133781 RESOLUTION NO. 13,378
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3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A LETTER
4 OF SUPPORT TO THE ARKANSAS DEVELOPMENT FINANCE
5 AUTHORITY FOR REHABILITATION OF BARRINGTON HILLS
6 APARTMENTS AT 1221 RESERVOIR ROAD, IN THE CITY OF LITTLE
7 ROCK, ARKANSAS; AND FOR OTHER PURPOSES.
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9 WHEREAS, a proposed project has been submitted for the renovation of the two hundred thirty-two
10 unit apartment complex at 1221 Reservoir Road and has been reviewed in accordance with the City's
11 process, and
12 WHEREAS, the project is to be financed through Private Activity Bonds and Tax Credits issued to
13 the Arkansas Development Finance Authority, which has requested a letter of support from the Mayor
14 before the project can be approved for tax - exempt bond financing with tax credits.
15 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
16 OF LITTLE ROCK, ARKANSAS:
17 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter of support for the full
18 renovation of the two- hundred thirty -two unit Barrington Hills apartment complex at 1221 Reservoir
19 Road, through tax - exempt bonds issued by the Arkansas Development Finance Authority.
20 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
21 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
22 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
23 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
24 resolution.
25 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
26 with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
27 Section 4. This resolution shall be in full force and effect from and after its adoption.
28 ADOPTED: October 3, 2011
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APPROVED:
Mark Stodola, Mayor
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1 APPROVED AS TO LEGAL FORM:
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4 Thomas M. Carpenter, Ci ttorney
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