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Attachment D 45from said centerline of lane, at right angles thereto and from a point distant 657.74 46feet Northwesterly from its point of beginning on said East line of Section 13; and 47 48WHEREAS, the Authority has on this date conducted a duly noticed public hearing 49regarding the sale of the Redevelopment Property to Redeveloper, at 50which all interested persons were given an opportunity to be heard; and 51 52WHEREAS, the Authority has reviewed the proposed terms for the conveyance and 53intended use of the Redevelopment Property, and has determined that the 54proposed disposal of the Redevelopment Property has no relationship to 55the City’s comprehensive plan; and 56 57WHEREAS, the Authority further finds and determines that conveyance by the 58Authority of the RedevelopmentProperty to the Redeveloperis for a 59public purpose and is in the public interest because it will revitalize and 60diversify housing stock, provide housing opportunities for low- to 61moderate-income residents, and eliminate potential blighting factors in the 62City; 63 64 65NOW, THEREFORE, BE IT RESOLVED as follows: 66 67 1. The Board authorizes Authority staff and consultants to negotiate a 68definitive Purchase and Redevelopment Contract with the Redeveloper, subject to 69the following parameters: 70(a)Purchase price of $115,000; 71(b)Authority to receive promissory note secured by mortgage in the 72amount of the purchase price; 73(c)Purchaser to construct a single-family home on the Redevelopment 74Property, consistent with plans and specificationsapproved by the Authority, 75within one year after closing on the conveyance; 76(d)Authority to retain right of reverter to Redevelopment Property 77until a certificate of completion of construction is delivered; 78 Redeveloperto sell completed home to owner-occupant meeting income 79and veteran status qualifications outlined in Redeveloper’s application; 80 (e)Promissory note to remain outstanding with no payments due and 81payable for as long as Redevelopment Property is owned by an owner-occupant 82meeting income and veteran status qualifications; 83(f)Upon sale of Redevelopment Property to a buyer not meeting 84income and veteran status qualifications, the promissory note will be payable in 85full and the Authority will release its mortgage. 86 87 2. The Board authorizes the President and Executive Director to execute a 88Contract substantially conforming to the parameters outlined above, provided that 89execution of the Contract by those officials shall be conclusive evidence of their 90approval.