MDD Resolution No. 093 RESOLUTION NO. 93
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT GRANTING AN EXTENSION TO THE
CONDITIONAL APPROVAL OF A REPAYABLE LOAN IN THE AMOUNT OF
ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) FOR GOOSE
CREEK INFILL HOUSING 1, LTD.'S AFFORDABLE HOUSING PROJECT, TO
ALLOW MORE TIME FOR GOOSE CREEK INFILL HOUSING 1, LTD., TO
SATISFY ALL OF THE APPLICABLE REQUIREMENTS OF THE DISTRICT'S
REVOLVING LOAN PROGRAM; AND PROVIDING FOR THE EFFECTIVE DATE
THEREOF.
*************************************************************************************
WHEREAS, on February 1, 2007, the Board of Directors of the Baytown Municipal
Development District passed Resolution No. 89,which granted a conditional approval of a repayable loan
in the amount of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) for Goose
Creek Infill Housing 1, Ltd.'s affordable housing project, subject to satisfying all of the applicable
requirements of the Revolving Loan Program; and
WHEREAS, Goose Creek Infill Housing 1, Ltd, has requested that the conditional approval be
extended from September 1, 2007, to December 1, 2007, after which time such conditional approval will
expire if Goose Creek Infill Housing 1, Ltd., fails to satisfy all of the conditions of the District's
Revolving Loan Program and obtain the loan;and
WHEREAS, the Board of Directors of the Baytown Municipal Development District hereby
believes that the extension of the conditional approval until December 1, 2007, is appropriate in order for
Goose Creek Infill Housing 1, Ltd., to satisfy the conditions of the District's Revolving Loan Program
and to obtain the loan;NOW THEREFORE,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL
DEVELOPMENT DISTRICT:
Section 1: That the Board of Directors of the Baytown Municipal Development District
hereby extends its conditional approval granted in Resolution No. 89 to Goose Creek Infill Housing 1,
Ltd., until December 1, 2007. However, such conditional approval shall expire if Goose Creek Infill
Housing 1, Ltd., fails to satisfy all of the conditions of the District's Revolving Loan Program and obtain
the loan
Section 2: That Section 2 of Resolution No. 89 is hereby amended to read as follows:
Section 2: That the Board of Directors of the Baytown Municipal
Development District hereby grants conditional approval of a repayable loan in the
amount of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) for
Goose Creek Infill Housing 1, Ltd.'s affordable housing project, subject to satisfying all
of the applicable requirements of the Revolving Loan Program. Such conditional
approval shall expire on December 1, 2007, if Goose Crcek Infill Housing 1, Ltd., does
not satisfy the conditions of the Revolving Loan Program and obtain the loan on or
before such date.
Section 3: This resolution shall take effect immediately from and after its passage by the
Board of Directors of the Baytown Municipal Development District.
INTRODUCED, READ and PASSED by the affirmative vot of the Board of Directors of the
Baytown Municipal Development District,this the 5'h day of July, 2
EPHEN H. DONCARLOS, Presi nt
ATTEST:- /
LOR_-C Y,Assistant Secretary
APPROVED AS TO FORM:
NACIO RAMIREZ, SR., eral Counsel
R:UCarrnXFiles\City CouncilNunicipal Development DistrictUtesolutions\2007UulytEutendingCondinonalApproval4lnfillDevelopmentFunding.doc
2