5443- . .. I
005
ORDINANCE N0. 5443
AN ORDINANCE AUTHORIZING THE BOARD OF PUBLIC AFFAIRS TO ENTER
INTO A CONTRACT FOR THE PURPOSE OF LEASING TO SOUTHWEST HOTELS, INC.
THE PORTION OF LOUISIANA STREET EXTENDING BETWEEN THE MISSOURI
PACIFIC RAILROAD RIGHT -OF -WAY ON THE NORTH AND BRIDGE STREET
(FORMERLY KNOWN AS ELM STREET) ON THE SOUTH.
WHEREAS, that portion of Louisiana Street in the City
of Little Rock that is bounded by the right -of -way of the Missouri
Pacific Railroad on the North and Bridge Street (formerly known as
Elm Street) on the South is not usable as a public right -of -way or for
any other public purpose, in view of the fact that said portion
of said street has no outlet at the North and is of too small an area
to be utilized for any public purpose; and
WHEREAS, Southwest Hotels, Inc., has agreed to lease the
said property from the City of Little Rock; and
WHEREAS, the terms of the said lease have been agreed upon
and reduced to writing, and the City of Little Rock desires on its
part to carry out and fulfill this agreement with Southwest Hotels,
Inc.
NOW, THEREFORE, be it ordained by the City Council of the
City of Little Rock, Arkansas:
Section 1. That the Board of Public Affairs of the City
of Little Rock is hereby authorized and directed to execute and
deliver the lease contract, hereinafter set forth, which is in words
and figures as follows:
LEASE CONTRACT
THIS lease contract entered into this day of
,1937, by and between the City of Little Rock,
Arkansas, acting by and through its Board of Public Affairs, who
are duly authorized to act on behalf of said city, hereinafter
designated as Lessor, and Southwest Hotels, Inc., a corporation
duly qualified and acting through its President and Secretary, duly
authorized so to act, hereinafter designated as Lessee;
C i �
W I T N E S S E T H:
WHEREAS, Lessor is the owner in fee of that section of
Louisiana Street in said City that extends between the Missouri
Pacific Railroad right -of -way on the North and Bridge Street
(formerly known as Elm Street) on the South; and
WHEREAS, Lessee is desirous of leasing said described
property; and
AREAS, the said described property is not at the
present time used for any public purpose, it being impossible
for said section of said street to be used as a public right -of -way,
due to the fact that it has no outlet at the North and thereof
and due to the further fact that it is of too small an area to
be utilized for any public purpose; and
WHEREAS, the Lessee is the owner of the reaity located upon
each side of the said described property, and said lessee is desirous
of using said location for the construction of certain improvements
which will be beneficial to the prople of the city, in that said
construction will involve a purchase of considerable materials
and labor, this lease contract is hereby entered into upon the following
terms and conditions, to wit:
IT IS MUTUALLY AGREED AND UNDERSTOOD between the parties
hereto that this lease agreement is to begin the first day of May,
1937, and it is contracted that this lease is to be for a period
of twenty -five (25) years from said date, at which time this lease is
to expire. It is agreed that the lessee is to pay as rental for
the use of the said premises the sum of Twenty Five Dollars ($25.00)
per year, payable in advance on or before the 10th day of May of each
year of the stated twenty -five (25) year period. As further considera-
tion for the execution of this agreement by the lessor, the lessee does
hereby agree and bind itself to turn over to the lessor at the
expiration of the term of this lease all improvements made upon
said property during the pendency of said lease, whether said
improvements may be temporary or permanent in nature. As further
consideration for the execution of this agreement, the lessee does
r
hereby agree to construct a monumental fountain on the South wall
of the improvement to be constructed upon the said premises; it
being understood that the lessor is to furnish water for and
operate said fountain.
It is agreed by the parties hereto that the lessee shall
have complete control of the said described premises during the
life of this contract, and that no liability for injuries to person
or property shall accrue to the lessor turough the use of this
property by the lessee during and pending the life of this agreement.
In witness whereof the parties hereinabove named have
caused this lease to be executed in duplicate under their respective
seals, in Little Rock, Arkansas, this day of
CITY OF LITTLE ROCK, LESSOR
BY
Member Board of Pu lie airs
BY
Member Board of Public Af ai-r s
Vii4
Member Board of Public Affairs
SOUTHWEST HOTELS, INC., LESSEE
BY
President
By
Secretary
Section 2. Because of tue fact that the moneys thereby
spent in making improvements by Southwest Hotels, Inc. would be of
great benefit to the people of the City of Little Rock and would be
beneficial teat this money be spent at the present time, it is here-
by ascertained and declared that this ordinance is necessary for the
preservation of 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 force and effect
immediately from and after the date of its passage, and that all
ordinances and parts of ordinances in conflict herewith and the same
are hereby repealed.
Passed: April 12, 1937
Attest:
•
ity Clerk
Approved; /
Layor