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RESOLUTION NO.
9,758
A RESOLUTION AMENDING RESOLUTION NO.
9,720 TO ENTER INTO AN AGREEMENT
PROVIDING $754,000 IN CDBG SECTION
108 LOAN FUNDS TO VALLEY DRIVE
LIMITED PARTNERSHIP INSTEAD OF
MCCLELLAN COMMUNITY DEVELOPMENT
CORPORATION.
464
WHEREAS, on June 4, 1996, the Board of Directors adopted
Resolution No. 9,720 authorizing the City Manager to enter into
an agreement to provide $754,000 in CDBG Section 108 Loan Funds
for use by McClellan Community Development Corporation in
rehabilitating fifty two (52) units of rental housing on Valley
Drive for lease to low income persons and families at affordable
rates; and
WHEREAS, McClellan Community Development Corporation has
formed the Valley Drive Limited Partnership to develop the
project and has formed the Valley Drive Redevelopment
Corporation to act as the general partner; and
WHEREAS, the Valley Drive Limited Partnership has been
awarded Low Income Housing Tax Credits, Federal Home Loan Bank
Grant Funds, and consortium bank financing to be used in
conjunction with CDBG Section 108 Loan Funds to finance the
McClellan Place Project; and
WHEREAS, the Valley Drive Limited Partnership is the entity
that will receive the CDBG Section 108 Loan Funds to
rehabilitate the fifty two (52) units of rental housing on
Valley Drive for lease to low and moderate income persons and
families at affordable rates; and
WHEREAS, Valley Drive Limited Partnership's payment of
interest and repayment of principle of said Section 108 Loan
Funds will be deferred for a period not to exceed thirty (30)
years.
0 0
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. Resolution No. 9,720 is hereby amended to
authorize the City Manager to enter into an agreement with
Valley Drive Limited Partnership, instead of the McClellan
Community Development Corporation, to rehabilitate fifty two
(52) units of rental housing on Valley Drive for lease to low
and moderate income persons and families at affordable rates,
and to authorize the City Manager to execute all other necessary
documents regarding the McClellan Place Project.
SECTION 2. Resolution No. 9,720 is further amended to allow
for a deferral of payment of interest and repayment of principle
of said CDBG Section 108 Loan Funds for a period not to exceed
thirty (30) years.
ADOPTED: August 6, 1996
ATTEST:
-ROB= HANCOCK
CITY CLERK
APPROVED AS TO FORM:
CITY ATTORNEY
APPROVED:
JIM D ILEY
MAY