4557 RESOLUTION NO. 4,557
A RESOLUTION AUTHORIZING A CONVEYANCE BY THE
CITY OF LITTLE ROCK TO THE ARKANSAS BAR FOUNDATION
OF CERTAIN PROPERTY AND AIR RIGHTS OVER CERTAIN
PROPERTY OWNED BY THE CITY OF LITTLE ROCK IN
EXCHANGE FOR CERTAIN PROPERTY RIGHT'S CONVEYED TO
THE CITY OF LITTLE ROCK AND OWNED BY THE ARKANSAS
BAR FOUNDATION; AND FOR OTHER PURPOSES .
WHEREAS , the City of Little Rock, acting by and through
its Little Rock Municipal Parking Authority, is planning for
immediate construction of an underground vehicular parking
facility on property comprised of Blocks 99 and 100, original
City of Little Rock, together with the alleys in said Blocks
and Spring Street between Markham Street and Garland Street;
and
WHEREAS , the Arkansas Bar Foundation, an Arkansas nonprofit
corporation, is the owner of certain lots within Block 99, original
City of Little Rock and likewise plans the construction of improve-
ments on the surface thereof, a part of which improvements will
be erected over Garland Street at an elevation which will adequately
provide for the free and safe movement of vehicular traffic in
said Garland street; and
WHEREAS , the Arkansas Bar Foundation has agreed to a con-
veyance of the subsurface rights to all of its property in said
Block 99 to the City of Little Rock in consideration of a lease
r
conveyance by the City of Little Rock to the said Bar Foundation
of such air rights over Garland Street as may be needed and here-
after specifically provided for, together with a conveyance by the
City to the Bar Foundation of that ro
p perty platted as the East-
West alley within Block 99, original City but reserving the sub-
surface rights to the said former alley unto the City; and
WHEREAS , the exchange of properties between the City and
the Arkansas Bar Foundation as herein recited is fair, equitable
and mutually advantageous to both the Arkansas Bar Foundation and
the City of Little Rock.
I
TJOW THEREFORE, BE IT RESOLV T) BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1. The Mayor and City Clerk are hereby authorized
and directed, acting for and on behalf of the City of Little Rock,
to execute a lease agreement for a term of 99 years with the
Arkansas Bar Foundation for the air rights over a tract of land
within the right-of-way of Garland Street and immediately North of
Lots 4, 5, and 6, Block 99, original City of Little Rock, more
particularly described as follows:
A tract of land lying entirely within the R-O-W of Garland
Street and immediately North of Lots 4, 5 & 6, Block 99,
Original City of Little Rock, more particularly described
as follows: Beginning at the northeast corner of Lot 4,
Block 99, Original City of Little Rock said point being on
the south R-O-W of Garland Street; thence West 85.0 ' along
said R-O-W and along the north lines of Lots 4, 5 & 6 to a
point which is 35.0 ' east of the west line of Lot 6, said
line also being the east R-O-W of Spring Street; thence
North and parallel to said East R-O-W 50 ' to a point on the
south R-O-W of State Highway #10 (La Harpe Blvd) ; thence
east 85 ' along said Hwy 410 South R-O-W to its point of
intersection with the west R-O-W (extended) of Conway Street;
thence south 45 ' along said extended R-O-W to the point of
beginning, and thereby enclosing by description a Tract of
land containing 4,038 square feet (0.093 acres) . This
conveyance pertains to "Air Rights" above the elevation of
285 (MSL Datum) over the Tract described except that the
Arkansas Bar Foundation shall also have the right to
construct columns, footings, utility lines, and other
structural and mechanical appurtenances below elevation
285 as may be required to support and serve the space
conveyed herein.
SECTION 2. The Mayor and City Clerk, acting for and on
behalf of the City of Little Rock are hereby authorized and
directed to execute a Deed of conveyance to the Arkansas Bar
Foundation of that property situated in Block 99, original City
of Little Rock, originally platted as the East-West alley within
said Block but reserving unto the City of Little Rock the sub-
surface rights in said lands below the elevation of the top
deck of the underground parking facility to be constructed within
said Block 99. The said surface of said top deck shall be the
heighth above mean sea level as plans for such on file in the
office of the City Clerk provide.
SECTION 3, The consideration for the conveyances herein
authorized is the receipt by the City from the Arkansas Bar Foundation
of a 99 year lease agreement in favor of the City of Little Rock to
the subsurface rights to the Bar Foundation property described as
Lots 4, 5, and 6, Block 99, original City of Little Rock and a 99
year lease agreement in favor of the City of Little Rock to the Bar
Foundation property described as a tract of land situated in the
NW corner of Lot 6, Block 99, original City of Little Rock, measuring
35 ' E and W and 20 ' N and S .
SECTION 4. This Resolution shall be in full force and effect
from and after its adoption.
ADOPTED: April 19, 1971
ATTEST: APPROVED: 46°14- G
f..44 ity Cler Mayor