 design ii. Committee/Stakeholder Meeting or Open House iii. 3D graphics and final master plan document B. Timeline a. The project would begin by coordinating between Sunstone and the design team to determine the overall schedule for the project. C. Cost of Services a. We propose to execute the above services for the lump sum of $45,000 to be billed monthly, based on percentage complete. Any additional services will be billed at hourly rates ($150 for principals; $125 for designers; and $65 for associates). D. Assumptions and Exclusions a. All graphics and drawings prepared will be provided to Sunstone as PDFs as well as hard copies. b. We are assuming that Sunstone will want to assemble a committee and/or stakeholder group for design review. We can discuss if these meetings are held separately from Sunstone or in conjunction, C c1 -'4— September 9, 2024 Chris Brown, Principal Architect, Arkitek /�•LGd( try loaZ A, September 9, 2024 Krista Palmer, Executive Director Sunstone Housing Collaborative Docusign Envelope 10: 12E917A5-671A-49DC-9CF0-F1EAC8E4DC44 Exhibit A -Part 2 524 E Burnside Street, Ste 210 Portland, OR 97214 503-335-3668 HOUSING DEVELOPMENT CENTER, INC. A technical advisory service in support of low-income and special -needs housing REQUEST FOR SERVICES — Ashland School District Housing Technical Assistance This REQUEST FOR SERVICES is dated October 23, 2024 and is entered into pursuant to the Technical Assistance Agreement between Housing Development Center ("HDC") and Sunstone Housing Collaborative ("Client") dated October 23, 2024 1. Client Agent. For this Project, the Client's Agent shall be Krista Palmer. 2. HDC Representative. For this Project, the HDC Representative shall be Travis Phillips. 3. Fee Cap. Without Client's prior written approval, the amount of the fee for the Project described below shall not exceed $5,000. The fee cap shall only apply to fees generated by hourly rates and not to reimbursable expenses or interest. Client understands and agrees that by capping its fee, HDC is not agreeing that the Project can be completed for an amount equal to or less than the not -to -exceed fee set forth above. 3.1. At this time, in person meetings at Client location are not contemplated. If requested by Client, HDC will provide an estimate for fee and reimbursable expenses, if any, that are anticipated to be incurred for this purpose. Meetings at Client location may impact the ability to achieve the anticipated scope within the Fee Cap identified above. 4. Feasibility. HDC makes no warranty that the Project is feasible or that it can obtain sufficient financing sources to fund the Project. 5. Authority. HDC has no authority to bind or execute documents on behalf of Client. 6. Commencement of Protect. The work on the Project shall commence immediately. 7. Completion of Project„ The work on the Project shall be completed by HDC no later than March 1, 2025. Notwithstanding the foregoing, if the HDC's work on the Project cannot be completed as a result of force majeure, a client request to put a hold on further work on the Project, or as a result of Client's failure to meet its responsibilities under this the Technical Assistance Agreement or this Request for Services, the date for completion of the HDC's work on the Project shall be reasonably extended. 8. Client's Responsibilities. In addition to the Client's Responsibilities set forth in Section 3 of the Technical Assistance Agreement, Client shall also be responsible for the following: Docusign Envelope ID: 12E917A5-671A-49❑C-9CF0-F1EAc8E4DC44 8.1. Compliance with Ashland School District requirements or any requirements of Project funding obtained without HDC's involvement. 8.2. Obtaining Ashland School District of other Board approvals for the Project, including approvals (if needed) for issuance of the RFP, selection of RFP respondents, or other Project requirements. 9. Scope of Services. The Project under this Request for Services shall be as set forth on Attachment A. SUNSTONE HOUSING COLLABORATIVE An; Oregon nonprofit corporation Signed by: By.iS�a Krista Palmer Executive Director HOUSING DEVELOPMENT CENTER Am Oregon nonprofit corporation S igned by, ByaGi Traci Manning Executive Director Docusign Envelope ID: 12E917A5-671A-49DC-9CFD-F1EAC8E4DC44 ATTACHMENT A TO REQUEST FOR SERVICES Technical Assistance for Residential/Mixed-Use Project RFP 1. Proiect Name: Ashland School District Housing. 2. Property Location (Site). S. Mountain Avenue and S. Main Street Ashland, OR 97524 Jackson County 3. Site Description. The site is a mostly rectangular, relatively flat property bordered by three streets (S. Mountain Avenue, S. Main Street and Lincoln Street) that has historically been used as the Ashland High School athletic field. 4. Anticipated Program. The Ashland School District Housing Project is currently envisioned to include multifamily affordable rental housing (apartments), townhouses and cottages for rent and/or homeownership opportunities, primarily with a focus on family housing and ideally with mixed income opportunities. Additionally, the development is envisioned to have private and shared open space, community garden space, and a community building to include childcare and/or early childhood development facilities. The scope of this Request for Services is limited to Technical Assistance for the Client's Request for Proposals (RFP) for a Developer to support the Anticipated Program described above. Additional or subsequent services may be addressed by an amendment to this Request for Services (RFS) or a separate RFS. 5. Project Coordination 5.1. General. As it relates to the Client's RFP, provide information to the Client with respect to the normal and regular issues of real estate development of a residential housing development with an affordable rental component and potential mixed -income and homeownership components, including clearly identifiable risks, compliance issues, market changes, financing climate, and anticipated obligations. 