Letter of Intent - GCL and City - Non-Binding LOI for New Main Library

Sep 16, 2026

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Non-Binding Letter of Intent sets out the mutual intent between the City of Hot Springs and the Garland County Library to explore creating and developing a New Main Library at 100 Park Avenue in Hot Springs, Arkansas. The document clarifies that no binding legal obligations arise from the LOI, and that continued discussions depend on securing Library Bond Funding for construction. It outlines next steps for negotiations, the LOI’s non-binding nature, governing law under Arkansas, and a term through December 31, 2026 or earlier upon funding outcomes.

LanguageEnglish

CategoryLetters

FormatPDF

Pages2

Reading Time1 min

AccessFree to download

Purpose of the LOI

Contingency of Agreement

Next Steps

Non-Binding Nature

Term of LOI

Miscellaneous

NON-BINDING LETTER OF INTENT This Non-Binding Letter of Intent (LOI) is entered into this , 2026 by and between: City of Hot Springs, a city of the first class organized and existing under the laws of the State of Arkansas, located in Hot Springs, Arkansas, (hereinafter referred to as "City") and Garland County Library, a county library organized and existing under the laws of the State of Arkansas, located in Hot Springs, Arkansas, (hereinafter referred to as "Library") . WHEREAS the City and the Library (collectively, the “Parties”) wish to explore the creation and development of a New Main Library (hereinafter referred to as the "New Main") to be located on the city owned property at 100 Park Avenue in Hot Springs, Arkansas, and WHEREAS the Library’s ability to enter into any formal agreements regarding the creation and development of the New Main is contingent upon securing bond funding for the construction of the New Main (the “Library Bond Funding”) . Now, therefore, the Parties agree as follows: 1. Purpose of the LOI This LOI sets forth the intention of the Parties to explore a potential partnership for the creation and development of a New Main at 100 Park Avenue, Hot Springs, Arkansas. This LOI is not intended to be a binding legal agreement but a mutual expression of the Parties' desire to proceed with discussions, subject to further negotiation, Library Bond Funding, and formal agreements. 2. Contingency of Agreement The Parties acknowledge that the creation and development of the New Main are contingent upon the Library receiving Library Bond Funding to construct the facility. In the event that the Library is unable to secure such funding, the Parties agree that this LOI shall be considered null and void, and neither Party shall have any obligations or liabilities arising from this LOI. 3. Next Steps Upon receipt of the Library Bond Funding, the Parties agree to engage in further negotiations and discussions to develop the property at 100 Park Avenue, Hot Springs, Arkansas for the creation and development of the New Main. These discussions will outline the roles, responsibilities, financial commitments, timeline, and other operational details necessary for the establishment and success of the New Main. 4. Non-Binding Nature This LOI is non-binding and does not create any legal obligations on either Party to enter into any further agreements, except as expressly set forth herein. Neither Party shall be held liable for any failure to perform under this LOI, and any final agreement between the Parties will be subject to mutually acceptable terms to be negotiated in good faith. 5. Term of LOI This LOI will remain in effect until December 31st, 2026, or until such time as the Library secures or fails to secure the Library Bond Funding, whichever comes first. Should the Library Bond Funding be secured, the Parties will promptly begin the process of drafting and negotiating a binding agreement for the creation and development of the New Main. 6. Miscellaneous a. Governing Law: This LOI will be governed by and construed in accordance with the laws of the State of Arkansas, United States. b. No Binding Obligation: This LOI does not impose any binding legal obligations on the Parties other than the mutual intent to continue discussions in good faith and to negotiate a binding agreement if the conditions outlined above are met. IN WITNESS WHEREOF, the undersigned have executed this Non-Binding Letter of Intent as of the day and year first above written. For City of Hot Springs By: Name: Pat McCabe Title: Mayor, City of Hot Springs Date: For Garland County Library By: Name: Adam Webb Title: Executive Director, Garland County Library Date:

FAQs

What is the purpose of this Non-Binding Letter of Intent (LOI)?

The LOI documents the parties’ intention to explore a partnership to create and develop a New Main Library at 100 Park Avenue in Hot Springs, Arkansas. It is intended to support discussions, not to create a binding legal agreement.

What condition must be met for the parties to proceed?

Proceeding is contingent on the Garland County Library securing Library Bond Funding to construct the New Main Library facility. Without that funding, the LOI is treated as null and void.

How long does the LOI remain in effect?

The LOI remains in effect until December 31, 2026, or until the library secures or fails to secure the Library Bond Funding, whichever comes first. If funding is secured, the parties will begin drafting and negotiating a binding agreement.

Sep 16, 2026

Upload by Elsa