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• RESOLUTION NO. 8,50 8 9-38
A RESOLUTION AMENDING THE AGREEMENT BETWEEN THE
CITY OF LITTLE ROCK AND THE LINKOUS COMPANY, INC.
APPROVED BY ORDINANCE NO. 15,847.
WHEREAS, in April of 1990, the city signed a public /private
agreement with the Linkous Co., Inc. concerning development of the
Stonehedge Subdivision; and
WHEREAS, the agreement defined affordable homes in the
Stonehedge Subdivision as single family residences priced not to
exceed $50,000 a house; and
WHEREAS, buyer add -ons have increased the selling price for
the affordable homes in excess of the $50,000 base price; and
WHEREAS, the Linkous Co., Inc. has requested that the City
amend the agreement to change the $50,000 maximum to $53,000 to
give the Company the flexibility to construct buyer add -ons.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1: Paragraph 1 in the Agreement between the City
of Little Rock and the Linkous Co., Inc., dated April 13, 1990
and approved by Ordinance No. 15,847 shall be amended to read as
follows:
1. Affordable housing or houses as referred to
herein shall mean new single family
residential houses priced not to exceed
$53,000 per house.
SECTION 2: This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: May 21, 1991
ATTEST:
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APPROVED AS TO FORM:
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