14114 1 RESOLUTION NO. 14,114
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3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO EXPEND
4 THREE HUNDRED AND FIFTY THOUSAND DOLLARS ($350,000.00)
5 FROM THE ECONOMIC DEVELOPMENT FUND FOR APPROPRIATE
6 PUBLIC PURPOSES TO COOPERATE WITH THE STATE OF
7 ARKANSAS ON BEHALF OF MARTIAL ARTS SERVICES, INC.; AND
8 FOR OTHER PURPOSES.
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10 WHEREAS,the City has set aside certain revenues to be used for appropriate economic development
11 projects that will be beneficial to the City; and,
12 WHEREAS, Martial Arts Services, Inc., which has had a long history with the City, has decided to
13 maintain its international headquarters within the corporate limits of the City, and to that end has obtained
14 a Nine Hundred Fifty Thousand Dollar ($950,000.00) Quick Action Closing Fund approval from the
15 Arkansas Economic Development Commission; and,
16 WHEREAS, the City wishes to assist in this project to assure the continuation of this long-term
17 relationship which has been beneficial to the City, and has been the source of numerous international
18 competitions within the City;
19 NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
20 OF LITTLE ROCK,ARKANSAS:
21 Section 1. The City Manager is authorized to expend Three Hundred Fifty Thousand Dollars
22 ($350,000.00) from the Economic Development Fund on behalf of Martial Arts Services, Inc., to be used
23 for appropriate public projects such as, but not limited to, access roads, or capital infrastructure
24 improvements,to the site for its international headquarters.
25 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
26 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
27 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
28 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally part of the
J g g Y a
29 resolution.
30 Section 3. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
31 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
32 ADOPTED: April 21,2015
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1 ATT , APPROVE :241IN /' OF/
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' 4 `usan` City Clerk Mark Stodola,Mayor
5 • 'PR•� P AS TO LEGAL FORM:
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7 , /' _// 2‘11 r
8 Thomas M. Carpenter, Ci : ttorney
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