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M
RESOLUTION NO.
M M M
10,515
M M M
A RESOLUTION TO AMEND RESOLUTION NO.
10,381 AUTHORIZING THE CITY MANAGER TO
EXECUTE A SECOND AMENDMENT TO AN
AGREEMENT WITH THE ARC ARKANSAS.
WHEREAS, Little Rock, Ark., Resolution No. 10,381 (October 20, 1998)
authorized the City Manager to enter into an agreement with The ARC Arkansas
to provide $220,000 in HOME Partnership funds to rehabilitate 22 affordable
rental housing units located at 2000 South Main Street for low income individuals
or families, including special needs clients; and
WHEREAS, the City of Little Rock and The ARC Arkansas entered into an
Agreement dated November 24, 1998 to develop the affordable housing project
funded in part by the Agreement and located at 2000 South Main Street in the
City of Little Rock; and
WHEREAS, on December 9, 1998, the City of Little Rock and The ARC
Arkansas executed an Amendment to the Agreement to correct a typographical
error in the project completion date; and
WHEREAS, it is now necessary to amend Section II -H of the Agreement to
reflect a change in the release of HOME funds for eligible project activities.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1: Little Rock, Ark., Resolution No. 10,381 (October 20,
1998) is hereby amended to authorize the City Manager to enter into a Second
Amendment to the Agreement between the City of Little Rock and The ARC
Arkansas Amending Section II -H of the Agreement to allow up to 50% ($110,000)
of HOME funds to be available for eligible project costs after a minimum of 50%
of tax credit equity has been expended on the affordable housing project. The
remaining 50% ($110,000) of HOME funds shall be available for eligible project
costs after the City of Little Rock receives copies of Certificates of Occupancy for
all assisted units.
143
I Adopted: April 6, 1999 141
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3 Attest: Approved:
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5 <iUDQ,' � iA a4 usue
6 Robbie Hancock, City Clerk Jim D iley, Mayor
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8 Approved as to Legal Form:
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10 Thomas M. Carpent
11 City Attorney
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36 -2-