Title
RESOLUTION NO. 20R-03-57: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL APPROVING THE AGREEMENT BETWEEN THE CITY OF LAUDERHILL AND THE LAUDERHILL HOUSING AUTHORITY REGARDING THE TERMS AND CONDITIONS FOR THE REPAYMENT AND ASSIGNMENT OF LOANS TO THE CITY AND PENSION PLANS AND REGARDING THE CONVEYANCE OF THE REAL PROPERTY THAT IS THE SUBJECT OF THOSE LOANS; PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY INTERIM CITY MANAGER, DESORAE GILES-SMITH).
Body
Request Action:
Approve cooperative agreement between the Lauderhill Housing Authority ("LHA") and the City of Lauderhill regarding the terms and conditions of repayment and assignment of loans, and the conveyance of the real property that is the subject of those loans.
Need:
To put an agreement into effect governing the terms and conditions of the repayment of loans.
Summary Explanation/ Background:
Approve a cooperative Agreement to govern the terms and conditions for the repayment of loans and reassignment of loans and regarding the conveyance of the real property that is the subject of those loans. The LHA has applied for HUD vouchers and has been unsuccessful in being granted them. In order to obtain monies to purchase residential homes and to hold mortgages on them, the LHA took out loans with the City Police Pension Fund, Fire Fighters Pension Fund, and General Employee's Pension Fund. This Agreement sets forth the terms and conditions regarding those loans and properties.
Attachments:
Agreement
Cost Summary/ Fiscal Impact:
Include projected cost, approved budget amount and account number, source of funds, and any future funding requirements
Estimated Time for Presentation:
Master Plan:
Goal 1: Clean, Green Sustainable Environment
[ ] Increase mass transit ridership [ ] Reduce City energy consumption
[ ] Reduce water consumption
Goal 2: Safe and Secure City of Lauderhill
[ ] Crime in lower 50% in Broward [ ] Residents feel safe in neighborhood
[ ] Reduce emerge...
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