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111241 2 3 4 5 6 7 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 9 0 RESOLUTION NO. 11,124 A RESOLUTION AUTHORIZING AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE A 30 YEAR RENEWAL BEGINNING IN 2019 TO A LEASE AGREEMENT DATED JUNE 11, 059 BETWEEN THE CITY OF LITTLE ROCK AND THE EAST ROOSEVELT SHOPPING CENTER LLC, ASSIGNEES OF PRIOR LESSEE EAST 26TH STREET DEVELOPMENT CORPORATION; MAKING CERTAIN AMENDMENTS THERETO; CONSENTING TO THE LATEST LEASE ASSIGNMENTS; AND FOR OTHER PURPOSES. WHEREAS, the City of Little Rock (Lessor) and the East 26th Street Development Corporation (Lessee) entered into a land only lease for property located at 1100 East Roosevelt Road now used as a shopping center (tenants Kroger and Family Dollar Store ) on June 11, 1959; said lease to expire in December, 2019; and WHEREAS, the lessee assigned the lease, the most recent assignee being the East Roosevelt Shopping Center, LLC; and WHEREAS, lessee desires a 30 year extension of said lease prior to making improvements to buildings on the premises; and WHEREAS, the improvements will benefit both lessor and lessee as it will likely increase gross sales, and 1/4 of I% of gross sales over $4,000,000 is remitted to lessor as additional rent, such rent currently used for the operation of Oakland - Fraternal Cemetery. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: SECTION 1. The Mayor and City Clerk are hereby authorized and directed to enter into and execute the attached amendment and renewal of said lease agreement for an additional 30 years, beginning in 2019, with the East Roosevelt Shopping Center, LLC; such extension for the use and benefit of Oakland- Fraternal Cemetery. 9 0 1 2 SECTION 2. The City consents to the assignment of the Lease from W.S. 3 Sherman, Ruby S. McCaskill and Sam Strauss, Jr., Trustee for Steven Strauss, Sam 4 Strauss, IlI and Susan Strauss to East Roosevelt Shopping Center, L.L.C., and consents 5 to the assignment by Ruby McCaskill of her interest to Bruce Thalheimer and Lee 6 Thalheimer. The Mayor and City Clerk are authorized to execute the attached document 7 entitled "Consent of Lessor to Assignment of Lease." 8 9 ADOPTED: September 18, 1001 10 I1 ATTEST: 12 13 N CY WOOD 14 C TY CLERK 15 16 ZkLO-x-- VED AS TO FORM: 17 14 . 18 THOMAS M. CARPEN 19 CITY ATTORNEY 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 APPROVED: (;�P&L" J 1DAILEY MAYOR