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2 RESOLUTION NO. 9,489
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4 A RESOLUTION AUTHORIZING THE MAYOR
5 AND THE CITY MANAGER TO EXECUTE AN
6 AMENDED AGREEMENT FOR THE
7 DEVELOPMENT OF HOMES IN THE
8 STONEHEDGE SUBDIVISION, PHASE I
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10 WHEREAS, on or about April 13, 1990, the City and the Linkous
11 Company, Inc. ( "Developer ") entered into an agreement
12 ( "Agreement ") wherein the City waived certain subdivision
13 requirements and the Developer committed to construct and develop
14 affordable homes within Stonehedge Subdivision, Phase I, Little
15 Rock, Pulaski County, Arkansas (the "Development "); and
16 WHEREAS, Metropolitan National Bank ( "Metropolitan ") has
17 acquired all unsold rights owned by the Developer within the
18 Development; and
19 WHEREAS, the Agreement sets forth certain definitions and
20 requirements which, through the passage of time, are no longer
21 pertinent to the objectives of the Agreement and are in fact an
22 impediment to the growth of the Development; and
23 WHEREAS, the City and Metropolitan desire to amend the
24 Agreement to achieve the objectives described therein.
25 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
26 THE CITY OF LITTLE ROCK, ARKANSAS:
27 SECTION 1. The Mayor and City Manager are authorized to
28 execute the First Amendment to Agreement, in a form acceptable to
29 the City Attorney, incorporating substantially the following
30 terms:
31 A. Developer shall construct and make available for
32 purchase at least seventy -five percent (75 %) of
33 total houses to be built within the Development
34 as affordable housing. Developer may construct
35 the remaining twenty -five percent (25 %) of the
36 houses in the Development at such prices which
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are economically feasible and are compatible with
other houses within the Development.
ADOPTED: September 5, 1995
CITY CLERK
APPROVED AS TO FORM:
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THOMAS M_ CARPENTER V
CITY ATTORNEY