5.1.1. Provide information to Client to assist in ensuring Client's goals and priorities are clearly communicated in the RFP and, where possible, ensure opportunity for RFP responses to offer creative solutions to meet Client's goals and priorities. 5.1.2. As requested by client, assist in responding to any questions asked by prospective RFP respondents and documenting questions and answers for all prospective respondents. 5.1.3. Assist in documenting meeting agendas and notes and providing a draft of potential next steps after RFP selection. 5.1.4. Notify Client in the event that HDC believes that any such requirements cannot be met due to identified Project parameters. 5.2. General Technical Assistance Services: As it relates to the Client's RFP, provide information to the Client with respect to the normal and regular issues of design, entitlements and construction of the type of Project described in Section 5.1 including financing structures and contractual obligations. Docusign Envelope ID: 12E917A5-671A-49DC-9CFO-F1EAC8E4DC44 5.3. Meetings. Meet weekly or as necessary to coordinate team during feasibility. Meetings shall be via video or phone conference or in person at HDC offices. HDC shall advise and assist Client in connection with all matters and questions from other parties pertaining to HDC and HDC's Work. HDC shall coordinate with Client and any consultants or representatives of Client at each stage of the Project for review and approval before proceeding to a subsequent stage. 6. Project Team: 6.1. Team Member Identification and Solicitation. As it relates to the RFP, and as requested by Client, assist in identification and engagement of development team members ("Project Team") to include in RFP solicitation with experience related to the Anticipated Program for the Project, including members such as a developer, architect, general contractor, other consultants, or a team proposed with a combination of any or all of these members. 6.2. Evaluate Team. As requested by Client, assist in developing evaluation criteria, identifying potential evaluation panel members, and assist in evaluating the qualifications of proposing Project Team(s) and/or Team Member(s) and the feasibility of any identified or proposed development scenarios based on information submitted in their response to the Client's RFP. End of Attachment A Exhibit B RESOLUTION NO.2008- 3 A RESOLUTION ESTABLISHING POLICIES AND PROCEDURES FOR ADMINISTRATION OF THE AFFORDABLE HOUSING TRUST FUND RECITALS: A. WHEREAS, the City of Ashland City Council approved the establishment of the Affordable Housing Trust Fund (Ordinance °! 6b), to keep our community diverse by facilitating the production and preservation of affordable housing throughout Ashland; and B WHEREAS, The policies and procedures for administration of the Affordable Housing Trust Fund establish eligible uses, eligible applicants, the method by which funds are awarded, and selection criteria; and C. WHEREAS, the City Council understands the changing nature of the housing market and corresponding housing needs, and therefore has established the policies and procedures for administering the Ashland Housing Trust Fund (AHTF) to remain flexible to respond to changing market conditions and opportunities; now therefore THE CITY OF ASHLAND RESOLVES AS FOLLOWS: SECTION 1. Purpose 1.1 The purpose of the City of Ashland's Affordable Housing Trust Fund (AHTF) is to establish a dedicated source of revenue to provide ongoing funding for housing projects or programs that address the housing needs of Ashland residents. To this end the AHTF is established to address the primary purpose of encouraging the creation of housing for homeownership or rent, at a cost that will enable low and moderate income families to afford quality housing while paying no more than thirty per cent of gross household income on housing. 1.2 To promote the rehabilitation, preservation and production of quality, well designed rental and ownership housing the AHTF will award funds to community development partners that are furthering the AHTF mission. It is expecting that the local contributions made through Ashland's Affordable Housing Trust Fund will assist in maximizing the leveraging of State and Federal funds, as well as encourage private sector investment in affordable housing. Exhibit B 1.3 Understanding the high cost of housing regionally, it is evident that low and moderate income households are not being served by the housing market. To address the disparity between the cost of housing and the means of resident households to afford housing, the Affordable Housing Trust Fund aims to provide direct financial support to projects that retain or increase the supply of needed housing for households earning less than 120% the Area Median Income as defined by HUD. 1.4 The Administrative Procedures associated with the Affordable Housing Trust Fund, including fund administration, determination of eligible applicants, eligible uses and activities, award preferences, eligibility criteria, award process, and selection criteria are hereby established. Section 2. Eligible Applicants 2.1 The Affordable Housing Trust Fund is structured to ensure that many different types of organizations are eligible to receive financing. 2.2 Eligible applicants include governmental subdivisions, community development corporations, local housing authorities, community action agencies, community -based or neighborhood -based non- profit housing organizations, other non-profit organizations, for - profit entities, and private employers. Section 3. Eligible Uses and Activities 3.1 Affordable Housing Trust Funds shall support the creation or preservation of housing that is affordable to households with incomes that do not exceed 120% of the area median income, as defined by HUD for the Medford -Ashland metropolitan service area. 3.2 Affordable Housing Trust Funds will be focused on those activities that create, preserve or acquire housing within the Ashland Urban Growth Boundary. 