9957and
RESOLUTION NO. 9 , 9 5 7
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO
AN AGREEMENT WITH RICHARD STEPHENS AND ASSOCIATES FOR
APPRAISAL SERVICES FOR THE METROCENTRE MALL PARKING
DECK AND THE ASSOCIATED SQUARE BLOCK OF LAND DESCRIBED
AS LOTS 1 -12, BLOCK 3, ORIGINAL CITY OF LITTLE ROCK, PULASKI
COUNTY, ARKANSAS.
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WHEREAS, the land being appraised was purchased through the Urban Renewal Program,
WHEREAS, when the Urban Renewal Program was closed, ownership of the property was
transferred to the City and all program income realized from the program was allocated to the
Community Development Block Grant Program by the Memorandum of Agreement with HUD; and
WHEREAS, the program income from the lease of the property is annually added to the
CDBG entitlement for citizen participation planning; and
WHEREAS, because of HUD restrictions on the property, an appraisal must be conducted
to determine fair market value; and
W11 EREAS, upon sale of the property for fair market value, the lump sum proceeds will
become CDBG program income, which must be used for an eligible CDBG activity and go through
normal citizen participation requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is authorized to enter into an agreement with Richard
Stephens and Associates for appraisal services for the Metrocentre Mall Parking Deck and the
associated square block of land described as Lots 1 -12, Block 3, Original City of Little Rock, Pulaski
County, Arkansas.
SECTION 2. The cost of the appraisal is $4,800 exclusive of court costs. Funding will
be provided from CDBG program income generated by the lease of the property.
SECTION 3. This resolution shall be in full force and effect from and after its adoption.
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ADOPTED: April 15, 1997
ATTEST:
(�2a1. i /
ROBBIE HANCOCK
CITY CLERK
APPROVED AS TO FORM:
42 tt tM to a CA��
THOMAS M. CARPEN ER
CITY ATTORNEY
APPROVED:
n
�!
JW DAILEY
MAYOR
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