HomeMy WebLinkAbout1962-09-21 Minutes165
as soon as is
Alderman Short read a proposed Underwriting Agreement between the City and the Merchants' Parking Associa-
Underwritin
R.E.A.
tion, for Off -Street Parking Lots Numbered l(back of Lewis Bros,. and Campbell & Bell), 2,(back of Penney's
Bill Torres, representing the Ozarks Electric Cooperative Corporation, appeared before the Council and
I
represents
ive
and stated that the Ozarks Electric requested that the City Council take action ratifying or rescinding
After a lengthy discussion, Alderman Short moved to accept the Underwri£ingc:Agreemusnt as recommended by
requested
I
action taken by the Mayor wherein the Mayor requested Southwestern Electiic Power Co. to petition the
Council action
terms of the Contract.
Arkansas Public Service Commission to reallocate territory which is presently allocated to Ozarks Electric
on action
Cooperative Corporation to the Southwestern Electric Power Co. in order that Southwestern might serve the
The Underwriting Agreement was spread of record in the minutes of the meeting and made a permanent record.
taken b
new city shops rather than Ozarks Electric.
Mayor.
I
He further stated that Ozarks Electric Cooperative Corp. felt that the standing action of the Mayor
/UNDUfWRITING AGREEMENT
placed the City in a position wherein the City is giving preferential treatment to one of two parties
THIS AGREEMENT made and entered into on this 24th day of September, 1962, in the City of Fayetteville
in the same class.
Refer
ed to
After a long discussion, Alderman Christie moved to refer this to the Building Committee for study and
Buildi�g
to act as the Committee believed necessary.
Committee.
The motion was seconded by Alderman Burgin and upon roll call the following vote was recorded, "Aye"
Heflin, Christie, Standley, Thomas, Burgin, Flucette, and Short. "Nay" Wheeler.
There being seven "Ayes" and only one "Nay", the Mayor declared the motion passed.
There being no further business, Alderman Christie moved to adjourn. The motion was seconded by Alderman
Burgin and passed unanimously, whereupon the Mayor declared the meeting adjourned.
APPROVED:
ATTEST: VMAIJA
GU E. BROWN, MAYOR
GEORGE J DA ,=, CITY CLERK
I' The City Council of Fayetteville, Arkansas, met in regular session on Monday, September 24, 1962, at
V:30 P. M.
present: Mayor Guy E. Brown, City Clerk George J. Davis, City Controller Albert J. Jones, City Attorney
Bass.Trumbo, City Engineer W. C. Smith, Chief of Police Hollis Spencer, Fire Chief Burl Skelton, and
kldermen: Heflin, Christie, Standley, Wheeler, Thomas, Burgin, Faucette, and Short.
Absent: None.
�he minutes of the regular meeting on Monday, September 10, 1962, a copy of which had been previously
mailed to each of the Aldermen, were approved as written.
Alderman Christie reported that the Street Committee had received a number of requests to prohibit parking
Prohibit parking bn both sides of Williams Street, and they recormnended,this street be closed to parking.
on After a long discussion, Alderman Christie moved that parking be prohibited on both sides of Williams
Williams S reet. btreet throughout the entire length of the street.
The motion was seconded by Alderman Burgin and passed unanimously.
THAT FOR AND IN CONDIDERATION OF THE MUTUAL PROMISES, COVENANTS, AND CONDITIONS HEREIN CONTAINED, THE
IRTIES HERETO MUTUALLY AGREE AS FOLLOWS:
1. That the City shall,
as soon as is
Alderman Short read a proposed Underwriting Agreement between the City and the Merchants' Parking Associa-
Underwritin
later
tion, for Off -Street Parking Lots Numbered l(back of Lewis Bros,. and Campbell & Bell), 2,(back of Penney's
Agreement
I
B (back of Guisinger's Music Store), and 5 (NW corner of East Avenue and Meadow St.).