3.3 Housing developments financed by the Affordable Housing Trust Fund (AHTF) which receive subsidy, financing, tax credits or other assistance under a State or Federal housing program, may contain market rate units insofar as permissible under those programs and/or to the extent that they are necessary to support the creation of and/or on -going sustainability for the affordable housing units in the development. However, Affordable Housing Trust Funds may not be used to support such market rate units. Exhibit B 3.4 Affordable housing units developed utilizing subsidy from the Affordable Housing Trust Fund shall comply with the income, rent and purchase housing cost limits established by Resolution 2006- 13, as amended, and as restricted by a covenant prepared by the City of Ashland. 3.5 The Affordable Housing Trust Funds can be provided as either a grant or a loan depending on the project or program receiving funding. To retain a significant degree of flexibility the eligible uses have a broad application including the following: 3.5.a Acquisition and Construction of new affordable housing. Eligible acquisition and construction costs include reasonable costs associated with building or land purchase, including but not limited to: • Purchase price • Option costs • Financing fees • Appraisal costs • Closing costs • Interest • Inspection fees • Title insurance • Relocation costs • Arch itecturalle n g i neering fees • Construction costs 3.5.b Conservation of energy through the use of "green" technologies provided that the benefits of the energy savings is passed on in the form of reduced costs to the qualified occupants of the affordable housing. 3.5.c Land Banking: the purchase of land to be dedicated toward the development of affordable housing in the near or long term. 3.5.d Predevelopment activities undertaken by a community development organization in support of the development of affordable housing including planning, architectural - services, engineering services, landscape design, legal services, surveys, appraisals, site clearance and demolition, environmental clearance, permit application fees and system development charges. Exhibit B 3.5.e Bridge loans to assist in development of low-income housing (for rental or owner occupancy). Bridge loans are intended to provide funding to permit housing projects to proceed in advance of the availability of permanent project funding. Bridge loan funding is available for acquisition or construction activities. 3.5f Capacity Building for non-profit affordable housing providers in the form of direct grant awards to fund administration of an affordable housing project or program. 3.5.g Rehabilitation and Emergency Repairs as part of an established program to secure units as affordable or to provide direct benefits to existing low -moderate income households. Eligible rehabilitation and emergency repair costs include but are not limited to: • Arch itectu rallengineering fees • Construction costs • Relocation costs • Hazardous materials abatement including lead based paint noticing consistent with The Federal Lead Safe Housing Regulations HUD requirements at 24 CFR §35 3.5.h Direct benefits to low -moderate income households through an established program including down payment assistance, rental assistance, mortgage foreclosure prevention, emergency housing vouchers, homeownership training, renter education, or other programs intended to increase housing opportunities for Ashland's low -moderate income residents. 3.5.i Transitional and Emergency Housing for homeless individuals and families through an established program to move people toward self-sufficiency. 3.5 J Other uses as deemed appropriate by the Ashland City Council as supporting the development or preservation of affordable housing within the City of Ashland. Section 4. Preferences 4.1 The general criteria of selection are found in Section 8 and may be modified through the annual Request for Proposals, however the following preferences are provided as general guidance for future applicants for Affordable Housing Trust Funds. Exhibit B 4.1.a Developments that produce "new" affordable housing units. New affordable housing units shall include housing units constructed where none had existed previously, abandoned or fire -damaged residential units to be returned to residential use, and non-residential or non -residentially -zoned property converted to residential use. Any designated new affordable housing units shall be secured as affordable through recorded Resale Restriction Covenants. 4.1.b Developments that provide new affordability. New affordability refers to existing housing where a new level of affordability is provided that does not currently exist. This could occur in rental or ownership housing where the number of affordable units is increased; where a portion of existing units will be made affordable to households at income levels substantially lower than the units previously served; or where the term of affordability on the units will be extended for a period beyond thirty (30) years. 4.1.c Developments of housing utilizing the Land Trust model to secure properly and perpetual affordability. 4.1.d Developments that include joint ventures between multiple non-profit developers and or for -profit developers, working in partnership, to complete an affordable housing project 4.1.e Developments that include a joint venture between service providers and non-profit affordable housing developers to create projects that contain additional benefits to low income individuals in the development of the project, or additional services for the residents upon completion. 