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ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE MAYOR AND CITY CLERK OF THE
CITY OF LITTLE ROCK TO ENTER INTO A LEASE CONTRACT WITH
THE TERMINAL WAREHOUSE COMPANY FOR A TRACT OF LAND BOURM
BY THE ARKANSAS RIM ON THE NORTH* THE ORIGINAL TRACK OF
THE.MISSOURI PACIFIC RAILROAD COMPANY ON THE SOUTH, BLOCK"'r--
POPE:S_ADDITION TO.THE CITY OF LITTLE ROCK ON THE.WEST, AND
i 9iSEY tN .ADDITION TO THE - CITY .OF . LITTLE ROCK Obi_ TEE BAST,.
AT,L
IN-TEE CITY OF LITTLE ROCK, PULASKI OOUNTY0 APJUNBAS,
SAID.LAND TO.BE USED FOR AUTOMOBILE PARKING; AND FOR OTHER
PURPOSES.
WHEREAS, the City of Little Rook is the owner of land
in said City described as bounded by the Arkansas River on
the North, the original track of the Missouri Pacific Rail"
road Company on the South, B1ockfe Popeis Addition to the
City of Little Rock on the West, and Masseyls Addition to
the City of Little Rock on the East; and
WHEREAS, the Terminal Warehouse Company has offered
to make such improvements on said land as will make it
desirable for automobile parking, provided it secures a
lease on the terms and conditions hereinafter set forth;
and
WHEREAS, additional provisions for off - street parking
facilities within the City of Little Rock is desirable,
and such additional facilities will be beneficial to the
public and in the public interest;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK* ARKANSAS:
Section 1. That the Mayor and the City Clerk of the
City of Little Rock be and they are hereby authorized and
directed to execute and deliver a lease contract to the
Terminal Warehouse Company, a copy of said contract being
In words and figures as follows;
i _
LEASE CONTRACT
THIS LEASE CONTRACT, entered into this day of
s 1955s by and between the CITY o Little
O , r ansas, acting through its Mayor and its City Clerk,
who are duly authorized to act, by virtue of Ordinance Igo.
passed by the City Counsil of the City of Little Rack
on Aq6djb&L s19559 on behalf of said City (hereinafter
designat as "Lessor*), and Terminal Warehouse Company, a
corporation organized -under the laws of the State of Arkansas,
acting through its President duly authorized to act (herein-
after designated as "Lessee "),
W I T N E S S E T H:
For and in consideration of the sum of money herein.•
after agreed to be paid, and the covenants and conditions
hereinafter agreed to be performed by both parties, the
City of Little Rock, Lessor, does hereby let and lease unto
Terminal.Warehouse Company, a corporation organized and
existing under the laws of the State of Arkansas, as Lessee,
the following described property, to -wit:
A tract of land bounded by the Arkansas River on
the North, the original track of the Missouri
Pacific Railroad Company on the South, BlockOe'
Pope's Addition to the City of Little Hoek on the
best, and Massey's Addition to the City of Little
Book on the East, all in the City of Little Rock,
Pulaski County, Arkansas;
upon the following terms and conditions:
1. The term of this lease shall be for a period of
ten (10) years, at a rental of FIFTY DOLLARS 050.00) per
month payable monthly in advance.on or before the 15th day
of each month during the term of this lease.
2. As part of the consideration for this lease, the
Lessee covenants and agrees as follows:
(a) That it will improve the property herein des-
cribed by.grading, leveling and paving, and constructing
retainin walls, at an expense of approximately Ten Thousand
Dollars 410,000.00).
(b) That it will use the premises only as a park-
ing lot for public parking at a rental to be specified by it.
(c) In the event the City as Lessor, needs the
property conveyed by this lease for governmental purposes,
the Lessee will surrender this lease and convey its interest
therein to the Lessor at any time upon sixty (60) days'
written notice and payment by the Lessor as follows: The
purchase price of the lease shall be at the following percen.
tages of the original cost of the improvements, or $ios000.00,
whichever sum is the lesser; 100% if purchased within the
w 2 M
first year of the term of this lease 90% if purchased
within the second year of the term, 60% if purchased within
the third year of the term, 70% if purchased within the
fourth year of the term, 609 if purchased within the fifth
year of the term, 50% if purchased within the sixth year of
the term, 40% if purchased within the seventh year of the
term, 30% if purchased within the eighth year of the term,
20% if purchased within the ninth year of the term, 10% if
purchased within the tenth year of the term, and after the
lease has been in force for ten (10) years the Lessor may
cancel the lease without cost if.it .needs the property for
its governmental purposes. The term "governmental purposes"
as used herein shall not include the Operation of the
property as a commercial public parking lot or the leasing
of the property to other parties for that purpose.
(d) If the improvements to be placed on the prop-
erty are materially damaged by high water, flood, earthquake
or other acts of God, the Lessee may at any time within
sixty (60) days after such damage, elect to terminate this
Lease by giving written notice to the Board of Public Affairs
and after the date of the notice of termination, the Lessee
shall not be obligated to operate the parking lot.
3. The Lessee shall have the right, upon written
notice given at least sixty (60) days prior to the termi#
nation of the original lease to the Board of Public Affairs
of the City of Little Rock, to renew this lease for an
additional five (5) year term upon the same terms and con.•
ditions except that the rental for such additional five (5)
year period shall be at the rate of One Hundred Dollars
($100.00) per month.
4.. Npon the termination of this lease, all improvements
on the property shall revert to the City of Little Rook and
the Lessee shall not be obligated to restore the premises
to its present condition at the termination of the lease.
5. Lessor shall not be called upon for any expense of
any kind in connection with the upkeep and maintenance of
the above described property during the term of the lease.
6. The Lessor covenants with the Lessee that it has
title to the property described herein, and if the Lessee
shall pay the rent as herein provided and shall keep, observe
and perform all the other covenants of this lease, that the
said Lessee shall and may peaceably and quietly have, hold
and enjoy the use of said premises for the term aforesaid
subject only to the Lessor's right to terminate the lease as
hereinabove provided.
IN WITNESS WHEREOF, the parties hereto have caused this
lease.to bo executed in duplicate under their respective
seals in Little Rock, Arkansas, this day of ,
1955.
CITY OF LITTLE ROCK, ARKANSAS
By
mayor
City Cie-r2
L E S S 0 R
TERMINAL WAREHOUSE COMPANY
By
President
M3..
L E S S E E
i
Section 2. Because of the fact that there is urgent
need for off - street parking facilities in the City of Little
Rock, it is hereby ascertained and declared that this ordi.
nance is necessary for the public safety and the matter of
immediate public convenience, and it is therefore ascertain -
k ed, and deelared'tha'Van emergency exist-a. and this ordinance
shall be in full force and effect imediately from and after
the date of its passage, and that all ordinances and parts
of ordinances in conflict herewith be and the same are hereby
repealed.
PASSED: May 23 , 1955
ATTEST:
City Clerk
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