HomeMy WebLinkAbout17076 1 RESOLUTION NO. 17,076
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3 A RESOLUTION OF INTENT REGARDING THE REDEVELOPMENT OF
4 RIVER MARKET HALL TO BE FINANCED BY THE PROCEEDS OF
5 FUTURE BONDS; AND FOR OTHER PURPOSES.
6
7 WHEREAS, the City of Little Rock Board of Directors approved City of Little Rock, Arkansas
8 Resolution No. 16,931 (January 13, 2026) authorizing the City Manager to execute a Memorandum of
9 Understanding with Pursang Management and Development,LLC,doing business as New+Found for the
10 development phase of the renovation of River Market Center; and,
11 WHEREAS,the Board further approved the City Manager to negotiate and execute the Comprehensive
12 Development Agreement contemplated by the Memorandum of Understanding; and,
13 WHEREAS,the negotiations of the Comprehensive Development Agreement are complete; and,
14 WHEREAS, in order to finance costs for the Redevelopment of River Market Hall (the"Project")the
15 maximum principal amount of the City's contribution is expected to be in the amount of Twenty Million
16 Dollars($20,000,000.00); and,
17 WHEREAS,the City of Little Rock, Arkansas, will need to pay for the Project with the proceeds of
18 future bonds which are expected to be issued in the future,or from other funds designated by the City.
19 WHEREAS, the purpose of this Resolution is for the City to declare its "official intent" for the
20 reimbursement of certain expenditures from the proceeds of future bond issues, within the meaning of
21 Regulation No. 1.150-2 promulgated by the United States Treasury Department(the"Regulation).
22 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
23 OF LITTLE ROCK,ARKANSAS:
24 Section 1. The City hereby expresses its official intent under the Regulation to advance its own funds
25 to pay costs for the Redevelopment of River Market Hall prior to the issuance of future bonds, and to
26 reimburse itself from the future bond proceeds for such expenditures.
27 Section 2. The City reserves the right to use funds from other sources to be designated by the City.
28 Section 3. Proceeds from the future bonds will be applied to reimburse the City for any
29 expenditures made before the Bonds, are issued with eighteen (18)months after the later of a)the
30 date of the expenditure; or b) the date the particular improvement is placed in service and, in any
31 event, within three (3)years after the date of the expenditure.
32 Section 4.Severability.In the event any title,section,paragraph,item,sentence,clause,phrase,or word
33 of 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 was not originally a part of the resolution.
3 Section 5. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
4 the provisions of the is resolution,are hereby repealed to the extent of such inconsistency.
5 ADOPTED: June 16,2026
6 ATTEST: APPROVED:
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8 A QI.A
9 Allison Segars,Ci k Frank Scott,Jr.,Mayor
10 APPROVED AS TO LEGAL FORM:
11
12 CAAtLs
13 Thomas M.Carpenter,City Attorney
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