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RESOLUTION NO. 12,002
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A
4 LETTER OF SUPPORT TO THE ARKANSAS DEVELOPMENT
5 FINANCE AUTHORITY FOR A ONE HUNDRED TWENTY-
6 EIGHT (128) UNIT APARTMENT COMMUNITY LOCATED ON
7 JOHN BARROW ROAD, IN THE CITY OF LITTLE ROCK,
8 ARKANSAS; AND FOR OTHER PURPOSES.
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10 WHEREAS, a proposed project has been submitted for the construction of a 128-
11 unit apartment community to be called Sage Meadows Apartments and located on John
12 Barrow Road, and has been reviewed in accordance with the City's process, and
13 WHEREAS, the project is to be financed through tax - exempt bonds issued by
14 the Arkansas Development Finance Authority, which has requested a letter of support
15 from the Mayor before the project can be approved for tax - exempt bond financing with
16 tax credits.
17 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
18 THE CITY OF LITTLE ROCK, ARKANSAS:
19 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter
20 of support for the construction of a 128 -unit apartment community, to be located on
21 John Barrow Road, through tax - exempt bonds issued by the Arkansas Development
22 Finance Authority.
23 Section 2. Severability. In the event any title, section, paragraph, item, sentence,
24 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
25 unconstitutional, such declaration or adjudication shall not affect the remaining
[PAGE 1 OF 21
Resolution
To authorize letter of support to ADFA for
Sage Meadows Apartments
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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are inconsistent with the provisions of this resolution, are hereby repealed to the extent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: May 17, 2005
ATTEST:
G�
Nandy Wooci,City Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, CiK Attorney
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Resolution
To authorize letter of support to ADFA for
Sage Meadows Apartments
[PAGE 2 OF 21
APPROVED: r
Jim lailey,