Page:United States Statutes at Large Volume 100 Part 3.djvu/884

 100 STAT. 2692

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PUBLIC LAW 99-514—OCT. 22, 1986

(iii) an inducement resolution was adopted for such project on December 14, 1984, and (iv) the city council approved on November 6, 1985, an agreement which provides for conveyance to the city of fee title to such project site. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (F) A residential rental property project is described in this subparagraph if— (i) such project is to be located in a city urban renewal project area which was established pursuant to an urban renewal plan adopted by the city council on May 17, 1960, (ii) the urban renewal plan was revised in 1972 to permit multifamily dwellings in areas of the urban renewal project designated as a central business district, (iii) the amended urban renewal plan adopted by the city council on May 19, 1972, also provides for the conversion of any public area site in Block J of the urban renewal project area for the development of residential facilities, and (iv) acquisition of all of the parcels comprising the Block J project site was completed by the city on December 28, 1984. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $60,000,000. (G) A residential rental property project is described in this subparagraph if— (i) such project is to be located on a city-owned site which is to become available for residential development upon the relocation of a bus maintenance facility, (ii) preliminary design studies for such project site were completed in December 1985, and (iii) such project is located in the same State as the projects described in subparagraphs (E) and (F). The aggregate face amount of bonds to which this subparagraph applies shall not exceed $100,000,000. (H) A residential rental property project is described in this subparagraph if— (i) at least 20 percent of the residential units in such project are to be utilized to fulfill the requirements of a unilateral agreement date July 21, 1983, relating to the provision of low- and moderate-income housing, (ii) the unilateral agreement was incorporated into ordinance numbers 83-49 and 83-50, adopted by the city council and approved by the mayor on August 24, 1983, and (iii) an inducement resolution was adopted for such project on September 25, 1985. The aggregate face amount of bonds to which this subparagraph applies shall not exceed $8,000,000. (I) A residential rental property project is described in this subparagraph if— (i) a letter of understanding was entered into on December 11, 1985, between the city and county housing and community development office and the project

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