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1 RESOLUTION NO. 7,517 486
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3 A RESOLUTION ASSURING THE DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT THAT THE CITY OF LITTLE ROCK WILL
4 APPROPRIATE AT LEAST $65,000.00 PER FISCAL YEAR FROM
5 ITS GENERAL FUND FOR COMMUNITY DEVELOPMENT WHILE THE
PARKING DECK LEASE APPROVED IN ORDINANCE 14,974, IS
6 IN FULL FORCE AND EFFECT; AND FOR OTHER PURPOSES.
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10 WHEREAS, the Board of Directors of the City of Little Rock
11 has approved entering a lease agreement with Metrocentre Improve -
12 ment District No. 1 to effect the building of two parking decks
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14 in downtown Little Rock; and
15 WHEREAS, this land was conveyed to the City of Little Rock
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by the Little Rock Housing Authority in 1978; and
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18 WHEREAS, t}ie City of Little Rock recognizes the necessity of
19 compliance with all reasonable requirements placed upon it by the
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21 United States Department of Housing and Urban Development
22 ( "HUD "); and
23 WHEREAS, HUD has requested that the City of Little Rock pro -
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25 vide assurance that it will appropriate and disburse at.least
26 $65,000.00 per year from its general fund for community develop-
27 ment purposes in substitution for the rent payments deferred
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29 under the aforesaid lease agreement; and
30 WHEREAS, the City wishes to assure HUD that it will comply
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with this requirement;
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33 NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
34 THE CITY OF LITTLE ROCK:
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Section 1. The City of Little Rock will appropriate and
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disburse $65,000.00 per year from its General Fund to the com-
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e -13
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487
1 munity development account in compliance with regulations of the
2 United States Department of Housing and Urban Development for
3 Community Development Block Grants ( "CDBG ") and as referenced in
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5 correspondence from HUD to City Manager Susan Fleming dated
6 October 30, 1985.
7 Section 2. The City of Little Rock will continue to appro-
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9 pr.iate and disburse this sum each year to the community develop -
10 ment account for the life of the lease agreement; provided, that
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12 if the Option to Purchase ( "Option ") set forth in paragraph 6 of
13 the lease agreement contained in Ordinance.14,974, is exercised
14 by Metrocentre Improvement District No. 1, or its successor in
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16 interest, the requirement to appropriate these funds will cease
17 with the monies the City receives from the exercise of the option
18 being paid to the community development account. Provided
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20 further, that the City may retain from the purchase price an
21 amount equal to all monies previously disbursed pursuant to
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Section 1 less the amount of any rentals received from the lease
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24 _ agreement during the years of those appropriations.
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Laor 26 i- -y
DATE: November 27, 1985 APPROVED:
27 MAYOR THOMAS A. PRINCE
28 ATTEST:
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30 GaL, je
31 ITY C JANE CZECH
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33 APPROVEE? AS TO OGRM:
35 MARK A. STOD LA, CITY ATTORNEY
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