05-25-95-2-A - Resolution - 05/25/1995q so[ution
NO. 5-25-95-2-A
a RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE
DOCUMENTS ON BEHALF OF THE CITY OF COLLEGE STATION FOR
THE PURPOSE OF PURCHASING THE CEDAR CREEK APARTMENT
COMPLEX FROM THE RESOLUTION TRUST CORPORATION AND
AUTHORIZING THE EXPENDITURE OF PUBLIC FUNDS FOR SAID
PURCHASE.
WHEREAS, the City of College Station City Council has determined that it
is in the City's interest to acquire from the Resolution Trust Corporation,
by assignment of a Purchase and Sale Agreement from the State of
Texas Department of Housing and Community Affairs, a certain local
apartment complex, commonly and hereinafter referred to as the "Cedar
Creek Apartments" for use in the City's Community Development and
Housing programs.
WHEREAS, the City of College Station City Council has determined that it
is in the City's interest to purchase the Cedar Creek Apartments at the
price negotiated by City staff and subject to the terms and conditions set
forth in the Purchase and Sale Agreement dated December 20, 1994, by
and between the Resolution Trust Corporation as Receiver for Bexar
Savings Association (the Seller) and the Texas Department of Housing
and Community Affairs (the Buyer) and all attachments and exhibits
thereto, all as amended by that certain "Assignment and Amendment of
Purchase and Sale Agreement" by and among the Texas Department of
Housing and Community Affairs (Assignor), the City of College Station
(Assignee), and the Resolution Trust Corporation (Seller).
WHEREAS, these goals may be achieved through the City's acquisition
and ownership of the Cedar Creek Apartments and/or through the City's
selection of a qualified purchaser, including not-for-profit organizations
and private investors;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
College Station that the Interim City Manager for the City of College
Station is hereby authorized to execute on or before Thursday, June 8,
1995, any and all documents necessary to the City's purchase of the
Cedar Creek Apartments at the negotiated price and subject to the
general terms and conditions of the Purchase and Sale Agreement dated
December 20, 1994, by and between the Resolution Trust Corporation as
Receiver for Bexar Savings Association (the Seller) and the Texas
Department of Housing and Community Affairs (the Buyer) and all
attachments and exhibits thereto, all as amended by the aforementioned
"Assignment and Amendment of Purchase and Sale Agreement."
RESOLUTION NO. 5-25-95-2-A
PAGE 2
BE IT ALSO RESOLVED by the City Council of the City of College Station
that the Executive Director of the Fiscal and Human Resources Group of
the City of College Station is hereby authorized to release and expend on
or before Thursday, June 8, 1995, any and all funds necessary to pay the
purchase price and associated closing and other costs for the purchase of
the Cedar Creek Apartments.
PASSED and APPROVED this the 25th day of May, 1995.
~ _~;¢,~,TTEST:
CONNIE HOOKS, City Secretary
APPROVED:
LA~yor