HomeMy WebLinkAboutResolution - 3074 - Buy Out Agreement - HUD - Coronado Project TEX.R-33 - 04/27/1989Resolution No. 3074
April 27, 1989
Item #19
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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 day of April 1989.
. C. McMINN, MAYOR
ATTEST:
Rane�te Boyd, City SecreUr
APPROVED AS TO CONTENT:
d.
aaM6,-�
Sandy Ogl ree` Community Development
Administrator
APPROVED AS TO FORM:
Teresa J. Wright, Assistant City
Attorney
Reso. # 2908
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RESOLUTION
BE IT RESOLVED BY THE URBAN RENEWAL AGENCY OF THE CITY OF LUBBOCK:
THAT the Chairman of the Urban Renewal Agency 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 in-
ventory, 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 Urban Renewal Agency Board this 13th day of April ,
1989.
LYNNDA JZNKINS, CHAIRMAN
ATTEST: !✓
Sandy Ogletree,;Secretary
Resolution No. 3074
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
BUY-OUT AGREEMENT
May 1, 1989
Date of Agreement
The Department of Housing and Urban Development (HUD) agrees to
accept a.lump sum buy-out payment of $68.,000 as final payment except
for Condition l below for the unsold land inventory identified on
pages 99 through 102 of the Appraisal Report dated November 15, 1987,
by Don L. Harris, M.A.I. Buy -out -payment is due..and payable by
certified check within 30 days from the date of the Agreement. When
the Agreement is signed by -#BUD, Lubbock Urban Renewal Agency and the
City and payment has been received -by HUD, the Agency and City are
discharged from any obligation under Section 106(1) of the Housing Act
of 1949, as amended for Urban Renewal,Project R-33 except for the
following conditions:
1. Any land sales proceeds for the period May 1, 1989, through
April 30,.1994, which exceeds the total of $68,000, mainte-
nance expenses during period, and sales expenses of the
inventory during period will be remitted to HUD.
2. Any net land proceeds due HUD during the five year period in
Condition 1 shall be paid to HUD annually.
3. The City agrees to furnish HUD an annual report due each
January 1, after the date of this Agreement through January,
1995, which lists the following:
a) all parcels covered by the Agreement;
b) gross land proceeds received;
c) net proceeds retained as program income by City; and
d) net proceeds paid to HUD under Condition 1 of this
Agreement.
4. All land proceeds not paid to HUD shall be program income of
the Community Development Block Grant Program.
Notary:
r
Urba Renewal,A ency
Lynnda JenkinChairman
Department of Housing and
Urban Development
APPROVED AS TO CONTENT:
Sandy Ogl tree {`' Community
Development Administrator
City of Lubbock, Texas
B. C. McMinn, Mayor
APPROVED AS TO FORM:
Teresa Wright
Assistant City Attorney