149011 RESOLUTION NO. 14,901
2
3 A RESOLUTION TO APPROPRIATE UP TO TWO MILLION, THREE
4 HUNDRED SIXTY-EIGHT THOUSAND DOLLARS ($2,368,000.00) FROM
5 THE CITY'S 3/8 -CENT CAPITAL SALES AND COMPENSATING USE
6 TAX PROCEEDS TO THE CENTRAL ARKANSAS TECHNOLOGY PARK
7 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 Executive Director of the Central Arkansas Technology Park Authority (CATPA),
13 which operates as the Little Rock Technology Park (LRTP) has requested funding to further the process of
14 development of the technology park; and,
15 WHEREAS, there is a desire that the City appropriate the proceeds to date, less the distribution of
16 Nine Million, Six Hundred Eighty -Seven Thousand, Seven Hundred Ninety -One Dollars ($9,687,791.00)
17 for LRTP, previously appropriated by Little Rock, Ark., Resolution No. 14,166 (July 21, 2015), Little Rock,
18 Ark., Resolution No. 14,508 (February 21, 2017), and Little Rock, Ark., Resolution No. 14,668 (November
19 21, 2017), so that it can proceed with various activities including, but not limited to, further development
20 of the technology park facilities.
21 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
22 OF LITTLE ROCK, ARKANSAS:
23 Section 1. The City appropriates the sum of One Million, Five Hundred Thousand Dollars
24 ($1,500,000.00) for LRTP, to be paid at this time, from the proceeds of the 3/8 -Cent Capital Sales and
25 Compensating Use Tax, Activity TS l OA02.
26 Section 2. The City appropriates the sum of up to Eight Hundred Sixty -Eight Thousand Dollars
27 ($868,000.00) for LRTP, to be paid no later than March 31, 2019, from the proceeds of the 3/8 -Cent Capital
28 Sales and Compensating Use Tax after all 2018 tax receipts are received and accounted for by the City,
29 Activity TS l OA02.
30 Section 3. Severability. In the event any section, paragraph, item, sentence, clause, phrase or word of
31 this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or adjudication
32 shall not affect the remaining portions of the resolution which shall remain in full force and effect as if the
33 portion so declared or adjudged invalid or unconstitutional were not originally part of this resolution.
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Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent with
the provisions of this resolution are hereby repealed to the extent of such inconsistency.
ADOPTED: December 3, 2018
ATTEMir\ APPROVED: _
ity Clerk
AS 10 LEGAL FORM:
Thomas M. Carpenter, City
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Stodola,