HomeMy WebLinkAbout9-13-2007-2k - Resolution - 09/13/2007 • RESOLUTION NO. 9 -13- 2007 -2k
A RESOLUTION OF THE CITY OF COLLEGE STATION, TEXAS, APPROVING A
CONTRACT FOR THE LOAN OF HOME INVESTMENT PARTNERSHIP PROGRAM
FUNDS TO SANTOUR COURT, LTD AND AUTHORIZING THE COMITTMENT AND
EXPENDITURE OF FUNDS.
WHEREAS, the City of College Station received a request from Homestead Development
Group, Ltd., on behalf of Santour Court, Ltd., for financial support of an affordable rental
housing development, "Santour Court"; and
WHEREAS, Santour Court, Ltd. has received an award from the Texas Department of Housing
and Community Affairs for a tax credit allocation for the year 2007; and
WHEREAS, The City Council previously unanimously approved a resolution of support (# 2 -22-
2007-01) for this specific local project and authorized the Mayor to sign a letter of support on
February 22, 2007; and
WHEREAS, the construction of affordable rental housing is in accordance with the City of
College Station 2005 -2009 Consolidated Plan which demonstrates a need for this type
development; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS:
• PART 1: That the City Council hereby approves the contract with Santour Court, Ltd. for
$500,000.
PART 2: That funding for this contract in the amount of $225,000 shall be budgeted from
the Community Development FY 2006 - 2007 HOME budget, and an additional
$275,000 of HOME funds will be made available for this contract from the
Community Development FY 2007 - 2008 HOME budget.
PART 3: It is found and determined that the meeting at which this Resolution passed was
open to the public as required, and that public notice of the time, place, and
purpose of said meeting was given as required by the Open Meetings Act.
PART 4: That this resolution shall take effect immediately from and after its passage.
ADOPTED this 13 day of September, A.D. 2007.
' APPROVED
A : ST:
City Secretary Mayor
APPROVED:
E- Signed by Angela M DeLuca
• »- VERIFY authenticity with Approvelt
City Attorney