Subject: 20140/Purchase/MorrisonSpringsApartments
Date: Fri, 5 Apr 1991 11:30:00 -0500


                               RESOLUTION NO. 20140
                  
                  
                   A RESOLUTION AUTHORIZING THE MAYOR TO
                   ACQUIRE THE MORRISON SPRINGS APARTMENTS FROM
                   THE UNITED STATES DEPARTMENT OF HOUSING AND
                   URBAN DEVELOPMENT, TO ENTER INTO AN
                   AGREEMENT TO OPERATE SAID APARTMENTS ON AN
                   INTERIM BASIS, TO SELL THE PROPERTY AS SOON
                   AS PRACTICAL TO THE HIGHEST QUALIFIED
                   BIDDER, AND FURTHER DESIGNATING THE SOURCE
                   OF FUNDS FOR SAID ACQUISITION.
                  
                  
                                                    
                  
                  
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE, That the Mayor be and is hereby 
authorized
       to acquire the Morrison Springs Apartments from the United States 

       Department of Housing and Urban Development (HUD) for an
       approximate amount of $800,000 plus $20,000 for removal of
       lead-based paint;
       	    	 BE IT FURTHER RESOLVED, that prior to acquisition of
       said property from HUD, the City shall enter into an agreement
       with Chattanooga Neighborhood Enterprises for interim management
       of the apartment complex until such time as the property can be
       sold without delay via request for proposals to the best offer
       meeting conditions to be set forth in the request for proposals,
       and that during the interim period between acquisition and sale,
       only such necessary repairs and maintenance as may be needed to
       ensure prompt sale and safe living conditions plus reasonable
       management fee shall be paid by the City; and
0C
      
       	    	 BE IT FURTHER RESOLVED, that funding for the acquisition
       of the property, removal of lead-based paint, necessary repairs
       and maintenance shall be from the unreserved general fund balance 

       and that all proceeds from the sale of the property via
       competitive bid and all rental income, net of the management fee, 

       shall accrue to the City's general fund.
       
       ADOPTED:	 February 22, 1994
      
       JB/WSP:cjc