HomeMy WebLinkAbout17117 1 RESOLUTION NO. 17,117
2
3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO EXECUTE
4 AN AGREEMENT BETWEEN THE CITY OF LITTLE ROCK AND 601
5 CAPITOL AVENUE PROPERTY LLC/BRASNOV REAL ESTATE LLC TO
6 TERMINATE THE CROSS ACCESS EASEMENT AT 601 W. CAPITOL
7 AVENUE AND TO REPLAT THE PROPERTY REFLECTING THE
8 TERMINATION OF THE EASEMENT AND RELOCATION OF THE
9 PROPERTY LINE;AND FOR OTHER PURPOSES.
10
11 WHEREAS,the City of Little Rock entered into a contract with KDHLP 525/LLC/SLFJR 525 LLC
12 in the amount of Two Million, Five Hundred Ninety-Five Thousand Dollars ($2,595,000.00) to purchase
13 the building and properties located at 525 West Capitol Avenue and 600 West 6th Street, Little Rock,
14 Arkansas, 72201 as authorized by Little Rock Resolution No. 16,852 adopted on October 21,2025;and
15 WHEREAS, the total estimated total cost of the project is sixteen million four hundred forty-eight
16 thousand twenty-four dollars ($16,448,024.00) which includes the following: construction costs of ten
17 million seventy-three thousand one hundred eighty-five dollars ($10,073,185.00); fifteen (15) percent
18 contingency fee in the amount of one million five hundred ten thousand nine hundred seventy-eight dollars
19 ($1,510,978.00); 5.5 % construction management fee in the amount of six hundred thirty seven thousand
20 one hundred twenty nine dollars($637,129.00); eight(8)percent architectural and engineering fees in the
21 amount of nine hundred twenty six thousand seven hundred thirty-three dollars($926,733.00);furnishings
22 in the amount of seven hundred thousand dollars($700,000.00); building purchase price in the amount of
23 two million Two Million, Five Hundred Ninety Five Thousand Dollars ($2,595,000.00), including
24 applicable closing costs,taxes and fees;and
25 WHEREAS, a Cross Access Easement Agreement was executed in 2024 between KDHLP 525
26 LLC/SLFJR 525 LLC and AG Little Rock RE Holdings LLC, following a replat of the original parcel to
27 facilitate the individual sale of the office building located at 601 W. Capitol Avenue, which had limited
28 parking access;and
29 WHEREAS,AG Little Rock RE Holdings LLC subsequently conveyed the property located at 601 W.
30 Capitol Avenue to 601 W. Capitol Ave Property, LLC an Arkansas limited liability company, and Brasov
31 Real Estate,LLC,an Arkansas limited liability company; and
32 WHEREAS, the Cross Access Easement was established to provide driveway access to the 601 W.
33 Capitol property through the 600 W. 6th Avenue property;and
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1 WHEREAS,the City of Little Rock and 601 W. Capitol Avenue Properties, LLC ("Parties) desire to
2 terminate the Cross Access Easement Agreement;and
3 WHEREAS, upon the termination of the Cross Access Easement Agreement, the Parties agree to
4 execute and record a replat of the property reflecting the termination of the easement and the relocation of
5 the property line; and
6 WHEREAS,the City agrees as consideration for termination of the Cross Access Easement Agreement
7 to construct a fence along the proposed replat property line, including assuming ongoing maintenance
8 responsibilities for the fence.
9 NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
10 OF LITTLE ROCK,ARKANSAS;
11 Section 1.The City Board of Directors authorizes the City Manager to enter a contract to terminate the
12 Cross Access Easement and replat the property located at 600 W.61h Avenue,Little Rock,Arkansas 72201,
13 including constructing a new fence along the new proposed replat property line and assuming ongoing
14 maintenance responsibilities for the fence.
15 Section 2. Funding for this project is available from the 2022 Bond Issue in District Courts Special
16 Project,Account No. B24D007-332249.
17 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
18 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
19 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
20 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
21 resolution.
22 Section 4.Repealer.All laws, ordinances,resolutions,or parts of the same,that are inconsistent with
23 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
24 ADOPTED:August 4,2026
25 ATTEST: APPROVED:
26
27 A
28 WAYI
29 Allison Segars,City Frank Scott,Jr.,1V a r
30 APPROVED AS TO LEGAL FORM:
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32 /44Zegj—,
33 Thomas M.Carpenter,City Attorn
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