15993� � 3
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2 ORDINANCE NO. 15,993
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4 AN ORDINANCE AUTHORIZING THE EXECUTION OF A
5 CONTRACT FOR A FINANCIAL FEASIBILITY STUDY OF
6 THE PROPOSED DIAMOND PROJECT; APPROPRIATING
7 FUNDS; DECLARING AN EMERGENCY; AND FOR OTHER
8 PURPOSES.
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10 WHEREAS, Project 2000, a nonprofit development corporation,
11 has recommended to the City a multifaceted events and cultural
12 resources project, commonly referred to as the Diamond Project, and
13 WHEREAS, the recommended Diamond Project could have a major
14 impact on the City, on its public facilities including those for
15 tourism and conventions, and could produce other economic benefits
16 to the City, and
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WHEREAS, certain public agencies which are supported by the
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City would relocate to the new Diamond facilities, and the City's
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Advertising and Promotion Commission would oversee the operation of
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many of the new or expanded facilities,
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22 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
23 THE CITY OF LITTLE ROCK, ARKANSAS;
24 SECTION 1. The Board hereby finds that a financial
25 feasibility study of the recommended project would aid its
26 determination of the costs and benefits to the City associated with
27 the project, and would provide information vital to its decision to
28 levy the tax recommended by Project 2000 to finance the project and
29 to refer the matter to the electorate.
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SECTION 2. The City Manager is hereby authorized to enter
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into a contract with Deloitte & Touche to conduct the financial
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feasibility study at a cost not to exceed One Hundred and Twenty
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Thousand Dollars ($120,000) to be completed by March 8, 1991.
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SECTION 3. *There is hereby appropriated • ed the sum of prfe
Hundred and Twenty Thousand Dollars from the Economic Development
Fund, such appropriation to be used for the financial feasibility
study contract.
SECTION 4. It is imperative that the financial feasibility
study be completed as soon as possible, so that the Board may reach
a decision on the levy of the tax to finance the project and refer
the matter to the electorate. The proposed project, if undertaken,
will provide employment and other benefits to the community,
enhance the City's economic development, tourism and convention
business, and cultural resources, all matters that aid the health,
safety and welfare of the citizens of the City of Little Rock. An
emergency is therefore declared to exist and this ordinance shall
be in full force and effect from the date of its passage.
PASSED: January 9, 1991
ATTEST:
CITY CLERK ROBBIE HANCOCK
APPROVED AS TO FORM:
APPROVED:
MAYOR SHARON PRIEST
W.
TOM CARPENTER, ACTING CITY ATTORNEY
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