4.1.f Developments that incorporate the use of "green" building materials, use of energy -efficient appliances, low-water use landscaping, and incorporation of building design and operational factors that minimize energy use and resource consumption as well as avoid indoor health impacts to achieve Earth Advantage Certification. 4.1.g Developments that include affordable units for the disabled and the homeless. 4.1.h Projects that propose long term affordability. 4.1.11 Projects that are sponsored by non-profit organizations. Exhibit B 4.14 Projects that use private funding sources and State funding sources to leverage the least amount of Ashland's Affordable Housing Trust Funds. Section 5. Fund Administration The Affordable Housing Trust Fund (AHTF) originated through the direction of the Ashland City Council and Ashland Housing Commission. 6.1 The City of Ashland acts as fiduciary agent and administrator of the funds. 5.2 Funds dedicated to the Ashland Housing Trust Fund shall be exclusively reserved to support the eligible uses activities identified in Section 3, and shall not be used for the general operation of the City. 5.3 The City of Ashland shall issue a request for proposals (RFP) to announce the availability of funds. The Affordable Housing Trust Fund RFP issuance shall be timed to run concurrent with the Community Development Block Grant Program award process. 5.4 The City may issue a Notice of Funding Availability (NOFA) to specifically target up to 10% in available Affordable Housing Trust Funds to undertake eligible uses and activities identified in Section 3. 6.5 The City of Ashland Housing Commission, and City Staff as designated by the Director of Community Development, shall review applications for Affordable Housing Trust Funds to determine project eligibility and evaluate the applications based on the selection criteria provided in the issued Request for Proposals. The Housing Commission, and City Staff, shall provide recommendations to the City Council who shall make final award decisions. 5.6 The City aims to administer the Affordable Housing Trust Fund in a manner consistent with other affordable housing programs such as the Ashland Community Development Block Grant Program. The implementation of a comparable application, application evaluation, and approval process will provide housing developers with a consistent and coherent method for securing housing funds from the City. Coordination of the grant allocation process with other local and state funding application timelines, will help ensure that AHTF funds are best applied to leverage additional resources in support of the housing projects. Exhibit B 5.7 Affordable Housing Trust Funds will be allocated in a manner consistent with the threshold criteria provided Section 8, and consistent with State and Local Public Contracting law. Section 6. Match Requirements 6.1 The Ashland Housing Trust Fund is intended to support the development of needed housing, but is not intended to provide the sole source of funding for any development project or housing program. To ensure that affordable housing providers, and organizations that assist individuals and families in obtaining needed housing, do not rely exclusively on AHTF to support their activities, it has been determined that; 6.2 The Affordable Housing Trust Fund contribution shall not exceed more than 50% of the total project, or program, cost. Required Match can be met utilizing Community Development Block Grants, State or Federal Funding, direct contribution from the applicant, private donations, and the contribution of land, materials or labor to the project. 6.2.a In the case that land previously owned by the applicant is considered as required match, the value of the land shall be determined by a City approved certified appraisal completed by the applicant, unless otherwise directed in Oregon Revised Statute or City Municipal Code. 6.2.b The valuation of land, and available equity to be considered as matching funds, shall be verified by the City prior to the disbursement of an AHTF grant when its value is considered as required matching funds. 6.2.c Donated materials and labor which are proposed as required match through the development of a project shall have their value estimated at the time of application. The actual value of these contributions is subject to verification by the City at completion of the project. 6.2.d Award recipients shall provide verifiable accounting for donated labor and materials, when such was necessary to satisfy the AHTF match requirements. 6.3 A recipient of an AHTF grant that fails to verify the match requirements have been satisfied at the conclusion of a project Exhibit B would be considered cause for the City to require full or partial repayment of any AHTF grants awarded to a project. Section 7 — Allocation of Funds The Affordable Housing Trust Fund is structured to allow the flexibility for the City, and housing providers, to be responsive to opportunities that arise that require an immediate expenditure of a relatively small amount of funds to secure property, or financing, as well as to ensure the majority of Affordable Housing Trust Funds are allocated through a annual competitive award process. Establishment of two distinct and separate award processes is intended to provide for both consistency and flexibility. The issuance of a Request for Proposals (RFP) which will allocate 90% of the available allocation of Affordable Housing Trust Funds will be coordinated with other local and State funding cycles to allow applicants to best structure their project financing. Additionally a Notice of Funding Availability (NOFA) may be announced, as funds permit, to allocate up to 10% of the annual funding available. A NOFA is primarily intended to be responsive to immediate needs for a limited grant or loan if needed for predevelopment activities which will further the mission of the AHTF. The distribution of any and all AHTF funds through Competitive or Non - Competitive awards as described in Sections 7.1 and 7.2, will be in accordance with State and Local Public Contracting laws. 7.1. Competitive Awards - Request for Proposals (RFP) The City of Ashland has a limited amount of Affordable Housing Trust Funds to use each year in comparison to the scope of the housing needs within.the community. As a result, it is essential that the funds are used to meet the City's priorities in an efficient and cost-effective manner. To this end a competitive award process has been established and a set of award criteria shall be developed to evaluate proposals received through a Request for Proposals (RFP) process in terms of how they address the specific priorities outlined in the annual RFP. The steps for making the competitive grant awards or loans is outlined below. 