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<br />COMMUNITY DEVELOPMENT <br />AGREEMENT - LURA <br /> <br />FINAL SALES TRANSACTION <br />CITY PROPERTY <br /> <br />Mr. Wurl stated that Mr. Chenoweth and Mr. <br />Benedetti, an attorney, drafted the agree- <br />ment which would control the use of re- <br />habilation funds for the purpose of specu- <br />lation on old homes which need improvements. <br />Mr. Chenoweth stated that it is legal to <br />proceed on the agreement as outlined. He <br />also suggested that under Item 2, the word <br />"voluntarily" should be deleted from the <br />paragraph. <br />Also, he stated that he would like to have <br />the time schedule changed as follows: <br />1 year 100% grant repayment <br />1-2 years 80% grant repayment <br />2-3 years 60% grant repayment <br />3-4 years 40% grant repayment <br />4-5 years 20% grant repayment <br />over 5 years 0% <br /> <br />Under item 3 Mr. Chenoweth agreed with <br />Attorney Morris' suggestion that the word <br />It 0 V e n ant s" be c h a n g e d to u n d e r s tan d s . <br /> <br />Councilman Berry suggested that the City <br />Attorney, Mr. Morris should be consulted so <br />he will be aware of the programs, etc. <br />Mr. Chenoweth stated that he had spoke with <br />Mr. Wurl and would consult the City Attorney <br />in the future. <br />Attorney Morris stated that he has reviewed <br />the agreement and did not see any conflict. <br />Mr. Chenoweth stated that should LURA <br />be abolished in the future this agreement <br />will bring the money back into the City. <br />Mr. Bruce Joss suggested that the City be <br />made a part of the agreement for enforcement <br />purposes. <br />Councilman Domenico moved that the LURA <br />agreement be accepted contingent on Attorney <br />Morris' review and corrections. Seconded <br />by Councilwoman Dhieux. Roll call. Dhieux <br />yes, Berry yes, Domenico yes, DelPIzzo yes, <br />DiCarlo yes. Motion carried. <br /> <br />Attorney Morris reviewed the agreement and <br />informed Council of the changes as stated <br />before. Council along with Mr. Chenoweth <br />verbally concurred with Attorney Morris' <br />corrections. <br /> <br />City Administrator Wurl stated that the <br />final contract for sale of the City property <br />approximately 1.95 acres located at South <br />Street and Courtesy Rd. in the industrial <br />park was signed October 7, 1975. <br /> <br />7 <br />