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No. 16,819
M M M
AN ORDINANCE CREATING THE CITY OF I.T9°F LE ROCK
LAND BANK AND RESIDE21TIAL HOUSING FACILITIES
BOARD PURSUANT TO THE PROVISIONS OF ACT NO.
142 OF THE ACTS OF ARKANSAS OF 1975;
PRESCRIBING THE POWERS OF THE BOARD;
PRESCRIBING THE MEMBERSHIP AND TERNS OF
MOWERS THEREOF AND PRESCRIBING OTHER NATTERS
RELATING THERETO.
700
WHEREAS, the City of Little Rock, Arkansas, ( ^the City "),
pursuant to the provisions of Act No. 142 of the Acts of the
General Assembly of the State of Arkansas for the year 1975
("the Act"'), is authorized to establish public facilities boards
for the purposes set forth in the Act, which include acquiring,
constructing, reconstructing, contracting concerning and
otherwise dealing in or disposing of residential housing
facilities, and assisting in the financing of low and moderate
income housing facilities within or near the City, and
acquiring, constructing, reconstructing, contracting concerning
And otherwise dealing in or disposing of other capital
improvement facilities which are defined as including
historical, cultural, natural, or folklore sites; and
WHEREAS, the providing of adequate and affordable
residential housing facilities will be aided by the creation of
a public facilities board empowered to own, acquire, construct,
reconstruct, improve, maintain, sell, lease, and contract
concerning residential housing facilities; and
WHEREAS, preservation, renovation and redevelopment of
older and historic homes within the City will provide additional
housing stock for persons of all means and will enhance
appearance and desirability of older neighborhoods and increase
property values; and
WHEREAS, the formation of a land bank and residential
housing facilities board was recommended by the Land Bank and
Housing Partnership Task Force.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. Creation of Board. Pursuant to the authority of
the Act there is hereby created and established the NCity of
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1 Little Rock, Arkansas, Land Bank and Residential Housing
2 Facilities Board° (hereinafter referred to as the °Land Bank
3 Authoritym) with authority as hereinafter provided to
accomplish, establish, manage, operate, finance and contract for
4 the land bank and low and moderate income residential housing
5 facilities within or near the City and to preserve, rehabilitate
6 and redevelop older and historic properties within the City to
7 better serve the housing needs of those persons of low and
8 moderate income.
SECTION 2. Members of the Land Bank Authority.
9 (a) Appointment. The Land Bank Authority shall consist of
10 five persons to be appointed by the Mayor subject to
11 confirmation by the Board of Directors. Three members shall be
12 from one or more community organizations, a major purpose of
13 which is dedicated to the development of low and moderate income
housing. Two members shall be from the housing industry or a
14 financial institution. Successor members meeting the same
15 criteria shall be appointed by the Mayor subject to confirmation
16 by the Board of Directors.
17 (b) Term of Office. The members, of the Land Bank Authority
18 shall have terms of five years, except that the initial members
shall have terms of one (1), two (2), three (3), four (4), and
19 five (5) years, respectively, to be decided by drawing lots.
20 Each member shall serve until his successor is elected and
21 qualified. Members shall be limited to two (2) terms.
22 (c) Vacancy. In the event of a vacancy in the membership of
23 the Land Bank Authority, however caused, a majority of the
facilities board of directors shall elect a successor member to
24 serve the unexpired term.
25 (d) Compensation. The members of the Land Bank Authority
26 shall receive no compensation for their services, but shall be
27 entitled for reimbursement for reasonable and necessary expenses
28 incurred in the performance of their duties.
SECTION 3. Powers.
29 (a) The Land Bank Authority shall be empowered, from time
30 to time, to own, acquire, construct, reconstruct, repair,
31 improve, maintain, sell, lease and contract concerning, or
32 otherwise deal in and dispose of residential housing facilities
33 or any interests in any such facilities including leaseholds and
34 mortgages.
(b) The Land Bank Authority is further empowered to make
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702
loans to mortgage lenders on condition that the mortgage lenders
use the proceeds of each loan to provide financing for
residential housing facilities, including residential housing
for low and moderate income, elderly or handicapped persons or
families.
(c) In addition, the Land Bank Authority shall have each of
the powers set forth in the Act, as amended, and appropriate to
the purposes for which the Land Bank Authority is created. The
Land Bank Authority may enter into such contractual or
cooperative agreements with such persons as may, in its
discretion, be advisable to accomplish the purposes of this
ordinance, including without limitation, departments, agencies
or instrumentalities of the United States of America, the State
of Arkansas, any county or municipality of the State or the
City.
(d) The City may exercise its power of eminent domain to
acquire residential facilities for a public facilities project,
or any portion thereof, and may transfer any such facilities to
the land bank as long as such transfer accomplishes a public
purpose.
Section 4. Officers, Organizational Fora and
Responsibilities.
(a) Officers. As soon as practicable after the adoption of
this ordinance, the Land Bank Authority shall meet and elect one
of their number as chairman, one as vice - chairman, one as
secretary, and one as treasurer, and such officers shall be
elected annually thereafter in like manner. The duties of
secretary and treasurer may be performed by the same member. The
Board of the Land Bank Authority may also appoint an executive
director who shall serve at the pleasure of the Board and
receive such compensation as shall be fixed by the Board.
(b) Organization. The Land Bank Authority may adopt such
bylaws and other rules and regulations as shall be necessary for
the conduct of its business and consistent with the provisions
of the Act.
(c) Report. The Land Bank Authority
with the City Clerk an annual written
Directors concerning its activities for
year. The annual report shall include a
financial statement.
(d) Responsibilities.
shall cause to be filed
eport to the Board of
the preceding calendar
complete operating and
The Land Bank Authority is directed
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to study, review, analyze, advise, and report on matters of
public policy affecting low and moderate income residential
housing, and to propose regulations and ordinances where
necessary. A major responsibility of.the.Land Bank Authority
will be to acquire condemned or abandoned properties, including
those in historic districts, to preserve, rehabilitate and
redevelop them as appropriate to serve the housing needs of
those of low and moderate income. The Land Bank Authority will
also. be responsible for sponsoring and funding a home buyer
education and credit counseling program to benefit individuals
and families of low and moderate income.
SECTION 5. Severability. If any provisions of this
ordinance or the application thereof to any person or
circumstance is held invalid, such invalidity shall not affect
the other provisions or applications of this ordinance which can
be given effect without the invalid provision or application,
and to this end the provisions of this ordinance are declared to
be severable:
PASSED:, December 20, 1994
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