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RESOLUTION NO. 13,600
3 A RESOLUTION TO APPROVE A FIRST AMENDMENT TO PARKING
4 SPACE RENTAL AGREEMENT; AND, FOR OTHER PURPOSES.
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6 WHEREAS, the City constructed a parking facility in the River Market and has entered into a long
7 term lease with the Central Arkansas Library System (CALS) for certain spaces (the "CALS Lease "); and,
8 WHEREAS, CALS has requested approval of a First Amendment to the CALS Lease in substantially
9 the form presented to this meeting of the Board of Directors; and
10 WHEREAS, the purpose of the proposed First Amendment is to increase the number of renewal
11 terms under the CALS Lease from one (1) renewal term of five (5) years to five (5) renewal terms of five
12 (5) years each.
13 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
14 OF LITTLE ROCK, ARKANSAS:
15 Section 1. The Mayor, City Manager and /or City Clerk are authorized to execute the First
16 Amendment to Parking Space Agreement in substantially the form attached as Exhibit A to this resolution
17 with only such further modifications and changes as shall be necessary and appropriate, upon the
18 recommendation of the City Attorney. The execution of the First Amendment to Parking Space Rental
19 Agreement by the Mayor, City Manager and /or City Clerk shall be deemed to be conclusive approval of
20 the final form of the agreement. Furthermore, the original Parking Space Rental Agreement is hereby in
21 all respects ratified and approved as amended by the First Amendment thereto.
22 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
23 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
24 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
25 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
26 resolution.
27 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
28 with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
29 ADOPTED: November 5, 2012
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ATTEST:
APPROVED:
Mark Stodola, Mayor
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I APPROVED AS TO LEGAL FORM:
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4 Thomas M. Carpenter, lCity Atto n y
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EXHIBIT A
3 FIRST AMENDMENT TO PARKING SPACE RENTAL AGREEMENT
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5 KNOW ALL MEN BY THESE PRESENTS:
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7 THIS FIRST AMENDMENT TO PARKING SPACE RENTAL AGREEMENT (the "First
8 Amendment ") is made and entered into as of the _ day of November, 2012, by and between the
9 CITY OF LITTLE ROCK, ARKANSAS, a municipal corporation, organized and existing under by
10 virtue of the laws of the State of Arkansas, acting by and through its Agent, the CITY
11 ADVERTISING AND PROMOTION COMMISSION OF LITTLE ROCK, ARKANSAS, (jointly
12 referred to as "the Lessor "), and THE CENTRAL ARKANSAS LIBRARY SYSTEM, a body
13 politic and corporate organized and existing under the laws of the State of Arkansas, ( "the
14 Lessee "),
15 WHEREAS, the Lessor and Lessee entered into that certain Parking Space Rental
16 Agreement (the "Original Lease ") as of October 1, 2010 for the purpose of leasing to Lessee one
17 hundred (100) parking spaces in the parking deck owned by the Lessor and located at the corner
18 of Second and Commerce Streets in Little Rock, Arkansas (otherwise known as the "River Market
19 Parking Deck ") (the "Parking Deck "); and
20 WHEREAS, Lessee has requested Lessor's approval of an amendment to the Lease
21 granting to Lessee additional Renewal Terms, as that term is used in Section 4 of the Original
22 Lease; and
23 WHEREAS, Lessor is willing to grant Lessee's request for additional Renewal Terms
24 subject to Lessee's agreement to comply with the terms and conditions of this First Amendment.
25 NOW, THEREFORE,
26 WITNESSETH:
27 That for and in consideration of the reciprocal agreements herein set forth, and Lessee's
28 agreement to comply with the terms and conditions of the Original Lease, as amended hereby,
29 which the Parties hereto acknowledge to be mutually beneficial, and subject to the following terms
30 and conditions, the Lessor and Lessee agree as follows:
31 1. That the provisions of Section 4 of the Original Lease entitled "RENEWAL" are
32 hereby amended, restated and substituted for Section 4 of the Original Lease, as follows:
33 4. RENEWAL: So long as the Lessee is not in default hereunder, Lessor
34 grants to Lessee the right, privilege, and option to extend this Lease for Five (5)
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additional periods of Five (5) years, upon and subject to the terms, provisions, and
conditions of this Lease (the "Renewal Terms "). The Lease shall be automatically
renewable for the Renewal Terms unless Lessee notifies Lessor in writing at least ninety
(90) days before the expiration of the Initial Term of the Lease or the Renewal Term then
in effect, that the Lease will not be renewed by Lessee. The Rent for the Renewal Terms
shall be adjusted, as of the commencement of the Renewal Terms, to the "Current Market
Rate," as defined herein.
"Current Market Rate" is defined as the rate charged for commercial parking in
the parking decks in the downtown area of the City of Little Rock, Arkansas, by Lessor
and by private parking deck operators for monthly parking for market rate contracts, all
as based upon Lessor's periodic survey in connection with each Adjustment Date of
commercial parking rates among downtown garages. Notwithstanding the foregoing, if,
on any Adjustment Date, the Current Market Rate declines below the level of Rent
charged in this Lease, Lessor shall reduce the Rent to the then Current Market Rate. In
any event, Lessor shall not charge a lower rate to other non -hotel and non - governmental
entity users of the Parking Deck who rent fifty (50) or fewer parking spaces.
2. That the terms and conditions of the Original Lease, except to the extent expressly
amended hereby, shall remain in full force and effect from and after the date of this First
Amendment.
IN WITNESS WHEREOF, THE PARTIES HERETO AFFIX THEIR HANDS AND
SEALS THIS DAY OF November, 2012.
LESSOR:
City of Little Rock, Arkansas
By:
ATTEST:
Susan Langley, City Clerk
32 ATTEST:
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Gretchen Hall, Secretary
Bruce T. Moore, City Manager
Little Rock Advertising & Promotion Commission
By:
Philip Tappan, Chair
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LESSEE:
ATTEST:
Linda Bly, Assistant Director
CENTRAL ARKANSAS LIBRARY SYSTEM
By:
Dr. Bobby Roberts, Director
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