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Plan; and
WHEREAS, the Agency proposes to enter into a Loan and Grant Contract
with the Department of housing and Urban Development, an Agency of the
United States of America, providing for financial assistance pursuant to
Title I of the Housing Act of 1949, as amended, for the purpose of carrying
out the provisions of the Revised Urban Renewal Plan, in the sum of:
(1) A Project Temporary Loan in the amount of 82.538,952.00
(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
$210,485.00
(4) A Rehabilitation Grant in an amount not to exceed the sum of
876,500.00 , 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
resolution approving said Revised Urban Renewal Plan for said Project; and
NOW THEREFORE, IN CONSIDERATION OF TIIE 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 ap-
proved 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 Project area being identified as the South
San Gabriel Urban Renewal Project, TEX R-102, situated in the City of George-
town, 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
Revised Urban Renewal Plan therefor, in all respects, including but not limit-
ed to the following:
a. To take all necessary steps to properly appropriate and con-
tribute 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 expen-
ditures 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 un-
dertaking, carrying out and completion of said Project, it being presently
estimated that such 14th share is approximately ---8633,186.00
c. It is presently estimated and anticipated that the City of
Georgetown will receive Local Grant-in-aid Credit for the following identi-
fied project and site improvements whixh have heretofore been constructed
in connection with such project.
1) Sanitary Sewer
2) Water Facilities
3 Drainage Facilities
(4) New Elementary
School
(5) New Junior High
School
(6) New Junior High
School Field House
(7) New Junior High
School Class Room&
$46,996 100%) Construction began 8-3-64
$40,233 1004) Construction began 8-3-64
$ 3,000 1004) Construction to be performed
during Execution
$130,472 (694) Construction began 2-1-64
($189,090 Total Cost)
$62,160.30 (304) Construction began 2-1-64
($207,201 Total Cost)
$10,510.20 (3U4) Construction began 6-15-65
(835,034.00 Total Cost)
$10,402.50 (304) Construction began 9-20-66
($34,675 Total Cost)