7.1 a. The City of Ashland may issue a Request for Proposals on an annual or intermittent basis depending on availability of funds, providing applicants with a minimum of 45 days to respond to the request. Exhibit B 7.1 b City Staff shall assess the project proposals to determine if the eligibility criteria are met and shall develop a recommendation to provide to the Ashland Housing Commission and the City Council. 7.1 c The Ashland Housing Commission will provide applicants the opportunity to make a presentation on their project proposal and provide community members the opportunity to comment by holding a public meeting. 7.1 d The Ashland Housing Commission will develop a grant award recommendation to the City Council using the AHTF criteria to determine which projects best meet the City's spending priorities. Each application will be rated on a numeric scale as established in the annual RFP for each criterion of selection (Section 8). 7.1 a The Ashland City Council shall make a final decision on the award of Affordable Housing Trust Funds. 7.1 f The City of Ashland shall prepare an agreement between the City and the award recipient. The Agreement shall outline the conditions of award and shall be executed prior to the disbursement of any Affordable Housing Trust Funds. 7.2. Notice of Funding Availability (NOFA) Upon electing to initiate a Notice of Funding Availability (NOFA) the City shall issue a notice of funding availability through publication in the Ashland Daily Tidings and on the City's Website providing 30 days for eligible applicants to submit qualifications for funding. The City shall review all applications received to determine if the applications meet the City's threshold criteria. If the criteria are met then the funds are awarded to, or reserved for, the applicant. Funds available through the NOFA process are awarded on a first come, first served basis, until reaching the annual funding cap. A reserve award granted to an applicant may be rescinded by the City if the applicant does not undertake the activities identified in response to the NOFA in advance of the City's issuance of another RFP or NOFA. 7.2.a On an annual basis the City shall determine the amount of funds available to be distributed through a NOFA procedure 7.2.b In no case shall the amount disbursed through the non-competitive process exceed 10% of the annual AHTF revenue in a given program year. Exhibit B 7.2.c The City of Ashland recognizes that the nature of affordable housing development acquisition of property is often opportunity dependant. Further many nonprofit housing developers lack the resources to undertake feasibility studies, due diligence inspections, preliminary drawings and other activities required to evaluate potential projects as well as apply for project financing. 7.2.d To enable non-profit organizations, community development organizations, the Housing Authority of Jackson County, and the City of Ashland, to be responsive to opportunities outside of the annual Request for Proposals timeline, the City may reserve a portion of Affordable Housing Trust Funds to support pre - development activities. 7.2.d.1 Predevelopment activities undertaken by a community development organization in support of the development of affordable housing including planning, architectural services, engineering services, landscape design, legal services, surveys, appraisals, site clearance and demolition, environmental clearance, and payment of permit application fees may be supported through a non-competitive award of a predevelopment grant that may be required to convert to a loan if the project receives full funding. 7.2.d.2 For -profit developers are not eligible to apply for Ashland's Affordable Housing Trust Funds to assist with predevelopment costs. 7.2.e The City of Ashland is eligible to utilize the funds reserved for the NOFA process to conduct eligible activities as described in Section 3. 7.2.f The City may fund through a NOFA process an ongoing down - payment assistance program, rental assistance program, education program, rehabilitation program, or other programs intended to increase housing opportunities for Ashland's low -moderate income residents which are administered by a non-profit or governmental organization. Section 8 AHTF Grant or Loan Award Threshold and Selection Criteria 8.01 The project is considered an eligible use or activity under Section 3, and benefits households earning less than 120% the Area Median Income. (threshold verification) 10 Exhibit B 8.02 If the project is related to the provision of technical assistance to affordable housing providers, the use of Ashland Housing Trust Funds functions to increase the capacity of the organization to specifically address the mission of the AHTF. (threshold verification). 8.03 Affordable Housing Trust funds shall be limited to the minimum amount necessary to complete the project. The lower the percentage of AHTF funds requested, relative to the full project costs, the higher ranking the project shall be given. 8.04 The project addresses the unmet housing needs as identified in the Ashland Housing Needs analysis or Consolidated Plan. 8.05 The lower the income level that is targeted for the benefiting households, the higher the ranking the project shall be given. 