Minutes 07/12/1940 - Laserfiche WebLink

Home Browse Search

agreed to be paid by it, the Oity may, in addition to all legal remedies to which it is entit- led, refuse to furnish the services required by this agreement. 8.' This Agreement shall constitute a contract by and between the 0ity and the Authority~ and the holders of a~y obligations issued by the Authority to assist in the develop.- ment of the Project, and after such obligations have been issued by the Authority, this Agree- ment sD~!l not be amended in any respect t~t will adversely affect the rights or interests of the holders of such obligations. But nothing herein contained sh~ll be construed to mean that the Oity shall be responsible in any manner for tile obligations of the Aut~hority or that the same shall be a debt of the Oity. 9. The Authority agrees th~.t any balance of said ear-marking of $3,000~O0 which is not required for the development of USNA-Aided P~oJect Nos. VA 1-1 and 1-2 and which is available to the_Authority sha~ll be used for the development of a low-rent housing and slum clearance project or projects on a site or sites on which the number of unsafe or insanitary dwelling units is substantially equal to the number of dwelling units to be provided by such project or projects and that the unsafe and insanitary dwelling units situated on the site or sites of such proJec~ or p~roJects shall be demolished by the Authority during the developmen$ thereof. lO. Nothing in this agreement shall be construed as prohibiting or limiting the right of the Oity or any other taxing bodies from levying and collecting income taxes or personal property tax, automobile license taxes, et cetera, upon the tenants of the Project or upon the personal property~ ef such tenants. I1. ~nis Agreement shall continue in full force and effect so long as any ob - ligatlons is. sued to assist in the~ development of any Project remain outstanding or until the real estate in the Project becomes taxable as ether real estate in the City. IN WITNESS ~HEREOF, the 0ity and the Authority have respectively caused this Agreement to be duly executed bytheir proper officers and their corporate seals to be hereto affixed this __day July~ 19~O~ OITY OF PORTSMOUTH, VIRGINIA ATTEST: By Mayor ' Otty Olerk. ATTEST: HOUSI~{G AUTHORITY- OF THeE CITY OF PORTSMOUTH By Ohairman .' Secre~arye EXHIBIT A 1949 Aggregate annual income from shelter rent f~om Project No. VA 1-1 195o 0onverted to low-ren~ houslngproJec~ and rents reduced so aggregate at, ual income from shelter rent for 2reject Nc. VA 1-1 is Then in 19~ and annually thereafter w~hile aggregate income from shelter tens from PrqJect No. VAl-1 remains same, Authority wouldpay 1%2 t~e actual co~t of municipal services furnished not to exceed $20,000. 195o EXHIBIT B Aggregate annual income from shelter rent from Project No. VA 1-2 ~onverted to low-rent housing proJect and rents reduced so aggregate annua~ income from shelter rent for ProJec~ No. VA 1-2 is Then in 1950 and annually thereafter while ag- regate i~come from shelter rent ~from Prqject Ne. VA 1-2 remamns same, Authority would Pay 1/2 the actual cost of ~nioipal services furnished but not to ex - ceed $10,O00~ $ 200,000. 100,000. $ 200,000. t00,000.