HomeMy WebLinkAbout6930RESOLUTION NO. 6,930
A RESOLUTION TO AUTHORIZE THE CITY MANAGER
TO NEGOTIATE AND ENTER INTO A CONTRACT WITH
THE DEVELOPER OF A SUBDIVISION ADJACENT TO
RAINWOOD SUBDIVISION FOR THE CONSTRUCTION
OF IMPROVEMENTS ON NAPA VALLEY DRIVE.
WHEREAS, the City of Little Rock has retained the sum of
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$13,270.50 in trust as an in -lieu contribution from a developer
of a subdivision for the purpose of street improvements on Napa
Valley Drive; and the City is obligated to secure such street
improvements; and,
WHEREAS, Fausett & Company, Inc., developer of Fausett
subdivision, is preparing to make required street improvements
on Napa Valley Drive adjacent to the Rainwood Subdivision,
in compliance with the developer's obligations; and,
WHEREAS, the street improvements for which the City is
obligated could more economically and more conveniently be
put in place in conjunction with the construction to be performed
by Fausett & Company, Inc., thus Fausett F, Company, Inc. in
cooperation with the City could perform the entire improvement
project; and,
WHEREAS, it has been recommended that the City contract
with Fausett $ Company, Inc. to secure said construction, and
to pay said developer, or its designee the sum of $13,270.50
together with a sum equal to an average rate of interest applied
to the said trust moneys to compensate for inflated construction
costs from 1978 to the present.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
FOR THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is hereby authorized to
negotiate and to enter into a contract with Fausett $ Company,
Inc., and /or its agents, employees or independent contractors
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with it, to secure the construction of street improvements
on Napa Valley Drive for which the City is now obligated;
provided, the contract amount payable by the City for such
construction shall not exceed the sum of $13,270.50, together
with interest thereon to be fixed at an average interest rate
upon the sum of $13,270.50 from 1978 to the present, as a
compensation for inflation of construction costs during such
period of time.
SECTION 2. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: February 1, 1983
ATTEST: APPROVED s he :2
CLERI ane Czech YOM R J. W— B4hafield
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