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OFFICE OF THE CITY MANAGER LITTLE ROCK, ARKANSAS |
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BOARD OF DIRECTORS COMMUNICATION February 1, 2005 AGENDA |
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SUBJECT Letter of Support for renovation of the 100 unit Fair Oaks Apartments located at 9600 W. 36th Street |
ACTION REQUIRED Ordinance P Resolution Approval Information Report |
SUBMITTED BY
Bruce Moore City Manager
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SYNOPSIS |
Approval of resolution authorizing the mayor to issue a letter of support for low income housing tax credits and home funds from the Arkansas Development Finance Authority.
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FISCAL IMPACT |
None
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RECOMMENDATION |
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CITIZEN PARTICIPATION |
Neighborhood Associations have been notified of the project.
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BACKGROUND |
Proposed project will provide for renovation of the 100 unit Fair Oaks apartment complex located at 9600 W. 36th Street. The developer plans to spend approximately $2,000,000 on construction related improvements including interior upgrades, building systems improvements, security and landscape beautification. They are also looking at expanding the existing resident service programs and enhance the computer learning center. The purchase and renovation of the property is to be financed through the Arkansas Development Finance Authority.
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