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facility, or educational institution responsible for proposed credit to the
locality's share of the cost of an urban renewal project receiving financial
assistance from the United States.
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS HEREINAFTER
SET FORTH, THE AGENCY AND CITY AGILEE AS FOLLOWS:
1. AGENCY:
The Agency agrees to diligently and forthwith proceed with all
necessary actions, works and undertakings to carry=out the proposed and approved
South San Gabriel Urban Renewal Project in the following described Project
area and other areas as be designated and approved to carry out and fulfill
the proposed Loan and Grant Constrct specifically between it and the United
States of America, acting by and through the Department of Housing and Urban
Development, said Project area being identified as the South San Gabriel
Urban Renewal Project, TEX R-102, situated in the City of Georgetown, Texas,
in Williamson County, This Project being specifically described according
to the Exhibit attached hereto and made a part of this instrument for all
purposes by reference thereto.
2. CITY
The City of Georgetown agrees pursuant to and within the procedures
required by all applicable State laws and Ordinances, to provide local grants-
in-aid and to otherwise cooperate in the undertaking, carrying out and completion
of said Urban Renewal Project in accordance with the approved Urban Renewal
Plan therefor, in all respects including but not limited to the following:
a. To take all necessary steps to properly appropriate and
contribute to the Agency any moneys which may accrue or come into its hands
from any source which shall be proposed by the City as a cash contribution
to the Project, if any, such moneys to be deposited in the project expendi-
tures account maintained by the housing Authority in connection with such
Project.
b. It is understood that the City of Georgetown is obligated to the
payment of 14th of the net project costs incurred in connection with the
undertaking, carrying out and completion of said Project, it being presently
estimated that such 14th share is approximately $670,645.00.
c. It is presently estimated and anticipated that the City of
Georgetown will receive local grant-in-aid credit for the following identified
project and site improvements in connection with such Project, constructed
and provided during the years 1967 through 1971, to -wit;
(1) Water Distribution System $50,146.00
(2) Sanitary Sewer System 82,402.00
(3) Electric Distribution System 82,953.00
(4) Traffic Signs and Street Lights 16,465.00
(5) Site Clearance and Demolition 117,600.00
(6) Street Grading to Sub Grade 62,659.00
The City agrees to contribute to the Project, either in the form
of cash or non-cash grant-in-aid facilities, such amounts as shall be required
to cover any deficit in required local grant-in-aid which shall develop if the
Department of Housing and Urban Development shall not approve the full estim-
ated amount of grant-in-aid credit for the facilities itemized above and to