2024-011 - Approving the amendment of the December 15, 2021 MOU with the RAM Foundation to provide for the recoupment of undedicated funds for the purposes of RAM's own affordable housing initiatives

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This MEMORANDUM OF UNDERSTANDING (MOU) is entered into by and between the .RAM Foundation (RAM) and the City of Paris, Texas (City), each a "Parry" and collectively referred to as the "Parties." WHEREAS, the Parties wish to enter into this MOU for the use of funds to be donated by RAM to the City to assist in alleviating the need for affordable housing within the corporate limits of City; and WHEREAS, to that end, RAM will donate the sum of $300,000.00 under the terms and conditions set forth herein to be used by City in the administration of the HOME programs for the provision of affordable -income housing; and WHEREAS, the Philip and Sally Cecil Foundation, Inc. (Cecil) is donating the sum of $200,000.00 to be used in said programs, under the terms and conditions set forth herein; and WHEREAS, on December 13, 2021, the City Council of the City of Paris, Texas accepted both donations by Resolution No. jM and WHEREAS, this MOU is a non-binding document setting out the anticipated roles and responsibilities of the Parties to effectuate the intent of the donations from RAM Foundation. The Parties agree as follows: 1. Term: This agreement shall be effective immediately upon execution of the Parties and will expire upon the expenditure of all identified funds, unless terminated before that in accordance with paragraph 8 herein below. 2. Roles and Responsibilities of the Parties: 2.1 RAM a) RAM will donate the sum of $300,000.00 directly to City for use in the HOME programs, including the HRA (Homeowner Reconstruction Assistance) and HANC (Homeowner Assistance for New Construction) programs. Participation in the HANC program is dependent upon the State of Texas' implementing said program during the term of this MOU. b) RAM reserves the right to review the use of the RAM funds on or about the three year anniversary of the execution of this MOU to determine how much of said funding has been expended. At that time, should less than half of the donated funds have been utilized, RAM may recoup some or all of the funding from City to be used in other housing projects minus any funds that have already been committed for any particular home or homes under the HOME programs.