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389
RESOLUTION NO. 10,046
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
SUBMIT A SECTION 108 LOAN APPLICATION TO THE
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MUD)
IN THE AMOUNT OF $3,000,000 FOR INFRASTRUCTURE
IMPROVEMENTS IN CONJUNCTION WITH THE 1997
CONSOLIDATED PLAN.
WHEREAS, the Consolidated Plan was developed using an extensive citizen
participation process including public hearings, neighborhood meetings, approval by the
Consolidated Planning Committee and a thirty (30) day comment period; and
WHEREAS, the City proposed issuance of a Section 108 Loan in the amount of
$3,000,000 in an effort to address substantial infrastructure problems in low and moderate
income neighborhoods; and
WHEREAS, all regulatory requirements concerning the application process have
been met; and
WHEREAS, the Section 108 loan application calls for repayment of principal and
interest from CDBG entitlements during years 1998 -2006.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is authorized to submit a Section 108 Loan
Application to the Department of Housing and Urban Development ( HUD) in the amount
of $3,000,000 for infrastructure improvements in conjunction with the 1997 Consolidated
Plan.
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390
SECTION 2. The four (4) projects selected for funding are as follows:
Swaggerty Branch - Roosevelt Road to Wright Avenue $1,365,000
Highland Park - street, curb, gutter, drainage, sidewalks $ 700,000
Maryland Street (Brown to Cedar); Brown Street (11th
to Maryland) $ 585,000
Black Road - Cantrell Road to Pankey Avenue $ 350.000
TOTAL 3 000 0
SECTION 3. This resolution shall be in full force and effect from and after its
adoption.
ADOPTED: August 5, 1997
ATTEST:
ROBBIE HANCOCK
CITY CLERK
APPROVED AS TO FORM:
THOMAS M. CARPEN R
CITY ATTORNEY
APPROVED:
JIM IWAILEY
MAYOR
391
City of Little Rock
Section 108 Loan Application
Drainage & Infrastructure
Project Synopsis
0
392
PROJECT DESCRIPTION
The City of Little Rock hereby applies for a Section 108 Loan in the amount of
$3,000,000. The Section 108 Loan will be utilized for drainage and infrastructure
improvements. The selected projects are in eligible redevelopment areas within the City
of Little Rock identified by having at least a 51% or higher concentration of low to
moderate income persons living within the designated areas. The proposed public facility
projects and associated costs are as follows:
Project Estimated Cost
Highland Court Phase I 700,000
Swaggerty Branch: Roosevelt Road to
Wright Avenue 1,365,000
Black Road: Cantrell Road to Pankey Avenue 350,000
Maryland: Brown to Cedar & Brown:
11th to Maryland 585.000
Total: $3,000,000
If additional funds are available: Drainage
between Gaines & State from 30th to 31st: 150,000
The proposal does not impact the 1997 Community Development Block Grant
entitlement budget, however, subsequent CDBG entitlements from 1998 to 2007 will be
impacted since the City proposes to pay the Section 108 Loan with amounts from CDBG
annual entitlements over a nine (9) year amortization period. The annual loan payment
will be $469,000 beginning in 1998 with total payments of $4,218,000 over the tern of
the loan with a projected interest rate of 8 %. The interest over the term of the loan is
$1,218,000.
The Section 108 Loan will provide much needed resources in low to moderate income
areas within the City of Little Rock in dire need of drainage and infrastructure
improvements. The drainage and infrastructure improvements clearly furthers the CDBG
national objective of providing assistance to low and moderate income persons.