HomeMy WebLinkAbout15111 RESOLUTION NO. 15,111
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3 A RESOLUTION TO APPROPRIATE UP TO TWO MILLION, EIGHT
4 HUNDRED THOUSAND DOLLARS ($2,800,000.00) FROM THE CITY'S
5 3/8-CENT CAPITAL SALES AND COMPENSATING USE TAX
6 PROCEEDS TO THE CENTRAL ARKANSAS TECHNOLOGY PARK
7 AUTHORITY; AND FOR OTHER PURPOSES.
8
9 WHEREAS,pursuant to Section 6(a)of Little Rock, Ark., Resolution No. 13,343 (July 11,2011),the
10 City indicated that it would set aside up to Twenty-Two Million Dollars($22,000,000.00) in proceeds for
I I economic development, and specifically for the development of a technology park; and,
12 WHEREAS, the Executive Director of the Central Arkansas Technology Park Authority, which
13 operates as the Little Rock Technology Park has requested funding to further the process of development
14 of the technology park; and,
15 WHEREAS, there is a desire that the City appropriate the proceeds to date, less the distribution of
16 Eleven Million, Nine Hundred Seventy-One Thousand, Seven Hundred Ninety-One Dollars
17 ($11,971,791.00)for LRTP,previously appropriated by Little Rock, Ark., Resolution No. 14,166(July 21,
18 2015), Little Rock, Ark., Resolution No. 14,508 (February 21, 2017), Little Rock, Ark., Resolution No.
19 14,668(November 21,2017), and Little Rock,Ark., Resolution No. 14,901 (December 3,2018),so that it
20 can proceed with various activities including,but not limited to,further development of the technology park
21 facilities.
22 NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
23 OF LITTLE ROCK,ARKANSAS:
24 Section 1. The City appropriates the sum of One Million, Eight Hundred Thousand Dollars
25 ($1,800,000.00)for the Little Rock Technology Park,to be paid at this time, from the proceeds of the 3/8-
26 Cent Capital Sales and Compensating Use Tax,Activity No. TS I0A02.
27 Section 2. The City appropriates the sum of up to One Million Dollars($1,000,000.00) for the Little
28 Rock Technology Park,to be paid no later than March 31,2020,from the proceeds of the 3/8-Cent Capital
29 Sales and Compensating Use Tax after all 2019 Tax Receipts are received and accounted for by the City,
30 Activity No.TS I0A02.
31 Section 3.Severability. In the event any section, paragraph, item, sentence, clause, phrase or word of
32 this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or adjudication
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1 shall not affect the remaining portions of the resolution which shall remain in full force and effect as if the
2 portion so declared or adjudged invalid or unconstitutional were not originally part of this resolution.
3 Section 4. Repealer. All laws,ordinances, resolutions, or parts of the same that are inconsistent with
4 the provisions of this resolution are hereby repealed to the extent of such inconsistency.
5 ADOPTED: ember 19,2019
6 A lk APPROVED:
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9
:usan T v Clerk Frank Scott,Jr.,t or
10 APPR LEGAL FORM:
11 /, -� �
12 4 `j %/ 1 y/,/////A
13 Thomas M.Carpen of r,'City A orney
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