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0 INANCENO. 16,570 -A •
AN ORDINANCE APPROPRIATING FUNDS FROM THE CITY'S
ECONOMIC DEVELOPMENT FUND FOR THE CONSTRUCTION OF
SITE IMPROVEMENTS AT THE LITTLE ROCK REGIONAL
AIRPORT; AUTHORIZING THE CITY MANAGER TO ENTER INTO A
COST SHARING AGREEMENT WITH ARKANSAS AVIATION
HISTORICAL SOCIETY, INC.; AND FOR OTHER PURPOSES.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. There is hereby appropriated from the Economic Development
Fund $500,000 for construction of site improvements at the Little Rock Regional
Airport, on the site, leased to the Arkansas Aviation Historical Society, Inc.
SECTION 2. The City Manager is hereby authorized to enter into a cost sharing
agreement with Arkansas Aviation Historical Society, Inc. for the construction of site
improvements for the Arkansas Aerospace Education Center, and to obtain their
funding of the excess of construction costs over the City's appropriation in Section 1
above.
PASSED: January. 12, 1994
ATTEST:
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APPROVED AS TO FORM:
CITY ATTORNEY
APPROVED:
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AEROSPACE EDUCATION CENTER SITE IMPROVEMENTS
CONTRACT COST SHARING AGREEMENT
THIS AEROSPACE EDUCATION CENTER SITE IMPROVEMENTS
CONTRACT COST SHARING AGREEMENT, dated 1994, is by and
between the CITY OF LITTLE ROCK, ARKANSAS (the "City"), a city of the first class
organized under and existing by virtue of the laws of the State of Arkansas, and
ARKANSAS AVIATION HISTORICAL SOCIETY, INC., a non - profit Arkansas
corporation (the "Company ").
WITNESSETH:
WHEREAS, economic development of the city is critical to the continued well -being
of its citizens through increased job opportunities and the development of a growing base
of revenues to support city activities; and
WHEREAS, the continued promotion of the aerospace industry is a key component
to growth of the economic base of Little Rock, and is important to the future of the City;
and
WHEREAS, citizens and businesses have joined together to plan for an aerospace
education center and other activities to promote aerospace technology; and
WHEREAS, the City and the Little Rock Airport area complex will benefit and be
strengthened by the availability of an aerospace center to enable our citizens to be trained
for jobs in the related aerospace industry, which is growing in the Little Rock area; and
WHEREAS, the Aerospace Education Center will house a public library branch and
the Arkansas High Technology Training Center, both of which will serve the needs of the
area and the aerospace industry; and
WHEREAS, in order to assist the Company and to secure additional support from
other sources, the City has committed to expend $500,000 from its Economic Development
Fund for physical improvements to the Little Rock Airport property, so as to enhance the
operation of the Aerospace Education Center in Ordinance No. ; and
WHEREAS, the Company has competitively bid the necessary site improvements,
and has awarded a construction contract (the "Contract ") to Hensel Phelps Construction Co.
(the "Contractor ") for a bid price of up to $557,000.00; and
WHEREAS, the Company has agreed to assume responsibility for all sums due
pursuant to the Contract in excess of the $500,000 committed by the City under the terms
and conditions set forth below.
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NOW, THEREFORE, THE CITY AND THE COMPANY AGREE AS
FOLLOWS:
1. All progress billings from the Contractor pursuant to the Contract shall be
paid in part by the City and in part by the Company in the following proportions:
City of Little Rock $500,000.00
$557,000.00 = 89.77%
Aerospace Education Center 100% - 89_77% = 10_23%
2. The City agrees to expend all, but not more than, the $500,000 of its total
commitment, without regard to the apportionment in Section 1, throughout the construction
and completion of the site improvements. Any amounts due pursuant to the Contract
following expenditure by the City of its $500,000 total commitment will be paid by the
Company.
3. The City agrees that it will not approve any change orders to the Contract
which effect the total Contact Price without the express written approval of the Company.
4. Progress billings received by the City pursuant to the Contract must be
approved by both the City and the Company prior to payment; provided, however, that
progress billings approved by the Company's engineer, shall not require the approval of the
Company. Any required approvals shall be evidenced by the signatures thereon of the
Finance Director and Treasurer for the City and the Chairman of the Board of the
Company.
5. All payments by the City and the Company shall be made to the Contractor
within 15 business days of receipt of the progress billings approved by the Engineer.
6. All payments by the City under the term of this agreement shall be in
accordance with Article 12, Section 4 of the Arkansas Constitution.
IN WITNESS WHEREOF, the City of Little Rock, Arkansas has caused this
Agreement to be executed in its name and behalf by its City Manager and its seal to be
hereunto affixed and attested by its City Clerk, and Aerospace Education Center has caused
this Agreement to be executed in its name and behalf by its Chairman of the Board and its
seal to be hereunto affixed and attested by its Secretary, all as of the date first above written.
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CITY OF LITTLE ROCK
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ATTEST:
City Clerk
City Manager
AEROSPACE EDUCATION CENTER
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Secretary
Chairman of the Board
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