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RESOLUTION NO. 12,430
A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A LETTER OF SUPPORT
TO THE ARKANSAS DEVELOPMENT FINANCE AUTHORITY FOR RENOVATION
OF ARBOR COVE APARTMENTS, AN EXISTING 37 -UNIT APARTMENT
COMMUNITY LOCATED AT GEYER SPRINGS ROAD AND ARBOR COVE, IN THE
CITY OF LITTLE ROCK, ARKANSAS; AND FOR OTHER PURPOSES.
WHEREAS, a proposed project has been submitted for the renovation of Arbor Cove
Apartments, an existing 37 -unit apartment community located at Geyer Springs Road and Arbor Cove,
and has been reviewed in accordance with the City's process, and
WHEREAS, the project is to be financed through tax - exempt bonds issued by the Arkansas
Development Finance Authority, which has requested a letter of support from the Mayor before the
project can be approved for tax - exempt bond financing with tax credits.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS:
Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter of support for
the renovation of Arbor Cove Apartments, a 37 -unit apartment community, located at Geyer Springs
Road and Arbor Cove, through tax - exempt bonds issued by the Arkansas Development Finance
Authority.
Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause,
phrase, or word of this resolution is declared or adjudged to be invalid or 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inconsistent with the provisions of this resolution, are hereby repealed to the extent of such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 6, 2007
Resolution
To authorize support for Arbor Cove Apartments
[PAGE 1 OF 21
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ATTEST:
Nancy ood, C' y Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, City Attor ey
Resolution
To authorize support for Arbor Cove Apartments
[PAGE 2 OF 21
APPROVED:
Mark Stodola, Mayor
Erma Hendrix, Director (Ward 1)