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RESOLUTION NO. 11,962
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A
4 LETTER OF SUPPORT TO THE ARKANSAS DEVELOPMENT
5 FINANCE AUTHORITY FOR THE EASTSIDE LOFTS PHASE II,
6 A THIRTY -FOUR (34) LOFT APARTMENTS PROJECT,
7 LOCATED AT 1400 CUMBERLAND STREET; AND FOR OTHER
8 PURPOSES.
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10 WHEREAS, a proposed project has been submitted for the conversion of
11 Eastside Auditorium into 34 loft apartments, located at 1400 Cumberland Street, and
12 has been reviewed in accordance with the City's process, and
13 WHEREAS, the conversion plan will consist of thirty -four units that will be
14 constructed within "universal design' features affording handicap accessibility, 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 conversion of the Eastside Loft auditorium into thirty -four (34) loft
23 apartments, located at 1400 Cumberland Street, through tax - exempt bonds issued by
24 the 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 Eastside Auditorium Lofts
1 unconstitutional, such declaration or adjudication shall not affect the remaining
2 portions of the resolution which shall remain in full force and effect as if the portion so
3 declared or adjudged invalid or unconstitutional was not originally a part of the
4 resolution.
5 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that
6 are inconsistent with the provisions of this resolution, are hereby repealed to the extent
7 of such inconsistency.
8 Section 4. This resolution shall be in full force and effect from and after its
9 adoption.
10 ADOPTED: April 5, 2005
11 ATTEST:
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14 Na cy Wood, City Clerk
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16 APPROVED AS TO FORM:
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19 Thomas M. Carpenter, Ciq Attorney
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[PAGE 2 OF 21
Resolution
To authorize letter of support for Eastside Auditorium Lofts
APPROVED:
Jim iley, Mayor