HomeMy WebLinkAbout1981 Resolution No. 001-..
e
•
•
I llESOUJTION HO. SERIES OF 1981 ___ _
A USOLUTIOM llSTUCTING CASH roa THI PUIPOSI or A LOAN TO THI ENGLEWOOD
HOUSING AUTll>Rlft.
WBl'US, the City of 1D11-ood bu a larp number of elderly
r••ident• ruidina in th• City of PAai.rood; and
WBBRBAS, the City of Inglewood has continuously supported the
develop.ant of elderly homina within the City; and
WBllllAS, the Housing Authority of the City of Inglewood, Colorado,
ia in the procaaa of developing a 100 unit apartllent for th• elderly residents;
and
VBDIAI, the location of thia propoaed elderly r•idence ia a
parcel of ground bounded by laat Girard Street, South Lincoln Street and
South Sheman Str•t; and
WBlllAS, tbia ground ie under option by the Rousing Authority of
the City of ID&i.roocl• Colorado, and tba Bouaiq Authority •Y need to
exercise ita optoin on thia property at a coat of approximately $357,000;
and
WBIRIAS, the Houaing Authority baa requested a loan in the amount
of $180,000 to be repaid by the Rousing Authority through a grant from the
De partment of Rousing and Urban Development.
NOW, TBBUPORE, BB IT USOLVBD BY 1'BE CITY COUNCIL OF THE CITY
OF t:NCLtlilOOD, COLORADO, 48 follows:
Section 1.
That the City of Bnglwood restrict cash of $180,000 in the Public
Improvement Fund for the purpose of a cash loan by March 1, 1981;
if a lom ie not made by that date, the cash would become avail-
able for general operating purposes again within the Public
Improvement Fund.
Section 2.
This loan shall be secured through a first deed of trust on the
property, and such other terms and conditions as are necessary
to ineure repayment of principal and interest as the City may
require.
Section 3 •
The loan shall be repaid by the Rousing Authority as soon as
practicable after the grant i• approved by the Department of
Houaing and Urban Develop•nt.
• -
•
•
•
Section 4 •
If the Bouaina Atubority decid• to exarciae its option on the
property and requeata the City loan, the City Attorney is authorized
to draft the appropriate ordf.amcea aad aarewnta to carry out
thia ... olution.
ADCPl'ID Alll> APPIOYID thi• 5th d&J of January , 1981.
~4U'L_~ Major -, __ ,
.ATTES T:
•
~~~-/ ex ~ ciffir:.fr~-
.
I, Gary R. Biabee, ex officio City Clerk-Treuurer for the City
o f lna1-ood, Colorado, do hereby certify that the above and foregoing is
a true, accurate and c011plete copy of Raaolution N9. 1 , Series of 1981.
Ga~.¢""/ /9 ~