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RESOLUTION TO EXECUTE A LEASE AGREEMENT WITH ST. LOUIS-SAN FRANCISCO RAILWAY COMPANY
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WHEREAS, for the purpose of relieving crowded and dangerous traffic conditions in and around Frolic Footwear, city officials have been discussing the leasing of a portion of the Old J. L. C. & E. track which runs north and west of and along the side of the Frolic Footwear building and parking lot from its present owner, the St. Louis-San Francisco Railway Company, which track will be used for speed right-of-way or other vehicular purposes, and
WHEREAS, the said St. Louis-San Francisco Railway Company has, on this date, presented a proposed lease of the area which is more particularly described therein, said agreement being dated November 30, 1964, at an annual rental of Sixty Dollars ($60.00) with the further provision that the lessee will erect and maintain a suitable barrier so as to prevent the parking of vehicles beyond the limits of the leased area, the cost of which is in the amount of Two Hundred and Sixteen Dollars (216.00).
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas, that the lease agreement hereinabove described by and it is hereby approved and the Mayor and City Clerk are hereby authorized and directed to execute the same on behalf of the City, conditioned however upon the following:
(1) That the said Frolic Footwear, its successors or assigns, shall reimburse the City for the annual cost of such lease.
(2) That the said Frolic Footwear shall reimburse the City for the cost of constructing the barrier described above and any further maintenance of such barrier.
(3) That the said Frolic Footwear for itself, its successors and assigns, shall execute in favor of the City of Jonesboro, as lessee, and Indemnity or Hold Harmless Agreement wherein the said Frolic Footwear agrees to protect the City of Jonesboro from its obligations under Paragraph 14 of the proposed lease.
PASSED and ADOPTED this 4th day of Januar...
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