14166 1 RESOLUTION NO. 14,166
2
3 A RESOLUTION TO APPROPRIATE SIX MILLION, SIX HUNDRED
4 THIRTY-FIVE THOUSAND, FORTY-NINE DOLLARS ($6,635,049.00)
5 FROM THE CITY 3/8-CENT CAPITAL SALES AND COMPENSATING
6 USE TAX PROCEEDS TO THE CENTRAL ARKANSAS TECHNOLOGY
7 PARK AUTHORITY; AND FOR OTHER PURPOSES.
8
9 WHEREAS,pursuant to Section 6(a)of Little Rock, Ark., Resolution No. 13,343 (July 11,2011),the
10 City indicated that it would set aside up to Twenty-Two Million Dollars($22,000,000.00) in proceeds for
11 economic development, and specifically for the development of a technology park; and,
12 WHEREAS, the Central Arkansas Technology Park Authority, which operates as the Little Rock
13 Technology Park(LRTP)has hired an Executive Director,and is in the process of acquiring properties for
14 the location of the park; and,
15 WHEREAS,there is a desire that the City appropriate the proceeds to date for the LRTP so that it can
16 proceed with various activities including, but not limited to,the acquisition of property for the location of
17 its facilities;
18 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
19 OF LITTLE ROCK,ARKANSAS:
20 Section 1. The City appropriates the sum of Five Million, Five Hundred Ninety-Seven Thousand,
21 Eight Hundred Ninety-Seven Dollars($5,597,897.00)for LRTP,to be paid at this time,from the proceeds
22 of the 3/8-Cent Capital Sales and Compensating Use Tax.
23 Section 2. The City appropriates the sum of One Million, Thirty-Seven Thousand, Five Hundred
24 Twelve Dollars($1,037,512.00)for LRTP,to be paid no later than December 31,2015, from the proceeds
25 of the 3/8-Cent Capital Sales and Compensating Use Tax.
26 Section 3. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
27 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
28 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
29 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
30 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
31 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
32 resolution.
33 ADOPTED: July 21,2015
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1 ATT, 0 APPROVED
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4 .�t 1(n ey, City Clerk Mark Stodola,Mayor
5 APE AS TO LEGAL FORM:
6
7 kms, II. i:111144—___,
8 Thomas M. Carpenter,City Attorily
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