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of the Urban Renewal Plan, in the sum of:
(1) A Project Temporary Loan in the amount of $2,406,990,;00.
(2) A Project Capital Grant in the maximum amount available for the
Project.
(3) A relocation Grant in an amount not to exceed the sum of $1651060.00.
(4) A Rehabilitation Grant in an amount not to exceed the sum of
$76,500.00, and
WHEREAS, the City desires to provide "local grants-in-aid" in connection
with said Project and has heretofore indicated its intention to do so in a reso-
lution approving said Urban Renewal Plan for said Project; and
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS HEREINAFTER
SET FORTH, THE AGENCY AND CITY AGREE 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 Contract specifically between it and the United States of America,
acting by and through the Department of Housing and Urban Development, said
V 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 oom-
pletion 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 expenditures account maintained
by the Urban Renewal Agency 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, in the form of either cash or non-
cash local grants-in-aid, 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 which have heretofore been constructed in connection
with such project.
(1) Sanitary Sewer $62,856 (1000 Construction began Aug. 3, 1964
(2) Water Facilities $13,444 (1000 Construction began Aug. 3, 1964
(3) New Elementary 130,472 (69%) Construction began Feb. 1, 1964
School ($189,090 Total Cost)
(4) New Junior High 62,160.30 (30%) Construction began Feb. 1, 1964
School 0207,201 Total Cost)
(5) New Junior High 10,402.50 (30%) Construction began Jun. 15, 1965
School Field house ($35,034 Total Cost)