HomeMy WebLinkAbout133422011040746 Received: 7113/20112:39:48 PM
Recorded: 07/1312011 02:46:55 PM Filed &
Recorded In Official Records of Larry Crane,
PULASKI COUNTY CIRCUIT /COUNTY CLERK
1 RESOLUTION NO. 13,34fees $20.00
2
3 A RESOLUTION TO AUTHORIZE THE MAYOR AND CITY CLERK TO
4 EXECUTE AN AGREEMENT WITH THE DOWNTOWN LITTLE ROCK
5 REDEVELOPMENT CORPORATION AND THE CITY OF LITTLE
6 ROCK TO TRANSFER THE OWNERSHIP INTEREST IN THE
7 KRAMER SCHOOL ART LOFT LIMITED PARTNERSHIP; AND FOR
8 OTHER PURPOSES.
9
10 WHEREAS, the City of Little Rock entered into an agreement with the Kramer School Art Loft
11 Limited Partnership ( "KSALP ") on or about December 20, 1996, (the "1996 Agreement ") for the purpose
12 of providing eight hundred thirty thousand dollars ($830,000) in Community Development Block Grant
13 (CDBG) Section 108 Loan Funds for use by KSALP in rehabilitating twenty -two (22) units of rental
14 housing to low and moderate income tenants and families at affordable rates at the Kramer School
15 Project, and
16 WHEREAS, the Downtown Little Rock Redevelopment Corporation ( "DLRRC ") approached the
17 City with a proposal to transfer the general partnership interest in KSALP from the Kramer School
18 Investment Corporation and Historic Investment Solution Team, LLC, to the DLRRC, and
19 WHEREAS, KSALP and DLRRC have agreed that, subsequent to the transfer referred to above, the
20 Kramer School Loft Apartments will continue to be operated pursuant to the requirements of the 1996
21 Agreement, and
22 WHEREAS in consideration of the transfer, the City agrees that it will agree that, upon the
23 expiration of the 1996 Agreement on December 31, 2027, it will release and forgive the obligations owed
24 to the City under the Section 108 Loan, and
25 WHEREAS, the DLRRC agrees that the Kramer Art School Loft Apartments will continue to be
26 used in furtherance of the mission to improve the quality of life for individuals residing in downtown
27 Little Rock by improving access to affordable housing, promoting economic development, deterring
28 criminal activity and abating neighborhood deterioration, and
29 WHEREAS, the Board of Directors of the City of Little Rock is supportive of ensuring affordable
30 housing in the downtown area;
31 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
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32 OF LITTLE ROCK, ARKANSAS: ,�``��E CIR��',��
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I Section 1. The Board of Directors hereby authorizes the Mayor and City Clerk to execute the
2 Transfer Agreement transferring the general partnership interest in KSALP from the Kramer School
3 Investment Corporation and Historic Investment Solution Team, LLC, to the DLRRC.
4 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
5 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
6 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
7 effect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part of the
8 resolution.
9 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent with
10 the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
11 ADOPTED: July 11, 2011
12 AT T APPROVED:
13
14�
15 9-us L ley, City Clerk Mark Stodola, Mayor
16 APP O D AS TO LEGAL FORM:
17
18
19 Thomas M. Carpenter, City A rney
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