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Project; <br />NOW THEREFORE; the parties hereto agree as follows: <br />WHEREAS, the Local Government was awarded a $4,680,825.00 <br />Neighborhood Stabilization Program 1 (NSP1) Community Development Block <br />Grant (CDBG) (Contract #10DB-4X-10-40-01-F 13) from the Florida <br />Department of Community Affairs (DCA), now known as the Florida Department <br />of Economic Opportunity (DEO), which provides for the purchase, rehabilitation, <br />administration, sale, and/or lease of foreclosed housing units to eligible very low, <br />low and moderate income families; and <br />WHEREAS, on March 3, 2009 Local Government entered into a $200,000 <br />Contract with the Administrator to carry out specific activities to administer Local <br />Government's NSP1 contract with DEO in accordance with applicable notices, <br />regulations and guidance from DEO; and <br />WHEREAS, the fee for service within the contract was negotiated based <br />on services for the original NSP1 contract between the Florida Department of <br />Community Affairs (DCA) and Indian River County in the amount of <br />$4,680,825.00; and <br />WHEREAS, since entering into the grant administration contract, the <br />Local Government generated an additional $1,695,639.41 in Program Income <br />(PI) funds above and beyond the original DEO grant award of $4,680,825.00 <br />from the re -sale of twenty seven (27) previously foreclosed housing units; and <br />WHEREAS, DEO had originally advised Local Government that these PI <br />funds were required to be returned to DEO for redistribution to eligible <br />communities at a later date, therefore, the PI funds were not originally included as <br />2 <br />146 <br />