HomeMy WebLinkAboutResolution - 3146 - Contract - HUD - Purchase Coronado Project TEX.R-33 - 07_13_1989TJW:js
RESOLUTION
Resolution # 3146
July 13, 1989
Item #20
BE IT RESOLVED BY THE CITY_COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock a Contract by
and between the City of Lubbock, the City's Urban Renewal Agency and the
United States Department of Housing and Urban Development for the purchase
of the Coronado Project TEX.R-33 land sales inventory, attached herewith,
which shall be spread upon the minutes of the Council and as spread upon the
minutes of this Council shall constitute and be a part of this Resolution as
if fully copied herein in detail.
Passed by the City Council this 13th day of July 1989.
g
84. MCMINN�,'?M A Y OR
ATTEST:
-, Rnn ttc
Boyd, City Secretar
APPROVED AS TO CONTENT:
San y Ogle ee, Ammunity Development
Administrator
APPROVED AS TO FORM:
Teresa J. Wright, Assi tant Trial
Attorney
Resolution No. 3074
April 27, 19R9
Item #19
TJW:js
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock a Contract by
and between the City of Lubbock, the City's Urban Renewal Agency and the
United States Department of Housing and Urban Development for the purchase
of the Coronado Project TEX.R-33 land sales inventory, attached herewith,
which shall be spread upon the minutes of the Council and as spread upon the
minutes of this Council shall constitute and be a part of this Resolution as
if fully copied herein in detail.
Passed by the City Council this 27th
ATTEST:
':4e Boyd, City Secre r
APPROVED AS TO CONTENT:
Sandy Ogletree, --)Community Development
Administrator
APPROVED AS TO FORM:
Teresa J. Wright, Assistant City
Attorney
day of April 1989.
C e
16. C. McMINN, MAYOR
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
BUY-OUT AGREEMENT
Urban Renewal Project R-33
January 1, 1989
ETT c- t ve ante of Agreement
The Department of Housing and Urban Development (HUD) agrees
to accept a lump sum payment of $98,000 as the full and final
payment for the unsold land inventory identified on attached
pages 99 through 102 of the Appraisal Report dated November 15,
1987, by Don L. Harris, M.A.I., incorporated herein by reference.
Said payment shall be made by certified check within 30 days from
the date of the execution of the Agreement. When the Agreement is
signed by HUD, the Lubbock Urban Renewal Agency and the City, and
payment has been received by HUD, the Agency and City are
discharged from any further obligation under Section 106(i) of the
Housing Act of 1949, as amended, for Urban Renewal Project R-33,
subject to the following terms and conditions:
1. The City is authorized to offset from the lump sum payable,
in a total amount not to exceed $30,000: (a) the cost of the
said Appraisal Report of Don L. Harris, and (b) the land
disposition costs, eligible for deduction from sales proceeds
pursuant to the early closeout provision of Urban Renewal
Handbook 7222.1, Chapter 3, Section 4.b., incurred for
properties sold after project closeout and prior to this
Agreement in excess of the proceeds of such sales.
2. The City agrees to pay to HUD, in addition to the $98,000,
eighty percent of the amount that the aggregate net sales
proceeds of any inventoried properties sold in the first year
following the date of this Agreement exceeds the aggregate
buy-out value of such properties, and forty percent of the
amount that the aggregate net sales proceeds of any
inventoried properties sold in the second year following said
date exceeds the aggregate buy-out value of such properties.
The "aggregate net sales proceeds" for each year is the sum
of the sales prices obtained for parcels sold in that year,
less the sum of the disposition expenses allocable to such
parcels eligible for deduction from sales proceeds pursuant
to the early closeout provisions of Urban Renewal
Handbook 7222.1, Chapter 3, Section 4.b. The "aggregate buy-
out value" for each year is the sum of the values for the
parcels sold in that year, as listed on pages 99 through 102
of the said Appraisal Report, multiplied by thirty-four
percent.
