HomeMy WebLinkAbout937611
224
2 RESOLUTION NO. 9,376
3
4
5 A RESOLUTION AUTHORIZING THE CITY
6 MANAGER TO ENTER INTO AN AGREEMENT
7 WITH CENTRAL LITTLE ROCK COMMUNITY
8 DEVELOPMENT CORPORATION (CDC) FOR
9 HONE INVESTMENT PARTNERSHIP PROGRAM
10 FUNDING.
11
12 WHEREAS, Central Little Rock CDC, a LISC sponsored,
13 community based, nonprofit organization, has applied for $32,500
14 in HOME investment Partnership Program funding; and
15 WHEREAS, the requested amount is available from the HOME
16 Program mandatory set -aside for Community Housing Development
17 Organizations; and
18 WHEREAS, net proceeds generated by the project will be
19 remitted to the City for use in additional HOME eligible
20 projects; and
21 WHEREAS, the donation of an existing house located at 812
22 North Pierce Street to Central Little Rock CDC by the Central
23 Arkansas Library System will be moved to a vacant lot owned by
24 Central Little Rock CDC at 18th and Summit Streets where the
25 house will be renovated and sold to a low income, first time
26 homebuyer; and
27 WHEREAS, because the house was obtained at no cost to
28 Central Little Rock CDC, the development budget of $32,500 is
29 intended to cover the cost of lot preparation, moving,
30 rehabilitation, and marketing the house and associated soft
31 costs; and
32 WHEREAS, the project is being undertaken in an area
33 identified for reinvestment by Central Little Rock CDC within
34 the City's Revitalization Area.
35 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
36 THE CITY OF LITTLE ROCK, ARKANSAS:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
r r 222
SECTION 1. The City Manager is authorized to enter into an
agreement with Central Little Rook CDC for $32,500 in HOME
Funds.
ADOPTED: May 2, 1995
R"WwAR41 -1
:i'
4
• :"
�>
:Y A'