14490357
ORDINANCE NO. 14,490
AN ORDINANCE ESTABLISHING OLD TOWN CENTRAL
BUSINESS IMPROVEMENT DISTRICT NO. 3 OF THE
CITY OF LITTLE ROCK, ARKANSAS; AND
PRESCRIBING OTHER MATTERS PERTAINING
THERETO.
WHEREAS, parties claiming to be the owners of two -
thirds in assessed value of the property located within the
territory hereinafter described have filed a Petition praying
that a Central Business Improvement District be established for
the purpose hereinafter set out; and
WHEREAS, after due notice as required by law, the Board
of Directors of the City of Little Rock, Arkansas (the "City"),
has heard all parties desiring to be heard and has ascertained
that the Petition is signed by two- thirds in assessed value of the
owners of real property within said territory;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. There is hereby established a Central
Business Improvement District (the "District ") embracing the
following property located within the City:
Pope's Addition Lots 7 through 12, Block 2
and Lot 7 Block 3; Closed 140 Foot by 60 Foot
Part of Sherman Street Between Lot 12, Block
2 and Lot 7, Block 3; All of Block 7; All of
Block 10.
All of Sherman Oaks Horizontal Property
Regime (Originally Platted as Block 15,
Pope's Addition).
Section 2. The District is authorized to accomplish
the following improvements (the "Capital Improvements "):
(a) The clearing of Block 10 of Pope's
Addition to the City of Little Rock, Arkansas
and paving of a parking lot.
(b) The building of brick fences around
all or a part of Block 10 of Pope's Addition
to the City of Little Rock, Arkansas.
(c) The installation of "Old Town"
Period street luminaries around the
M � m M M M M M M M M ® m m m
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perimeter of the parking lot constructed on
Block 10 of Pope's Addition to the City of
Little Rock, Arkansas as well as along the
west side of Sherman Street between Markham
and Second Streets.
Section 3. The benefits to be derived from the Capital
Improvements will be assessed upon the real property in the
District and collected in annual installments to pay the costs of
the Capital Improvements and /or to pay debt service on bonds
issued by the District to finance the Capital Improvements, as
provided by law. Supplemental annual assessments may be levied
from time to time upon the property within the District in order to
provide the necessary funds to provide for operation,
maintenance, repair, security and replacement of the Capital
Improvements.
Section 4. The District is authorized to issue revenue
bonds in accordance with Act No. 403 of 1975, as amended (the same
being Arkansas Statutes Annotated Sections 20 -1625 and following)
( "Act No. 403 "), to make loans to property owners within the
boundaries of the District in accordance with Act No. 403.
Section 5. The District shall be known as Old Town
Central Business Improvement District No. 3 of the City of Little
Rock, Arkansas.
Section 6. Bruce Burrow, Milton E. Gardner, Julia Mae
Larrison, Ernest J. Peters and Robert Stuenkel are hereby named
Commissioners who shall compose the Board of Improvement for the
District.
Section 7. The provisions of this Ordinance are
severable. If any provision hereof should be held to be invalid or
inapplicable to any person or circumstance such holding shall not
affect the validity or applicability of the remainder hereof.
Section 8. This Ordinance shall take effect and be in
force from and after its passage.
358
PASSED AND APPROVED this 2nd day of August
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ATTEST:
ity ClerXIliane Czech
(SEAL)
APPROVED: