HomeMy WebLinkAbout16755 1 RESOLUTION NO. 16,755
2
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ENTER INTO A
4 LEASE AGREEMENT WITH CJRW, INC.,FOR EIGHTY (80) PARKING
5 SPACES IN THE PARKING DECK AT THE CORNER OF SECOND
6 STREET AND MAIN STREET IN LITTLE ROCK,ARKANSAS;AND FOR
7 OTHER PURPOSES.
8
9 WHEREAS,the City of Little Rock (the "City") owns the parking deck at the corner of Second
10 Street and Main Street in Little Rock, Arkansas, and the Little Rock Advertising and Promotion
11 Commission operates the parking garage on behalf of the City;and,
12 WHEREAS,CJRW,Inc.,desires to lease seventy-five(75)undesignated parking spaces,plus five
13 (5) designated parking spaces, in the parking deck, and the City and the Little Rock Advertising and
14 Promotion wish to lease the parking spaces for a term of five years beginning on June 1, 2025;and,
15 WHEREAS, the lease agreement will move the amount charged for the parking spaces to the
16 market rate over the term of the lease agreement and generate increased revenues that have been
17 pledged to pay the Capital Improvement and Refunding Revenue Bonds(Downtown Parking Projects),
18 Series 2003.
19 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
20 CITY OF LITTLE ROCK,ARKANSAS:
21 Section 1. The Board of Directors hereby authorizes the Mayor to enter into a lease agreement
22 with CJRW,Inc.,for eighty(80)parking spaces in the parking deck at the corner of Second Street and
23 Main Street in Little Rock,Arkansas.
24 Section 2.Funds from the lease will be maintained in the Parking Garage Fund of the City (Fund
25 612).
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
29 and effect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part
30 of the resolution.
31 Section 4. Repealer. All laws,ordinances, resolutions,or parts of the same,that are inconsistent
32 with the provisions of the is resolution,are hereby repealed to the extent of such inconsistency.
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1 ADOPTED: July 15,2025
2 ATTEST: APPROVED:
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4
5 Allison Segars,City rk Frank Scott,Jr.,Mayor
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7 APPROVED AS TO LEGAL FORM:
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9
10 `'��"""7 vV l
11 Thomas M. Carpenter,City Attorn
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