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<br /> 116 <br /> RESOLUTION 1985-13R <br /> A RE s) LUTI ON OF THE CITY COUNCIL OF THE CI'IY OF SAN <br /> MARCOS, TEXAS, APPROVING 'IRE TERMS AND CONDITIONS OF A <br /> PROroSED AGREEMENT BE'IWEEN SAID CITY AND R.C. HOPPE AND <br /> KEN RICE, OW\JERS, PROVIDING FOR THE ALLOCATION OF f..m- <br /> INCOME RENTAL UNITS IN AN APARTMENT PROJECT IN 'IRE CITY <br /> OF SAN MARCOS 10 BE BJILT WIlli 6.6 MILLION DOLLARS OF <br /> INOOSTRIAL DEVEIDft.1ENT EüNDS 10 BE ISSJED BY THE <br /> CAPITAL AREA HOUSING FINANCE CORFORATION; AUTHORI ZING <br /> THE MAYOR 10 EXECUTE SAID AGREMEENT; AND D EC LAR I J'\C AN <br /> EFFECTIVE DATE. <br />WHEREAS, the City Counc il of the City of San Marcos, Texas, <br />desires to enter into an agreerœnt with R.C. Hoppe and Ken Rice, owners <br />of a tract of land wi thin the Ci ty of San Marcos, to provide for low- <br />income housing units in their proposed apartment project to be financed <br />by 6.6 million dollars in Industrial Development Bonds within the City <br />of San Marcos; and, <br />WHEREAS, the owners of said property, R.C. Hoppe and Ken Rice, <br />have agreed to provide (20%) twenty percent of said apartrœnt units <br />constructed by them as low-incorœ housing units for a period equal to <br />the original term of the Industrial Developrœnt Bonds issued to finance <br />the project; now, therefore, <br />BE IT REs)LVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. 1hat the terms and conditions of a proposed agreement <br />between said City and R.C. Hoppe and Ken Rice, owners, for the <br />provision of certain low-incorœ housing units within a proposed <br />apartrœnt project to be financed by 6.6 million dollars of Industrial <br />Development Bonds, are hereby in all things approved. <br />PART 2. Tha t the Mayor of said City, Emmie Craddock, be, and she <br />is hereby, authorized to execute said agreement on behalf of said City. <br />PART 3. 'That this Resolution shall be full force and effect from <br />and after its passage. <br />ADOPTED this 11 day of February ,1985. <br /> ~(fd <br /> Emmie Craddock <br /> Mayor <br />Attest: i./" / <br />~ iL ' ) i;f hi- '. / <br />-'UJ7.")V/}/ i'/],\/; ""..)/ <br />/ . I ..'/I 'v ,v (1- ./-' <br />, anis K. romack <br />Ci ty Secretary <br />