8.06 The project provides new affordable housing, or new affordability, through retention or rehabilitation of existing housing, within the City. The greater the number of units provided, the higher the ranking the project shall be given. 8.07 The project retains the affordable housing units as affordable. The longer period of time the units remain affordable, the higher ranking the project shall be given. 8.08 The project addresses energy conservation through the integration of green building technologies in new construction, or achieves greater energy efficiency through rehabilitation of existing housing. 8.09 The project maximizes partnerships in the community (volunteers, in -kind contributions, cash contributions, multiple organizations involved, etc.). 8.10 The project utilizes already existing resources in effective and innovative ways. The project shall not duplicate service provided by another organization. 8.11 The agency submitting the proposal has the capacity to carry out the project and has had demonstrated successes completing projects of similar scope. 8.12 The budget and time line are thorough and realistic. 8.13 The project is ready for implementation. Exhibit B 8.14 If the project includes the acquisition of property, the identified property is currently available for acquisition and the applicant has secured either a purchase option or letter of interest from the seller. If the applicant is also applying for federal funding (Community Development Block Grants or HOME) they should carefully review procurement requirements and limitations before obtaining a purchase option. 8.16 That relocation of existing residents will be minimized, and when necessary the applicant has included accurate relocation assistance costs as part of the project pro forma. 8.16 The proposal demonstrates that Ashland Housing Trust Funds are the most appropriate funding source, and necessary, for the project. 8.17 Additional selection criteria may be developed and included in the annual RFP to best direct Affordable Housing Trust Funds toward an identified priority need. Numeric Rankings for each of the selection criteria shall be incorporated into the annual RFP. SECTIO 9. his resolution was duly PASSED and ADOPTED this A/1 day of , 2008, and takes effect upon signing by the Mayor. Barbara Christensen, City Recorder OL- SIGNED and APPROVED this � day of , 2008. David Chapman, Coun 'I Chair Reviewed as to for icha d Appic .II , City Attorney ,2 MASTER SERVICES AGREEMENT Effective Date: July 11, 2024 Parties: Ashland School District ("District") 885 Siskiyou Blvd Ashland, OR 97520 Sunstone Housing Collaborative ("Sunstone") An Oregon Nonprofit Corporation 1467 Siskiyou Blvd #t79 Ashland, OR 97520 RECITALS A. The District and Sunstone acknowledge that the District's service area suffers from a lack of affordable housing. B. Sunstone is an Oregon Nonprofit Corporation formed to research, conceptualize, solicit, market, and fundraise for affordable housing projects targeting potential future uses of school -owned surplus property to increase District enrollment. C. The District desires to engage Sunstone's services to consult with the District and advocate on the District's behalf to identify a buyer of certain surplus District -owned real estate (the "Property"), and to facilitate the redevelopment of the Property by the third -party buyer or its affiliate ("Developer") into affordable housing to increase District enrollment ("Project"). Such sale may be conditioned, as the District sees fit, on such post -closing development of the Project. The District shall have no monetary obligation in connection with the Project unless the District elects otherwise in its sole discretion. D. The District and Sunstone wish to define the particulars of their arrangements regarding the services and obligations that each will perform in furtherance of the Project. Now, therefore, the District and Sunstone agree as follows: 1. General Operations and Provisions a, The District hereby exclusively engages Sunstone on a volunteer basis to perform the services stated herein and such other services the parties may mutually agree upon in connection with the Project ("Services"). Sunstone will use its best efforts to perform the Services consistent with this goal and other parameters that may be specified by the District from time to time. Sunstone is an independent contractor and shall not act as the District's agent, but may act as the District's contractor in furtherance of the Project consistent with the terms of this Master Service Agreement. MASTER SERVICES AGREEMENT - 1 DCAPDX\5081389.v6 b. Sunstone, on a volunteer basis, shall provide other support for the District as needed as mutually agreed upon by the parties, subject to the parties' respective legal obligations and limitations. c. This Agreement shall commence on the Effective Date, and continue for a period of twenty-four (24) months. Notwithstanding the foregoing, the parties may mutually agree to extend this Agreement on an annual basis. 2. Research and Development a, In furtherance of the Project, Sunstone will conduct research into issues related to the Project, including identifying models and best practice(s). Research may include. data collection on housing projects generally as well as those operated in conjunction with a school district; meet with experts regarding low income and affordable housing best practices; study existing and emerging research on affordable housing; research contractors capable regarding potential solutions to meet the District's specific needs; develop list of designers/developers/contractors/etc. capable of working on the Project; collaborate with agencies and organizations currently serving 61POC and marginalized or underrepresented communities; develop needs criteria based on consultations with various constituents including City agencies and elected officials. Sunstone shall report to the District the status of such Services from time to time as requested by the District. b. Sunstone has hired at its own cost and for its own purposes an appraiser to assess the market value of the Property intended to be used for this Project. The District shall be an identified third -party beneficiary of such appraisal with rights of use. c. Sunstone shall use the results of this research and its findings in developing the RFP (defined in 4 below) and presenting to the District plans/proposals/specifications that best meet the goals of the Project. 