HomeMy WebLinkAbout14025 1 RESOLUTION NO. 14,025
2
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A LETTER
4 OF SUPPORT TO THE ARKANSAS DEVELOPMENT FINANCE
5 AUTHORITY FOR FINANCE ADJUSTMENT FACTOR FUNDS TO BE
6 USED TO CONSTRUCT THE PRESERVE AT ALDERSGATE, A FORTY-
7 EIGHT (48)-UNIT MULTI-FAMILY PROJECT, LOCATED AT 1310
8 ALDERSGATE ROAD, IN THE CITY OF LITTLE ROCK, ARKANSAS;
9 AND FOR OTHER PURPOSES.
10
11 WHEREAS, a proposed project has been submitted to construct a forty-eight (48)-unit multi-family
12 project to be located at 1310 Aldersgate Road; and,
13 WHEREAS, the project is to be financed with Finance Adjustment Factor (FAF) Funds through the
14 Arkansas Development Finance Authority, which has requested a letter of support from the Mayor before
15 the project can be approved for financing with these funds which are intended to be used to fill gaps in a
16 development's budget to ensure affordability of FAF-assisted housing units for very low income families;
17 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
18 OF LITTLE ROCK,ARKANSAS:
19 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter of support for a
20 proposed project which has been submitted for construction a forty-eight(48)-unit multi-family project to
21 be located at 1310 Aldersgate Road, to be funded with Finance Adjustment Factor Funds through the
22 Arkansas Development Finance Authority.
23 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
24 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
25 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
26 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
27 resolution.
28 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
29 with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
30 Section 4. This resolution shall be in full force and effect from and after its adoption.
31 ADOPTED: December 16,2014
32 It APPROVED:
33 1
34 AI i.„.Iri //a / / /
35 t ey,City Clerk Mark Stodola,Mayor
[Page 1 of 21
1 APPROVED AS TO LEGAL FORM:
23 It.t9A-4•0 eifArtj-f..-----
4 Thomas M. Carpenter,City A tkorney
5 //
6 //
7 //
8 //
9 //
10 //
11 //
12 //
13 //
14 //
15 //
16 //
17 //
18 //
19 //
20 //
21 //
22 //
23 //
24 //
25 //
26 //
27 //
28 //
29 //
30 //
31 //
32 //
33 //
34 //
35 //
Page 2 of 21