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RESOLUTION NO. 9, 77
A RESOLUTION AMENDING RESOLUTION NO.
9,211, TO MAKE THE LOAN THEREBY
AUTHORIZED TO THE SOUTH MAIN STREET
REDEVELOPMENT LIMITED PARTNERSHIP
INSTEAD OF THE DOWNTOWN LITTLE ROCK
COMMUNITY DEVELOPMENT CORPORATION.
D D D
772
WHEREAS, the Board of Directors adopted on August 2, 1994,
Resolution No. 9,211, authorizing the City Manager to make a
second mortgage loan to the Downtown Little Rock Community
Development Corporation (DLRCDC) in the amount of $655,000 from
Community Development Block Grant Section 108 guaranteed loan
funds to help finance the DRLCDC's South Main Street
Redevelopment Project; and
WHEREAS, a major portion of financing for the Project is to
come from sale of Low - Income and Historic Preservation Tax
Credits provided by the United States Government; and
WHEREAS, in order to conform to Internal Revenue Service
regulations governing tax - credit financing, the DLRCDC has formed
a wholly -owned subsidiary, the Downtown Little Rock Redevelopment
Corporation, to function as the general partner in the South Main
Street Redevelopment Limited Partnership, thereby retaining
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773
control of the Project while accommodating majority ownership by
investors in the tax credits; and
WHEREAS, the DLRCDC has requested that the loan from the
City of Little Rock be made to the Partnership controlled by its
wholly -owned subsidiary.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. Resolution No. 9,211 is hereby amended solely to
authorize the City Manager to make the second mortgage loan to
the South Main Street Redevelopment Limited Partnership instead
of the Downtown Little Rock Community Development Corporation.
ADOPTED: November 15, 1994
ATTEST:
'•.Jl . o a& / 0a
ROBBIE HANC CK
CITY CLERK
APPROVED AS TO FORM:
THOMAS M. CARPE ER
CITY ATTORNEY
APPROVED:
44K AO
DAILEY
YOR