7255r m mb i M MR,
RESOLUTION NO. 7,255
M M M M M
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO UTILIZE THE CITY'S POWER OF EMINENT
DOMAIN, IF NECESSARY, TO ACQUIRE THE EAST
HALF OF BLOCK 7, ORIGINAL CITY OF
LITTLE ROCK FOR A 650+ SPACE PARKING DECK.
41
WHEREAS, The City of Little Rock has filed an Urban Development Action Grant
Application in partnership with Main Street Ventures, Inc, for $2.5 million, to
be used for a loan to the developer ($600,000) and seed money ($1.9 million) to
assist in the construction of a 650+ space parking deck to be attached to the
$11.7 million restoration of the Main Street Market; and
WHEREAS, The City of Little Rock has received a Metrocentre Improvement
District inducement resolution for the issuance of $2.1 million in revenue bonds
to complete the deck; and
WHEREAS, The United States Department of Housing and Urban Development
requires that the City show evidence that it either owns the property or has
options on the property or is willing to utilize its power of eminent domain to
acquire said property prior to the September approval of the Urban Development
Action Grant; and
WHEREAS, The City does not have adequate time to negotiate the option or
purchase of said property prior to the final submission date established by HUD;
and
WHEREAS, this condemnation procedure will comply with all applicable
provisions of the Uniform Relocation Assistance and Real Property Acquisition
Policies Act of 1970 (Public Law 91 -646), and will not be exercised unless an
Urban Development Action Grant is approved.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS:
The City Manager is hereby authorized, subject to compliance with the
Federal Uniform Act, and only upon approval of an Urban Development Action Grant,
to proceed with eminent domain procedures to acquire said property to be used for
a parking deck in conjunction with the proposed Main Street Market.
ADOPTED: September 4, 1984
ATTEST:
y Clerk -jape Czech
APPROVED: -'
Vac ayor ,A'ra Jones
2 7