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HomeMy WebLinkAbout1976-06-16 - Minutes - Archive• • • MINUTES OF REGULAR MEETING OF THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS The Housing Authority of the City of Fayetteville, Arkansas met in Regular Session at 8:30 o'clock a.m., Wednesday, June 16, 1976, in the office of the Authority, N1 North School Avenue, Fayetteville, Arkansas. Mr. Gould, Chairman, called the meeting to order. Upon roll call the following members were present: Commissioners: Gould, Clinton, Underwood Commissioners Absent: Morgan, Taylor Others Present: Chad Kumpe, Bromo Wilson, Delbert Allen, Pat Warford, Pat Donat, Marion Orton, Kay Speed, Hugh Kincaid There being a quorum present, the following business was transacted: The Minutes of the May 19, 1976 Regular Meeting were approved by motion of Mr. Clinton, seconded by Mr. Underwood, and carried unanimously. The May Financial Statement was approved by motion of Mr. Underwood, seconded by Mr. Clinton, and carried unanimously. RESOLUTION NO. 229 RESOLUTION AUTHORIZING EXECUTION OF AMENDMENT NO. 2 TO CONSOLIDATED ANNUAL CONTRIBUTIONS CONTRACT NO. FW 7131 AND ISSUANCE OF PROJECT LOAN AND PERMANENT NOTES Mr. Wilson explained that this resolution is necessary in order to receive the modernization funds for sealing the exterior walls of the Hi -Rise building, installing security doors in the Hi -Rise, retubing the boiler, and payment for the new boiler. After discussion, Resolution No. 229 was approved by motion of Mr. Clinton, seconded by Mr. Underwood, and carried unanimously. RESOLUTION APPROVING CONTRACT WITH HODGES, VINES, FOX, CASTIN, & ASSOCIATES Mr. Kumpe explained the basic services included in these contracts, which include but are not limited to: survey and analyses of existing traffic and parking and proposed land use patterns; assist the LPA staff in selecting additional parcels which may have to be acquired to fulfill plan objectives, and in determining whether an Amendatory Application for Loan and Grant must be prepared; assist the LPA in • • • 2 establishing agreed upon Urban Renewal Plan Changes; assist in preparing changes in the Project Budget and represent the LPA in meetings with HUD as necessary; and, prepare an Amendatory Application for Loan and Grant. After discussion of the contracts with Hugh Kincaid, the Board advised Mr. Kumpe and Mr. Kincaid to make some necessary changes in the contracts with the Hodges firm. After these changes have been agreed upon and the contracts reworked, a special meeting will be called to approve entering into these contracts. Mr. Kumpe asked the Commi!ssiiioners for their opinions concerning changing the zoning of all property owned by Urban Renewal from C-3 to C-4. The main advantages of C-4 zoning are that the set -back requirements are more lenient, and anything or type of building or business can be built in C-4 zoning. This re -zoning will not affect the value of the property, therefore, new appraisals will not have to be made. The Commissioners all agreed that this seemed to be a good idea. If an Amendatory Application is submitted to HUD, this re -zoning will be included and the request submitted to the City. Mr. Kumpe stated that the agency will be in position to sell the Old Post Office building possibly by the end of the summer or in early fall. Mr. Kumpe asked the Board for their approval to make some repairs on the building. P_artao€*one wall of the building needs some repair, which if not made, could cause a part of the building to sag, causing roof and other structural damage. After discussion, the Board advised rL74 Mr. Kumpe to go ahead with this. There being no further business, the meeting was adjourned. ATTEST: THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS CHAIRMA • SECR • • aa9 • RESOLUTION AUTHORIZING EXECUTION OF AMENDMENT N0. 2 TO CONSOLIDATED ANNUAL CONTRIBUTIONS CONTRACT NO. FW 7131 AND ISSUANCE OF PROJECT LOAN AND PERMANENT NOTES WHEREAS, the HOUSING AUTHORITY OF THE CITY OF FAYETPEVILLE, ARKANSAS, (herein called the "Local Authority") proposes (1) to enter into an Amendment to Consolidated Annual Contributions Contract No. FW 7131 (herein called the "Amendment") with the United States of America, Department of Housing and Urban Development (herein called the "Government"); (2) to authorize the issuance of its notes as evidence of advances to be made to the Local Authority pursuant to the Consolidated Annual Contributions Contract; all with respect to any "Project" as defined in the Contract and which at any time now or hereafter is incorporated under the terms of such Contract. NOW, THEREFORE, BE IT RESOLVED by the Local Authority as follows: Section 1. Amendment No. 2 to Consolidated Annual Contributions Contract No. FW 7131 is hereby approved and accepted both as to form and substance and the Chairman is hereby authorized and directed to (Title of Officer) execute the official seal of the Local Authority on each such counterpart and to forward said executed counterparts, or any of them, to the Government together with • such other documents evidencing the approval and authorizing the execution thereof as may be required by the Government. Section 2. The acecutive Director is hereby authorized to (Title of Officer) file with the Government from time to time, as monies are required, requisitions together with the necessary supporting documents requesting advances to be made on account of the loan provided in the Contract, and the proper officers of the Local Authority shall prepare, execute and deliver to the Government Notes hereinafter authorized and shall accept payment therefor from the Government in cash and/or exchange for other Notes of the Local Authority, and such persons are authorized to do and perform all other things and acts required to be done or performed in order to obtain such advances. Cash proceeds from the sale of all Notes shall be deposited and disbursed only in accordance with the provisions of the Contract. • Section 3. (A) In order to provide monies to finance the Development Cost of each Project and to refund, renew, extend or substitute for any Project Loan Notes (in the Contract called "Advance Notes") or Permanent Notes by this Resolution authorized to be issued (or any such Notes by any other resolution authorized to be issued and which are outstanding, or on deposit for delivery pending payment therefor, as of