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HomeMy WebLinkAbout107-72 RESOLUTION• *S , RESOLUTION NO. //77.-'%_ , - q 1 WHEREAS, The Board of Directors of the City of Fayetteville, Arkansas, has previously determined that the lack of adequate off-street parking facilities creates congestion, obstructs the free circulation of traffic, diminishes property values, and endangers the health, safety and general welfare of the citizens of the City, and that the provision of conveniently located pub- lic off-street automobile parking facilities is necessary to alleviate such conditions, and WHEREAS, The Board of Directors has determined that addi- tional off-street parking facilities will be required for Down- town Fayetteville when that area re -develops, and WHEREAS, The City of Fayetteville is presently leasing certain off-street parking lots in the downtown area which leases contain an option to purchase, and WHEREAS, The Fayetteville Municipal Parking Authority has reported to the Board of Directors that the Authority anticipates the formation of an assessment district by downtown property owners for the purpose of constructing a parking deck to pro- vide additional parking spaces which will be necessary as Downtown Fayetteville re -develops, and WHEREAS, The Board of Directors determines that the City should anticipate and encourage the re -development of Downtown Fayetteville and make provisions for the additional off-street parking space^swhich such re -development will necessitate. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the Board of Directors hereby expresses its intent to purchase one or more of the downtown off-street parking lots the City presently leases; the funds for such purchase to be obtained through the sale of revenue bonds with parking meter receipts from off-street lots to be pledged in payment of said bonds. Section 2. That the Board of Directors hereby expresses its intent to permit the construction of parking decks on off- street parking lots owned by'the City, such decks to be financed by an assessment district.