3699 RESOLUTION NO. 3,699
A RESOLUTION CONCURRING WITH CERTAIN RECOMMEN-
DATIONS OF THE LITTLE ROCK MUNICIPAL PARKING
AUTHORITY PERTAINING TO THE "CAPITOL PLACE
PARKING GARAGE" PROJECT; AND FOR OTHER PURPOSES.
WHEREAS, the Little Rock Municipal Parking Authority in an
endeavor to bring to fruition the "Capitol Place Parking Garage"
project in downtown Little Rock has submitted to the Board of
Directors for its concurrence recommendations pertaining to the
mechanics of making said project a reality. Specifically, the
Authority presents to the Board of Directors a plan which will at
least enable the project to progress up to and including the taking
of bids for the construction of said project and for the accomplish-
ments of such proposes the following method and procedure:
(A) A contract between Little Rock Municipal Parking
Authority and Capitol Place architects-engineers (joint venture) for
services in the preparation of all the necessary plans, letting of
contracts and supervision for the Capitol Place project. Said
contract provides for a guaranteed consideration of not to exceed
$250,000.00 for such services in the event the said services of the
architects-engineers are not utilized after bids are taken for the
construction of said project.
(B) An advance by the Urban Progress Association, Inc. ,
to the Little Rock Municipal Parking Authority of the sum of
$250,000.00 for the purpose of paying the cost of the architects-
engineering services through and including the taking of bids. The
mentioned funds are to be obtained through a loan made by Commercial
National Bank of Little Rock, Arkansas, Trustee, to Urban Progress
Association, Inc. , as evidenced by a promissory note in said amount
payable in six months and bearing interest at the rate of 6% per
annum.
(C) A Guaranty .Agreement executed by certain persons,
firms and corporations guaranteeing repayment of the note in favor
of Commercial National Bank of Little Rock with each such guarantor
being bound to repay a specific dollar amount of said note. At
present the aggregate sum guaranteed by said Guaranty .agreement
exceeds $400,000.00.
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(D) An agreement by the Little Rock Municipal 'Parking
Authority to pay the principal amount of the said note in favor of
the Commercial National Bank (but excluding interest) if and when
but only if and when Revenue Bonds are sold by the City sufficient
in amount to pay the full project cost of the Capitol Place marking
Garage project.
(E) An agreement between the Little Rock Municipal
Parking Authority and Paul D. Speer and Associates, Inc. , Municipal
Finance Consultants of Chicago, Illinois, whereby the latter will
furnish services in connection with the preparation, marketing and
delivery of the necessary Revenue Bonds to finance the said Parking
Garage project. The consideration provided for such service is a
fee of not to exceed $7, 500.00 in the event the Bonds are not sold
or in the event less in amount than the full project cost are sold.
Provided further, if lass bonds than the full amount of the project
costs are sold due to gifts or grants, then, and in that event, the
fee shall be in an amount equivalent to that percentage of $50,000.00
that the amount of bonds actually sold bears to $8,000,000.00. In
the event Revenue Bonds in the amount of $8,000,000.00 are sold the
fee will be $50,000.00 and if the amount of the Bonds sold covering
actual project cost is less than $8,000,000.00 then the $50,000.00
fee is to be reduced proportionally. The stun of $7, 500.00 has been
advanced to the City personally by Mr. Louis Rosen, Chairman of the
Capitol Place Committee of Urban Progress Association, Inc. , to be
used in paying for said services if Bonds less in amount than the
actual project costs are sold with no reservations or conditions
except that said amount would be returned to the donor if and when
Revenue Bonds in the amount of the actual project costs are sold.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1. The Board of Directors hereby concurs with
the above recited recommendation of the Little Rock Municipal Parking
.Authority and authorizes and directs the said authority to proceed
with entering into the said agreements and plans as expeditiously
as possible.
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SECTION 2. Copies of all documents and agreements
hereinabove mentioned are and shall remain on file in the office
of the City Clerk.
SECTION 3. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: February 6 , 1967
ATTEST: L--I kao—co.s,t,/
APPROVED: /
City Clerk Mayor