HomeMy WebLinkAbout15589 1 RESOLUTION NO. 15,589
2
3 A RESOLUTION TO APPROPRIATE UP TO FOUR MILLION, TWO
4 HUNDRED SEVENTY-EIGHT THOUSAND, SEVEN HUNDRED NINE
5 DOLLARS ($4,278,709.00) FROM THE CITY'S 3/8-CENT CAPITAL
6 SALES AND COMPENSATING USE TAX PROCEEDS TO THE
7 CENTRAL ARKANSAS TECHNOLOGY PARK AUTHORITY; AND FOR
8 OTHER PURPOSES.
9
10 WHEREAS,pursuant to Section 6(a)of Little Rock,Ark., Resolution No. 13,343 (July 11,2011),the
11 City indicated that it would set aside up to Twenty-Two Million Dollars($22,000,000.00) in proceeds for
12 economic development, and specifically for the development of a Technology Park; and,
13 WHEREAS, the Executive Director of the Central Arkansas Technology Park Authority (CATPA),
14 which operates as the Little Rock Technology Park(LRTP)has requested funding to further the process of
15 development of the Technology Park; and,
16 WHEREAS, there is a desire that the City appropriate the proceeds to date, less the distribution of
17 Seventeen Million, Seven Hundred Twenty-One Thousand, Two Hundred Ninety-One Dollars
18 ($17,721,291.00)for LRTP,previously appropriated by Little Rock,Ark.,Resolution No. 14,166(July 21,
19 2015), Little Rock, Ark., Resolution No. 14,508 (February 21, 2017), Little Rock, Ark., Resolution No.
20 14,668 (November 21,2017), Little Rock, Ark., Resolution No. 14,901 (December 3, 2018), Little Rock,
21 Ark., Resolution No. 15,111 (November 19, 2019), and Little Rock, Ark., Resolution No. 15,371
22 (December 15, 2020), so that it can proceed with various activities including, but not limited to, further
23 development of the technology park facilities.
24 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
25 OF LITTLE ROCK,ARKANSAS:
26 Section 1.The City appropriates the sum of Two Million,Six Hundred Seventy-Three Thousand,Seven
27 Hundred Thirty-Four Dollars ($2,673,734.00) for LRTP, to be paid at this time, from the proceeds of the
28 3/8-Cent Capital Sales and Compensating Use Tax,Activity No. TS 10A02.
29 Section 2. The City appropriates the sum of the actual proceeds of the 3/8-Cent Capital Sales and
30 Compensating Use Tax allocated for LRTP for November and December 2021, up to a maximum of One
31 Million, Six Hundred Four Thousand,Nine Hundred Seventy-Five Dollars($1,604,975.00),to be paid no
32 later than March 31, 2022, after all 2021 tax receipts are received and accounted for by the City, from
33 Activity No.TS 10A02.
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1 Section 3.Severability. In the event any section, paragraph, item, sentence, clause, phrase or word of
2 this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or adjudication
3 shall not affect the remaining portions of the resolution which shall remain in full force and effect as if the
4 portion so declared or adjudged invalid or unconstitutional were not originally part of this resolution.
5 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent with
6 the provisions of this resolution are hereby repealed to the extent of such inconsistency.
7 ADOPTED: December 21,2021
81 S dip APPROVED:
1111
10 iii
11 Susan a ley,Ci 446 lerk Frank Scott, r., Mayo
12 APPRO D AS TO LEGAL FORM:
13
14 419144
15 Thomas M. Carpenter,City At rney
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