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RESOLUTION NO. 4,878
A RESOLUTION APPROVING AND AUTHORIZING A
LEASE AGREEMENT PERTAINING TO THE MUNICIPAL
PARKING FACILITIES IN THE CONVENTION CENTER
COMPLEX; AND FOR OTHER PURPOSES
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS .
SECTION 1. The Mayor and City Clerk are hereby authorized
acting for and on behalf of the City to join with the Little
Rock Municipal Parking Authority as Lessor in the execution of
a Lease with the Little Rock Advertising and Promotion Commis-
sion as Lessee whereby Lessor leases to Lessee the underground
parking facilities situated immediately East of and adjacent
to the Robinson Auditorium. Said Lease shall be in form and
substance as follows :
J • I
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PARKING FACILITIES LEASE AGREEMENT
WHEREAS, the City of Little Rock , Arkansas , acting by
and through the Little Rock Municipal Parking Authority is
the owner of an underground parking facility adjacent to and
East of the - Robinson Auditorium; and
WHEREAS, the Little Rock Advertising and Promotion Com-
mission has underwritten the financing necessary in the
construction of the said parking facilities by pledging certain
sales tax revenues received by said Commission; and
WHEREAS, it is the desire of the City of Little Rock , the
Little Rock Municipal Parking Authority and the Little Rock
Advertising and Promotion Commission for the latter Commission
to assume , under a lease agreement , authority and responsibility
for the operation and maintenance of said parking facility.
NOW THEREFORE , this Lease Agreement is entered into by
and between the City of Little Rock and the Little Rock Municipal
Parking Authority, an Agency of the government of the City of
Little Rock, 'Arkansas , (hereinafter called Lessor) and the
Little Rock Advertising and Promotion Commission, an Agency of
the government of the City of Little Rock, Arkansas, (herein-
after called Lessee) ,
W I T N E S S E T H
I
Lessee agrees to operate and Lessor agrees to permit Lessee
to have the exclusive right to operate all parking facilities as
reflected on Exhibit "A" attached hereto reflecting and deline-
ating the premises herein leased in and about the underground
parking facility adjacent to and East of the Robinson Auditorium
in Little Rock , Arkansas .
II •
The Lessee agrees to pay to Lessor the following percentage
•
rentals for each annual period, as defined in paragraph III
herein, of the term of this Lease Agreement:
a) 75% of the first $50 ,000.00 of net annual
parking facility receipts (as defined in
paragraph XI hereof) ;
PLUS
b) 85%. of all over $50,000 . 00 of net annual
parking facility receipts (as defined in
paragraph XI hereof) .
It is the understanding and agreement of the parties hereto
that the balance of net parking facility receipts, after payment
to Lessor of the percentages herein set forth, shall be retained
by Lessee as earned consideration hereunder.
III
Lessor shall be paid the annual percentage rental herein
provided for within forty-five (45) days after the close of
each annual period, such annual period to commence on the date
of commencement of operation and end ,twelve (12) months there-
after.
IV
The term• of this Lease shall be for a period of five (5)
years commencing with the first day of Lessee ' s occupancy of
the premises , to-wit :
V
Lessee shall provide and control sufficient attendants
trained and disciplined in the performance of their duties and
courteous to the public, to operate the parking facility as
needed to satisfactorily serve its patrons.
VI
Lessor shall provide the following facilities:
The basic building forming the parking facility served
with utilities necessary to the operation - thereof, including
water, gas , electricity and sanitary sewerage , provided,
however, Lessee shall pay the monthly charges for all such
utility services consumed and utilized in the premises.
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VII
Lessee shall furnish, provide and pay for the following
facilities and services:
a) All devices and equipment as provided by plans of
the parking facilities to effectively serve, regulate
and control the vehicular traffic utilizing said facility.
b) Provide all signalization and markings required for
the effective utilization and control of vehicular traffic
all as provided for by plans for said facility.
c) Provide total maintenance and cleaning for the entire
parking facility, both exterior and interior and the Plaza.
d) Provide all supplies and equipment needed and useful in
the record keeping of the operation of the parking facility.
,
e) Title to all equipment and supplies furnished by Lessee
hereunder from time to time shall vest immediately in the
City of Little Rock, Arkansas.
VIII
Lessee shall be entitled to collect and receive any and
all parking facilities revenues from whatever source derived
including but without limitation, that amount paid by Camelot
Inn-Little Rock , Inc. as annual lease rental for space exclu-
sively granted to Camelot Inn within the said parking facility
PLUS that annual payment of Camelot Inn-Little Rock , Inc. made
toward the defrayment of cost of operation and maintenance for
said parking facilities.
IX
A. From the parking revenues received by Lessee in its
operation hereunder Lessee agrees and shall be obligated to
pay the annual debt service requirements (principal and interest)
for those parking facilities revenue bonds now issued and out-
standing pursuant to authority of Ordinance No. 12 ,452 of the
City of Little Rock.
