14073 1 RESOLUTION NO. 14,073
2
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A LETTER
4 OF SUPPORT FOR THE APPLICANT (NATIONAL COMMUNITY
5 DEVELOPMENT RENAISSANCE DEVELOPMENT CORPORATION
6 d/b/a CORE) TO APPLY FOR LOW-INCOME HOUSING TAX CREDITS
7 FROM ARKANSAS DEVELOPMENT FINANCE AUTHORITY FOR THE
8 CONSTRUCTION OF THE MAGNUS OPUS-PHASE I PROJECT, A
9 FIFTY-ONE (51)-UNIT MULTI-FAMILY DEVELOPMENT FOR THE
10 ELDERLY, IN THE CITY OF LITTLE ROCK, ARKANSAS; AND FOR
11 OTHER PURPOSES.
12
13 WHEREAS, a proposal has been submitted by National Community Development Renaissance
14 Development Corporation d/b/a CORE for the construction of a fifty-one (51)-unit multi-family
15 development for the elderly located at 36`h Street and Dover Drive, and
16 WHEREAS, the project is to be financed through Low-Income Housing Credits issued by the
17 Arkansas Development Finance Authority, which has requested a letter of support from the Mayor before
18 the project can be approved for tax-exempt bond financing with tax credits, and
19 WHEREAS,the project has been reviewed in accordance with the City process.
20 NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
21 OF LITTLE ROCK,ARKANSAS:
22 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter of support for the
23 construction of a fifty-one (51)-unit multi-family development for the elderly, through Low-Income
24 Housing Tax Credits(LIHTC) issued by the Arkansas Development Finance Authority.
25 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
26 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
27 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
28 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
29 resolution.
30 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
31 with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
32 Section 4. This resolution shall be in full force and effect from and after its adoption.
33 ADOPTED: February 24,2015
34
[Page 1 of 21
1 ATTE • APPROVED:
2 .
/4{ 1.44-4
3 41411.
4 Susa Ea t1T,City Clerk Mark Stodola,Mayor
5 APPR D AS TO LEGAL FORM:
8 Thomas M. Carpenter,pity Atto tey
9 // U
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 //
[Page 2 of 21