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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AMENDMENT TO MEMORANDUM OF UNDERSTANDING DATED DECEMBER 15, 2021 BETWEEN THE CITY OF PARIS, TEXAS AND THE RAM FOUNDATION WHEREAS, the on or about December 15, 2021, the City of Paris, Texas ("City") and the RAM Foundation ("RAM"), collectively referred to as the "Parties," entered into a Memorandum of Understanding (the "MOU") to set forth the terms a of 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 donated the sum of $300,000.00 under the terms and conditions set forth therein to be used by City in the administration of the HOME programs for the provision of affordable -income housing; and WHEREAS, on December 13, 2021, the City Council of the City of Paris, Texas accepted RAM's donation by Resolution No. 2021-049; and WHEREAS, the MOU was a non-binding document setting out the anticipated roles and responsibilities of the Parties to effectuate the intent of the donation from RAM Foundation; and WHEREAS, the MOU provided that RAM could recoup unused portions of the donated funds on or after the third anniversary or the execution of the MOU; and WHEREAS, as of the date of execution of this Amendment, the City has not had cause to draw upon the donated funds; and WHEREAS, the parties have agreed to provide for RAM's recoupment of unused portions of the donated funds for the purposes of its own affordable housing initiatives: THEREFORE, to that end, the Parties hereby agree to amend the MOU (this "Amendment") as follows: Parauaah 2,2.1(b) is hereby amended to read as follows: 2.1 ... (b) RAM reserves the right to recoup portions of the RAM funds which the City has neither expended nor dedicated to a particular future HOME or HANC project, such recouped funds to be used by RAM for other affordable housing initiatives. In order to exercise this right, RAM shall make written request to the City, and the City shall determine whether unexpended and undedicated funds are available to honor the request. If funds are available, the City shall promptly return the requested funds to RAM. RAM has the right to inquire as to the balance of any donated funds at any time, and the City will respond promptly to any such request.