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RESOLUTION NO. 8,842
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A RESOLUTION AUTHORIZING THE CITY
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MANAGER TO ENTER INTO AN AGREEMENT
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WITH THE DOYLE ROGERS COMPANY FOR
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THE PURCHASE OF THE MOSAIC TE4PLARS
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BUILDING AT 9TH AND BROADWAY, AND
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FOR OTHER PURPOSES.
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WHEREAS, the the Mosaic Templars Building at 9th and
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Broadway Streets is an historic structure that represents a
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significant history of the African - American culture within the
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City of Little Rock; and
WHEREAS, the preservation of such an historic structure
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benefits to the common interests and well being of the citizens
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of the City since the building is a vital link to the
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historical and cultural heritage of the City; and
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WHEREAS, the City is not able to purchase and operate a
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museum at this site, but understands that if the structure can
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be saved from imminent destruction and the lot used for another
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commercial purpose then the Society for the Preservation of the
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Mosaic Templars Building can provide the funds necessary to
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purchase and renovate the structure and to provide for its
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operation; and
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WHEREAS, the Board has appropriated $150,000 in the 1993
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budget for the purpose of purchasing this property.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
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OF THE CITY OF LITTLE ROCK, ARKANSAS:
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SECTION 1: The City Manager and City Attorney are
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authorized to draft and execute an agreement to purchase the
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Mosaic Templar Building at 9th and Broadway from the Doyle
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Rogers Company pursuant to the following terms and conditions:
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(a) Lots 1 and 12 of the block will be purchased for the
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sum of $110,000 from the Doyle Rogers Company;
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(b) Up to $40,000 will be spent to put a new roof on the
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building and to secure the building from further deterioration;
(c) Lot 11 will be leased by the City for the sum Of
$20,000 per year;
(d) At the end of the fifth year of the lease, the City
agrees to pay $185,000 for the purchase of Lot 11;
(e) If at the end of the fifth year of the lease, the
Society for the Preservation of the Mosaic Templars Building is
not able to pay the costs of renovation and operation of the
building, then the City will refuse to exercise the option to
purchase Lot 11 and will sell Lots 1 and 12 to the Doyle Rogers
Company for the sum of $110,000.
SECTION 2: All laws and parts of laws inconsistent with
the terms of this resolution are hereby repealed to the extent
of such inconsistency.
ADOPTED: December 30, 1992
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ROBBIE . A,� •
CITY CLERK
APPROVED AS TO FORM:
CITY ATTORNEY
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