C
Page 2 of 2
3. A report on any inventoried properties sold in the first and
second year period following execution of this Agreement
shall be submitted to HUD no later than 45 days after the end
of the first and second year. Any amounts payable to HUD in
the first or second year, pursuant to paragraph 2, shall be
paid within 30 days of the last conveyance of properties sold
in that year.
-4. As used in this Agreement, property "sol-d" within a specified
time means property for which a contract of sale consummated
in a conveyance is executed within such time, regardless of
the time of the conveyance.
5. All land proceeds received by the City from the disposition
of the inventoried properties shall be treated as program
income to the City's Community Development Block Grant (CDBG)
program, to the extent CDBG funds are used for the payments
to HUD under this Agreement.
Except for the parcels identified in the attached draft
letter dated May 20, 1989, to Mr. Victor J. Hancock, the City and
the Agency each certify by the execution of this Agreement that
there are no understandings or agreements pending for the sale of
any of the inventoried property, or reasonable expectations for
the sale of any such property within the next year, for more money
than its buy-out value. The "buy-out value" is the value for the
property as listed on pages 99 through 102 of the said Appraisal
Report, multiplied by thirty-four percent.
Before me, the undersigned authority, a Notary Public in and for said County, Texas, on
this day personaf)y appear C j McMinn, Mayor, known to be the person wh se name is sub
Notary: c�� , Cam+ t� scribed
C a;t C� below.
C , t• o f
�Renewal;� Ag ncy Dated y oc ,lfexas i`D�r�''p
Lynnda Aenki'�is, Chairman B. C. McMinn, Mayor Spy S �?
Department housing and Urban eve opment mate
rr-,7
Audrey E. tott
APPROVED AS TO CONTENT: APPROVED AS TO FORM:
Sandy Tetre. , Community Date Teresa Wright
Date
Development Administrator Assistant City
Attorney
f/
I
MAY 23 '89 14:50 CITY
lI IN
City of Lubbock
P.O. Box 2666
Lubbock. Texas 7e457
1806-762-641 1
May 20, 1989
Mr. Victor J. Hancock.
Regional Director
U.S. Department of Housing
Urban Development
221 West Lancaster Avenue
P. 0. Box 2905
ATTN: John Davis, 6C0
Fort Worth, Texas 76113
DRAFT.
7z,f6
Subject: Early Closeout Requirements Regarding Land Sales
Project(s) N. TEX. R-33 Loan & Capital Grant Contract,
as Amended, for a 106(1) Grant
Dear Mr. Hancock:
I am listing the net disposition expenses for each of the parcels sold
during the period of January O1, 1989 thru May 20, 1989, along with
collected net revenue.
Parcel 93440-6-8
Purchase Price
Title Policy & Dispo. Exp.
Net Parcel 93440-6-8
Parcel 93440-11-1
Purchase Price
Title Policy & Dispo. Exp.
Net Parcel 93440-11-1
Parcel 93440-11-16
Purchase Price
Title Policy & Dispe.
Paving Lien
Net Parcel 93440-11-16
Deeded 2-28-89
$750.00
266.00
$484.00
Deeded 2-28-89
$750.00
263.00
$487.00
Deeded 3-9-89
$750.00
Exp. 263.00
100.00
$367.00
$484.00
i
$487.00
$387.00
MAY 23 '89 14:50 CITY OF LUBBOCK, TX 806-762-3623 P.2i7
Letter to Victor J. Hancock
May 20, 1989
Page 2
Parcel 934 40-11-4 Deeded 3-9-89 DRAFTPurchase Price $750.00
Title Policy & Dispo. Exp. 263.00
Paving Lien 412.00
Net Parcel 93440-11-4 .00 $ 75.00
Parcel 93440-7-10,11,12 Deeded 3--22-89
Purchase Price $2,250.00
Title Policy & Dispo. Exp. 286.00
Net Parcel 93440-7-10,11,12 $1,964.00 $1,964.00
Income From Land Sales $3,397.00
Less Sundry Expenses:
Insurance (OL & T) $ 144.00
Mowing of Lot in
Coronado 1061 inventory 2,324.14
Surveying & Drafting 675.00
Total Expenses ($3,143.14)
Income From Land Sales $ 253.86
Liquidated Good Faith 0.00
Net Income From Land Sales $ 253.86
Deficit Carried Forward from 1988 ($3,582.33)
Remaining Deficit (13,328.47)
The following parcels are currently under contract:
Parcel No.