Parking
Lots
After a lengthy discussion, Alderman Short moved to accept the Underwri£ingc:Agreemusnt as recommended by
1,2,31,
& 5• —
the Finance Committee and that the Mayor and City Clerk be and they are hereby authorized to execute the
terms of the Contract.
The motion was seconded by Alderman Burgin and passed unanimously.
The Underwriting Agreement was spread of record in the minutes of the meeting and made a permanent record.
in PROCEDURE OF THE CITY COUNCIL.
_
I
/UNDUfWRITING AGREEMENT
THIS AGREEMENT made and entered into on this 24th day of September, 1962, in the City of Fayetteville
rkansas, by and between the City of Fayetteville, Arkansas, a municipal corporation, hereinafter known as
the "City", and the Fayetteville Parking Association, Inc., hereinafter known as the"Association,"
}witnesseth,
THAT FOR AND IN CONDIDERATION OF THE MUTUAL PROMISES, COVENANTS, AND CONDITIONS HEREIN CONTAINED, THE
IRTIES HERETO MUTUALLY AGREE AS FOLLOWS:
1. That the City shall,
as soon as is
practicable, but in
no event
later
than midnight, November
16,
964, exercise its options to
purchase the
following described
tracts of
real
estate, to -wit:
Lot No. 1 (Back of Lewis Brothers and Campbell & Bell)
rot�ered eight (8) to Fifteen (15) inclusive, Block Twenty-six(26), Original Plat of the City
Fayetteville, Arkansas, also described as being the West Half (Wz) of Block Twenty-six (26).
Lot No. 2 (Back of Penney's Store)
The East Half of Lot Numbered Eleven (11), in Block Numbered Thirty (30) in the Town (now City) of
Fayetteville, as designated upon the Original Plat of said town. Lot Numbered Ten(10) in Block Number d
Thirty(30) in the Town (now City) of Fayetteville, as designated upon the original plat of said town
on file in the office of the Circuit Clerk and Ex -Officio Recorder of said County, said Lot fronting
on South Block Street and extending East One Hundred Two and three-tenths(102.3) feet to a ten foot
alley.
Thirty-three (33) feet of equal and uniform width off the South side of Lot Numbered Nine(9) in Block
Numbered Thirty(30) in the Original Plat of the Town (now City) of Fayetteville.
Lot No. 3. (Back of Guisinger's Music Store)
A part of Lot 9, -in Block 29, of the Original Plat of the City of Fayetteville, Arkansas, more partic-
ularly described as beginning at an iron pin in the west line of said Lot 9 at the South side of the
existing concrete alley and running thence south 31.6 feet to the north wall of a brick building,
thence east 155 feet; thence north 31.6 feet; thence west 155 feet to the place of beginning.
Lot No. 5. (Northwest corner of intersection of East Avenue and Meadow Street)
Lots Numbered Eight (8) and Nine (9), and the South Eight(8) feet and.two(2) inches of Lot Numbered
Ten(10), in Block Numbered Thirteen (13), in the City of Fayetteville, Arkansas,
2. That the City will borrow the necessary amount of money at the lowest rate of interest possible to
hase each lot as its purchase option becomes exercisable, and that this loan, including both principle
interest, is to be amortized over a ten -,year period of time.
3. That the City will pledge toward the monthly payments due on the above mentioned loan, the parki.
t- eter receipts from the four above described parking lots, plus the rental revenue received by the City
rom the leasing of two buildings located on Parking Lot 1. The Association agrees to pay to the City eac
onth, the difference between the above mentioned monthly meter receipts and the rental receipts, and the
otal monthly payments on the above mentioned loan.