the date this Resolution becomes effective), or for any Project Notes (in the Contract called "Temporary Notes") issued by the Local Authority in -anticipation of the delivery of Project Loan or Permanent Notes, there are hereby authorized to be issued, from time to time, Project Loan and Permanent Notes of the •Local Authority in an aggregate principal amount outstanding at any one time (whether authorized by this Resolution or any other resolution authorizing the issuance of Project Loan or Permanent Notes) equal to the Maximum Development Cost (or the Actual Development Cost if such amount has then been determined) of each Project, less the sum of (1) the principal amount of Bonds issued to finance such Development Cost and (2) the principal amount of Project Loan, Permanent, or Project Notes issued to finance such Development Cost and which has then been retired from funds other than the proceeds of any loan obtained by the Local Authority. • • • • • • • • „30-0,e9.1A • -• September 1970 -' (HUD -9201) Page 2 • (B) Each such Note shall bear interest and be payable in the form and manner prescribed by the Contract and this Resolution; shall be signed in the name of the Local Authority by the Chairman ; shall have the (Title of Officer) official seal of the Local Authority impressed thereon and attested by the Secretary . Each Project Loan Note shall be in (Title of Officer) substantially the form of Form No. HUD -9204 and each Permanent Note shall be In substantially the form of Form No. HUD -52250, each of which forms is incorporated herein by reference and made a part hereof. Project Loan Notes and Permanent Notes shall be issued to finance the Development Cost of Non -Permanently Financed Projects and Permanently Financed Projects, respectively. (C) Each Note issued with respect to any Project shall be a direct and general obligation of the Local Authority, the full faith and credit of which is hereby pledged for the punctual payment of the principal of and interest on such Notes, and, together with all other Notes issued pursuant to this Resolution, shall be additionally secured by (1) a first'pledge of the annual contributions payable to the Local Authority and authorized to be pledged to such payment pursuant to the Contract and (2) by a pledge of and lien on the Residual Receipts of such Project after providing for the payment of Bonds issued in respect to such Project. (D) As additional security for the equal and ratable payment of the principal •of and interest on each Note issued with respect to any Project, together with each other Note issued with respect to such Project, the Local Authority, to the fullest extent permitted by the Laws of the State, hereby pledges, mortgages, conveys and grants unto the Government all property described in the Contract constituting such Project, including that certain real property relating to each such Project and more particularly described in the trust instrument or any amendment thereto as executed and recorded by the Local Authority pursuant to the Contract: Provided, That in respect to Permanently Financed Projects the lien of such pledge and mortgage and rights granted and conveyed pursuant to this paragraph shall (1) be junior to the Bonds and junior to the pledge of Residual Receipts securing the Bonds, and (2) not be foreclosable until all Bonds have been paid and discharged in the manner provided in the Bond Resolutions. If the preceding sentence shall be adjudged by a court of competent jurisdiction to be invalid or ineffective it is the intention of the Local Authority to be fully obligated under the other provisions of this Resolution and that such judgment shall not impair or invalidate ._the obligation of the Local Authority to pay the principal of and interest on each Note from other funds of the Local Authority as herein provided. Section 4. Whenever the following terms, or any of them, are used in this Resolution, the same., unless the context shall indicate another or different meaning or intent, shall be construed, and are intended to have meanings as follows: (1) The term "Resolution" shall mean this Resolution. (2) All other terms used in this Resolution and which are defined in the Contract shall have the respective meanings ascribed thereto in the Contract. Section 5. All resolutionsor parts of resolutions heretofore adopted by the Local Authority which authorize the issuance and/or delivery of Advance, Project Loan or Permanent Notes pursuant to the Contract are hereby repealed: Provided, however, That such repeal shall in no way affect the validity of Advance, Project Loan or Permanent Notes issued pursuant to said resolutions which are outstanding or on deposit for delivery pending payment therefor on the date this Resolution becomes effective. Section 6. This Resolution shall take effect immediately. PASSED AND APPROVED THIS 16 DAY OF June , 1976. • THE HOUSING AUTHORITY OF THE • CITY O.F•FAYETTEVILLE, ARKANSAS • • • • • • • s • • RESOLUTION NO. RESOLUTION APPROVING CONTRACT WITH HODGES, VINES, FOX, CASTIN, & ASSOCIATES WHEREAS, a portion of the Ark. R-105 Urban Renewal Project Plan is in need of modification and certain amendatory applications must be filed with HUD to insure compliance with all HUD regulations; WHEREAS, the property is more specifically described as follows, with all references to the official city block designation: All of block 27; all of block 16; the eastern 1/2 of block 17; the eastern 1/2 of block 26; the northern 1/2 of block 30; the western 1/2 of block 28; and the southwestern 1/4 of block 15; WHEREAS, it would be beneficial to the Fayetteville Housing Authority to have professional assistance in preparing the plan changes, submitting the required amendatory application to HUD and in closing out the Ark. R-105 Project; THEREFORE, BE IT RESOLVED that the firm of Hodges, Vines, Fox, Castin and Associates, a professional consulting firm be retained for the purposes of either assisting in establishing necessary plan changes and preparing amendatory application for submission to HUD, or pre- paring amendatory application andiassisting in the close out of the Ark. R-105 Project; provided, however, that all work done by Hodges, Vines, Fox, Castin & Associates be confined to the area described hereinabove. PASSED AND APPROVED THIS ATTEST: SECRETARY DAY OF , 1976. THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS CHAIRMAN