HomeMy WebLinkAboutOrdinance - 4367-1964 - Appropriating $50,014.00 For Advance To S/E Lubbock Development Corporation. - 03/24/19647Y Y· FOS:djl
ORDINANCE NO~ 4367 ------
AN ORDINANCE APPROPRIATING $50~ 014. 00 FOR ADVANCE TO SOUTH-
EAST LUBBOCK DEVELOPMENT CORPORATION PROVIDING FOR EVIDENCE 0
ADVANCE TO BE IN FORM OF PROMISSORY NOTE AND MANNER OF PAYMENT
WHEREAS~ heretofore by Ordinance No. 4076~ finally enacted and passed by
the Governing Body of the City of Lubbock on April 25., 19 63~ it was provided that
the City of Lubbock shall advance to the Southeast Lubbock Development Corporati
for purpose of beginning operation of a multi-family housing project in the Urban
Renewal Area of said City of Lubbock, and
WHEREAS~ it is now made known that the plans and specifications for said
multi-family housing project have been completed and are within the project cost
as contemplated by the Federal Housing Authority~ and
WHEREAS, the expense for such plans and specifications as heretofore con-
templated has now been incurred and is due and owed for such expense together wi
expense for additional platting required by the Federal Housing Authority., and
WHEREAS, it is necessary to carry through the public policy expressed by
passage of said Ordinance No. 4076~ that there be appropriated at this time money
to advance to the Southeast Lubbock Development Corporation for payment of such
incurred expense for planning said multi-family housing project .. NOW THERE-
FORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT there be now appropriated and advanced to Southeast
Lubbock Development Corporation the sum of Fifty Thousand and Fourteen and
No/ 100 ($50., 014. 00) Dollars from available funds, which shall be used as follows:
{ 1) To pay architectural construction document fees
as Phase 2
(2) To pay engineering fees for additional platting
required by Federal Housing Authority
Total
$49~939. 00
75.00
$50,014.00
SECTION 2. THAT the money appropriated herein and advanced to the South
east Lubbock Development Corporation be evidenced by Promissory Note payable
to the City of Lubbock by said Southeast Lubbock Development Corporation, to be
repaid by moneys to be obtained from proceeds of Loan from .Federal Housing
Authority.
AND IT IS SO ORDERED.
Passed by the City Council on first reading this 24th day of ¥arch ~ 1964.
Passed by the City Council on second reading this 2nd day of Ap r il , 1964.
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