9856A
ORDINANCE NUMBER 9856
AN ORDINANCE REPEALING ORDINANCE 9827 PASSED MAY 25, 1955
AND AUTHORIZING THE MAYOR AND CITY CLERK OF THE CITY OF
LITTLE.ROCK, ARKANSAS TO ENTER INTO A LEASE CONTRACT WITH
THE TERMINAL WAREHOUSE FOR A PORTION OF WATER STREET IN
POPEIS ADDITION, DESCRIBED AS FOLLOWS:. BOUNDED.ON THE,
NORTH BY THE ARKANSAS RIVER, BOUNDED ON THE WEST BY.THE
BAST LINE OF BLOCK 1, POPE'S ADDITION TO TAE CITY.OF.
LITTLE ROCK EXTENDED NORTH TO THE ARKANSAS RIVER, BOUNDER
ON THE EAST BY THE EAST LINE OF BLOCK 2, POPE'S ADDITION,
EXTENDED NORTH TO THE ARKANSAS RIVER, AND ON THE SOUTH BY
THE MISSOURI PACIFIC RAILWAY COMPANY RIGHT OF WAY, ALL IN
THE CITY OF LITTLE ROCK, PULASKI COUNTY, ARKANSAS, SAID
PROPERTY TO BE USED ONLY FOR AUTOMOBILE PARKING; AND FOR
OTHER PURPOSES.
WHEREAS, a portion of Water Street in Pope's Addition
to the City of Little Rock, Arkansas, described as follows:
Bounded on the North by the Arkansas River,
bounded on the West by the East line of Block 1,
Pope's Addition to the City of Little Rock extended
North to the Arkansas River, bounded,on the East by
the East line of Block 2, Pope's Addition, extended
North to the Arkansas River, and on the South by
the Missouri Pacific Railway Company right of way,
is not for the time being required for use by the public as
a street or by the City for governmental or corporate purposes,
and,
WHEREAS, the Terminal Warehouse Company has offered to
make such improvements on said land as will make it desirable
for automobile parking, provided it secures a lease on the
terms and conditions hereinafter set forth, and,
WHEREAS, additional provisions for off-street parking
facilities within the City of Little Rock is desirable and
the City does not, at this time, have funds available to
erect such facilities, and such additional facilities will
be beneficial to the public and in the public interest;
NON9 THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. The City Council finds and determines that
the portion of Water Street, in Pope''s Addition to the
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City of Little Rock, Arkansas, described above, and in the
proposed lease agreement hereinafter set forth, is not,
for the time being, required for use by the public as a
street or by the City for its corporate or governmental
purposes; that the Terminal Warehouse Company has offered
to make such improvements on said land as will make it
desirable for automobile parking, provided it secures a
lease as hereinafter provided.
Section 2. That the Mayor and City Clerk of the City
of Little Rock be and they are hereby authorized and directed
to execute and deliver a lease contract to the Terminal
Warehouse, a copy of said contract being in words and figures
as follows:
LEASE CONTRACT
THIS LEASE CONTRACT, entered into this day of
19550 by and between the Cite oo ittle
Rocks r ansas, acting through its Mayor and its City Clerk,
who are duly authorized to act, by virtue of Ordinance. No.
passed by the City Council of the City of Little
Rock on , 1955, on behalf of said City (hereinafter
designate as =essor "), and Terminal Warehouse Company, a
corporation organized under the laws of the State of Arkansas,
acting through its President duly authorized to act (herein.
after designated as "Lessee"),
WITNESSETH:
For and in consideration of the sum of money herein-
after agreed to be paid, and the covenants and conditions
hereinafter agreed to be performed by both parties, the
City of Little Rock, Lessor, does hereby let and lease unto
Terminal Warehouse Company, a corporation organized and
existing under the laws of the State of Arkansas, as Lessee,
the following described property, to-wit:
A portion of Water Street described as follows:
Bounded on the North by the Arkansas River,
bounded on the West by the East line of Block 10
Popets Addition to the City of Little Rock ex-
tended North to the Arkansas River, bounded on
the East by the East line of Block 2, Popets
Addition, extended North to the Arkansas River,
and on the South by the Missouri Pacific Railway
Company right of way;
upon the following terms and conditions:
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1. The term of this lease shall be for a period of
ten (10) years, at a rental of Fifty Dollars ($50.00) per
month payable monthly in advance on or before the 15th day
of each month during the term of this lease.
