HomeMy WebLinkAbout121-16 RESOLUTION113 West Mountain
Street Fayetteville,
AR 72701
(479) 575-8323
Resolution: 121-16
File Number: 2016-0278
THEATRE SQUARED, INC.:
A RESOLUTION TO APPROVE A LONG TERM LEASE OF THE SPRING AND WEST PARKING
LOT WITH THEATRE SQUARED, INC. TO CONSTRUCT A PERFORMANCE THEATER WITH
EDUCATIONAL AND COMMUNITY EVENT SPACE.
WHEREAS, in August of 2015, Theatre Squared, Inc. announced it had been awarded an Our Town
grant from the National Endowment of the Arts to begin exploratory work for a new theater; and
WHEREAS, in September the Walton Family Foundation selected Theatre Squared, Inc. for the first
Northwest Arkansas Design Excellence Program grant; and
WHEREAS, in October the Fayetteville City Council expressed its support for Theatre Squared, Inc.'s
proposed theater project to be built on the City owned parking lot at Spring and West and requested that
the City negotiate terms of the lease; and
WHEREAS, after City staff discovered a 15foot wide strip of land along West Street was not in the
City's clear ownership and no surviving owners could be located, the Fayetteville City Council
authorized the Fayetteville City Attorney's Office to file a condemnation action for this 15 foot strip; and
WHEREAS, after extensive negotiations, the City Administration forwards for the City Council's approval,
rejection or modification the final draft lease presented by Theatre Squared, Inc.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the Lease Agreement
between the City of Fayetteville, Arkansas and Theatre Squared, Inc. attached hereto as an exhibit and
Page 1 Printed on 618116
Resolution: 121-I6
File Number. 2016-0278
authorize Mayor Jordan to sign this Lease Agreement with its initial 25 year lease term and three
automatic renewal 25 year lease terms.
PASSED and APPROVED on 6/7/2016
Attest:
6., '4"a -
Sondra E. Smith, City Clerk
Treasurer
Page 2 Printed on 618116
-- City of Fayetteville, Arkansas 113 West Mountain Street
I Fayetteville, AR 72701
l r' -.S•
(479) 575-8323
Text File
File Number: 2016-0278
Agenda Date: 6/7/2016 Version: 1 Status: Passed
In Control: City Council Meeting
Agenda Number: D. 3
THEATRE SQUARED, INC.:
File Type: Resolution
A RESOLUTION TO APPROVE A LONG TERM LEASE OF THE SPRING AND WEST PARKING
LOT WITH THEATRE SQUARED; INC. TO CONSTRUCT A PERFORMANCE THEATER WITH
EDUCATIONAL AND COMMUNITY EVENT SPACE
WHEREAS, in August of 2015, Theatre Squared, Inc. announced it had been awarded an Our Town
grant from the National Endowment of the Arts to begin exploratory work for a new theater; and
WHEREAS, in September the Walton Family Foundation selected Theatre Squared, Inc, for the first
Northwest Arkansas Design Excellence Program grant; and
WHEREAS, in October the Fayetteville City Council expressed its support for Theatre Squared, Inc.'s
proposed theater project to be built on the City owned parking lot at Spring and West and requested that
the City negotiate terms of the lease; and
WHEREAS, after City staff discovered a 15 foot wide strip of land along West Street was not in the
City's clear ownership and no surviving owners could be located, the Fayetteville City Council
authorized the Fayetteville City Attorney's Office to file a condemnation action for this 15 foot strip;
and
WHEREAS, after extensive negotiations, the City Administration forwards for the City Council's
approval, rejection or modification the final draft lease presented by Theatre Squared, Inc.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the Lease
Agreement between the City of Fayetteville; Arkansas and Theatre Squared, Inc. attached hereto as an
exhibit and authorizes Mayor Jordan to sign this Lease Agreement with its initial 25 year lease term and
three automatic renewal 25 year lease terms.
City of Fayetteville, Arkansas Page i Printed on 61812016
City of Fayetteville Staff Review Form
2016-0278
Legistar File ID
6/7/2016
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
Jeremy Pate 5/24/2016 Development Services /
Development Services Department
Submitted By Submitted Date Division / Department
Action Recommendation:
Approval of a lease with Theatre Squared, Inc. forth e premises located at the corner of West Avenue and Spring
Street, in consideration of the terms and conditions more fully described in the Lease Agreement
Budget Impact:
Account Number
Fund
Project Number
Project Title
Budgeted Item? NA
Current Budget
$
-
Funds Obligated
$
-
Current Balance
Does item have a cost? No
Item Cost
Budget Adjustment Attached? No
Budget Adjustment
Remaining Budget
L
V20140710
Previous Ordinance or Resolution #
Original Contract Number: Approval Date:
Comments: