16514• INANCE NO.
16,514 •
615
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2 AN ORDINANCE AMENDING LITTLE ROCK, ARKANSAS
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4 ORDINANCE NOS. 16,102, 15,026 AND 14,974 FOR PURPOSES OF
5 MODIFYING THE PAYMENT OF BASIC RENT PURSUANT TO THE
6 LEASE AGREEMENT BETWEEN METROCENTRE IMPROVEMENT
7 DISTRICT NO. 1 AND THE CITY OF LITTLE ROCK, ARKANSAS;
8 AND FOR OTHER PURPOSES.
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11 WHEREAS, a 1984 parking study was accomplished demonstrating parking needs
12 in the central business district; and
13 WHEREAS, the City, through the Little Rock Parking Authority, the Downtown
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Partnership and Metrocentre Improvement District supported the study; and
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16 WHEREAS, the City contributed land worth $500,000 and Metrocentre
17 contributed $500,000 toward the construction of the two parking decks called for in the
18 1984 study; and
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20 WHEREAS, the actual deck usage has fallen short of projected usage which has
21 in turn precipitated a shortfall in the revenues necessary to meet parking deck operating
22 expenditures and debt obligations; and
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24 WHEREAS, the City of Little Rock has determined that the economic well being
25 of the central business district is still dependent upon adequate parking facilities.
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27 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
28 THE CITY OF LITTLE ROCK, ARKANSAS:
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30 SECTION 1. Paragraph 5(a) of Section 2 of Little Rock, Ark., Ord. No. 14,974
31 (October 18, 1985), as amended by Ord. No. 16,102 (September 17, 1991), is hereby
32 amended to read as follows:
33 (a) Basic Rent. No rent shall be payable until commercial
34 operation of the parking decks has commenced. For the
35 first ten years after commencement of commercial
operation, Basic Rent shall be $10 per year. In the eleventh
36 year Basic Rent shall be $10,000. For each year thereafter,
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Basic Rent shall be computed as $20,000 per year.
Except as amended hereby the terms of the Lease
Agreement set forth in Section 2 of LRO No. 14,974, as
amended by LRO No. 15,026 and 16,102, are as set forth
therein.
SECTION 2. The Mayor and City Clerk are hereby authorized to execute an
amendment to the lease agreement as set forth herein and deliver the same to
Metrocentre for its execution.
SECTION 3. All laws and parts of laws inconsistent with this ordinance are
hereby repealed to the extent of such inconsistency.
PASSED: October 19, 1993
ATTEST:
OF f n /
Oi
APPROVED AS TO FORM:
THOMAS M. UARPENTER %J
CITY ATTORNEY
APPROVED:
W1, MEN /
616