1960-06-27 - Laserfiche WebLink

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422 such application, the Authority proposes to enter into a Loan and Grant Contract with the Housing and Home Finance Administrator for Federal financial assistance under Title I of the Housing Act of 1949, as amended, for the purpose of carrying out the said Project; and WHEREAS, prerequisite to said Loan and Grant Contract, the Housing and Home Finance Administrator requires assurance of cooperation on the part of the Local Governing Body that local grants-in-aid will be provided equal to not less than one-third of the net cost of the Project; NOW, THEREFORE, in consideration of the mutual covenants herein contained and of the benefits to accrue to the Local Governing Body as a result of the Authority undertaking, developing and carrying out the Project in accordance with the aforementioned Loan and Grant Contract, the Local Governing Body agrees to provide local grants-in-aid equal to not less than one-third of the net project cost which is presently estimated to be THREE HUNDRED SEVENTY SEVEN THOUSAND EIGHT HUNDRED THIRTY TWO and 00/100 ($377,832.00) DOLLARS in the following manner: (a) To pay to the Authority a local cash grant of THREE THOUSAND SIX HUNDRED NINETY NINE AND 00/100 ($3,699.00) DOLLARS within one hundred and twenty (120) days subsequent to the execution of the Loan and Grant Contract or by the date of the first payment by the Federal Government of project capital grant funds, which- ever is earlier. (b) To pay to the Authority a deficiency cash grant of~THREE HUNDRED SEVENTY FOUR THOUSAND ONE HUNDRED THIRTY THREE AND 00/100 ($374,133.00) DOLLARS hereinafter referred to as the "base figure" on or before completion of the project which is presently estimated to be September 1, 1963. 1. Provided however, that, if by September 1, 1963, the Local Governing Body has caused to be constructed in accordance with a schedule agreeable to the Local Governing Body and the Authority, such streets, storm sewers and other improve- ments as required by the Urban Renewal Plan, there shall be credited against said base figure 100% as presently estimated of the eligible cost of constructing such improvements, which percentage of such cost as presently estimated is THREE HUNDRED SEVENTY FOUR THOUSAND ONE HUNDRED THIRTY THREE AND 00/100 ($374,133.00) DOLLARS. It is further understood and agreed that the percent of the eligible cost contained hereinbefore is merely an estimate and is subject to verification and approval by the Housing and Home Finance Agency Regional Office at the completion of the above subject matter at which time the percentage of credit will be finally fixed to conform to the actual percentage that the above subject matter serves and supports the project. 2. Provided however, that, if by said time, the Local Governing Body has allowed the Authority credit for taxes due on the project property to be acquired, for the length of time such property is actually owned by the Authority, and no tax payments are made to the Local Governing Body, there shall be credited against said base figure the actual amount of tax credits which is presently estimated to be EIGHT THOUSAND AND 00/100 ($8,000.00) DOLLARS.