R95-1201
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RESOLUTION NO.
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
AND DIRECTING EXECUTION OF A LETTER OF
UNDERSTANDING BY AND BETWEEN THE CITY OF
BOYNTON BEACH, CORNERSTONE HOUSING CORPORATION
AND HOUSING PARTNERSHIP, INC., PROVIDING FOR
SPECIFIC INTENT AND UNDERSTANDING OF THE
PARTIES REGARDING THE PURCHASE OF A
MULTIFAMILY RESIDENTIAL DWELLING FACILITY
KNOWN AS CLIPPER COVE; PROVIDING AUTHORIZATION
AND DIRECTION TO THE CITY MANAGER OR HER
DESIGNEE TO PREPARE, FINALIZE AND FILE A BONA
FIDE OFFER TO ACQUIRE CLIPPER COVE AND THEREIN
AFFIRMING THE CITY'S COMMITMENT TO MEET THE
LOWER-INCOME REQUIREMENTS OF THE RESOLUTION
TRUST CORPORATION; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City of Boynton Beach ("City") desires to
purchase an existing multifamily residential dwelling facility,
known as Clipper Cove, from the Resolution Trust Corporation (RTC);
and
WHEREAS, contingent on that purchase, the City desires to
enter into an Agreement with Cornerstone Housing Corporation
(Cornerstone) and Housing Partnership, Inc., (HPI), to provide for
the allocation of certain duties, functions and responsibilities
imposed by the RTC by and among the City, Cornerstone and HPI;
WHEREAS, the City has carefully read and reviewed the RTC's
Notice of Serious Intent (NOSI) and based upon certain RTC
requirements herein expresses the City's authority to prepare a
bona fide offer to acquire the Clipper Cove property and affirming
the City's commitment to meet the lower-income requirements imposed
by the RTC in such acquisition;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The foregoing "Whereas" clauses are hereby
certified as true and correct and are incorporated in this
Resolution upon its adoption.
Section 2. The City of Boynton Beach, Florida is desirous
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of entering into an Agreement with Cornerstone and HPI, to provide
for the allocation of certain duties, functions and
responsibilities imposed by the RTC, by execution of a Letter of
Understanding, which is attached hereto and made a specific part
hereof as Exhibit "A".
Section 3. The terms, conditions and provisions of Letter of
Understanding are contingent upon the City's obtaining approval
from the RTC to purchase the Clipper Cove property.
Section 4. The City has carefully read and reviewed the
RTC's Notice of Serious Intent (NOSI) and based upon certain RTC
requirements herein expresses the City's authority to prepare a
bona fide offer to acquire the Clipper Cove property and affirming
the City's commitment to meet the lower-income requirements imposed
by the RTC in such acquisition
Section 5. This Resolution shall become effective immediately
upon its passage and adoption.
PASSED AND ADOPTED BY THE CITY COMMISSION OF THE CITY OF
BOYNTON BEACH, FLORIDA, THIS
ATTEST:
CItY CLERK
DAY OF~~-;- , 1995.
CITY OF BOYNTON BEACH, FLORIDA
Vice Mayor
mmis~ e
/
I HEP~BY/~ERTIF3~that I have
rm of this RESOLUTION
CITY ATTORNEY
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