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RESOLUTION W. 5B-85
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A RESOLUTION EXPRESSING THE OPPOSITION OF THE
FAYETTEVILLE BOARD OF DIRECTORS TO THE ISSUANCE
OF $2,701,400 IN MULTI -FAMILY HOUSING REVENUE
BONDS BY THE ARKANSAS DEVELOPMENT FINANCE AUTHORITY
TO CONSTRUCT AN 80 -UNIT APARTMENr COMPLEX BY ENGLISH
IVY, LTD. PARTNERSHIP AT THE INTERSECTION OF MEIMAR
AND NORTH LEVERET'''.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
1.1
That the Board of Directors hereby opposes the issuance of $2,701,400
in Multi -Family Housing Revenue Bonds hy the Arkansas Development
Finance Authority to construct an 80 -unit apartment complex by English
Ivy, Ltd. Partnership at the intersection of MeImar and North Leverett.
The Board, of Directors opposes the proposed financing because the
City's multi -family housing needs are being met by the private sector
with conventional financing. At this time, there is not a need for
additionalimulti-family housing in the City of Fayetteville.
PASSED AND APPROVED this 4th day of June , 1985.
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APPROVED*
By: g
Mayor