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15664ORDINANCE NO. 15,664 1.21 AN ORDINANCE APPROPRIATING CDBG FUNDS FOR THE REPURCHASE OF THE EAST ONE -HALF OF BLOCK 3, ORIGINAL CITY, FROM ALLISON, MOSES AND REDDEN, PURSUANT TO DEED RESTRICTIONS CONTAINED THEREIN. WHEREAS, by warranty deed, the East One -Half of Block 3 of the Original City of Little Rock, was conveyed by the City to Allison, Moses and Redden on March 15, 1987; and WHEREAS, pursuant to said warranty deed, the Grantees agreed to begin construction of a mixed use development within two years or else the title to the real property would automatically revert to the Grantors; and WHEREAS, these conditions have not been met as previously agreed upon. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: SECTION 1: There is hereby appropriated up to $33,394.48 to be paid to Allison, Moses and Redden pursuant to the reversionary clauses in said warranty deed. PASSED: April 4, 1989 CLATT T: APPROV D: ERK JAN CZECH MAYOR FLAYD G. VILLINES, III AP AS RK STODOLA, CITY ATTORNEY � 37