13851 1 RESOLUTION NO. 13,851
2
3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER
4 INTO SUBGRANT AGREEMENTS FOR AN ARKANSAS ECONOMIC
5 DEVELOPMENT COMMISSION ECONOMIC INFRASTRUCTURE
6 FUND (EIF) GRANT; AND FOR OTHER PURPOSES.
7
8 WHEREAS, the Arkansas Economic Development Commission (AEDC) has granted the City of
9 Little Rock an Economic Infrastructure Fund (EIF) Grant for a project with Entergy to bury electric lines
10 in a three (3)-block area downtown to assist with a $58,000,000 economic development project. The
11 lines must be buried or the construction cannot occur. Once the area is rehabilitated with new
12 construction, it will result in additional housing and commercial development, will create will create fifty
13 (50) — sixty (60) new permanent jobs and over 300 construction jobs and spur additional investments to
14 support the enhancement and growth of our downtown and River Market areas; and,
15 WHEREAS, the Board of Directors has determined it is in the best interest of the City and its
16 inhabitants to enter into a subaward agreement with Entergy to bury the wires;
17 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRETORS OF THE CITY
18 OF LITTLE ROCK,ARKANSAS:
19 Section 1. The City Manager, or Assistant City Manager, as a Signatory Agent or the successor of
20 said Agent, is hereby authorized and directed to execute agreements, sub-agreements, and instruments
21 issued or made pursuant to the Economic Infrastructure Fund Grant awarded by AEDC. This shall
22 include matching funds in an amount not less than Forty-Eight Thousand, Five Hundred Dollars
23 ($48,500.00)which will be provided by the private developers.
24 Section 2. The City hereby pledges its full support for the project and authorizes the City Manager to
25 initiate the actions needed to fully implement this project.
26 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
27 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
28 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
29 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
30 resolution.
31 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
32 with the provisions of this resolution, are hereby repealed to the extent of the inconsistency.
33 Section 5. This resolution will be in full force and effect from and after the date of its adoption.
[Page 1 of 2]
1 ADOPTED: March 4,2014
2 ATTEST: APPROVED:
0 4 fr h
5 `Susa y,City Clerk Mark Stodola, . or
6 APPR AS TO LEGAL FORM:
8 PliC"'") U/I• 614L.i?,
9 Thomas M. Carpenter;City At''o ne�y
10 // v
11 //
12 //
13 //
14 //
15 //
16 //
17 //
18 //
19 //
20 //
21 //
22 //
23 //
24 //
25 //
26 //
27 //
28 //
29 //
30 //
31 //
32 //
33 //
34 //
[Page 2 of 21