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RESOLUTION NO. 11,905
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A LETTER
4 OF SUPPORT TO THE ARKANSAS DEVELOPMENT FINANCE
5 AUTHORITY FOR THE RENOVATION OF THE FAIR OAKS
6 APARTMENTS, A ONE HUNDRED (100) UNIT APARTMENT
7 COMPLEX LOCATED AT 9600 W. 36TH STREET; AND FOR OTHER
8 PURPOSES.
9 WHEREAS, a proposed project has been submitted for the renovation of 100
10 existing units in the Fair Oaks Apartments, located at 9600 W. 36th Street, and has been
11 reviewed in accordance with the City's process, and
12 WHEREAS, the project will be a comprehensive renovation of the complex with
13 improvements to include interior upgrades, building systems improvements, security
14 and landscaping beautification, and
15 WHEREAS, the project is to be financed through tax - exempt bonds issued by
16 the Arkansas Development Finance Authority, which has requested a letter of support
17 from the Mayor before the project can be approved for tax - exempt bond financing with
18 tax credits.
19 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
20 THE CITY OF LITTLE ROCK, ARKANSAS:
21 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter
22 of support for the renovation of one hundred (100) apartment units in the Fair Oaks
23 Apartments, located at 9600 W. 361h Street, through tax - exempt bonds issued by the
24 Arkansas Development Finance Authority.
25 Section 2. Severability. In the event any title, section, paragraph, item, sentence,
26 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
[PAGE 1 OF 21
Resolution
To authorize letter of support for Fair Oaks Apts.
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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are inconsistent with the provisions of this resolution, are hereby repealed to the extent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: February 1, 2005
ATTEST:
Na cy Wo d, City Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, City ttorney
Resolution
To authorize letter of support for Fair Oaks Apts.
[PAGE 2 OF 21
APPROVED:
Jim Vailey, Mayor