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9659F7 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 • - �� lea 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•«: _., • 0 A \7' 01` -M CITY ATTORNEY ��I i I / �I/ / r I N10,14A • ' •''