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2 RESOLUTION NO. 9,211
3 I
4
5 A RESOLUTION AUTHORIZING THE CITY
6 MANAGER TO ENTER INTO AN AGREEMENT
7 TO LEND THE DOWNTOWN LITTLE ROCK
8 COMMUNITY DEVELOPMENT CORPORATION
9 (DLRCDC) $655,000 OF CDBG SECTION
10 108 LOAN FUNDS TO HELP FINANCE THE
11 SOUTH MAIN STREET REDEVELOPMENT
12 PROJECT.
13
14 WHEREAS, the Downtown Little Rock Community Development
15 Corporation is a neighborhood based non - profit corporation
16 organized as part of the Local Initiatives Support corporation
17 (LISC) effort in Little Rock that began in 1991; and
is WHEREAS, the South Main Street Redevelopment Project is the
19 first proposal resulting from this program; and
20 WHEREAS, the DLRCDC will acquire, rehabilitate and effect
21 sound management of six properties in the project neighborhood
22 (1917 Main, 1923 Main, 2201 Main, 2209 Main, 2113 Main and 2115
23 Scott) so as to provide 45 apartments at rents affordable to
24 low- income families.
25 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
26 THE CITY OF LITTLE ROCK, ARKANSAS:
27 SECTION 1. The City Manager is hereby authorized to make a
28 second mortgage loan in the principal amount of $655,000 from
29 CDBG Section 108 Loan funds on hand to the Downtown Little Rock
30 Community Development Corporation (DLRCDC) to help finance its
31 South Main Street Redevelopment Project; to negotiate and enter
32 into an agreement that furthers the City's interest to promote
33 redevelopment of the neighborhood in which the project is sited
34 to provide rental housing for low- income persons; and to defer
35 payment of interest and repayment of principal thereon for a
36 period not to exceed thirty (30) years.
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ADOPTED: August 2, 1994
A, Mal
CITY CLERK
APP"VED AS To FORK:
• AV
374.