HomeMy WebLinkAbout6392 RESOLUTION NO 6 , 392
A RESOLUTION AUTHORIZING THE ENTERING INTO OF A
CONTRACT FOR THE PURCHASE OF CERTAIN REAL PROPERTY
SITUATED IN BLOCK 79 AND FRACTIONAL BLOCK 80, ORIGINAL
CITY OF LITTLE ROCK AND PAYMENT OF DEMOLITION COSTS OF
IMPROVEMENTS THEREON IN CONNECTION WITH THE COMMITMENT BY
THE CITY AND LITTLE ROCK CENTER ASSOCIATES, LTD. , AN
ARKANSAS LIMITED PARTNERSHIP, ENTERED INTO APRIL 17, 1979,
PURSUANT TO AUTHORITY OF RESOLUTION NO. 6116 OF THE BOARD
OF DIRECTORS ADOPTED APRIL 3, 1979, CONCERNING THE CONSTRUC-
TION AND LEASING OF A MULTI-PURPOSE CIVIC-CONVENTION HOTEL
CENTER; AND PRESCRIBING OTHER MATTERS RELATED THERETO
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1. The Mayor and City Clerk, or Assistant City Clerk, are hereby authorized,
acting for and on behalf of the City of Little Rock, to execute a contract of sale whereby
the City of Little Rock purchases from Doyle W. Rogers and Josephine Raye Rogers certain
real property hereinafter described pursuant to authority of the Construct and Lease
Agreement between the City and Little Rock Center Associates, Ltd. , an Arkansas Limited
Partnership, dated April 17, 1979 pursuant to authority of Resolution No. 6116 of the
Board of Directors adopted April 3, 1979 concerning the construction and leasing of a
multi-purpose Civic-Convention Hotel Center. Said Agreement provided that the City would
purchase said property upon terms and conditions agreeable and acceptable to the City,
as approved by the Little Rock Advertising and Promotion Commission and the Developer.
SECTION 2. The purchase price for said lands represents the actual cost to the
Sellers in the amount of $1,315,000.00, plus $120,672.00 interest accrued through August 1,
1980, and interest accruing from August 1, 1980 to date of closing at the rate of $524.25
per day.
SECTION 3. The City has budgeted and will pay the cost of demolition of improvements
situated on said lands from funds allocated to the construction costs of the City's phase
of the Convention facilities pursuant to provisions of the Guaranteed Maximum contract
dated June 10, 1980 for the Little Rock Hotel Convention Center between Hardin Inter-
national, Inc. and Pickens-Bond Construction Company, as Contractor, and Little Rock
Center Associates, Ltd. , as Owner.
SECTION 4. At such time as funds are ayailabl,e from the issuance by the. City of
Hotel-Restaurant Gross Receipt Tax Bonds (Little Rock. Convention Center Project)_ Series
1980, the staff of the City and/or the Little Rock Advertising and Promotion Commission
are authorized to proceed with consummation of the purchase of the real property herein
described and the payment of the consideration herein provided for, and in connection
-2-
with said purchase, obtain for the City through Beach Abstract & Guaranty Company and
Little Rock Abstract Company an Owner's Title Insurance Policy at a premium cost of
seventy (70 ) cents per Thousand ($1,000.00) dollars of coverage. The amount of the
coverage for such title insurance shall be related to the total amount of bonds issued
by the City in the referenced Series 1980 issue, less Non-asset bonds.
SECTION 5. The said Contract of Sale commits the Seller and other owners of property
in Block 81, Original City of Little Rock, to devote the said Block 81 to public surface
parking for patrons of the Hotel until the Seller completes the construction of an off-
street parking facility contiguous to the Convention Center Hotel facilities that will
park at least three hundred (300) automobiles. The said Contract of Sale is hereby
approved and made a part hereof the same as though set out herein word for word and
shall be substantially as shown on Exhibit "A" attached hereto, to which is attached
the legal description of the lands being purchased.
SECTION 6. All ordinances and resolutions and parts hereof in conflict herewith
are hereby repealed to the extent of such conflict.
SECTION 7. This Resolution shall be in full force and effect from and after its
adoption.
ADOPTED: August 5,1980 ATTEST: i4/I O APPROVED: /Ili
City Clerk (Assistant) Mayor