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492
RESOLUTION NO_ 8,769
A RESOLUTION APPROVING THE TRANSFER
AND ASSIGNMENT OF ALL CONSTRUCTION
AGREEMENTS TO BNP AND BNP'S
ASSUMPTION OF THE CITY'S OBLIGATIONS
UNDER THE AGREEMENTS.
WHEREAS, the R & G Sloane Manufacturing Company, Inc., has
decided to purchase this building for its use and to be
responsible for the completion of this construction; and
WHEREAS, the City entered into a Construction Management
and Design Services Agreement on March 19, 1992, with May
Construction Company, to facilitate construction of a facility
within the Little Rock Port Authority.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1: The City shall assign and convey all of its
interests in and to a certain Construction Management and Design
Services Agreement dated March 19, 1992, by and between the City
and May Construction Company, Inc., and such other agreements
and contracts to which the City is a party relating to a 100
acre site located in the Little Rock Port Industrial Park to be
occupied by R & G Sloane Manufacturing Company, Inc., and to the
improvements to be constructed thereon (collectively the
"Construction Documents ").
SECTION 2. The Mayor is hereby authorized to execute an
assignment, in a form acceptable to the City Attorney,
transferring the City's interest in the Construction Documents
to BNP Leasing Corporation upon receipt of an executed and
authentic copy of the Lease Agreement between BNP and R & G
Sloane for the site and the improvements to be constructed
thereon, and upon proof that BNP agrees to assume all of the
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493
City's liabilities and obligations under the Construction
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Documents referred to in Section 1 above.
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3 ADOPTED: August 18, 1992
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ATTORNEY CITY
MAYOR