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RESOLUTION NO. 10,404
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A RESOLUTION TO DESIGNATE THE PHILANDER SMITH
COLLEGE COMMUNITY DEVELOPMENT CORPORATION
(CDC) AS THE ENTITY THAT THE CITY RECOMMEND THE
U.S. DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT (HUD) ENTER INTO A SALE CONTRACT FOR
THE ACQUISITION, REDEVELOPMENT AND MANAGEMENT
OF THE VILLAGE SQUARE APARTMENTS.
WHEREAS, the City of Little Rock is committed to the development of high
quality affordable housing; and
WHEREAS, Philander Smith College Community Development Corporation
(CDC) has proposed to invest $5.7 million for the acquisition, redevelopment, and
management of Village Square Apartments; and
WHEREAS, the U.S. Department of Housing and Urban Development (HUD) has
agreed to enter into a direct sales contract with the entity designated by the City of Little
Rock, Arkansas.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. That the _City Manager is authorized to pursue the process to
redevelop Village Square Apartments.
SECTION 2. That the Philander Smith College Community Development
Corporation (CDC) is designated as the entity that the City recommends to the U.S.
Department of Housing and Urban Development (HUD) for sale and management of the
Village Square Apartments.
ADOPTED: November 10, 1998
ATTEST:
Q BBI
CITY CLERK