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RESOLUTION NO. 91819
A RESOLUTION AUTHORIZING THE CITY
MANAGER TO SUBMIT AN APPLICATION TO
HUD FOR A SECTION 108 LOAN IN THE
AMOUNT OF $830,000 FOR RENOVATIONS
TO KRAMER SCHOOL AT 7TH AND SHERNAN
STREETS.
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WIMREAS, numerous public meetings have been conducted to
inform the community of plans to renovate Kramer School into 22
units of low income housing for artists; and
WHEREAS, the Consolidated Plan was amended to allow
issuance of the Section 108 Loan application; and
WHEREAS, all regulatory requirements concerning the
application process have now been met; and
WHEREAS, the Consolidated Planning Committee has reviewed
the proposed amendment and recommends issuance of the Section
108 loan to rehabilitate Kramer School contingent upon mother
than CDBG funds" being used to repay the loan.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is hereby authorized to submit
an application to HUD for a Section 108 Loan in the amount of
$830,000 for renovation of Kramer School.
SECTION 2. The Section 108 Loan application calls for
repayment of principal and interest from City general fund
revenues during years 1997 through 2012. Annual payments are
projected to be in the amount of approximately $90,794.64,
contingent upon the approved loan term and interest rate.
SECTION 3. This resolution shall be in full force and
effect from and after its adoption.
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ADOPTED: October 15, 1996
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