6349 RESOLUTION NO. 6 , 349
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ENTER INTO A LEASE AGREEMENT ON BEHALF
OF THE CITY WITH LITTLE ROCK UNLIMITED
PROGRESS TO LEASE CERTAIN REAL PROPERTY
LOCATED BETWEEN SECOND AND THIRD AND
MAIN AND SCOTT STREETS; AND FOR OTHER
PURPOSES.
WHEREAS, an agreement has been prepared which sets
forth the terms of a lease for certain real property located
between Second and Third and Main and Scott Streets in the
City of Little Rock ; and
WHEREAS, the staff has recommended that the Board of
Directors authorize the City Manager and the Director of
Human Resources to enter into the lease agreement with
Little Rock Unlimited Progress.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS :
SECTION 1 . The City Manager and the Director of Human
Resources are hereby authorized to enter into a lease
agreement with Little Rock Unlimited Progress for the lease
of certain real property located between Second and Third
and Main and Scott Streets in the City of Little Rock. A
copy of said lease agreement is attached hereto as Exhibit A
and is hereby made a part hereof.
SECTION 2. This resolution shall be in full force and
effect from and after its adoption and approval .
ADOPTED: June 3 , 1980
ATTEST: , APPROVED: //r -.- VA'///
C i ty Cl Mayo r ,,,
S
J.
AGREEMENT
Agreement made as of the 1st day of January, 1979 , by
and between the City of Little Rock, Arkansas , an
incorporated municipality, and Little Rock Unlimited
Progress , Inc. ( Little Rock UP) , an Arkansas
not-for-profit corporation .
WITNESSETH
WHEREAS , the City has agreed to lease the real property
described below ( the Property) to Little Rock UP, and Little
Rock UP has agreed to ' lease the Property from the City; and
WHEREAS , this Agreement is for the mutual benefit of
the parties thereto , inasmuch as the City and Little Rock UP
have a common goal ; and
WHEREAS , Little Rock UP is engaged in a number of
activities , all of which have the purpose of assisting in
the revitalization of the central part of Little Rock, and
will expend all sums received from subleasing the Property
to assist in the public purposes for which Little Rock UP
was organized .
NOW, therefore , it is mutually agreed as follows :
1 . The City will lease the city block between Second
and Third Streets and between Main and Scott Streets in the
City of Little Rock, Pulaski County, Arkansas , to Little
Rock UP .
2 . Little Rock UP will pay the City $1 . 00 per year on
or before January 1 of each year , and will also pay all.
insurance , past due and current property taxes , maintenance ,
and other expenses in connection therewith . Little Rock UP
shall remit property taxes to the City on a quarterly
basis .
3 . Little Rock UP assumes all risks and liability for
)
injury or damage to persons or property arising during the
term of this agreement from the present or future conditions
of "The Property" and from any other source and agrees to
indemnify and hold the City of Little Rock harmless
{
therefrom.
d �
4 . Little Rock UP agrees to maintain in full force
during the term hereof , a policy of public liability ( bodily
injury) insurance in the minimum amount of $200 , 000 for
injury (or death) to any one person , and , $500 ,000 for
injury (or death ) to more than one person , and a policy of
property damage insurance in the amount of $50 ,000 under
which insurance specified herein Little Rock UP and the City
of Little Rock are both named as insured . A duplicate copy
of each policy with a receipted invoice for paid premiums
shall be furnished the City of Little Rock.
5 . If Little Rock UP shall default in the payment of
taxes as prescribed herein or any covenants undertaken by it
herein , for a period of thirty days next after notice of
such default , the City of Little Rock may declare this
agreement terminated .
6 . Little Rock UP may sublease the Property, but may
not construct any permanent structure thereon without the
prior written consent of the City. This Agreement may not
be assigned without prior written approval by the City of
Little Rock, Arkansas .
7 . This Agreement may be terminated by either party
upon 60 days ' written notice , and upon termination the
Property shall be returned to the City in as good condition
as when received , * ordinary wear and tear excepted .
8 . Little Rock UP will provide the City with
information and assistance with regard to the sale and
development by private individuals of urban renewal parcels
or other public properties , and will assist in locating new
developers .
9 . Little Rock UP will provide the City with
information and assistance with regard to new strategies and
incentive techniques for downtown economic development which
will provide employment for low and moderate income persons ;
it will also continue to seek tenants for available space
downtown, which provide employment and increase the tax
base .
4
10 . Little Rock UP will sponsor the Farmer' s Market
downtown.
11 . Upon request , Little Rock UP will provide the City
with financial statements and profit and loss statements .
12 . Unless sooner terminated , this Agreement will
continue in effect from year to year without any further
agreement by the parties hereto, and the City will not
interfere with the quiet and peaceful possession of the
Property by Little Rock UP .
13 . All notices required or allowed hereunder shall be
deemed to have been given when mailed by first-class mail or
hand delivered to the parties as follows :
Notices to be delivered to Little Rock UP :
Mr. Stering Cockrill
Executive Director
Little Rock Unlimited Progress , Inc .
#5 Main Place
Little Rock, AR 72201
Notices to be delivered to the City of Little Rock:
Mr. Nathaniel Hill , Director
Department of Human Resources
City of Little Rock
City Hall
Little Rock, AR 72201
Agreement dated January 1 , 1979 and signed by the
IIparties hereto on May , 1980 .
CITY OF LITTLE ROCK
By : _
City Manager
ATTEST: By:
Director , Human Resources
City Clerk
LITTLE ROCK UNLIMITED PROGRESS , INC.
By:
Executive Director