4. That the procedure for payment of monies by the Association to the City, shall be as follows: On
ore the 10th of each month, during the term of this agreement, the City shall prepare and serge upon
ociation a statement covering the preceding calendar month's operations, reflecting the total cash
ually received from the operation of the vehicular parking facilities and the rentals received from t
sing of two buildings located on Parking Lot 1. The aforesaid statement of operation shall disclose t
iciency, if any, of the cash required over the cash received, necessary to pay, as they become due, a
the monthly payments incurred in the acquisition of the hereinabove described vehicular parking lots,
ch deficiency, the Association shall pay promptlyto the City, to be used by said City to reimburse or
emnify itself for any payments made in excess of the actual cash received, or, to pay directly to the
ditors such amounts currently due on the loans incurred in the acquisition of said property.
5. In the event the City uses any part of Parking Lot 1 for the purposes of establishing a fire stats
reon, the Association's liability for paying any deficiency between the parking meter receipts and mont
tal payments and the monthly payments due for Parking Lot 1 shall be reduced in proportion to the perce
of said Parking Lot 1 used for establishing a fire station; said percentage to be determined by eithez
amount of footage used for the fire station compared to the entire footage of Parking Lot 1, or the
ber of parking meters removed from said lot so as to provide room for the fire station, compared with
total number of meters located thereon. The formulas for ascertaining a possible decrease in the pay-
ts due from the Association to the City on Parking Lot 1 shall be based on a valuation of said lot at
,000.00. The Association is granted the choice as to which of these two methods is used in determining
decrease in payments.
6. The City agrees to operate and maintain all of the vehicular parking facilities referred to hereii
to purchase and install at its own cost any and all parking meters as may be required for the effectil
ation of such facilities.
7. The parties hereto agree that this agreement may be assigned by the Association and/or the City
bank or banks, or other lending institutions, as collateral for funds advanced by such lenders for
ose of exercising any or all of the options to purchase referred to herein.
8. That this agreement shall be binding on the parties hereto, their successors and assigns, for a
d of time, commencing October 1, 1962, and ending at Midnight, March 1, 1973.
9. At the termination of this contract the City agrees to give the Association an option to purchase
rom the City all or any part of said above-described real estate(except that part used by the City for
stablishment of a fire station). The purchase price to be paid shall be determined as follows: (a) by an
ppraisal of the fair market value of such real estate and improvements on the date of appraisal by
ppraisers selected on a basis mutually agreeable to both parties hereto, a (b) by crediting to such
ppraised valuation the contribution made by the Association on each lot toward the purchase of that'par-
icular lot. The Association agrees to give the City a one year written notice of their intention to exer-
ise any or all of the above mentioned options, and agree that said option is to be exercised with a peric
f ninety(90) days after the termination of this agreement.
IN WITNESS WHEREOF, the parties hereto have caused the foregoing agreement to be executed on the
above written.
TTEST: 0,
GEORGEVJ.VIS, CITY CLERK
CITY OF FAYETTEVILLE, ARKANSAS
A Municipal Corporation
(
By GUY BROWN MAYOR
1. That the Association
FATTEST:
FAYETTEVILLE PARKING
ASSOCIATION,INC.
specifications set forth
by the
By
following described
9erwriting
•eement
^king
Alderman Short then read a proposed Underwriting Agreement
for Off -Street Parking Lot
No. 7 (Brown -Lewis)
No. 7
which had been recommended by the Finance Committee and the
Parking Association.
After a long discussion, Alderman Short moved to accept the
Underwriting Agreement as
recommended by the
.Finance
Committee and that the Mayor and City Clerk be and
they are hereby authorized
to execute the term;
of the Contract.
The motion was seconded by Alderman Faucette and passed unanimously.
