13196ORDINANCE NO. 13,196
AN ORDINANCE ASSESSING THE VALUE OF BENE-
FITS TO BE RECEIVED BY THE OWNERS OF EACH
OF THE SEVERAL BLOCKS, LOTS AND PARCELS
OF LAND WITHIN METROCENTRE IMPROVEMENT
DISTRICT NO. 1 OF LITTLE ROCK, ARKANSAS
WHEREAS, a two - thirds majority in value of the property
holders owning property adjoining the locality to be affected
and situated in Metrocentre Improvement District No. 1 of
Little Rock, Arkansas organized for the purpose of constructing,
establishing and operating a shopping mall or malls, sidewalks,
plazas, landscaping, fountains, and such other improvements,
facilities, services and equipment as may be authorized by
Act 162 of the Acts of the General Assembly for the State of
Arkansas for the year 1973, have petitioned the Board of
Directors of the City of Little Rock for the construction of
said improvement, and that the cost thereof shall be assessed
upon the real property of said District according to the bene-
fits received; and
WHEREAS, said benefits received by each and every block,
lot and parcel of real property situated in said District equals
or exceeds the local assessment thereon; and
WHEREAS, the estimated cost of said improvement is $4,585,000
(exclusive of funds to be provided by the City of Little Rock):
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. That the several blocks, lots and parcels of
real property in said Metrocentre Improvement District No. 1
of Little Rock, Arkansas be assessed according to the Assessment
List for said Improvement District as the same now remains in
the office of the City Clerk, and that 3.85% of the assessment
of each of the said blocks, lots and parcels shall be collected
by the County Collector with the first installment of general
taxes becoming due in the year 1977 and annually thereafter;
provided, however, that in years subsequent to 1977 the install-
ment of the annual assessment required to be paid hereunder may
be paid in quarterly installments along with the quarterly in-
stallments of ad valorem taxes, at the election of the taxpayer.
Said annual installments shall continue to be paid until the
whole of said local assessment shall have been paid. Said levy
of 3.85% includes the supplemental annual assessment of .50%
recommended by the Board of Commissioners of said Improvement
District for the purposes of operation, maintenance, repair and
replacement as authorized in the petitions filed requesting
formation of said Improvement District and said Act 162 of 1973.
Section 2. All ordinances and parts of ordinances in con-
flict herewith are repealed, and this Ordinance shall be in
full force and effect from and after its passage.
PASSED: September 7 , 1976.
ATTEST:
I all-
�j
APPROVED
)UqL%6 A aL-_'*�
Assistant Mayor
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