13. Lessee shall further pay the full cost of all operation
and maintenance of said parking facilities and Plaza including,
without limitation , the cost of all taxes and charges, if any, ... _
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due any governmental entity which may be levied as a result of
the operation of the parking facility, insurance , labor, utility
charges, equipment, supplies and materials needed and/or nece-
ssary in the operation and maintenance thereof.
C. If revenues received by Lessee from the operation of
the parking facilities are inadequate to fund the obligations
set forth in "A" and "B" hereof then the cost of such obligations
shall be paid by Lessee from funds derived from the collection
of sales tax now accruing to the benefit of said Lessee pursuant
to authority of the laws of the State of Arkansas and the City
of Little Rock , Arkansas .
X
It is understood and agreed that the City of Little Rock
to the date of this Agreement has appropriated from its General
and Street funds a total of $78,000 . 00 to be used for the planning
and construction of the parking facilities herein identified.
It is further understood and agreed that to the date of
this Agreement the City has spent from said appropriations a
total of $50,072 . 95 for the planning and construction of said
parking facilities and intends to spend the balance of said appro-
priations in the amount of $27,927. 05 for such purposes.
It is further understood and agreed that the total advanced
amount, namely : $78,000. 00 , shall be reimbursed to the City
by the Lessee but only from net annual revenues as defined in
X/
paragraph MX hereof.
It is further understood and agreed that it may become
necessary for the City to appropriate and advance additional
sums in the future for the completion of this parking project
for which reimbursement is to be made as herein set forth but
that no such additional advances shall be made by the' City
except with the prior written Agreement of the Little Rock
Municipal Parking Authority.
XI
Net annual parking facilities revenues for the purpose
of this Agreement shall mean those revenues realized, if any,
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in excess of the aggregate total of those cost obligations out-
lined in paragraph IX hereof.
• XII
Until changed by mutual written consent of both Lessor
and Lessee , parking rates charged shall be in accordance with
the following schedule :
1st i hour $ . 30
1st hour . 50
each additional hour . 20
9 hours maximum 1.50
10 - 12 hours 1. 75
• 13 - 18 hours 2 . 00
19 - 24 hours 2 .25
evenings 1 - 3 hours . 40
evenings 4 - 6 hours . 75
monthly day rate 25 . 00
monthly 24 hours 30 .00
XIII
Lessee shall furnish its services on a fair, reasonable
and nondiscriminatory basis to all users of the parking faci-
lities, and will not , on the grounds of race , color or national
origin, discriminate in any manner prohibited by laws of the
City of Little Rock , State of Arkansas, or of the Federal Govern-
,
ment.
XIV
Lessee shall furnish Lessor a complete monthly statement
each month showing the number of cars parked and the gross
revenues collected with attached affidavit as to their accuracy
and completeness . Such statement shall be submitted on or
before the fifteenth (15th) day of each month for the prior
month 's operation. Further, Lessee agrees to make available
to properly designated agents of Lessor at any time between
Monday and Friday inclusive between the hours of 9 :00 a.m. and
5: 00 p.m. all records , books and pertinent information as may
be required for accurate audit purposes.
XV
Lessee shall provide and keep in effect the following in
good and solvent insurance companies authorized to do business
in the State of Arkansas , with the City of Little Rock and the
o
Little Rock Municipal Parking Authority named as additional
insureds :
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a) Appropriate workmen ' s cdmpensation
b) Public liability insurance with limits of not less
than $500 ,000 . 00 for injury or death on one person,
$500 ,000 .00 for injury or death in any one accident
and $500 ,000. 00 for property damage in any one
accident.
c) Fire and extended coverage insurance in the amount
of 100% of the value of the improvements erected on
the leased premises.
d) Garage keepers ' legal liability insurance excluding
collision.
The Lessee hereby agrees to file copies of all such insurance
policies or certificates thereof and notices of cancellations
of such insurance policies with the Lessor. Lessee agrees to
keep, save and hold harmless Lessor from any and all claims for
injury or damages arising either directly or indirectly from
the operation of the parking facility.
I XVI
Lessor covenants and agrees that during the term of the
I Lease , Lessee shall have the g
peaceful right to use the premises
for parking purposes in accordance with all the rights and pri-
vileges herein stated. Lessee further agrees that there shall
be no free public parking within the area outlined in Exhibit "A"
hereof except for the space designated for use by the Arkansas
Bar Foundation.
XVII
Lessee shall not at any time assign this Lease or any part
thereof or sublet the premises leased herein, or any part thereof
without the consent in writing of Lessor.
IN WITNESS WHEREOF, the parties have hereto set their
hands in duplicate originals this 14 day of , 1972.
CITY 0 LITTLE ROCK, ARKANSAS - LESSOR
/ee
BY 114d .d
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ATT
Ci Clerk -6-
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LITTLE ROCK MUNICIPAL PARKING AUTHORITY
LESSOR
BY ,fr�
Chairman
ATTEST :
Se retary
LITTLE ROCK ADVERTISING AND PROMOTION
COMMISSION - LESSEE
440,(440-00%-
Chairman
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.)..A it„t„z,k
ec etary
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SECTION 2 . This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: October 3, 1972
ATTEST: Q444 APPROVED:
City Clerk Mayo