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RESOLUTION NO. 11,605
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3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A
4 LETTER OF SUPPORT TO THE ARKANSAS DEVELOPMENT
5 FINANCE AUTHORITY FOR THE OLD OAKS APARTMENTS,
6 A ONE HUNDRED TWELVE (112) UNIT APARTMENT
7 COMPLEX LOCATED AT 7700 NORTH CHICOT ROAD; AND
8 FOR OTHER PURPOSES.
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10 WHEREAS, a proposed project has been submitted for the renovation of 112
11 existing units in the Old Oaks Apartments located at 7700 North Chicot Road, and has
12 been reviewed in accordance with the City's process, and
13 WHEREAS, the property presently has approximately forty (40 %) of the units
14 with HUD Section 8 contracts, and the applicant proposes to have all of the units
15 available as affordable housing units, and
16 WHEREAS, the project is to be financed through tax - exempt bonds issued by
17 the Arkansas Development Finance Authority, which has requested a letter of support
18 from the Mayor before the project can be approved for tax - exempt bond financing with
19 tax credits.
20 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
21 THE CITY OF LITTLE ROCK, ARKANSAS:
22 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter
23 of support for the renovation of one hundred twelve (112) apartment units in the Old
24 Oak Apartments, located at 7700 North Chicot Road, through tax - exempt bonds issued
25 by the Arkansas Development Finance Authority.
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[PAGE 1 OF 2]
Resolution
To authorize letter of support to ADFA
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Section 2. Severability. In the event any title, section, paragraph, item, sentence,
clause, phrase, or word of this resolution is declared or adjudged to be invalid or
unconstitutional, such declaration or adjudication shall not affect the remaining
portions of the resolution which shall remain in full force and effect as if the portion so
declared or adjudged invalid or unconstitutional was not originally a part of the
resolution.
Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that
are inconsistent with the provisions of this resolution, are hereby repealed to the extent
of such inconsistency.
Section 4. This resolution shall be in full force and effect from and after its
adoption.
ADOPTED: September 16, 2003
ATTEST:
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Nkncy Woo, City Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, Cit§ Attorney
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Resolution
To authorize letter of support to ADFA
[PAGE 2 OF 21
APPROVED:
�4m /Owkl
Jim Da key, Mayor