HomeMy WebLinkAboutResolution - 446 - Addendum To Agreement - URA - Community Development Funding - 03/27/1980-, , • � WMM: vc
RESOLUTION #446 — 3/27/80
RESOLUTION
WHEREAS, the CITY OF LUBBOCK, TEXAS and the URBAN RENEWAL AGENCY OF THE
CITY OF LUBBOCK, have heretofore entered into a Community Development Funding
Agreement for the purpose of undertaking and implementing a Community Develop-
ment Plan pursuant to the Housing and Community Development Act of 1974, as
amended; and
WHEREAS, there is a continuing need for emergency funds to be made avail-
able to the AGENCY for use in connection with acquisition, and relocation acti-
vities being performed pursuant to the Community Development Funding Agreement;
and
WHEREAS, the CITY desires to make such emergency funds readily available
to the AGENCY to facilitate the accomplishment of the public purpose; NOW
THEREFORE:
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 an Addendum to
Community Development Funding Agreement Between the City of Lubbock and Urban
Renewal Agency of the City of Lubbock, a copy of which is 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 day of March , 1980•
ATTEST:
i
elyn Ga �ga City Se r Treasurer
APPROVED AS TO CONTENT:
Vicki Foster, Community Development
Coordinator
APPROVED AS TO FORM:
W. M. McKamie, Assistant City Attorney
RESOLUTION #446 - 3/27/80
ADDENDUM TO'
COMMUNITY DEVELOPMENT FUNDING AGREEMENT
BETWEEN
THE CITY OF LUBBOCK
AND
URBAN RENEWAL AGENCY OF THE CITY OF LUBBOCK
STATE OF TEXAS §
COUNTY OF LUBBOCK §
This Addendum to Funding Agreement is entered into on this 27th day
of Manch , 1980 by and between the CITY OF LUBBOCK, a home -rule municipal
corporation, hereinafter called "CITY", and the URBAN RENEWAL AGENCY OF THE
CITY OF LUBBOCK, hereinafter called "AGENCY".
WITNESSETH:
WHEREAS, the CITY and AGENCY have heretofore entered into a Community
Development Funding Agreement for the purpose of undertaking and implementing
a Community Development Plan pursuant to the Housing and Community Development
Act of 1974, as amended; and
WHEREAS, there is a continuing need for emergency funds to be made avail-
able to the AGENCY for use in connection with acquisition and relocation
activities being performed pursuant to the Community Development Funding
Agreement; and
WHEREAS, the CITY desires to make such emergency funds readily available
to the AGENCY to facilitate the accomplishment of the public purpose;
NOW THEREFORE, the CITY and AGENCY do hereby agree as follows:
1. Except as otherwise provided herein, all terms and conditions of
the Community Development Funding Agreement between the City of
Lubbock and Urban Renewal Agency of the City of Lubbock shall
constitute and express the entire agreement of the parties.
2.
The CITY hereby agrees to establish a revolving fund of Twenty-
five thousand dollars ($25,000.00) to be made available to the
AGENCY as a source of emergency funds. The AGENCY shall use
said revolving funds only as needed in connection with Acquisition,
and Relocation activities being performed pursuant to the
Community Development Funding Agreement. Said revolving fund shall
be created from the General Fund of the CITY; expenditures from
the fund shall be reimbursed from Community Development Funds.
Upon termination of this agreement. the revolving fund shall
be dissolved and the total amount of Twenty -Five Thousand
Dollars ($25,000.00) shall be refunded to the General Fund
of the CITY.
In no event is the establishment of this revolving fund to be
construed as an addition to the total amount of compensation
specified in paragraph 6 of the Community Development Funding
Agreement.
IN WITNESS WHEREOF, the CITY and AGENCY have executed this Addendum to
Funding Agreement as of the first date above written.
CITY OF LUBBOCK
AT ST:
elyn G4fa, City Se reasurer
APPROVED:
Vicki Foster, Community Development Coordinator
APPROVED AS TO FORM:
W. M. McKamie, Assistant City Attorney
URBAN RENEWAL AGENCY OF THE CITY OF
LUBB , TEXAS
George Nelson, &fairman