HomeMy WebLinkAbout13571 1 RESOLUTION NO. 15,371
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3 A RESOLUTION TO APPROPRIATE UP TO TWO MILLION, NINE
4 HUNDRED THOUSAND DOLLARS (52,900,000.00) 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
11 economic development, and specifically for the development of a Technology Park; and,
12 WHEREAS, the Executive Director of the Central Arkansas Technology Park Authority (CATPA),
13 which operates as the Little Rock Technology Park(LRTP)has requested funding to further the process of
14 development of the Technology Park; and,
15 WHEREAS, there is a desire that the City appropriate the proceeds to date, less the distribution of
16 Fourteen Million, Eight Hundred Twenty-One Thousand, Two Hundred Ninety-One Dollars
17 ($14,821,291.00)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), Little Rock, Ark., Resolution No. 14,901 (December 3, 2018) and Little
20 Rock, Ark., Resolution No. 15,111 (November 19, 2019) so that it can proceed with various activities
21 including, but not limited to, further development of the technology park 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 Two Million, One Hundred Sixty Thousand Dollars
25 ($2,160,000.00) for LRTP, to be paid at this time, from the proceeds of the 3/8-Cent Capital Sales and
26 Compensating Use Tax, Activity TS l 0A02.
27 Section 2. The City appropriates the sum of up to Seven Hundred Forty Thousand Dollars
28 ($740,000.00)for LRTP,to be paid no later than March 31,2021,from the proceeds of the 3/8-Cent Capital
29 Sales and Compensating Use Tax after all 2020 tax receipts are received and accounted for by the City,
30 Activity TS10A02.
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
33 shall not affect the remaining portions of the resolution which shall remain in full force and effect as if the
34 portion so declared or adjudged invalid or unconstitutional were not originally part of this resolution.
(Page 1 0121
1 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent with
2 the provisions of this resolution are hereby repealed to the extent of such inconsistency.
3 ADOPTED: December 15,2020
4 ATT APPROVED:
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7 Sus. . 11itY ng Clerk Frank Scott,Jr., or
8 AP' 'O 'ED 0 LEGAL FORM:
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11 Thomas M. Carpenter,City Atto trey
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