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A RESOLUTION OF THE CITY COUNCIL FOR THE CITY OF JONESBORO TO AMEND THE COOPERATION AGREEMENT BETWEEN THE CITY OF JONESBORO, ARKANSAS AND JONESBORO URBAN RENEWAL AND HOUSING AUTHORITY
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WHEREAS, the City of Jonesboro, Arkansas and the Jonesboro Urban Renewal and Housing Authority entered into a Cooperation Agreement on October 4, 1972 and on June 9, 1977 with subsequent amendments on May 1, 1978 and June 1989 in consideration of certain mutual covenants; and
WHEREAS, the JURHA has agreed to pay payment in lieu of taxes to the taxing authority; and
WHEREAS, it is desirous to adjust the number of units that we would pay taxes on to include 12 public housing units built and one sold for a total of $151 units; and
WHEREAS, the current payment in lieu of taxes (PILOT) is established as $30 per unit per tax base Craighead County.
NOW, THEREFORE, BE IT RESOLVED, that the JURHA and the City amend the present Cooperation Agreement as follows:
A. Â…that the Public Housing Authority pay the City a payment in lieu of tax of $30 per unit, allocation as follows:
1. Project AR131001 - 70 Units - $2,100
2. Project AR131003 - 25 Units - $ 750
3. Project AR131005 - 44 Units - $1,350
4. Project AR131006 - 12 Units - $ 360
TOTAL ANNUAL PILOT $4,560
IN WITNESS WHEREOF, the City of Jonesboro, Arkansas and the JURHA have respectively signed this agreement, affixed their seals, and attested as of _________________________________________________.
PASSED AND APPROVED this 5th day of June, 2007.