HomeMy WebLinkAboutOrdinance - 4441-1964 - Appropriating $56,400.00 Advance To S/E Lubbock Development Corporation. - 06/04/1964'FOS:djl
AN ORDINANCE APPROPRIATING $56 .. 400.00 FOR ADVANCE TO SOUTH ...
EAST LUBBOCK DEVELOPMENT CORPORATION; PROVIDING FOR EVIDENCE
OF ADVANCED FEE IN THE 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, 1963,. it was provided that
the City of Lubbock advance to the Southeast Lubbock Development Corporation
funds necessary for the Southeast Lubbock Development Corporation to construct
and begin the operation of a multi.,.family housing project located within the Urban
Renewal Area of the said City of Lubbock; and,
WHEREAS, the City Council has now been advised that plans for construction
of a multi ... family housing project have progressed to the point where a constructio
contract is to be awarded in the near future and that in connection therewith South ...
east Lubbock Development Corporation anticipates that a loan commitment from
FHA and F NMA will be forthcoming; and,
WHEREASJI it is necessary in order to acquire the necessary commitment
from these lending institutions that the Southeast Lubbock Development Corporatio
be advanced a sufficient sum to meet the anticipated costs for securing the loan
with which the multi ... family housing project is to be constructed; 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 securing the said loan, NOW THEREFORE:
'\
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 $56JI 400.00 from available funds
which shall be used as follows:
(1) For mortgagees fee upon receipt of FHA commitment
(2) Fee to FNMA
(3) Fee for mortgagee upon receipt of FNMA commitment
( 4) FHA examination fee
(5) FHA inspection fee
$12, 750.00
25, 500.00
12,750.00
3, 900. 00
12,.750.00
PROVIDED that the funds heretofore appropriated by Ordinance No. 4076
designated to cover filing fees which have not been expended shall be advanced if
necessary to cover the anticipatecl expenses herein enumerated.
SECTION 2. THAT the money herein appropriated and all advances made to
the Southeast Lubbock Development Corporation shall be evidenced by a promissor
note payable to the City of Luboock by said Southeast Lubbock Devel opment Corpo
ation to be repaid by moneys to be obtained from proceeds of such loan as may be
made by the Federal Housing Authority.
AND IT IS SO ORDE:ij,ED. "
Passed by the City Council on first reading this 4th day of June ~ 19 -------·
Passed by the City Council on. second reading this 30th day of ____ J..;.u_n...;;.•----'~ 19
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