HomeMy WebLinkAboutOrdinance - 4076-1963 - SE Lubbock Development Corp To Complete Negotiations With FHA. Multi-Family - 04/11/1963FOS:djl ===~~~-63~=============~0~8-!...._-ll-1.8l&23.~=-=="'9F= 04--25-l9-(G,3
ORDINANCE NO. 4076
AN ORDINANCE PROVIDING FOR THE SOUTHEAST LUBBOCK DEVELOP
"MENT CORPORATION TO COMPLETE NEGOTIATIONS WITH THE FEDERAL
HOUSING ADMIN1STRATION TO BUILD A MULTI-FAMILY HOUSING PROJECT
AND TO ARRANGE FINANCING THEREFOR; TO APPROPRIATE AND ADVANCE
THE SOUTHEAST LUBBOCK DEVELOP:MENT CORPORATION MONEY TO BEGIN
SAID PROJECT AND TO TAKE PROMISSORY NOTES TO SECURE SUCH MONEYS
ADVANCED. AND TO PROVIDE FOR THE PAYMENT OF SUCH NOTES.
WHEREAS, the City Commission has recognized the need for the orderly
development of tile City of Lubbock in Southeast Lubbock. and has acted to meet
that need by creating the Southeast Lubbock Development Board, and has since
! then seen the substantial progress in the development of such area as a result of
the Southeast Lubbock Development Boards functions~ and further recognizes that
an additional project will be required to be undertaken by such Board to meet the
needs in the development of the Urban Renewal Area in the City of Lubbock in the
form of additional housing for the health and welfare of said area, and for the best
public interest of the entire City of Lubbock, NOW THEREFORE:
BE IT ORDAINED BY THE CITY COMMJSSION OF THE CITY OF LUBBOCK:
SECTION 1. THAT negotiations be completed and proper documents be
drawn up whereby the City of Lubbock shall appropriate and advance to the South-
east Lubbock Development Corporation for the purpose of beginning operation of a
multi-family housing project in the Urban Renewal Area, wherein the financing of
U such project will be provided by tile Federal Housing Authority.
SECTION 2. THAT the moneys so appropriated by the City of Lubbock
shall be secured by promissory notes executed to the City of Lubbock by the South-
east Lubbock Development Corporation. and that said notes shall be repaid by
moneys obtained by the Southeast Lubbock Development Corporation from the
Federal Housing Autilority. All moneys received by the Southeast Lubbock Develo -
ment Corporation from the Federal Housing Authority for such project and all
reasonable and necessary expenses paid by the Corporation not reimbursed by the
Federal Housing Authority shall be credited toward the payment of such notes
executed to the City of Lubbock.
~ SECTION 3. THAT contracts and agreements be entered into by the South r east Lubbock Development Corporation with the Federal Housing Authority whereb
. all possible moneys advanced by the City of Lubbock to the Southeast Lubbock
Development Corporation for such project will be repayable to the City of Lubbock
on the promissory notes when received from the Federal Housing Authority.
SECTION 4. THAT the sums of money now to be appropriated and advance ·
by the City of Lubbock to the Southeast Lubbock Development Corporation shall be
J as follows:
$15~000 for filing fees, $30.000 for interim architecural fees, and
$5,.000 for miscellaneous expenses, including travel, investigation.}
board meeting. office. and other reasonable and necessary expenses
/
Such amounts may be .enlarged as the needs of the project expand; all
such enlargements being subject to approval by the City Commission,. and to be
advanced in exchange for promissory notes from Southeast Lubbock Development
Corporation and repayable under the same terms as outlined in Section two and
three of this Ordinance.
SECTION 5. THAT reliable account~ be maintained for the project., and
all negotiation records., documents and instruments shall be maintained separate
and apart from the other activities of the Southeast Lubbock Development Corpor-
ation. ·
AND IT IS SO ORDERED~
Passed by the ·Commission on first reading this 11th day of April .t 19 6 •
Passed by the Commission on second reading this !Sth day of ....,Ap~to~oLri ... l"-----'" 196 •
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