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RESOLUTION NO. 7,808 267
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN AGREEMENT PROVIDING FINANCIAL
ASSISTANCE FOR THE DEVELOPMENT OF A SMALL
BUSINESS INCUBATOR FACILITY IN THE METRO-
CENTRE IMPROVEMENT DISTRICT.
WHEREAS, the City desires to promote economic development
through the creation of diverse job opportunities in significant
quantities, encourage innovation in the products and services
provided by local businesses, and foster cooperative efforts among
the academic, business, and municipal communities; and
WHEREAS, the creation of the Little Rock Technology Center
as a small business incubator facility in the downtown area on
Main Street will facilitate business growth and an expanding tax
base in an area of the City which will benefit from such a
project; and
WHEREAS, the location of a small business incubator
facility in downtown Little Rock will bring additional people into
the Metrocentre Mall area thereby increasing its prosperity all of
which will inure to the citizens of Little Rock through an ever
expanding tax base to be used for city services and improvements;
and
WHEREAS, financial assistance from the City of Little Rock
will improve the facade of the Little Rock Technology Center so
that it is in keeping with other improvements being constructed
along Main Street; and
WHEREAS, financial assistance from the City along with
assistance from the University of Arkansas at Little Rock and
financial assistance from the Arkansas Science and Technology
Authority will be used for physical improvements to the Little
Rock Technology Center, thereby increasing its assessment by the
Metrocentre Improvement District, which will in turn benefit the
Improvement District through an early amortization of its special
improvement district bonds; and
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WHEREAS, the University of Arkansas at Little Rock desires
to facilitate the City's public purposes in promoting the creation
of a small business incubator facility in downtown Little Rock and
will use its resources and personnel to further the City's support
in business growth, economic development, and the Metrocentre
Improvement District.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is hereby authorized to enter
into a contract with the University of Arkansas at Little Rock
which will provide to them financial assistance for the
development of a small business incubator facility in the Little
Rock Technology Center.
SECTION 2. Funds necessary for this project have been
appropriated pursuant to Ordinance No. 14,871.
ADOPTED: July 71 1987
ATTEST: APPROVED:
CI4 CLERK JA E CZECH MAYOR LOTTIE SHACKELFORD
AS TO FORM:
MARK STODOLA, CITY ATTORNEY
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