3. Concept a. Sunstone shall, at no cost to the District, engage an architect to develop conceptual designs for the Property, as well as engage with the Planning Department and other City agencies to ensure that development complies with applicable code requirements. Sunstone shall conceptualize the Project and present its concept and the architect's work product to the District for approval. 4. RFP a. Sunstone shall develop for District approval and issuance a request for proposal ("RFP") for a Developer to purchase the land and bring the Project (as conceptualized) to fruition. b. Sunstone has, at no cost to the District, selected and hired a qualified RFP administrator (HMK) to facilitate a competitive RFP process to select a Developer and property manager to develop and manage the Property. MASTER SERVICES AGREEMENT - 2 DCAPDX\5081389.v5 c. Sunstone shall collaborate with an RFP administrator to ensure that the RFP meets the District's requirements, including Project goals regarding equity, affordability, and family size minimum and compliance with applicable statutes. d. Sunstone shall manage the RFP Process and present comprehensive solutions, based on RFP responses, to the District that maximize property value, best use, and an integrated community. e. Based on District approval, Sunstone will advise the District on sale of property and contract negotiations with the District's attorney to handle the real property transaction. f. At District request, Sunstone will liaison with the developer both before and after sale to confirm the development is consistent with the RFP and the District's contract with the developer, including without limitation with regard to the compliance of developed housing with District contract requirements. Sunstone need not perform such liaison roles after completion of construction of the Project. 5. Relationship Building/PR With regard to the Project, Sunstone will engage with community partners and surrounding constituents to build support and buy -in from neighbors and community generally; build support and trust among partners, including unions, medical providers, nonprofits, City organizations, media, faith -based organizations and local political figures. 6. Financial Commitment a. Sunstone will present to the District, regular process updates and financials whenever requested, or in set intervals as requested by ASD Director of Business Services. b. Sunstone shall be solely responsible for all costs and expenses incurred in performing its services hereunder. Sunstone shall fundraise through all available sources, including, but not limited to grants, donations, and loans, to fund its activities hereunder. c. Sunstone will be solely responsible for all fees and costs incurred in hiring the administrator and administering the RFP, Appraiser, Architect, and other consultants and professionals required to facilitate the preconstruction approvals as necessary prior to Developer purchase of land. Notwithstanding the foregoing, the District shall bear its own costs in reviewing all documentations and otherwise cover its own expenses hereunder. d. The District intends to sell the Property to an approved Developer at a to -be - determined price and conditions, in furtherance of the Project, and consistent with the selected RFP and resulting contract with the developer. MASTER SERVICES AGREEMENT - 3 DCAPDX\5o813$9,v6 7. Confidentiality a. Sunstone acknowledges that it and its employees or agents may, in the course of performing Services under this Agreement, be exposed to or acquire information that is confidential to the District. Any and all information of any form designated as confidential obtained by Sunstone or its employees or agents in the performance of this Agreement (including without limitation any appraisal, any draft RFP, and any materials regarding or negotiations with any potential Developer), shall be deemed confidential information of the District ("Confidential Information"). Sunstone agrees to hold Confidential Information in strict confidence, using at least the same degree of care that Sunstone uses in maintaining the confidentiality of its own confidential information, and not to copy, reproduce, sell, assign, license, market, transfer or otherwise dispose of, give, or disclose Confidential Information to third Parties or use Confidential Information for any purposes whatsoever other than in the performance of the Agreement, and to advise each of its employees and agents of their obligations to keep Confidential Information confidential. Sunstone agrees that Sunstone will not at any time during or after the Term of this Agreement disclose, directly or indirectly, any Confidential Information to any person, and that upon termination of this Agreement, or at the District's request, Sunstone will turn over to the District all documents, papers and other material in Sunstone's possession which contain Confidential Information. Upon termination of this Agreement, or at the District's request, Sunstone shall turn over to the District all documents, papers, and other materials in Sunstone's possession that contain Confidential information. In the event Sunstone is required to disclose Confidential Information pursuant to a subpoena or other legal process, Sunstone shall immediately notify the District of such subpoena or other legal process, provide the District with copies of all related documentation, including the subpoena or other request for disclosure, and otherwise cooperate with the District. In the event the District decides not to oppose such subpoena or other legal process or the District's decision to oppose the subpoena or legal process has not been successful, Sunstone shall be excused from the requirements of this provision to the extent necessary to meet the demands of the subpoena or other legal process requesting disclosure of Confidential Information. The District, and not Sunstone, shall make any determination that Confidential Information is subject to disclosure under the Oregon Public Records Act or otherwise will be disclosed. 