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Ord 92-2002 11/5/2002 ORDINANCE NO. Oo.' LOa ORDINANCE MAKING AN APPROPRIATION IN THE HOLT HOTEL PROJECT IN THE AMOUNT OF $500,000 AUTHORIZING THE CITY MANAGER TO EXECUTE A GRANT CONTRACT WITH THE U.S DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD); FINDING AND DETERMINING THAT THE MEETING AT WHICH THIS ORDINANCE WAS PASSED WAS OPEN TO THE PUBLIC AS REQUIRED BY LAW. WHEREAS, the City of Wichita Falls, together with the remaining taxing entities, have taken the necessary legal steps to clear the property of all tax liens; and WHEREAS, the project proposed by the Holt Restoration Corporation is the restoration and renovation of forty-one residential units and commercial space on the ground floor; and WHEREAS, this project will provide an improvement to the downtown area, encourage additional investment in the reinvestment zone and place the property back on the tax roll at a substantial increase. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, THAT: SECTION 1. The City Manager is authorized to execute contract documents with U.S. Department of Housing and Urban Development for a special project grant of $500,000.00. SECTION 2. It is hereby officially found and determined that the meeting at which this ordinance was passed was open to the public as required by law. PASSED AND APPROVED this the 5th day of November 2002. MAYOR ATTEST: City rkLIA L