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<br />79 <br /> <br />RESOLUTION <br /> <br />1987-69R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SAN MARCOS, TEXAS, APPROVING THE <br />TERMS AND CONDITIONS OF A PROPOSED <br />AGREEMENT BETWEEN SAID CITY AND SHEPHERD <br />ENTERPRISES, INC., PROVIDING FOR THE <br />ALLOCATION OF LOW-INCOME RENTAL UNITS IN <br />AN APART~1ENT PROJECT IN THE CITY OF SAN <br />MARCOS TO BE BUILT WITH 8 MILLION DOLLARS <br />OF PRIVATE ACTIVITY BONDS TO BE ISSUED BY <br />THE CAPITAL AREA HOUSING FINANCE <br />CORPORATION, AUTHORIZING THE MAYOR TO <br />EXECUTE SAID AGREEMENT AND OTHER <br />DOCUMENTS, AND DECLARING AN EFFECTIVE <br />DATE. <br /> <br />\'lHEREAS, the City Council of the City of San Harcos, <br />Texas, desires to enter into an agreement with Shepherd <br />Enterprises, Inc., to provide for low-income housing units in <br />their proposed apartment project to be financed by 8 million <br />dollars in Private Activity Bonds within the City of San <br />Marcos; and, <br /> <br />ýŒEREAS, the owners of said property, Shepherd <br />Enterprises, Inc. have agreed to set aside a percentage of <br />said apartment units constructed by them as low-income <br />housing units for a period equal to the original term of the <br />Private Activity Bonds issued to finance the project; and, <br /> <br />WHEREAS, a public hearing relating to the proposed <br />Hickory Creek Apartments was held in said City on May 14, <br />1987 at the Hays County Courthouse; now, therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS: <br /> <br />PART 1. Tha t the terms and conditions of a proposed <br />agreement between said City and Shepherd Enterprises, Inc., <br />owners, for the provision of certain low-income housing units <br />within a proposed apartment project to be financed by 8 <br />million dollars of Private Activity Bonds, are hereby in all <br />things approved. <br /> <br />PART 2. That the Mayor of said City, J.E. Younger, be, <br />and he is hereby, authorized to execute said agreement on <br />behalf of said City. <br /> <br />PART 3. That the Mayor of said City, J.E. Younger, be, <br />and he is hereby, authorized to execute a Certificate of <br />Approval for said project on behalf of said City only if the <br />attached agreement is executed by Shepherd Enterprises, Inc.. <br /> <br />PART 4. That this Res01 ution shall be in full <br />and effect from and after its passage. <br /> <br />force <br /> <br />ADOPTED this <br /> <br />the ~ :y;;une <br /> <br /> <br />~ Younger <br />Mayor <br /> <br />, 1987. <br /> <br />Attest: <br /> <br />.'ì ) ; <br />-, IÍ ) 1 . t )¡:/j/ .-::17 /. J <br />C~(J' I!úy~} ,), ';;/ f JL-.. IL,l2-"- <br />. (/' t7l"1,1Lf/ <br />Janis K. Womack <br />City Secretary <br />