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C
RESOLUTION NO. 9,191
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A RESOLUTION AUTHORIZING THE CITY
MANAGER TO ENTER INTO AGREEMENTS
WITH THE ARKANSAS CAPITAL
CORPORATION AND BERNARD MURRAY TO
EXECUTE APPROPRIATE LOAN INSTRUMENTS
TO LEND MR. MURRAY $50,000 IN CDBG
FUNDS FOR A RESTAURANT AT 921 WEST
14TH STREET.
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WHEREAS, Mr. Murray made application to the City through
its CDBG office and to Arkansas Capital Corporation to obtain
financing to start a restaurant; and
WHEREAS, the building once housed a service station on the
southeast corner of the intersection of 14th and Chester Streets
which is across the street from the campus of Philander Smith
College; and
WHEREAS, the goal of this establishment in addition to
creating jobs and job training is to provide a wholesome dining
and recreational atmosphere for students, youth and adults as
well as stabilizing reinvestment in the neighborhood; and
WHEREAS, total cost of the development is estimated at
$308,409; $46,517 in owner equity and approximately $211,942 in
Arkansas Capital Corporation financing, in addition to the
$50,000 loan from the City' CDBG funds; and
WHEREAS, the loan will be structured for deferral of
payment, at zero interest, until the obligation to Arkansas
Capital Corporation is satisfied, repayment of the CBDG loan
will be on terms similar to those of the primary lender.
WHEREAS, the Project Review Committee recommends funding
and the Board allocated $50,000 for a pilot program in economic
development from the 20th year entitlement.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
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SECTION 1. The City Manager is authorized to enter into
agreements with Arkansas Capital Corporation and Bernard Murray
to execute appropriate loan instruments to lend Mr. Murray
$50,000 in CDBG funds to establish a restaurant at 921 West 14th
Street provided necessary additional funding is forthcoming from
Arkansas Capital Corporation.
SECTION 2. Funding is available in the City's 20th year
CDBG program which begins July 1, 1994.
ADOPTED: July 5, 1994
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