8. Liability a. Sunstone shall indemnify and hold the District harmless from its actions hereunder, including, but not limited to any claims arising from its fundraising efforts, consulting services, RFP process, or claims from any vendors. b. Sunstone will obtain and maintain reasonable insurance for its work upon the District's request, and prior to any entry onto the Property shall provide to the District a commercial general liability certificate with coverage of at least $1,000,000 identifying the District as additional insured. MASTER SERVICES AGREEMENT - 4 DCAPDX\508I 389.v6 9. Termination a, if this Agreement is terminated without the Project proceeding and another potential project with a similar objective is not developed by Sunstone in the vicinity using the grant or donor funds, the District and Sunstone will work collaboratively to return unused funds to donors and/or grant -making institutions. b. If the District determines, in its reasonable discretion, that it needs appropriations to proceed with the Project for any reason, the District may terminate this Agreement if it fails to receive sufficient such appropriations. 10. Miscellaneous a. Notice. All notices and other communications under this Agreement must be in writing and will be deemed to have been given if delivered personally, sent by facsimile (with confirmation), mailed by certified mail, delivered by an overnight delivery service (with confirmation), or email provided that the sender does not receive an out of office or similar automatic response indicating that the message was undeliverable or that delivery may be delayed, to the parties at the following addresses or facsimile numbers (or at such other address or facsimile number as a party may designate by like notice to the other parties): Sunstone: Sunstone Housing Collaborative, an Oregon Nonprofit Corporation 1467 Siskiyou Blvd #79 Ashland, OR 97520 Attention: Krista Palmer Phone: 949.278.7665 Email: sunstonehousingcollaborative@gmail.com District: Ashland School District 885 Siskiyou Blvd Ashland, OR 97520 Attention: Scott Whitman Phone: 541.482.2811 x1120 Email: scott.whitman@ashland.kl2.or.us b. Amendments. This Agreement maybe amended only by an instrument in writing executed by all the parties. c. Assignment. Neither this Agreement nor any of the rights, interests, or obligations under this Agreement may be assigned by any party without the prior written consent of the other parties. There are no third -party beneficiaries of this Agreement. d. Entire Agreement. This Agreement (including the documents and instruments referred to in this Agreement) constitutes the entire agreement and understanding of the parties with respect to the subject matter of this Agreement and supersedes MASTER SERVICES AGREEMENT - 5 DCAPDX\5081389.v6 all prior understandings and agreements, whether written or oral, among the parties with respect to such subject matter. e. Arbitration Required. Any dispute or claim that arises out of or that relates to this agreement, or to the interpretation or breach thereof, or to the existence, validity, or scope of this agreement or the arbitration agreement, shall be resolved by arbitration in accordance with the then effective arbitration rules of (and by filing a claim with) Arbitration Service of Portland, Inc., and judgment upon the award rendered pursuant to such arbitration may be entered in any court having jurisdiction thereof. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above - written. Sunstone Housing Collaborative, an Oregon Nonprofit Corporation By: Its, Krista Palmer Title: Executive Director, Sunstone Housing Collaborative Date: 7118/2024 By: Its: I'Z�ds'e p' 1)t/��h/ Title: e 1� 7WO' 66,49b Date:_ 7-- Z,5 — Q0,P MASTER SERVICES AGREEMENT - 6 DCAPDX\5081389.v6 Sunstone Housing Collaborative January 1 » December 10, 2024 Revenue Contributed income Corporate & foundation grants Allcare Share Grant Total Corporate & foundation grants Government grants & contracts Ashland Social Services Grant Total Government grants & contracts Total Contributed income Investment Income Uncategorized Income Total Revenue Expenditures Advertising & marketing Contract & professional fees Appraisal Services Consulting Legal fees Total Contract & professional fees Insurance Directors & officers insurance Total Insurance Interest paid Total 177,500,00 $ 177,500.00 �_ 55,000 t19: 7,500.00 $ 7,500.00 $ 185,000.00 4.31 5.00 $ 185,009.31 1,097.98 3,200.00 3,743.75 9 flfthe5 at LcsUllt at io HDa 4,279.00 $ 11,222.75 2,126.56 $ 2,126.56 -1.64 Office expenses Bank fees & service charges Memberships & subscriptions Printing & photocopying Shipping & postage Small tools & equipment Software & apps Total Office expenses Payroll expenses FICA tax Oregon State Unemployment Tax Oregon WBF, STT and PFML Taxes Salaries & wages Workers' compensation insurance Total Payroll expenses Training Travel Hotels Total Travel Total Expenditures Net Operating Revenue Net Revenue 1192.00 731.12 1,028.49 446.16 8.48 154.97 145.05 $ 2,706.27 0,00 6,526.44 1,267.20 341.25 85,312.50 176.45 $ 93,623.84 200.00 678.45 $ 678.45 $ 111,654.21 $ 73,355.10 $ 73,355.10