93440-6-9
93440-10-5
93440-10-3
15760-8-60
15760-47-90
contract Price
$ 750.00
Total sales prices
Estimated sales expenses
750.00
10125.00
825.00
1,028.00
$ 4,478.00
(10578.00)
$ 2,900.00
Estimated Remaining Deficit (8 428.78)
�-.-ssrsmmrr�
. MAY 23 '89 14:51 CITY OF LUBBOCK, TX 806-762-3623 p,3i7
Letter to Victor J. Hancock
May 20, 1989
Page 3
DRAFT
Currently there are 169 parcels remaining in the inventory. The
attached list indicates the parcels which have been deeded or have
gone under contract since the appraisal report was completed in
November, 1987.
If you have any questions please contact me.
Sincerely,
Sandy Ogletree
Community Development
Administrator
enc.
. - MAY 23 '89 14:51 CITY OF LUBBOCK, TX 806-762-3623 p•4/7
EXHIBIT I
• ss
TRACT NO. PARCEL NO. ZONE SIZE VALUE
1
93440-2-4
R-2
7,000
SF
$625
2
93440-5-1
R-2
8,750
SF
$,500
3
93440-6-4
R-2
7,000
SF
$575
4
93440-7-3
R-2
7,000
SF
$625
5
93440-7-4
R-2
7,000
SF
$625
6
93440-12-5
R-1•
7,000
SF
$750
7
93440•-11-15
R-1
7,000
SF
$750
16
4 `i'M%
Rr'
i
-2Y T
vvv�i
19
93440-10-6
676 88 60
R-1
R=4
7,000
SF
SE
S750
WE
28
93440-13-6
R-1
--10,500
7,000
SF
S
$625
29
93440-11-11
R-1
7,000
SF
$750
30
93440-10--10
R-1
7,000
SF
$750
31
93440-10-9
R-1
7,000
SF
8750
32
93440-23-4
R-1
7,000
SF
$750
33
15760-7-10
C-3
154,181
SF
$27,76D
34
15760-13-20
R-1
13,150
SP
$750
35
15760-13-10
R-1
16,000
SF
$250
36
15760-8-70
R-1
71000
SF
$760
39
15760-13-30
R-1
10,110
SF
$350
40
15?60-14-10
R-1
8,577
SF
$600
41
15760-13-40
R-1
10,600
SF
$750
.42
15760-14-20
R-1
8,866
SF
$945
43
15760-14-30
R-1
81866
SF
$945
44
15760-14-40
R-1
8,867
SF'
$945
45
93440-34-2
R-1
7,000
SF
$750
46
93440-35-6
R-1
10,500
SF
$975
47
93440-35-8
R-1
7,000
sF
$650
48
93440-36-150
R-1
7,000
SF
$750
49
93440-36-160
R-1
7,000
SF
$750
51
93440-25-4
R-2
71000
SF
$750
52
93440-25-3
R-2
7,000
SF
$760
53
78990-60-1
R-2
7,000
SF
$750
54
78990-60-2
R-2
7,000
SF
$750
55
15760-11-30
R-2
14,300
SF
$750
56
93440-38-1
R-2
7,000
SF
$750
57
15760-17-10
R-2
7,000
SF
$750
MAY 23 '89 14:52 CITY OF LUBBOCK, TX. 806-762-3623
P.5/7
100
58
15760-17-20
R-2
7,000
SF
$750
59
15760-17-30
R-2
7,000
SF
$750
60
15 7 60-17•-50
R-2
7,489
SF
$750
61
15760--17-60
R-2
6,130
SF
$750
62
15760-17-70
R-2
9,590
SF
$200
63
15760-14-50
R-1
21,377
SF
$2,100
64
93440-34-7
C-4
13,464
SF
$2,000
65
93440-42-8
R-1
7,000
SF
$750
65A
93440-36-140
R-1
7,000
SF
