Loading...
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. [Page 1 of 21 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 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 H H H H H H H H H H H H H H H H H H H H H H H H 1 [Page 2 of 21 Stodola,