8079RESOLUTION N0. 81079
A RESOLUTION EXPRESSING THE INTENT OF THE CITY TO
PAY A PORTION OF THE COSTS RELATED TO THE
IMPROVEMENTS OF THE STREETS WITHIN METROCENTRE
IMPROVEMENT DISTRICT NO. 1 OF THE CITY OF LITTLE
ROCK, ARKANSAS; AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE AN AGREEMENT RELATING THERETO
WITH THE METROCENTRE IMPROVEMENT DISTRICT NO. 1 OF
THE CITY OF LITTLE ROCK, ARKANSAS; AND PRESCRIBING
MATTERS RELATED THERETO.
WHEREAS, the Metrocentre Improvement District No. 1 of
the City of Little Rock, Arkansas, (the "District ") is a
validly formed and duly existing central business
improvement district, formed under the laws of the State of
Arkansas for the purpose of constructing, establishing and
operating a shopping mall or malls, sidewalks, plazas,
landscaping, fountains, parking facilities (including one or
more parking garages), pedestrian overpasses, and such other
improvements, facilities, services and equipment as may be
authorized by Ark. Code Ann. 14- 184 -101 e,t, s_e..q., (the
"Project "); and
WHEREAS, the City of Little Rock Board of Directors has
expressed an intent to designate $750,000 from its Economic
Development Fund for the streets within the District to be
paid in equal installments of $250,000 in 1989, 1990 and
1991; and
WHEREAS, it is desirable that this intent be further
reflected in the attached Agreement.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
That the Mayor and City Clerk are hereby authorized to
execute an agreement by and between the City and the
District, in substantially the form and with substantially
the contents as set forth in the attached Agreement.
ADOPTED: December 20, 1988
APPROVED:
4::;� �_C- I" —
y r, Lottie Shac elford
ATTEST:
Cit& Clerk, Jw0e Czech
0953B
51�
AGREEMENT
STATE OF ARKANSAS )
COUNTY OF PULASKI )
This Agreement, dated as of December
511
1988, (the
"Agreement "), is entered into between the City of Little Rock,
Arkansas, an Arkansas municipal corporation (the "City "), and
the Metrocentre Improvement District No. 1 of the City of Little
Rock, Arkansas, a central business improvement district formed
under Ark. Code Ann § § 14- 184 -101 et seq. , as amended (the
"District ").
RECITALS
WHEREAS, the District is a validly formed and duly existing
central business improvement district, formed under the laws of
the State of Arkansas for the purpose of constructing,
establishing and operating a shopping mall or malls, sidewalks,
plazas, landscaping, fountains, parking facilities (including
one or more parking garages), pedestrian overpasses, and such
other improvements, facilities, services and equipment as may be
authorized by Ark. Code Ann. §§ 14- 184 -101 et seq. (the
"Project" herein); and
WHEREAS, the City of Little Rock Board of Directors has
agreed to designate $750,000 from its Economic Development Fund
for the streets within the. District to be paid in equal
installments of $250,000 in 1989, 1990 and 1991; and
512
WHEREAS, the City recognizes that in the absence of the
construction by the District of the above- described proposed
street improvements, the City would bear financial
responsibility for the construction of the street improvements;
and
WHEREAS, on December 20, 1988, the Board of Directors of
the City adopted Resolution No. , authorizing the
Mayor of the City and the City Clerk to enter into this
Agreement; and
WHEREAS, the City is desirous of entering into this
Agreement to defray the costs of the street improvements in
constructing the above - described Project;
NOW, THEREFORE, THE City and the District, agree as follows:
AGREEMENTS
SECTION 1. In consideration for the construction by the
District of the street improvements, which are a part of the
Project, the City agrees to pay to the District, on or
before October 31 of each year for the years 1989 through
1991, inclusive, the annual amount of $250,000. Provided,
however, that the obligation of the City to make each payment
shall be subject to annual appropriation of said amount by the
Board of Directors of the City.
SECTION 2. In the event that the City Board of Directors
shall fail in any given year to apropriate the amount set forth
5D
in Section 1 of this Agreement, this Agreement shall be
automatically terminated. Provided further, that while it is
the present intention of the City to annually appropriate said
amounts over the entire term of the Agreement, the failure to
make such appropriation in any given year shall not be deemed a
breach of this Agreement, nor give rise to any cause of action
by the District for legal or equitable relief.
SECTION 3. If at any time the City desires to fulfill its
obligations under this Agreement by making a single payment
constituting the entire amount of its share of the construction
costs associated with the above - described proposed improvements,
it may do so. Such payment amount shall be mutually agreed upon
by the City and the District at the time the City desires to
make such lump sum payment.
SECTION 4. The City shall be under no obligation to pay to
the District the amount set forth in Section 1 of this Agreement
unless the District initiates construction of the
above - described proposed improvements within twelve (12) months
from the date of this Agreement and such construction proceeds
toward completion with due diligence.
SECTION 5. The City hereby designates the Metrocentre
Improvement District No. 1 Commission to be the appropriate
governing board for the Project pursuant to Section 4 of
Ordinance No. 15,221.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the date first above written.
ATTEST:
By:
ty Clerk
0953B
CITY OF LITTLE ROCK, ARKANSAS
By:
Mayor
METROCENTRE IMPROVEMENT
DISTRICT NO. 1 OF THE CITY
OF LITTLE ROCK, ARKANSAS
By
Commissioner
By:
Commissioner
By:
Commissioner
By.
Commissioner
By:
Commissioner
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