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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
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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."
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9 ADOPTED: September 18, 1001
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I1 ATTEST:
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13 N CY WOOD
14 C TY CLERK
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16 ZkLO-x-- VED AS TO FORM:
17 14 .
18 THOMAS M. CARPEN
19 CITY ATTORNEY
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APPROVED:
(;�P&L"
J 1DAILEY
MAYOR