READ ALONGSIDE THE SOURCE
Fort Walton Beach Resolution — 2010-12 - Sound Side Funding — reading text
Part 1 of 1. These parts divide the reading text for browsing; they are not the source document's page numbers.
Machine-extracted text — fwb-22045-original.pdf
Machine-extracted OCR text · Review label: Machine produced / unreviewed
Compare this copy with the preserved source. Review labels describe the recorded status of this file; they do not guarantee that the text is error-free. Spacing and line breaks are retained, with long lines wrapped to fit the screen.
RESOLUTION NO. 2010- 12
A RESOLUTION OF THE CITY OF FORT WALTON BEACH,
FLORIDA, PLEDGING UP TO $2. 5 MILLION IN REVENUE TRUST FUNDS OF
THE FORT WALTON BEACH COMMUNITY REDEVELOPMENT AGENCY
FOR SITE DEMOLITION, SITE IMPROVEMENTS FOR INFRASTRUCTURE,
SITE RESTORATION, AND OTHER COSTS FOR THE FORT WALTON
BEACH HOUSING AUTHORITY' S SOUND SIDE AFFORDABLE HOUSING
DEVELOPMENT; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT
WALTON BEACH, FLORIDA, THAT:
Section 1. The F ort Walton Beach Housing Authority plans to redevelop Germany
Terrace, which lies along Carson Drive SE and Third Street SE, from a 50- unit public
housing project to a 200-unit affordable housing development. The project will be
fmanced via a conventional mortgage through the U. S. Department of Housing and
Urban Development ( HUD) and the Build America Bond ( BAB) Program.
Section 2. At its March 17, 2010, meeting, the Fort Walton Beach Community
Redevelopment Agency Board of Commissioners approved the use of up to $ 2. 5 million
in Revenue Trust Funds to provide funding for site demolition, site improvements for
infrastructure, site restoration, and other costs to allow the Sound Side Affordable
Housing Development to secure a HUD- insured conventional loan and proceed with the
Build America Bond program.
Section 3. The City Council of Fort Walton Beach supports the use of up to $ 2. 5 million
in Revenue Trust Funds, subject to appropriation and legal sufficiency, to provide
funding for site demolition, site improvements for infrastructure, site restoration, and
other costs for to allow the Sound Side Affordable Housing Development to secure a
HUD- insured conventional loan and proceed with the Build America Bond program.
Section 4. This resolution shall take effect immediately upon approval by the City
Council and signature by the Mayor.
Ad c1.-?, c1 J( /0 4k~
Adopted Mike Anderson, Mayor
Ap:p.roved for form and legal sufficiency.
J . - '
Toni L. Craig, City Attorney
DISPOSITION