Title
RESOLUTION AMENDING RESOLUTION NO. 2006:62 AMENDING THE STANDARDS FOR ACQUISITION OF REAL PROPERTY TO ADDRESS CLOSING COSTS
Body
WHEREAS, the City of Jonesboro has a need to amend Resolution No. 2006:62 changing the manner in which closing costs are paid.
WHEREAS, the previous guidelines provided that an additional ten percent (10%) above appraised value could be paid to acquire property which figure included closing costs; and
WHEREAS, the City Council desires to amend said guidelines to reflect that closing costs be paid separately, not as part of the ten percent (10%) figure.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL FOR THE CITY OF JONESBORO, ARKANSAS THAT:
1. That Paragraph No. 2(D) shall be amended to read as follows:
D. Replacement housing costs, not including closing costs. Closing costs shall be paid by the City of Jonesboro and are not to be included as a part of the additional amount up to ten percent (10%) which can be paid. Closing costs are specified to be limited to:
(i) Title insurance, owner's policy
(ii) Closing fee
(iii) Processing fees
(iv) Deed recording
2. The rest and remainder of said resolution shall remain in full force and effect.
APPROVED AND ADOPTED THIS 20th DAY OF MARCH, 2007.