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RESOLUTION NO. 7,448
A RESOLUTION AUTHORIZING THE ENTRY INTO A MEMORANDUM
OF INTENT WITH RESPECT TO PUBLIC PARKING FACILITIES TO
BE CONSTRUCTED IN COOPERATION WITH METROCENTRE
IMPROVEMENT DISTRICT NO. 1 OF THE CITY OF LITTLE ROCK,
ARKANSAS
WHEREAS, the City of Little Rock, Arkansas (the "City "), has
created the Little Rock Municipal Parking Authority (the
"Parking Authority "), which is charged with the overall
responsibility of establishing, operating or causing to be
operated, public off - street automobile parking facilities; and
WHEREAS, the Parking Authority, in cooperation with The
Downtown Partnership and Metrocentre Improvement District No. 1
of the City of Little Rock, Arkansas ( "Metrocentre"), has
employed E. A. Barton & Associates as parking consultants; and
WHEREAS, E. A. Barton & Associates have established the
immediate need for public parking facilities to be located in
the area of Second and Main Streets and Sixth and Scott Streets,
with which conclusion the Parking Authority has concurred; and
WHEREAS, after extensive investigation it is the
recommendation of the Parking Authority that Metrocentre be
requested to construct and operate the parking facilities and
provide the principal financing therefor in conjunction with the
City; and
WHEREAS, in order to proceed with the necessary plans for
the construction and financing of the parking facilities, it is
desirable that the City, the Parking Authority, and Metrocentre
express their formal approval of the concept of the plan
proposed to be implemented;
NOW, THEREFORE BE IT RESOLVED, by the Board of Directors of
the City of Little Rock, Arkansas, as follows:
1. That the Mayor and the City Clerk be authorized to
enter into a Memorandum of Intent with the Parking Authority and
Metrocentre in order to express the intent of the various
parties and to establish the general concept under which a plan
for construction and financing of the needed parking facilities
may be commenced. The Memorandum of Intent shall be in
substantially the following form:
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MEMORANDUM OF INTENT
This Memorandum of Intent entered into this day of
August, 1985, by and among the City of Little Rock, Arkansas
(the "City "), the Little Rock Municipal Parking Authority (the
"Parking Authority "), and Metrocentre Improvement District No. 1
of the City of Little Rock, Arkansas ( "Metrocentre ");
WITNESSETH:
1. The purpose of this Memorandum of Intent is to set
forth, in general, the provisions of a plan for the construction
and financing of public parking facilities for the benefit of
the residents of the City of Little Rock, which parking
facilities shall be constructed at the locations hereinafter
identified, and operated for the benefit of the public, by
Metrocentre. The parties acknowledge that the need for
additional public parking facilities is immediate and undertake
to accomplish the construction and financing at the earliest
practicable time.
2. It is proposed that the City's participation in the
plan will be as follows:
(a) The City will lease to Metrocentre Block Three,
Original City of Little Rock, for such period as shall
hereafter be determined, but generally under such
circumstances as will enable Metrocentre to obtain necessary
financing by the issuance of its general obligation bonds.
(b) The City will provide to Metrocentre funds not to
exceed $500,000 for the purchase of land in Block Seven,
Original City of Little Rock, to secure a site for a parking
deck to be constructed, in general, on the east half of said
block. The land purchased shall ultimately be conveyed to
the City and leased to Metrocentre under the general
conditions set forth in (a) above.
(c) The City will provide with respect to the lease of
Block Three that with its further consent, which will not be
unreasonably withheld, Metrocentre may arrange for the
private development of that portion of Block Three which is
not required for the construction of the parking facilities,
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provided that any funds received by Metrocentre shall be
applied to the cost of the parking facilities constructed on
Block Three, and as may be required by previous commitments
of the City.
(d) Each of the leases shall provide for rentals to be
paid to the City which will reasonably compensate the City
for the benefits provided subject to the requirements of the
financing arrangements.
3. It is proposed that Metrocentre's participation in the
plan will be as follows:
(a) Metrocentre will proceed to amend its Plan of
Improvement to restore the proposed parking facilities
described herein within such amended plan and will proceed
with the acquisition of land, construction and operation of
the facilities, and the obtaining of necessary financing
therefor. The financing shall be under such terms that the
City shall not be obligated in any respect for any future
indebtedness of Metrocentre or any loss with respect to the
operation of the parking facilities.
(b) Metrocentre undertakes that it will construct, at
each location, parking decks for at least 600 automobiles,
and that such construction will commence as soon as
practicable after the financing is completed.
4. The City, through the City Manager and other members of
the professional staff of the City, and the Parking Authority,
as may be designated, will work cooperatively with Metrocentre
and its advisors to develop the definitive documents necessary
to implement the plan as herein expressed. The execution and
delivery of any documents requiring the participation by the
City will be submitted to the Board of Directors for approval
when the terms thereof have been agreed upon and can be
recommended to the Board of Directors by the Parking Authority
and the City Manager.
5. To the extent that it is practicable
is the desire of the City and the Parking
professional consultants who have previously
to assist in the development of parking
Authority be employed by Metrocentre to
implementation of the plan, subject to the
of Metrocentre as to the nature and extent of
are required.
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and reasonable, it
Authority that the
been engaged by it
facilities by the
continue with the
final determination
the services which
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Executed this day of August, 1985.
CITY OF LITTLE ROCK, R NSAS
By: OA -
Mayor
ATTEST:
By:
City Clerk
ATTEST:
By:
Secretary
ATTEST:
By.
Secretary
LITTLE ROCK MUNICIPAL PARKING
AUTHORITY
LM
Chairman
METROCENTRE IMPROVEMENT
DISTRICT NO. 1 OF THE CITY OF
LITTLE ROCK, ARKANSAS
By:
Q�
rman
361
2. An executed copy of the Memorandum of Intent shall be
filed with the City Clerk upon completion.
3. This Resolution shall be effective upon its adoption
and approval.
Passed: August 6, 1985.
ATTEST:
By:
City Clerk Jane Czech
(S E A L)
1217A
APPROVED:
Mayor homas A. Prince
I&W