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RESOLUTION NO. 10,286
A RESOLUTION AUTHORIZING THE CITY
MANAGER TO ENTER INTO AN AGREEMENT
PROVIDING $124,000 IN HOME CHDO FUNDS TO
THE MCCLELLAN COMMUNITY
DEVELOPMENT CORPORATION.
.289
WHEREAS, the proposal is consistent with the City's Consolidated Plan which
was developed with extensive citizen participation; and
WHEREAS, the project involves plans to rehabilitate four (4) structures which
include a total of 12 units of rental housing and a laundry facility for low income
individuals or families in the 3600 and 3700 blocks of American Manor Drive; and
WHEREAS, McClellan CDC has successfully completed a larger scale
apartment rehab project in the past on Valley Drive utilizing federal funds; and
WHEREAS, McClellan CDC has secured a $138,955 loan from First
Commercial Bank and $85,000 from the Federal Home Loan Bank of Dallas to assist
in financing the project with hopes for completion by September, 1998.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is authorized to enter into an agreement to
provide $124,000 in HOME CHDO finds to the McClellan Community Development
Corporation.
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SECTION 2. Funding in the amount of $124,000 is available from the CHDO
Set -Aside in the HOME Program.
ADOPTED:
ATTEST:
June 2, 1998
Q• o AO, 2na,
ROBBIE HANCOCK
CITY CLERK
APPROVED AS TO FORM:
THOMAS M. CARPENT
CITY ATTORNEY
APPROVED:
O
JIM DAILEY
MAYOR