2. As part of the consideration for this lease, the
Lessee covenants and agrees as follows:
(a) That it will improve the property herein
described by grading, leveling and paving, and constructing
retaining walls, at an expense of approximately Ten Thousand
Dollars ($10,000.00).
(b) That it will use the premises only as a park-
ing lot for public parking at a rental to be specified by it.
(c) In the event the City as Lessor, needs the
property conveyed by this lease for governmental or corpor-
ate purposes, the Lessee will surrender this lease and convey
its interest therein to the Lessor at any time upon sixty
(60) days' written notice and payment by the Lessor as follows:
The purchase price of the lease shall be at the following
ereentages of the original cost of the improvements, or
10,000.00, whichever sum is the lesser; 100% if purchased
within the first year of the term of this lease, 90% if pur-
chased within the second year of the term, 80% if purchased
within the third year of the term, 70% if purchased within
the fourth year of the term, 60% if purchased within the
fifth year of the term, 50% if purchased within the sixth
year of the term, 40% if purchased within the seventh year of
the term, 30% if purchased within the eighth year of the term,
20% if purchased within the ninth year of the term, 10% if
purchased within the tenth year of the term, and after the
lease has been in force for ten (10) years the Lessee may
cancel the lease without cost if it needs the property for
its governmental or corporate purposes. The term "govern-
mental or corporate purposes" as used herein shall.not include
the operation of the property as a commercial public parking
lot or the leasing of the property to other parties for that
purpose.
(d) If the improvements to be placed on the prop.
erty are materially damaged by high water, flood, earthquake
or other acts of God, the Lessee may at any time within
sixty (60) days after such damage, elect to terminate this
Lease by giving written notice to the Board of Public Affairs
and after the date of the notice of termination, the Lessee
shall not be obligated to operate the parking lot.
3. The Lessee shall have the right, upon written
notice given at least sixty (60) days prior to the termi•
nation of the original lease to_the Board of Public Affairs
of the City of Little Rock, to renew this lease for an
additional five (5) year term upon the same terms and con-
ditions except that the rental for such additional five (5)
year period shall be at the rate of One Hundred Dollars
($100.00)per month.
4. Upon the termination of this lease, all improvements
on the property shall revert to the City of Little Rock and
the Lessee shall not be obligated to restore the premises
to its present condition at the termination of the lease.
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5. Lessor shall not be called upon for any expense of
any kind in connection with the upkeep and maintenance of
the above described property during the term of the lease.
6. The Lessor covenants and warrants to the Lessee
that it has the legal right to lease the property described
herein, and if the Lessee shall pay the rent as herein pro-
vided and shall keep, observe and perform all the other
sovenants of this lease, that the said Lessee shall and may
peaceably and quietly have, hold and enjoy the use of said
premises for the term aforesaid subject only to the Lessor :s
right to terminate the lease as hereinabove provided.
IN WITNESS WHEREOF, the parties hereto have caused this
lease to be executed in duplicate under their respective
seals in Little Rock, Arkansas, this day of ,
1955.
CITY OF LITTLE ROCK., ARKANSAS
By
mayor
City Clerk
LESSOR
TERMINAL WAREHOUSE COMPANY
By
e8 on
LESSEE
Section 3. Ordinance enacted by the City Council of
Little Rock, Number 9827, on May 25, 1955, is hereby re-
pealed.
Section 4. Because of the fact that there is urgent
need for off- street parking facilities in the City of Little
Rock, it is hereby ascertained and declared that this ordi.
nance is necessary for the public safety and the matter of
immediate public convenience, and it is therefore ascertained
and declared that an emergency exists, and this ordinance
shall be in full force and effect immediately from and after
the date of its passage, and that all ordinances and parts
of ordinances in conflict herewith be and the same are hereby
repealed.
PASSED: June 27, , 1955
ATTEST: _ yy,l� vww
City Cl eT 5-
APPROVED: / —
Mayor