UNDERWRITING AGREF14ENT
(Parking Lot No. 7)
THIS AGREEMENT made and entered into on this 24th day
of September, 1962, in the
City of Fayetteville
rkansas, by and between the City of Fayetteville, Arkansas,
a municipal corporation,
hereinafter known a:
he "City", and the Fayetteville Parking Association, Inc.,
hereinafter known as the
"Association",
TNESSETH:
THAT FOR AND IN CONSIDERATION OF THE MUTUAL PROMISES,
COVENANTS, AND CONDITIONS
HEREIN CONTAINED, TH]
PARTIES HERETO MUTUALLY AGREE AS FOLLOWS:
1. That the Association
will cause to be constructed
a vehicular parking
facility in accordance with
specifications set forth
by the
City Engineer on the
following described
tract of real estate, to -wit:
Lot No. 7 in Block No, 17, Original Town of Fayetteville and East One -Half (EJ) of Lot 8, Block 17,
Original, also South One-Half(S2) of Lot 10, Block 17, Original, and North One -Half (NJ) of Lot 10,
Block 17, Original,
2. That the above mentioned construction will include all required parking lot equipment exclusive
parking meters which will be supplied and installed by the City at their cost.
3. That the Association will negotiate a lease agreement with the owners of the above described real
to setting forth the length of the lease and the monthly rental. The Association hereby agrees to ass!
lease to the City, with the understanding that said lease contains an option to purchase the above
ribed property from the owner, which the City may effectively exercise.
167
4. That the City will pledge toward the monthly rental on this particular lot all of the parking
Underwritinj eter revenue from that one lot and that the Association will pay monthly to the City the difference
Agreement Pa king etween the above stated parking meter revenue and the monthly rental.
Lot No. 7
(Continued) 5. That the procedure for payment of monies by theAssociation to the City, shall be as follows:
ror before the 10th of each month, during the term of this agreement, the City shall prepare andserve
Pon the Association a statement covering the preceding calendar month's operations, reflecting the total
cash actually received from the operation of the vehicular parking facilities. The aforesaid statement of
operation shall disclose the deficiency, if any, of the cash required over the cash received, necessary to
pay, as it becomes due, the rent on the above mentioned lease, which deficiency, the Association shall pa;
promptly to the City.
6. That the City agrees to operate, maintain, service, and police the above described property for th(
period of the lease.
7. That the failure of -the Association to
pay
to the City
on a monthly basis
the amounts,
if
any,
as
forth above will effactivelyand immediately
be
construed as
sufficient cause
to make null
and
void
th9
6. That this Agreement shall be binding on both parties hereto, their successors,and assigns for the
d of the lease, or as stipulated in 7 above.
IN WITNESS WHEREOF, the parties hereto have caused the foregoing Agreement to be executed on the date
above written.
ATTEST:
GEORG J.J. A�Y CLERK
CITY OF FAYETTEVILLE, ARKANSAS,
A Municipal Corporation,
By.
FAYETTEVILLE PARKING ASSOCIATION, INC.
unuerwritiing
Agreement for
Dickson St. Alderman Short then read a proposed Underwriting Agreement for the Off -Street Parking Lot on flekson Street
Parking Loti - (Joe Hinton) which had been recommended.by the Finance Committee and the Parking Association.
(Joe Hinto ) ylderman Short moved to accept the Underwriting Agreement as recommended and that the Mayor and City Clerk
pe and they are hereby authorized to execute the terms of the Contract.
The motion was seconded by Alderman Christie and passed unanimously.
The Underwriting Agreement was spread in the minutes of the meeting as a permanent record.
UNDERWRITING AGREENU NT
THIS AGREEhZNT made and entered into on this 24th day of September, 1962, in the City of Fayetteville;
#rkansas, by and between the City of Fayetteville, Arkansas, a municipal corporation, hereinafter known as
the "City", and the Fayetteville Parking Association, Inc., hereinafter known as the "Association",
�fI TNESSETH :
THAT FOR AND IN CONSIDERATIO14 OF THE MUTUAL PROMISES, COVENANTS, AND C014DITIONS HEREIN CONTAINED, THE
PARTIES HERETO MUTUALLY AGREE AS FOLLOWS:
1. That the City is currently leasing the following described property, to -wit: A part of Block Numb-
Seven(7) in the Original Town(now City) of Fayetteville, Arkansas, more particularly described as
ws, to -wit: Beginning at a point which is 13 feet 2 inches South of the Northwest corner of said Bloc4
red Seven(7), and running, thence East 50 feet, thence South 267'feet, thence West 50 feet, thence
267 feet to the point of beginning,
the purposes ofavehicular parking lot. That said Sease was executed on the First day of October, 1959,
a monthly rental of $150.00, and that said lease will remain in effect.'
