HomeMy WebLinkAbout16338 1 RESOLUTION NO. 16,338
2
3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO
4 REIMBURSE THE LITTLE ROCK CONVENTION AND VISITORS
5 BUREAU, IN AN AMOUNT NOT TO EXCEED FIVE HUNDRED
6 THOUSAND DOLLARS ($500,000.00), FOR COSTS ASSOCIATED WITH
7 SITE DUE DILIGENCE AND PREDEVELOPMENT COSTS FOR THE
8 RIVER MARKET;AND FOR OTHER PURPOSES.
9
10 WHEREAS, the City of Little Rock, Arkansas ("City"), owns the Little Rock River Market, which
11 includes the River Market Ottenheimer Hall and related facilities, including the First Security
12 Amphitheatre, the pavilions surrounding Ottenheimer Hall and Park Access areas defined as the Triangle
13 and the West Lot,and which is operated as a public venue and tourist attraction within a park; and,
14 WHEREAS, the City and the Little Rock Advertising and Promotion Commission, d/b/a Little Rock
15 Convention and Visitors Bureau ("LRCVB"), have partnered together to manage public facilities and
16 LRCVB brings a significant support structure to these City-owned facilities;and,
17 WHEREAS, Little Rock,Ark., Ordinance No. 22,192 (November 15, 2022), authorized the issuance
18 of Limited Tax General Obligation Capital Improvement Bonds; and,
19 WHEREAS, Little Rock, Ark., Ordinance No. 22,192 allocated Ten Million, One Hundred Seven
20 Thousand, Nine Hundred Ninety-Four and 25/100 Dollars ($10,107,994.25) for Park and Recreational
21 Improvements; and,
22 WHEREAS, Little Rock,Ark., Resolution No. 15,986 (May 16, 2023), identified One Million, Eight
23 Hundred Thousand Dollars($1,800,000.00)for the River Market and Riverfront Park; and,
24 WHEREAS,site due diligence and predevelopment costs for the River Market are needed to determine
25 and improve the future use of the River Market; and,
26 WHEREAS,site due diligence and predevelopment costs may include,but are not limited to,expenses
27 for schematic and design drawings, property condition assessments, engineering and legal services, and
28 other items related to due diligence and predevelopment of the River Market.
29 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
30 OF LITTLE ROCK,ARKANSAS:
31 Section 1.The Board of Directors authorizes the City Manager to reimburse the Little Rock Convention
32 and Visitors Bureau, in an amount not to exceed Five Hundred Thousand Dollars ($500,000.00), for site
33 due diligence and predevelopments costs associated with the River Market
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1 Section 2. Funding for this project is from the Limited Tax General Obligation Capital Improvement
2 Bonds, as authorized by Little Rock, Ark., Resolution No.15,986 (May 16, 2023, Account No. 332459-
3 B45D013.
4 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
5 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
6 adjudication shall not affect the remaining portions of the resolution, which shall remain in full force and
7 effect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part of the
8 resolution.
9 Section 4.Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent with
10 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
11 ADOPTED: June 4,2024
12 AT r APPROVED:
13 \`
14 :&
15 ey,City Clerk rank Scott,Jr., Mayor
16 ANNk
' 1 • TO LEGAL FORM:
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19 Thomas M. Carpenter,City Attorne
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