1015,`
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RESOLliT I ON ~ ~ ° ~ s~
OF THE C ITY OF ~YEST ME:~IPH I S
ARKANSAS
PREFACE
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A RESOLUTION EXPRESSLY DISAPPROVING THE PROPOSED FINANCING B
SUBJECT: THE ARKANSAS DEVELOPMENT FINANCE AUTHORITY MULTI-FAMILY
HOUSING REVENUE BONDS, (FHA ISSUED MORTGAGE LOANS)
1985 SERIES C, PURSUANT TO ACT N0. 1062, OF THE GENERAL
ASSEMBLY OF THE STATE OF ARKANSAS, FOR THE YEAR, 1985, FOR T
PROPOSED CONSTRUCTION WITHIN THE BOUNDARIES OF THE CITY OF
WEST MEMPHIS, ARKANSAS, FOR THE MEADOWS APARTMENTS, A 7L UNI
APARTMENT COMPLEX WITH A FACE BOND AMOUNT OF $2,587,000.00
AT THE PROPOSED LOCATION OF HIGHWAY 70 WEST (BROADWAY)
AND RICE STREETS, WEST MEMPHIS, ARKANSAS
SPONSORED BY: Alderman
Alderman
Mayor
DATE OF COUNCIL 141INUTES PASSED
14IONTH DAY YEAR
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RESOLUTION N0.
A RESOLUTION EXPRESSLY DISAPPROVING THE PROPOSED FINANCING BY
THE ARKANSAS DEVELOPMENT FINANCE AUTHORITY MULTI-FAMILY HOUSING
REVENUE BONDS, (FHA ISSUED MORTGAGE LOANS) 1985 SERIES C,
PURSUANT TO ACT N0. 1062, OF THE GENERAL ASSEMBLY OF THE STATE
OF ARKANSAS, FOR THE YEAR, 1985, FOR THE PROPOSED CONSTRUCTION
WITHIN THE BOUNDARIES OF THE CITY OF WEST MEMPHIS, ARKANSAS, FOR
THE MEADOWS APARTMENTS, A 72 UNIT APARTMENT COMPLEX WITH A FACE
BOND AMOUNT OF $2,587,000.00 AT THE PROPOSED LOCATION OF
HIGHWAY 70 WEST (BROADWAY) AND RICE STREETS, WEST MEMPHIS, ARKANSAS.
WHEREAS, the proposed construction within the boundaries
of the City of West Memphis, Arkansas, of THE MEADOWS APARTMENTS,
a 72 unit apartment complex, at the proposed location of Highway
70 West (Broadway) and Rice Streets, West Memphis, Arkansas, is
strongly opposed by property owners of Westwood Acres Subdivision
and other areas; and,
WHEREAS, low to moderate income housing presently has a
high density in the area; and,
WHEREAS, the proposed project would most likely have an
unfavorable impact on all surrounding areas of the City as far
as flooding due to the alteration of the 1980 FEMA Flood Plain
Survey for the City; and,
WHEREAS, the Citizens of Westwood Acres Subdivision, the
entire area of Ward II, and adjacent areas, subdivisions, and
Wards do not feel the proposed project to be in their immediate
or future best interest, and that Arkansasbbnd money for this
proposed project is not in the best interest of the Citizens of
West Memphis;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WEST MEMPHIS, ARKANSAS:
1. The City Council of the City of West Memphis,
Arkansas, does hereby disapprove of the proposed project as
described to be built and known as The Meadows Apartments at ,
Highway 70 West and Rice Streets, West Memphis, Arkansas.
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2. IT IS FURTHER RESOLVED that a copy of this
Resolution be sent to:
Mr. Wooten Epes, President
P.0. Box 8023
Little Rock, Arkansas 72201
within five (5) days from the date of this Resolution by
Certified Mail.
ADOPTED this day of
~~' N
,.1985.
I ~,
6
~ ~ MAYOR
ATTEST:
CITY CLERK
SP SORED BY:
R ge Sumpter
Bill Burnett
~~? 64TH ~r~s
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CERTIFICATE
STATE OF ARKANSAS )
(SS
COUNTY OF CRITTENDEN)
The undersigned, City Clerk of the City of West Memphis,
Arkansas, hereby certifies that the above and foregoing is
a true and complete and correct copy of ~~ss__~=~:~o. ~o ~S
as the same appears in .the official records of said City.
IN WITNESS WHEREOF, I have hereunto set my hand as City
,- Clerk of the City of West Memphis, Arkansas, and the Official
Seal of said City, on this ~ day of ~~ , 19 FS .
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CITY"CLERK, CITY OF WEST MEMPHIS
CRITTENDEN COUNTY, ARKANSAS
(SEAL)