2. That the City agrees to credit toward the monthly rental of the above described real estate all
ing meter receipts from the operation of said parking lot, and that the Association agrees to pay to
City the difference between these receipts and the monthly rental.
3. That the procedure for payment of monies by the Association to the City, shall be as follows: On of
efore the 10th of each month, during the term of this agreement, the City shall prepare and serve upon the
ssociation a statement covering the preceding calendar month's opehations, reflecting the total cash
ctually received from the operation of the vehicular parking facilities. The aforesaid statement of oper-
tion shall disclose the deficiency, if any, of the cash required over the cash received, necessary to pay,
s it becomes due, the rent on the above mentioned lease;"which deficiency, the Association shall pay
romptly to the City.
4. That the City agrees to operate, maintain, service, and police the above described property for the
eriod of the lease.
5. That the City will acquiesce to a termination of the current lease agreement on the followifg _.
tions:
(a) Evidence in writing is presented showing agreement between the property owner and the Association
that the lease be terminated and the property abandoned as a metered parking lot.
(b) The City by negotiation with the property owner can arrive at a satisfactory price for the
improvements on the lot.
6. That the failure of the Association to pay the monthly difference as specified above would be
onstrued as sufficient cause for this Agreement to become null and void, and for the City to enter into
.egotiations immediately with the property owner to cancel the lease and restore the use of the property
he said owner.
7. That this Agreement shall be binding upon both parties hereto, their successors and assigns for a
d dating from the date of the signing of this Underwriting Agreement until the termination of the
agreement, unless terminated as specified in the paragraphs above.
[168
ion
i-62
Ltion for
IN WITNESS THEREOF, the parties hereto have caused the foregoing Agreement to be executed on the date fir
shown above.
CITY OF FAYETTEVILLE, ARKANSAS
ATTEST: A MunicipYL
ion
GEOR J. VIS, CITY CLERK By
GUY E. -BROWN, MAYOR
ATTEST:
T} c ;it• 2 jerk read a resoluti. r. frci a the
FAYETTEVILLE,PARKING ASSOCIATION, INC.
Un
The City Clerk read a resolution from the Planning Commission requesting authority to hold a public
to rezone certain property in the Evelyn Hills Shopping Center area.
Alderman Burgin moved to adopt a resolution authorizing the Planning Commission to hold the public
as requested.
The motion was seconded bty, Alderman Short and passed unanimously.
RESOLUTION 15-62
BE IT RESOLVED BY THE CITY COUNCIL OF TIE CITY OF FAYETTEVILLE, ARKANSAS:
That the Planning Commission of the City of Fayetteville, Arkansas, be and they are hereby auth
to hold a public hearing for the purpose of hearing all interested persons ori the petition to rezone
Lot 12 of the Evelyn Hills Addition of the City of Fayetteville, Arkansas, from C-2 Thoroughfare Com
District to R-4 Multi -Family Residential and Dormitory District,
PASSED AND APPROVED this 24th day of September, 1962.
APPROVED:
ATTEST: '
=)""Al�
GUY E. FROWN3 MAYOR
GEORGE A DA S, CITY CLERK
The City Clerk reported that he had received a petition, signed by 85 legal voters, requesting a
Referendum vote on Fayetteville City Ordinance No. 1314.
No actionwas taken at this time.
There being
no further business, Alderman
Faucette
moved to
adjourn. The
motion was sedonded by Alderman
Burgin and
passed unanimously, whereupon
the Mayor
declared
the meeting
adjourned.
