98740 •
I RESOLUTION NO. 9,874 754
2 A RESOLUTION TO AMEND AN ASSIGNMENT OF RIGHT
3 TO TAKE TITLE TO THE KRAMER SCHOOL PROPERTY;
4 AND FOR OTHER PURPOSES.
5 WHEREAS, the City of Little Rock, pursuant to Resolution No. 9575 authorized the Mayor
6 and the City Clerk to execute a Deed in a form acceptable to the City Attorney to convey the Kramer
School (the 'Property ") to Historic Investment Solutions Team, LLC ( "HIST "); and
7 WHEREAS, HIST later assigned its right to purchase the Property from the City of Little Rock
8 to Kramer School Artloft Limited Partnership ( "KSALP "), a limited partnership formed solely for the
9 purpose of conducting rehabilitation activities to the Kramer School, and the subsequent operation of the
Property upon completion of the rehabilitation activities; and
10 WHEREAS, KSALP has applied for non -profit status which application is pending, in order to
11 avail itself of favorable tax consideration upon taking title to the property; and
12 WHEREAS, in the event that its nonprofit status has not been approved prior to the closing,
KSLAP desires to reserve the right to have the property deeded at closing to either KSALP, the
13 Downtown Little Rock Community Development Corporation ( "LRCDC "), or Kramer School
14 Management Corporation ( "KSMC "), all integral players in the development of the Property.
15 NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF LITTLE ROCK, ARKANSAS:
16 SECTION 1. That the Mayor and the City Clerk are authorized to execute a Deed in a form
17 acceptable to the City Attorney to convey the Property to either the KSALP, or the DLRCDC, or the
18 KSMC, pursuant to the terms and conditions set forth in Resolution No. 9575.
ADOPTED: December 17, 1996
19 1 ATTEST: APPROVED:
20
21 - ,1,..
ROBBIE HANCOCK
22 CITY CLERK
23
2411 APPROVED AS TO FORM:
25 11/7./, s;,w,_,,,,, hO,
26 11 THOMAS M. CAR
27 CITY ATTORNEY
9
JI AILEY
MAYOR