4 - City of Oxford

97768— wrames-maraot
MINUTE BOOK No. 24, CITY OF OXFORD
AGREEMENT TO PAY PARTIAL COST OF STREET IMPROVEMENT
991
WHEREAS, Oxford Community Homes, Inc., a non-profit Mississippi corporation
domiciled in Oxford, Mississippi, has applied to the Federal Housing Authority
for a loan, the proceeds of which shall be used to construct multi-family, low
cost housing facilities in the City of Oxford, Mississippi, which project will
be constructed in the South 1 of Section 22, Township 8 South, Range 3 West,
Lafayette County, Mississippi; and
WHEREAS, the City of Oxford, Mississippi, has declared necessary the grad-
ing, paving, and improving of a street known as Pegues Road, which street will
provide access to the site of the housing project; and
WHEREAS, the City of Oxford has this date determined, at a hearing of ob-
jections and protests to the special improvements of Pegues Road, that no succes
ful objections have been made and has passed a resolution to proceed with the
'special improvements on Pegues Road; and
WHEREAS, Oxford Community Homes, Inc., has heretofore orally agreed to pay
a portion of the costs of the special improvements to Pegues Road;
NOW, THEREFORE, in consideration of the benefits which will accrue to Oxfor
Community Homes, I n c., by the special improvements to Pegues Road by the City of
, Oxford, Mississippi, said Oxford Community Homes, Inc., does hereby covenant and
agree, prior to the construction of the special improvements on Pegues Road, to
1;;place in escrow or on deposit with the City of Oxford, Mississippi, the sum of
TWENTY-THREE THOUSAND AND NO/100 DOLLARS ($23,000.00), which sum shall apply as
payment of the full special street assessments, assessed to the property to be
!acquired by Oxford Community Homes, Inc., and the remainder of said sum shall
be applied to the total cost of the special improvements to be made to Pegues
Road, whereby owners of property adjacent to Pegues Road shall be assessed the
11 sum of $5.00 per front foot in special municipal street assessments on said
property.
Executed this 20th day of February, 1969.
OXFORD COMMUNITY HOMES, INC.
By: is/ Loren T. Young
LOREN T. YOUNG, PRESIDENT
/s/ John W. Richmond
(no corporate seal) JOHN W. RICHMOND, SECRETARY
'STATE OF MISSISSIPPI
COUNTY OF LAFAYETTE
This day personally appeared before me, the undersigned authority in and
k for the above jurisdiction, the within named Loren T. Young and John W. Richmond,
by me personally known to be President and Secretary, respectively, of Oxford