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ORDINANCE NO. 16,102
AN ORDINANCE AMENDING LITTLE ROCK,
ARK., ORDINANCE NOS. 15,026 AND
14,974 FOR PURPOSES OF DEVELOPING A
FINANCING AND OPERATING PLAN;
140DIFYING THE PAYMENT OF BASIC RENT
PURSUANT TO THE LEASE AGREE14ENT
BETWEEN DEMOCENTRE IHMOVEMENT
DISTRICT NO. 1 AND THE CITY OF
LITTLE ROCK, ARKANSAS; AND
DECLARING AN E24ERGENCY.
WHEREAS, a 1984 parking study was accomplished,
demonstrating parking needs in the central business district;
and
WHEREAS, as the City, through the Little Rock Parking
Authority, the Downtown Partnership and Metrocentre Improvement
District supported a good study; and
WHEREAS, the City contributed land and Metrocentre
contributed $100,000 toward the construction of the two parking
decks called for in the 1984 study; and
WHEREAS, the actual deck usage has fallen short of
projected usage which has in turn precipitated a shortfall in
the revenues necessary to meet parking deck operating
expenditures and debt obligations; and
wffEREAS, the City of Little Rock has determined that the
economic well being of the central business district is still
dependent upon adequate parking facilities.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. Paragraph 5(a) of Section 2 of Little Rock,
Ark., Ord. No. 14,974 (October 18, 1985) is hereby amended to
read as follows:
(a) Basic Rent. No rent shall be payable
until commercial operation of the parking
decks has commenced. For the first seven
years after commencement of commercial
operation, Basic Rent shall be $10 per
year. In the eighth year Basic Rent shall
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385
be $f,000. For each year thereafter,
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, 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. The City Manager is directed to work with
Metrocentre Improvement District No. 1 and within the next
twelve months to develop an operation and financing plan for the
parking decks covered by this Lease Agreement that will ensure
retirement of all debt service for the decks by the year 2012.
This operation and financing plan shall address, but not be
limited to, operations, marketing and revenue considerations.
SECTION 4. All laws and parts of laws inconsistent with
this ordinance are hereby repealed to the extent of such
inconsistency.
SECTION 5. Declaring an Emergency. It is found by the Board
of Directors of the City of Little Rock that the successful
operation of parking decks in the downtown area is essential to
the public health, safety and welfare of the citizens and the
continued opportunity for economic vitality of the downtown
area. Without this amendment there may be a technical breach of
the existing Lease Agreement which would be contrary to the
efforts of the City and Metrocentre Improvement District No. 1
to assure that the parking decks operate in a financially sound
condition. An emergency is therefore declared to exist and this
ordinance shall be in full force and effect from and after the
date of its passage.
PASSED: September 17, 1991
ATTEST:
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SECOND ALCM TO THE LEASE AGREE)CM
BETWMM THE CITY OF LITTLE ROCK, ARKANSAS
(LESSOR), AND HETROCENTRE IMPROVEMENT OF
LT19'LE ROCK, ARKANSAS (LESSEE) , AND
ARKANSAS CENTRAL IMPROVEMENT DISTRICT.
WHEREAS, the Lease Agreement entered into pursuant to
Little Rock, Ark., Ordinance No. 14,974 (October 18, 1985)
(°LRON) as amended by LRO No. 15,026 (December 17, 1985), makes
certain requirements for the payment of basic rent; and
WHEREAS, these requirements were based upon projections
for deck usage that have not been realized and which have
resulted in a shortfall in revenues making it difficult to meet
parking deck operation expenditures and debt obligations; and
WHEREAS, Lessor and Lessee have determined that the
economic well being of the central business district is still
dependent in part upon adequate parking facilities.
NOW, THEREFORE, BE IT AMUMD BY THE PARTIES AS FOLWVS:
Paragraph 5 (a) of the Lease Agreement is hereby amended
to read as follows:
(a) Basic Rent. No rent shall be payable
until commercial operation of the parking
deck has commenced. For the first seven
years after commencement of commercial
operation, Basic Rent shall be $10 per
year. In the eighth year Basic Rent shall
be $10,000. For each year thereafter,
basic rent shall be computed as $20,000
per year.
Except for this amendment all other terms and conditions of
this agreement are as set forth in LRO No. 14,974 and LRO No.
15,026.
EXECUTED this day of September, 1991.
05l
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387
CITY OF LITTLE ROCK, AMMNSAS ATTEST:
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