9178304
1 RESOLUTION NO. 9,178
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4 A RESOLUTION AUTHORIZING THE CITY
5 MANAGER TO ENTER INTO AN AGREEMENT
6 TO LEND $110,000 HOME INVESTMENT
7 PARTNERSHIP FUNDS TO GAINES STREET
8 REDEVELOPMENT COMPANY TO ACQUIRE AND
9 REHABILITATE THREE (3) SUBSTANDARD,
10 UNOCCUPIED STRUCTURES IN THE 2300
11 BLOCK OF SOUTH GAINES STREET.
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13 WHEREAS, the HOME Program is a federal grant to the City
14 for the purpose of development and redevelopment of affordable
15 housing for low- income persons; and
16 WHEREAS, the Gaines Street Redevelopment Company is a
17 limited liability corporation organized under Arkansas law for
18 the purpose of revitalizing the 2300 block of Gaines Street; and
19 WHEREAS, the applicants have secured and conducted
20 extensive clean -up at the sites of two of the structures that
21 they have already acquired; and
22 WHEREAS, the company plans the renovations to provide four
23 (4) two (2) bedroom apartments; two (2) three (3) bedroom and
24 one (1) bedroom units; and
25 WHEREAS, the HOME program loan requested and recommended is
26 a deferred payment loan that would self- amortize over a ten year
27 period; and
28 WHEREAS, the Project Review Committee has considered the
29 application and recommends the HOME Program funding.
30 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
31 THE CITY OF LITTLE ROCK, ARKANSAS,
32 SECTION 1. The City Manager is authorized to enter into an
33 agreement to lend $110,000 Home Investment Partnership funds to
34 Gaines Street Redevelopment Company subject to the company
35 securing additional financing adequate to acquire and
36 rehabilitate three structures on South Gaines Street.
C S
ADOPTED: June 21, 1994
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