96-07 v RESOLUTION
96-7
A RESOLUTION OF THE CITY OF ATLANTIC BEACH, FLORIDA
AUTHORIZING A NO INTEREST LOAN TO THE DONNER COMMUNITY
DEVELOPMENT CORPORATION TO CONSTRUCT WATER AND SEWER
IMPROVEMENTS FOR THE FRANCIS COVE AFFORDABLE HOUSING
DEVELOPMENT; PROVIDING FOR A LOAN AMOUNT; PROVIDING FOR A
METHOD OF PAYMENT; IDENTIFYING A SOURCE OF FUNDS.
WHEREAS, The City Commission of the City of Atlantic Beach recognizes the
potential benefits of the Donner Community Development Corporations Francis
Cove Affordable Housing Development, and
WHEREAS, The City Commission of the City of Atlantic Beach desires to support
the Donner Community Development Corporation in this development, and
WHEREAS, The Donner Community Development Corporation has applied to the
Duval County Housing Finance Authority for funding of the water and sewer
improvements necessary to proceed with this development, but cannot be funded
within the next several months, thereby delaying the project.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF ATLANTIC BEACH, FLORIDA, AS FOLLOWS:
SECTION 1. The City of Atlantic Beach agrees to loan, at no interest, the
Donner Community Development Corporation a sum of $21,644.00 for the funding
of the installation of the water and sewer improvements needed to begin the
construction of the Francis Cove affordable housing project. Said loan shall be
made from reserves of the City of Atlantic Beach General Fund.
SECTION 2. The Donner Community Development Corporation agrees to
reimburse the City of Atlantic Beach the full amount of this loan when funds
become available from the Duval County Housing Finance Authority or when the
bank loans on the individual houses are acquired.
SECTION 3. The City Manager and the City Attorney are hereby
authorized to prepare and execute a letter of agreement between the City of
Atlantic Beach and the Donner Community Development Corporation containing
the above provisions.
Adopted by the City Commission of the City of Atlantic Beach this 26th day of
February, 1996
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ii,�i
yman Fletcher, Mayor
Approved as to form and correctness:
ZeZii
Alan C.,"en, City Attorney
Attested:
Maureen King, City Clrk
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RESOLUTION #96-7