HomeMy WebLinkAbout9873RESOLUTION NO. 9_
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A RESOLUTION AUTHORIZING THE CITY
2 MANAGER TO ENTER INTO AN AGREEMENT
3 WITH THE HISTORIC INVESTMENT
4 SOLUTION TEAM, L.L.C. AND DOWNTOWN
5 LITTLE ROCK COMMUNITY DEVELOPMENT
6 CORPORATION (CDC) TO PROVIDE
7 $200,000 IN HOME FUNDS TO RENOVATE
RRAMER SCHOOL INTO TWENTY -TWO (22)
8 HOUSING UNITS FOR IOW INCOME
9 ARTISTS.
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11 WHEREAS, the project is being developed by the Historic
Investment Solution Team, L.L.C. (HIST) in conjunction with the
12 Downtown LR CDC; and
13 WHEREAS, the Historic Investment Solutions Team, L.L.C.
14 (HIST) proposes to rehabilitate Kramer School into 22 low- income
15 housing units for artists; and
16 WHEREAS, the City has applied for a CDBG
CDBG Section 108 loan in the amount of $830,000 to fund 27% of
17 the development budget; and
18 WHEREAS, the project has been reviewed and recommended for
19 funding by the Project Review Committee contingent on the
20 following criteria:
1) the receipt and availability of $200,000
21 in HOME program income and
22 2) Structuring the funding as a
23 non - interest - bearing loan requiring
24 repayment.
25 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
26 SECTION 1. The City Manager is authorized to enter into an
27 agreement with the Historic Investment Solution Team, L.L.C. and
28 Downtown Little Rock Community Development Corporation (CDC) to
29 provide $200,000 in HOME funds to renovate Kramer School into
30 twenty -two (22) housing units for low- income artists.
SECTION 2. Funding in the amount of $200,000 from the HOME
31 Investment Partnership Program is contingent on the receipt and
32 availability of program income and on structuring the funding as
33 a non - interest - bearing loan.
34 SECTION 3. This resolution shall be in full force and
35 effect from and after its adoption.
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ADOPTED: December 17, 1996
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APPROVED AS TO •
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