Resolution 95-26
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RESOLUTION
Approval of Funding Procedures for
Purchase of Community Center
WHEREAS, the City Council has recognized a need that the City of Wylie has for a Community
Center; and
WHEREAS, the Wylie Community Center would serve the needs of the entire community for
large capacity activities and meeting facility, including those needs of the senior
citizens and youth; and
WHEREAS, the purchase of the Old Post Office Building, located at Oak and Jackson Streets, has
been identified as a site ideal for a community center facility from a cost and location
standpoint; and
WHEREAS, a purchase price of$80,000 was agreed to by the seller and immediate repairs to the
roofwere identified totaling $15,000; and
WHEREAS, the purchase, operations and maintenance of a community center is eligible for 4B
Sales Tax Funding, and, at the time of purchase insufficient cash flow was available
from the 4B Sales Tax Fund, and it was necessary to accept the terms of the Seller
immediately.
NOW, THEREFORE, BE IT RESOLVED by the Wylie City Council that authorization is granted
under the following terms and conditions for an Inter-Fund Loan from the General Fund to the 4B
Sales Tax Fund to be made for the purchase of the Old Post Office Building, located at Oak and
Birmingham Streets, to be used as the new Wylie Community Center, for an amount not to exceed
$99,150.
Principle
Interest - 12 equal payments at 6% interest
Total Loan
$96,000
$ 3,150
$99,150
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF WYLIE,
TEXAS, this ~ day of ,1995.
1m Swartz, Mayor
City of Wylie
ATTEST:
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City ec tary
City of Wylie, Texas