$750
659
93440-36-130
R-1
7,000
SF
$750
66
93440-39-1
R-2
7,000
SF
$750
67
93440-38-10
R-2
7,000
SF
$750
68•
15760-17-80
R-2
7,000
SF
$750
69
15760-17-90
R-2
71000
SF
$?50
70
15760-18•-10
R-2
9,100
SF
$975
71
15760-18-20
R-2
90100
SF
$975
72
15760-18-30
R-2
8,095
SF
$855
73
15760-18-40
R-2
12,177
SF
$975
74
15760-17-150
R-2
14,940
SF
$976
75
15760-17-160
R-2
10,600
SF
$975
76
15760-17-170
R-2
9,400
SF
$900
77
15760-17-180
R-2
7,800
SF
$975
78
15760-17-190
R-1
7,800
SF
$975
79
15760-17-200
9-1
7,800
SF
$975
80
15760-17-210
R-1
7,800
SF
$975
81
15760-17-220
R-1
7,800
SF
$975
82
15760-17-230
R-1
7,800
SF
$975
83
15760-17-240
R-1
92910
SF
$975
84
15760-17-260
R-1
14,780
SF
$975
85
15760-20-10
C-•4
27,668
SF
$5,500
86
15?60-20-70
R-1
8,360
SF
$850
87
15760-21-10
R-1
90610
SF
$850
90
15760-21-40
R-1
7,000
SF
$750
91
93440-41-80
R-1
7,000
SF
$750
92
93440-41-70
R-1
7,000
SF
$750
93
93440-41-55
R-1
10,500
SF
$1,125
94
66330-58-0
R-1
71000
SF
$750
96
66330-58-30
R-1
7,000
SF
$750
96
78990-57-19
R-1
11,760
SF
$1,260
97
78990-57-18
R-1
7,000
SF
$750
98
78990-57-17
R-1
7,000
SF
$750
99
78990-57-16
R-1
7,000
SF
$750
100
78990-57-13
R-1
7,875
SF
$750
101
15760-21-70
R-1
91348
SF
$600
102
15760-21-60
R-1
8,860
SF
$750
103
93440-45-12
R-1
71000
SF
$750
104
93440-46-11
R-1
7,000
SF
$750
105
15760-22-150
R-1
5,240
SF
$750
106
93440-45-9
;R-1
71000
SF
$750
• MAY 23 '89 14:52 CITY OF LUBPOCK, TX 806-762-3623
P.6/7
1-m
101
107
15760-22-140
R-1
7,000
SF
$750
108
.93440-45-8
R-1
7,000
SF
$750
109
15760-22-130
R-1
7,000
SF
$760
110
93440-45-7
R-1
7,000
SF
$750
111
15760-22-120
R-1
71000
SF
$760
112
15760-22-10
R-1
71000
SF
$750
113
15760-22-110
R-1
9,500
SF
$750
114
15760-22-20
R-1
7,000
SF
$750
115
16760-22-100
R-1
8,600
SF
$750
116
15760-22-30
R-1
6,224
SF
$750
111
15760-22-90
R-1
9,350
SF
$760
118
15760-22-80
R-1
7,160
SF
$750
119
15760-22-70
R-1
6,600
SF
$750
120
15760-22-60
R-1
6,050
SF
$760
121
15760-22-50
R-1
4,800
SF
$750
122
15760-22-40
R-1
6,011
SF
$760
123
78990-57-1
R-1
9,380
SF
$16005
124
78990-56-19
R-1
11,760
SF
$19260
125
78990-57-2
R-1
90380
SF
$1,OOS
126
78990-57-5
R-1
7,000
SF
$760
127
78990-56-15
R-1
7,000
SF
$750
128
78990-56-14
R-1
7,000
SF
$750
129
78990-56-13
R-1
7,000
SF
$750
130
78990-57-8
R-1
7,000
8F
$750
131
78990-57-9
R-1
7,000
SF
$750
132
78990-67-10
R-1
.7,000
SF
$750
133
15760-24-10
R-1
7,130
SF
$760
134