ATTEST:
GEORGE 67. DMJSI CITY CLERK
APPROVED:
GUY E. BROWN,
ecial [rhe City Council of Fayetteville, Arkansas, met in special session on Wednesday, October 3, 1962, at 1:00
sting. M. CST. at regular meeting place.
resent: Mayor Guy E. Brown, City Clerk George J. Dayris, City Controller Albert J. Jones, and Aldermen:
�r verne Heflin, Arnold Christie, Earnest Standley, Garland E. Wheeler, Grover C. Thomas, Ellis Burgin,
eorge Faucette, and Carter Short.&UO4 ai�,...�, 4%"1V.�+..M-8+'•
bsent: None,
ofrf a a}tyy����rr reported that the purpose of the meeting was to give consideration to a bond issue for a new
ies Building, New Fire Stations, and AYYvo5Ar iW5;0N+dothe City Hospital;
Discuss a resolution endorsing passage of proposed Amendment No. 50 to the Constitution of the State of
rkansas;
and a report from the Airport Committee, and that all members of the Council had been notified by U. S.
Mail and by telephone.
id I The Mayor stated that consideration should be given to an ordinance submitting at the general electio
.nance he question of issuing bonds for the purpose of refunding certain outstanding bonds, acquiring a site for
;sed. rnd constructing and equipping a City Police Facilities Building, acquiring sites for and constructing and
quipping buildings for the housing of fire fighting apparatus and the purchase of fire fighting apparatus
nd constructing and equipping a nursing home at the existing City Hospital.
his was.a matter with which the Council was familiar and after a discussion, Alderman Carter Short introd
n ordinance entitled: "AN ORDINANCE SUBMITTING AT THE GENERAL ELECTION IN THE CITY OF FAYETTEVILLE ON
NOVEMBER 6, 1962, THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF REFUNDING THE OUTSTANDING BONDS OF THE
ITY'S GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS DATED NOVEMBER 1, 19593 ACQUIRING A SITE FOR AND
ONSTRUCTING AND EQUIPPING A CITY JW, /4'y/Vp'Cd;0&TbUILDING, ACQUIRING SITES FOR AND CONSTRUCTING AND EQU
PUILDINGS FOR THE HOUSING OF FIRE FIGHTING APPARATUS, AND THE PURCHASE OF FIRE FIGHTING APPARATUS AND CON-
PTRUCTING AND EQUIPPING AX 5)(-r4)V.5JiW rV THE EXISTING CITY HOSPITAL, UNDER THE PROVISIONS OF AMENDMENT NO
�3 TO THE CONSTITUTION OF THE STATE OF ARKANSAS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING
�N EMERGENCY", Ahd the City Clerk read the ordinance in full.
Alderman Ellis Burgin, seconded by Alderman George Faucette, then moved that the rule requiring the readin
6f an ordinance in full on three different days be suspended and that the ordinance be placed on its secon
'he Mayor put the question on the adoption of the motion and the roll being called, the following voted
Aye" Heflin, Christie, Standley, Wheeler, Thomas, Burgin, Faucette, and Short.
Nay" None.
Thereupon the Mayor declared that at least two-thirds of all members elected to the Council having
n favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance
hen read a second time by the City Clerk,
Alderman Ellis Burgin, seconded by Alderman Carter Short, then moved that the rule requiring the read:
)f an ordinance in full on three different days be further suspended and that the ordinance be placed on i1
:bird reading. The Mayor put the question on the adoption of the motion and the roll being called, the
'ollowing voted."Aye!': Heflin, Christie, Standley, Wheeler, Thomas, Burgin, Faucette, and Short.
'Nay" None.
Thereupon the Mayor declared that at least two-thirds of all members elected to the Council having voted
favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was
then read for the third 'and last time by the City Clerk.
m
i