RES NO 02-03-1999 CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. (9.3 -1999
A RESOLUTION EXTENDING THE TERM OF THE CITY'S LEASE WITH THE OLD TOWN
MERCHANTS ASSOCIATION
WHEREAS, By Resolution No. 4 -1 -1993, passed by the City Council on April
19, 1993, the real property owned by the City of Van Buren located
on Main Street upon which public restrooms and other public
facilities were to be constructed, (the legal description of which is
set out in the Lease Agreement) was leased to the Old Town
Merchants Association for a term of five (5) years with a renewal
term of ten (10) years, which renewal was exercised by the Old
Town Merchants Association; and,
WHEREAS, The City of Van Buren and the Old Town Merchants Association
both desire to extend the Lease beyond the current expiration date
in order to better enable the Old Town Merchants Association to
apply for funds for improvements to the property.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
VAN BUREN ARKANSAS:
SECTION 1: That the Lease existing between the City of Van Buren and the
Old Town Merchants Association signed on April 19, 1993 leasing
the City's real property located on Main Street, is hereby amended
to extend the term of the Lease an additional twenty -five (25) years
to the year 2033. At the end of that tern, the Old Town
Merchants Association shall have the option of renewing the Lease
for an additional twenty-five years under the same procedure as set
out in the Lease Agreement.
SECTION 2: That all other provisions of the original Lease Agreement shall
remain in Q full force and effect.
PASSED AND APPROVED THIS2o DAY OF t 1999.
MAYOR '110\
ATTESTED:
CIAAti
CITY CLERK/TREASURER