15760-24-20
R-1
5,660
SF
$750
135
15760-24-30
R-1
6,810
SF
$750
136
15760-24-40
R-1
89190
SF
$750
137
15760-24-50
R-1
8,700
SF
0760
138
15760-24-60
R-1
12,760
SF
-$750
139
16760-24-70
R-1
51890
SF
$750
140
16760-24-80
R-1
6,420
SF
$750
141
15760-24-90
R-1
61270
SF
$750
142
15760-22-180
R-1
10,260'SF
$100
143
15760-22-190
R-1
7,150
SF
$500
144
15760-22-200
R-1
8,920
SF
$500
145
15760-22-210
R-1
10,340
SF
$500
145A
15760-22-170
R-1
15,800
SF
$800
146
78990-56-2
R-1
7,000
SF
$750
147
78990-56-3
R-1
71000
SF
$750
.148
78990-56-8
R-1
7,000
SF
$760
149
16760-24-100
MF
41,172
SF
$9,000
15O
15760-28-10
R-3
23,488
SF
ffi3,500
151
152
16760-36-10
M-1
1311081
SF
$19,500
78990-56-1
R-1
2,520
SF
$50
153
15760-28-20
R-3
28,634
SF
$4,300
154
15760-31-10
R-1
36,580
SF
$5,500
MAY 23 '89 14:5-3 CITY OF LUBBOCK, TX 806-762-3623
P. 7/7
102
155
78990-10-21
R-1
7,000
SF
$550
156
78990-10-24
R-1
7,000
SF
$750
157
78990-10-25
R-1
7,000
SF
$750
158
78990-10-26
R-1
7,000
SF
$750
159
78990-10-27
R-1
7,000
SF
$750
'160
78990-9-16
R-1
7,000
SF
$750
161
78990-12-70
R-1
6,000
SF
$750
162
76990-11-8
R-1
6,000
SF
$550
163
78990-11-7
R-1
6,000
SF
$750
164
78S90-11-6
R-1
61000
SF
$750
165
78990-11-3
R-1
6,000
SF
$750
166
78990-11-1
R-1
6,000
SF
$750
167
15760-42-130
C-4
45,883
SF
$9,000
168
15760-42-130
c-4
36,000
SF
$7,200
169
15760-42-130
C-4
40,567
SF
$6,000
170
15760-48-10
A-2
_ 10,601
SF
$1,000
171
15760-48-20
A-2
19,899
SF
$1,990
172
78990-13-20
R-2
7,000
SF
$750
173
78990-13-21
R-2
7,000
SF
$750
174
78990-7-6
R-1
7,000
SF
$750
175
78990-7-11
R-2
7,000
SF
$750
176
78990-7-13
R-2
7,000
SF
$750
177
78990-16-100
R-2
6,000
SF
$750
178
78990-18-6
R-1
10,000
SF
$760
179
78990-18-9
R-1
101000
SF
$750
180
78990-18-10
R-1
10,000
Sr
$750
lei
78990-18-18
R-1
10,000
SF
$750
184
15760-53-70
R-3
7,800
SF
$975
186
16760-53-60
R-3
7,800
SF
$975
186
15760-53-50
R-3
71800
SF
$976
187
15760-53-40
R-3
89400
SF
$1,060
188
15760-53-30
R-3
6,000.EF
$750
189
15760-53-20
R-3
6t000
SF
$760
I90
15760-53-10
R-3
6*800
SF
$750
192
15760-63-110
R-3
172,312
SF
$26,000
192
16760-52-0
R-3
220,631
SF
$33,000
For all practical purposes some of these values should be rounded, but
for the particular function of this report they are left as caculated.
THE SUM OF THESE VALUES DOES NOT INDICATE THE VALUE OF THE WHOLE. ANY
REVIEWER IS REFERRED TO ALL DATA IN BOTH VOLUMES OF THIS STUDY.