Resolution 4412 - Teton Terrace - Sale of Lots 24, 25, 261811
RESOLUTION NO. 4412
A RESOLUTION AUTHORIZING THE ACTING CITY MANAGER, FINANCE DIRECTOR
AND CLERK OF COUNCIL TO EXECUTE THE DOCUMENTS NECESSARY TO TRANSFER
LOTS 24, 25 AND 26, TETON TERRACE, A SUBDIVISION OF PORTA VILLA #2,
RECORDS OF FLATHEAD COUNTY, LOCATED IN THE NE%, OF SECTION 12,
T28N, R22W, P.M.M, FLATHEAD COUNTY, MONTANA TO H & H ENTERPRISES.
WHEREAS, the City Council of the City of Kalispell
recognizes a need for affordable housing within the
City, and
WHEREAS, the creation of affordable housing opportunities
has been established as a goal by the City, and
WHEREAS, the City has applied for and received a Community
Block Grant in the amount of $400,000.00 and a
Montana Home Investment Partnership Program in the
amount of $400,000.00 and will use a portion of
each grant to fund site development and
construction assistance to build the three single
family detached residences on said property and
other single family detached residences on
remaining lots owned by the City within the Teton
Terrace Subdivision, and
WHEREAS, the City intends to utilize the lots created and
improved to make property available to low income
first time home buyers meeting certain eligibility
requirements established by the Planning, Economic
and Community Development Department of the City of
Kalispell, Glacier Affordable Housing and lending
institutions responsible for providing construction
financing, and
WHEREAS, the City of Kalispell, a municipal corporation owns
certain real property, to wit: LOTS 24, 25 AND 26,
TETON TERRACE, RECORDS OF FLATHEAD COUNTY, LOCATED
IN THE NEY4, OF SECTION 12, T28N, R22W, P.M.M,
FLATHEAD COUNTY, and
WHEREAS, the City intends to utilize the lots created and
improved to make property available to low income
first time home buyers meeting certain eligibility
requirements established by the Planning, Economic
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1812
and Community Development Department of the City of
Kalispell, Glacier Affordable Housing and lending
institutions responsible for providing construction
financing, and
WHEREAS, the PECDD, Glacier Affordable Housing and local
lending institutions adopted a procedure whereby
reputable contractors within Flathead County
submitted competitive proposals to build pre -
designed single family detached residences on the
within described real property for sale to pre -
qualified individuals desiring to obtain affordable
housing, and
WHEREAS, based upon review of proposals submitted by said
contractors, H & H Enterprises submitted the most
acceptable proposal to build single family detached
residences on the above described real property,
and
WHEREAS, the Montana Board of Housing has agreed to provide
up to $2,400,000.00 for the purpose of providing
permanent financing to qualified first time home
buyers, and
WHEREAS, the proposed project, because it is directed at low
income first
time home buyers,
requires that
individual lots be sold at less
than the fair
market value,
WHEREAS, the property
and
is not held in trust
by the City of
Kalispell for
a specific purpose and
therefore does
not require an election in order to authorize its
sale, and
WHEREAS, the property is not necessary for the conduct of
City business nor for the preservation of property
owned by the City and it is in the best interest of
the City of Kalispell and its inhabitants to sell
said property to pre -qualified low income first
time home buyers as described herein.
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NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL, MONTANA AS FOLLOWS:
SECTION I. That the Acting City Manager, Finance Director
and Clerk of Council are hereby authorized and
directed to execute all necessary legal
documents to transfer all right, title and
interest that the City has in LOTS 24, 25 AND
26 OF TETON TERRACE, RECORDS OF FLATHEAD
COUNTY, LOCATED IN THE NEIA, OF SECTION 12,
T28N, R22W, P.M.M, FLATHEAD COUNTY, MONTANA to
H & H Enterprises for Twelve Thousand Dollars
($12,000.00) cash for Lots 24 and 25, and
Three Thousand Dollars ($3,000.00) cash for
Lot 26, together with a Note in the amount of.
Ten Thousand Dollars ($10,000.00) for each
Lot, bearing no interest, secured by a Second
Mortgage.
SECTION IT. Said Note, secured by a Second Mortgage shall
be assumed by the purchaser of the respective
lots and be assigned to Glacier Affordable
Housing at the time of closing of the
permanent loan. Said Note shall be due on
sale or refinance of said property secured by
the Second Mortgage.
SECTION III. That the proceeds of the sale of the lots,
authorized herein, shall be used to complete
City obligations for the full development of
Teton Terrace Subdivision for the benefit of
low to moderate income buyers within the City
of Kalispell.
PASSED AND APPROVED BY THE CITY COUNCIL AND MAYOR OF THE CITY OF
KALISPELL THIS ---!(� DAY. OF J 1998.
Wms lahars I.
William E. Boharski - Mayor
Attest:
Theresa White
Clerk of Council
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