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If we were to go through a selection process between William R. Hough and Company and <br />Raymond James and Associates we would not have our application into the state by January <br />2, 1991 and potentially would lose the Industrial Revenue Bond allocation and could not <br />participate in the low income housing program again in 1991. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners approve the attached <br />Inducement Resolution and Interlocal agreement with Escambia Housing Authority. <br />Chairman Eggert believed this was presented before and <br />approved in concept subject to the Finance Advisory Committee <br />reviewing the fees. <br />Commissioner Scurlock advised we have a standard fee <br />schedule for this. On the original proposal the timing was such <br />we could not get that approved through the other counties <br />involved. This time that is not the case. He explained that <br />these are the "only guys on the block," and it is our only shot <br />at some low cost interest money. He noted that Ed Bullitt of <br />Hough 8 Co. has spent a lot of time helping us put this together. <br />MOTION WAS MADE by Commissioner Scurlock, SECONDED <br />by Commissioner Wheeler, to adopt.Resolution 90-184 <br />approving the issuance by the Escambia County Housing <br />Finance Authority of not exceeding $60,000,000 Single <br />Family Mortgage Bonds, etc., and to approve the Inter- <br />local Agreement as recommended by staff. <br />Al Garbeth of the Citrus Bank informed the Board that he is <br />in the mortgage lending department and has had a number of <br />realtors call and ask about this program. The Citrus Bank is in <br />favor such a program, but being such a new bank, he doubted they <br />will participate initially until they see the actual fees and <br />costs. The rates are coming down right now. They are in the <br />business to make loans, and are much in favor of some type of low <br />cost housing in the area. <br />Chairman Eggert believed we do have other banks that are <br />interested. <br />THE CHAIRMAN CALLED FOR THE QUESTION. <br />It was voted on and carried unanimously. <br />63 <br />PUCK .�j F�tuC. • p e:% <br />