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Home My WebLink About85-97 RESOLUTION • • RESOLUTION NO. 85-97 SCANNED A RESOLUTION APPROVING A REQUEST TO GUARANTEE PAYMENT OF REQUIRED OFF-SITE IMPROVEMENTS ASSOCIATED WITH THE SALEM VILLAGE P.U.D. BY POSTING A PERFORMANCE BOND AS SUBMITTED BY BILL RUDASILL, OF WBR ENGINEERING ASSOCIATES, ON BEHALF OF TRADITIONAL INVESTMENTS, LTD. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council hereby approves a request to guarantee payment of required off-site improvements associated with the Salem Village P.U.D. by posting a performance bond as submitted by Bill Rudasill, of WBR Engineering Associates, on behalf of Traditional Investments,Ltd. A copy of the bond is attached hereto marked Exhibit"A"and made a part hereof. PASSED AND APPROVED this 2nd day of September , 1997. APPROVED• By: /14/144( Fred Hanna, Mayor ATTEST: • By: Traci Paul, City Clerk • WASHINGTON COUNTY PROPERTY OWNERS,' IMPROVEMENT DISTRICT NO. 1 - SALEM VILLAGE PROJECT RESOLUTION EXHIBIT A A RESOLUTION BY THE BOARD OF COMMISSIONERS FOR WASHINGTON COUNTY PROPERTY OWNERS' IMPROVEMENT DISTRICT NO. 1 AGREEING TO ISSUE ADDITIONAL IMPROVEMENT DISTRICT BONDS TO PROVIDE $139,000.00 FOR THE FUTURE CONSTRUCTION OF RUPPLE ROAD. WHEREAS, Traditional Investments Limited Partnership is the developer of Salem Village, a planned unit development in the City of Fayetteville, Arkansas; and WHEREAS, the developer formed Washington County Property Owners' Improvement District No. 1; and WHEREAS, Washington County Property Owners' Improvement District No. 1 issued and sold improvement bonds to finance construction of the infrastructure for Salem Village; and WHEREAS, as a condition of final plat approval for Salem Village, the Fayetteville Planning Commission has required a $139,000 contribution for the future construction of Rupple Road; and WHEREAS, the improvement bonds issued by Washington County Property Owners' Improvement District No. 1 did not include this expense because the $139,000 contribution requirement had not been imposed by the city when the bond issue was sized; and WHEREAS, the Fayetteville City Council has approved a guarantee to insure payment of the required $139,000 contribution. NOW, THEREFORE, be it resolved by the Board of Commissioners for Washington County Property Owners' Improvement District No. 1 that the Board hereby agrees to issue additional improvement district bonds in an amount which will provide $139,000 for the future construction of Rupple Road if the City of Fayetteville begins construction of Rupple Road within five (5) years from the date of final plat approval for Salem Village, or within such period specified by the Fayetteville Planning Commission pursuant to § 159.33(B)(1) of the Fayetteville Subdivision Regulations. Adopted this 7-1 day of atic-b..►,- , 1997. j$21,Jr 11 Q*Q Co issioner Commissioner 7/ A &).it-71w Commissions • WASHINGTON COUNTY PROPERTY OWNERS' IMPROVEMENT DISTRICT NO. 1 - SALEM VILLAGE PROJECT BOARD OF COMMISSIONER MEETING OCTOBER 22, 1997 The Board of Commissioners for Washington County Property Owners' Improvement District No. 1 - Salem Village Project met on October 22, 1997 at 5:00 p.m. in the offices of Jones Olds GMC Buick, Inc., Fayetteville, Arkansas. Present: Commissioners Robert Whitfield, Gerald Jones, Anne Jones and Counsel for the Improvement District James N. McCord. The meeting was called to order by Chairman Robert Whitfield who reported that the Fayetteville Planning Commission has required as a condition of final plat approval for Salem Village a $139,000 contribution to the City of Fayetteville for the future construction of Rupple Road. District Counsel James N. McCord reported that the Fayetteville City Council had approved a performance bond to guarantee payment of the $139,000 contribution requirement. Chairman Robert Whitfield noted that the improvement bonds issued by Washington County Property Owners' Improvement District No. 1 did not include this expense because the $139,000 contribution requirement had not been imposed by the city when the bond issue was sized. He moved that the Board of Commissioners adopt a resolution agreeing to issue additional bonds to provide $139,000 for the construction of Rupple Road, if the City of Fayetteville begins construction of Rupple Road within five (5) years from the date of final plat approval for Salem Village, or within such period specified by the Fayetteville Planning Commission pursuant to § 159.33(B)(1) of the Fayetteville Subdivision Regulations. The motion was seconded by Commissioner Gerald Jones and passed unanimously. A copy of the Resolution approved by the Board of Commissioners is attached hereto. There being no further business, the meeting was adjourned. Respectfully submitted, Anne Jones, ecretary FILED FOR RECORD• .�� NAU 6 Pr? I BILL OF ASSURANCE WASHING-I ON CO AR K. N This declaration of a Bill of Assurance made this —1// day of � is ei , 1997, by the undersigned owners of the following described real estate located in the City of Fayetteville, Washington County, Arkansas, and more particularly described as follows, to-wit: The NW 1/4 of the SW '/ of Fractional Section 32, T-17-N, R-30-W containing 40 acres more or less, and subject to all easements and rights-of-ways of record. WHEREAS, the aforesaid owner of the real property described above has secured the approval of the Fayetteville City Board of Directors to amend the Fayetteville plat map to incorporate the Salem Village P.U.D. WHEREAS, the owner has promised and agreed to subject the development of said real estate pursuant to certain covenants and restrictions pertaining to same; and WHEREAS, the owner is desirous of making a declaration of the same in the form of this Bill of Assurance with the intention of guaranteeing the preservation of certain values and amenities in the community and to bind itself, its successors and assigns the aforedescribed real estate and its subsequent owners with the obligations and restrictions hereinafter set forth for all present and future development and use of said property. NOW, THEREFORE, the owner declares that the above described real property shall be held, developed, transferred, sold, conveyed, and occupied subject to the covenants and restrictions herein set forth: 1. All areas calculated as greenspace shall be open to the public to use. 2. Within 180 days of written notice by the city, the developer shall widen the public streets from 24 feet to 31 feet. 3. A minimum of two trees shall be planted on each lot within the development. 4. Alleys will be stabilized and paved with a permanent chip and seal surface prior to final plat signoff. e�,.5. e For Village Center lots, Tract One, Two and Three shall require large scale development approval. If used for any purpose other than those allowed by right within an R-1 Z. e, rezoning for conditional use permit, shall be required. 1? 97077726 • WITNESS my hand and seal this - 7 day of me,1uBt ,,,en '- 1997. t a 41O .��b'l0h TRADITIONAL INVESTMENT6? •........ LIMITED PARTNERSHIP A.W.R. INVESTMENTS, INC., General Partner By Gerald B. Jones, President 2 97077727 • • • • • I, Kathleen Harnh�s, Circuit Clerk and Ex-officio Recorder for Washington County,Arkansas,do hereby certify that this instrument was filed for record In my office as indicated hereon and the same is now duly recorded with the acknowledgement and certificate thereon in Record Book and Page as indicated thereon. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Court on the date indi- cated hereon. Kath en arness Ciro ; k and Ex-officio Recorder t.•