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RESOLUTION NO. 12,1510
A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER INTO A
CONTRACT FOR THE SALE OF AMERICAN MANOR APARTMENTS; AND FOR
OTHER PURPOSES.
WHEREAS, the City of Little Rock awarded HOME funds to the McClellan CDC for the
development of American Manor Apartments, which consists of 12 units in 3 buildings located at 3615,
3623 and 3700 American Manor Drive, and
WHEREAS, the CDC experienced difficulties with the project and the property went into
foreclosure on its first mortgage, and
WHEREAS, the City recovered the property for a total investment of $195,000.00, and
WHEREAS, bids were advertised for the sale of the property and David Dwelling submitted the
highest bid in the amount of Two Hundred Forty -five Thousand Dollars ($245,000.00);
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS:
Section 1. The Board of Directors hereby authorizes the City Manager to enter into a contract
for the sale of the American Manor Apartments, located at 3615, 3623, and 3700 American Manor Drive,
to Davis Dwelling, for the amount of Two Hundred Forty -five Thousand Dollars ($245,000.00), and to
execute all documents necessary for the transfer of this property to said purchaser.
Section 2. The proceeds of the sale of the American Manor Apartments will be returned to the
HOME Program account.
Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause,
phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
declaration or adjudication shall not affect the remaining portions of the resolution which shall remain
in full force and effect as if the portion so declared or adjudged invalid or unconstitutional was not
originally a part of the resolution.
Section 4. Repealer. All ordinances and resolutions are hereby repealed to the extent of such
inconsistency.
ADOPTED: May 1, 2007
ATTEST: APPROVED:
I, ILI,
Nancy ood, rify Clerk Mark Stodola, Mayor
Resolution
To Authorize the Sate of American Manor Apartments
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APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, City Agorney
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Resolution
To Authorize the Sale of American Manor Apartments