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1 RESOLUTION NO. 11,511
2
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A
4 LETTER OF SUPPORT FOR A ONE HUNDRED NINETY -EIGHT
5 (198) UNIT APARTMENT COMPLEX IN THE VALLEY HEIGHTS
6 APARTMENT PROJECT ON CANTRELL ROAD; AND FOR
7 OTHER PURPOSES.
8
9 WHEREAS, a proposed project has been submitted for the renovation of 126 existing
10 units and the construction of 72 new units in the Valley Heights Apartment Complex on Cantrell
1 l Road, and has been reviewed in accordance with the City's process, and
12 WHEREAS, eighty (80) per cent of the apartments are to be at affordable rate and
13 twenty (20) per cent are to be at market rate, and
14 WHEREAS, the project is to be financed through tax - exempt bonds issued by the
15 Arkansas Development Finance Authority, which has requested a letter of support from the
16 Mayor before the project can be approved for tax- exempt bond financing with tax credits.
17 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
18 THE CITY OF LITTLE ROCK, ARKANSAS:
19 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter of
20 support for the renovation of one hundred twenty -six (126) apartment units and the construction
21 of seventy -two (72) new apartment units in the Valley Heights Apartment Complex on Cantrell
22 Road, to be financed through tax - exempt bonds issued by the Arkansas Development Finance
23 Authority
24 Section 2. Severabillty. In the event any title, section, paragraph, item, sentence, clause,
25 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
26 declaration or adjudication shall not affect the remaining portions of the resolution which shall
27 remain in full force and effect as if the portion so declared or adjudged invalid or
28 unconstitutional was not originally a part of the resolution.
j 29 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are
30 inconsistent with the provisions of this resolution, are hereby repealed to the extent of such
1PAGE.10E21
Resalmian
Amlwriu Mayor m support
For Valley Hrigs Ap anmem Complex
0 0
1 Section 2. Severability. In the event any title, section, paragraph, item, sentence,
2 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
3 unconstitutional, such declaration or adjudication shall not affect the remaining
4 portions of the resolution which shall remain in full force and effect as if the portion so
5 declared or adjudged invalid or unconstitutional was not originally a part of the
6 resolution.
7 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that
8 are inconsistent with the provisions of this resolution, are hereby repealed to the extent
9 of such inconsistency.
10 Section 4. This resolution shall be in full force and effect from and after its
11 adoption.
12 ADOPTED: May 6, 2003
13 ATTEST:
14
15
16 Nan (y wood, City Clerk
17
18 APPROVED AS TO FORM:
19
20
21 Thomas M. Carpenter, eity Attorney
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23 //
24
25 //
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27 //
APPROVED:
[PAGE 2 OF 21
Re lution
Authorize Mayor tissue letter of support
For Valley lioippts Apartment Complex