11528•
I RESOLUTION NO. 11,528
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06/25/2083 6.38 20030344 18 6 AM
Filed 8 Recorded in
Official Records of
CNRULYN STALEY
PULASKI COUNTY
CMIWOUNTY CLERK
Fees $11.88
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3 A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER
4 INTO A CONTRACT FOR SALE OF CITY PROPERTY LOCATED
5 AT 510 MAIN STREET, KNOWN AS THE FORMER M.M. COHN
6 BUILDING; AND FOR OTHER PURPOSES.
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8 WHEREAS, the City of Little Rock competitively selected Dickson Flake Partners, Inc.
9 ( "DFP ") to market and sell a building at 510 Main Street, known as the former M.M. Cohn building,
10 and
11 WHEREAS, DFP sought proposals for redevelopment of the building according to
12 established criteria and, after its evaluation, determined that the proposal submitted by L.L.P., LLC
13 was the more ambitious and positive proposal and therefore recommended it to the City Manager
14 and Board of Directors, and
15 WHEREAS, L.P.P., LLC desires to purchase the above - described real property owned by
16 the City of Little Rock, Arkansas (the "City "), and
17 WHEREAS, L.P.P., LLC has made an offer in the sum of One Hundred Seventy -Five
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Thousand Dollars ($175,000.00) for the property, and
WHEREAS, the amount to be realized from the sale of the property will be an
enhancement to the City budget, and
WHEREAS, the Little Rock Board of Directors finds that the proposed sale to the
purchaser will help to secure and develop commerce in the central business district of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK:
Section 1. The City Manager is authorized to enter into a contract with L.L.P., LLC for
sale of the property at 512 Main Street, Little Rock, Arkansas, having a legal description as set
forth below in Section 2 for the purchase price of One Hundred and Seventy -Five ThgnR5�d " ° ° 4°.°
Dollars ($175,000.00) paid to the City of Little Rock. The contract for sale shall
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upon satisfactory completion by L.L.P., LLC of the following performance benchmarks: (1)
2 Within sixty (60) days of the date of acceptance of the offer for sale, submission of schematic
3 drawings for redevelopment and submission of evidence of adequate financing for building
4 acquisition; and (2) Within ninety (90) days of acceptance of the offer for sale, submission of
5 evidence of preliminary project financing commitment.
6 Section 2. The property is described as Lot 10 and the South 40 feet of Lot 11, Block 74,
7 Original City of Little Rock, Pulaski County, State of Arkansas.
8 Section 3. Severability. In the event any section, subsection, subdivision, paragraph,
9 subparagraph, item, sentence, clause, phrase, or word of this resolution is declared or adjudged to be
10 invalid or unconstitutional, such declaration or adjudication shall not affect the remaining portions
11 of this resolution, which shall remain in full force and effect as if the portion so declared or adjudged
12 invalid or unconstitutional were not originally a part of this resolution.
13 Section 4. Repealer. All laws, ordinances, resolutions, policies, or parts of any such
14 material, in conflict with the provisions of this resolution are hereby repealed to the extent of such
15 inconsistency.
16 Section 5. This Resolution shall be in full force and effect from the date of its adoption.
17 ADOPTED: June 3, 2003
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19 ATTEST:
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22 Nat Wood, City Clerk
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25 APPROVED AS TO LEGAL FORM:
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29 Thomas M. Carpenter, City Attorney
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APPROVED:
Jim ley, Mayor
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