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RESOLUTION NO. 9,659
A RESOLUTION APPROVING THE AMENDKENT
TO THE 1995 CONSOLIDATED PLAN TO
ISSUE A SECTION 108 LOAN FOR THE
REHABILITATION OF R11ANffi2 SCHOOL.
WHEREAS, the 1995 Consolidated Plan was approved by the
Board of Directors in May, 1995; and
WHEREAS, the Historic Investment Solutions Team, L.L.C.
(HIST) proposes to rehabilitate Kramer School into 21 low- income
housing units for artists; and
WHEREAS, their development budget requires funding from
several sources including low- income housing and historic tax
credits, grants, and proceeds from a CDBG Section 108 loan; and
WHEREAS, HIST has requested that the City amend the 1995
Consolidated Plan to allow issuance of a CDBG Section 108 loan
application to HUD in the amount of $830,000.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is authorized to amend the 1995
Consolidated Plan to allow issuance of a CDBG Section 108 loan
in the amount of $830,000 for rehabilitation of Kramer School.
SECTION 2. The proposed CDBG Section 108 loan of $830,000
is to be repaid from City funds estimated at $89,000 per year
for a 16 year term provided there is no decrease in the funds
available on an annual basis for CDBG projects.
SECTION 3. This resolution shall be in full force and
effect from and after its adoption.
ADOPTED: April 2, 1996
ATTEST:
• 01 L•«:
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CITY ATTORNEY
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