119061
0J
RESOLUTION NO. 11,906
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A LETTER
4 OF SUPPORT TO THE ARKANSAS DEVELOPMENT FINANCE
5 AUTHORITY FOR THE RENOVATION OF THE OUR WAY
6 APARTMENTS, A ONE HUNDRED FORTY -FOUR (144) UNITS
7 APARTMENT COMPLEX LOCATED AT 10434 W. 36TH STREET; AND
8 FOR OTHER PURPOSES.
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10 WHEREAS, a proposed project has been submitted for the renovation of 144
11 existing units in the Our Way Apartments, located at 10434 W. 36th Street, and has been
12 reviewed in accordance with the City's process, and
13 WHEREAS, the developer has proposed renovation issues such as repairing
14 health and safety issues, upgrading unit interiors, establish linkage to community
15 services for the community center, landscaping, lighting, and signage.
16 WHEREAS, the project is to be financed through tax - exempt bonds issued by
17 the Arkansas Development Finance Authority, which has requested a letter of support
18 from the Mayor before the project can be approved for tax - exempt bond financing with
19 tax credits.
20 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
21 THE CITY OF LITTLE ROCK, ARKANSAS:
22 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter
23 of support for the renovation of one hundred forty -four (144) apartment units in the
24 Our Way Apartments, located at 10434 W. 36th Street, through tax - exempt bonds issued
25 by the Arkansas Development Finance Authority.
26 Section 2. Severability. In the event any title, section, paragraph, item, sentence,
27 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
[PAGE 1 OF 21
Resolution
To authorize letter of support for Our WayApts.
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unconstitutional, such declaration or adjudication shall not affect the remaining
portions of the resolution which shall remain in full force and effect as if the portion so
declared or adjudged invalid or unconstitutional was not originally a part of the
resolution.
Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that
are inconsistent with the provisions of this resolution, are hereby repealed to the extent
of such inconsistency.
Section 4. This resolution shall be in full force and effect from and after its
adoption.
ADOPTED: February 1, 2005
ATTEST:
ZX
N�ficy Wood, City Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, Ci Attorney
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Resolution
To authorize letter of support for Our WayApts.
[PAGE 2 OF 21
APPROVED:
/ *� k � wj't'i
Jim Wiley, Mayor