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Ordinance 4787
REAL ESTATE SALES CONTRACT 1 . The City of Fayetteville, Arkansas offers to sell and BioBased Realty, LLC offers to buy, subject to obtaining acceptable financing and other terms and conditions set forth in this contract, approximately 19.5 acres including all of Parcel 765-03017-000 and Parcel 756- 15399- 010 except for a one acre parcel where the Children's House is currently located and a right of way easement where the Children's House driveway is not located. This property is more particularly described in Exhibit "A" attached hereto and made a part hereof. SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION 2. Purchase Price: Subject to the following conditions, BioBased Realty, LLC shall pay for the property at closing, the total cash payment of Nine Hundred Forty Thousand Dollars ($9409000.00). 3 . Conveyance will be made BioBased Realty by general Warranty Deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned by the City of Fayetteville. 4. The City of Fayetteville shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the City of Fayetteville. The City of Fayetteville shall pay the cost of the title insurance. 5 . The City of Fayetteville agrees to allow BioBased Realty, if BioBased Realty so desires, at BioBased Realty' s expense, to survey the property. The City of Fayetteville agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the City of Fayetteville. The City of Fayetteville shall provide at its expense a survey of the one acre tract for Children House and right of way easement as depicted on Exhibit `B". 6. Taxes and special assessments due on or before closing shall be paid by the City of Fayetteville. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated as of closing. 7. The closing date shall be within one hundred twenty ( 120) after approval of this offer by the City Council, which can be extended by agreement of the Mayor for an additional sixty (60) days. If such date of closing falls on a weekend or holiday, it will be held the following working day. 8. Possession of the property shall be delivered to BioBased Realty on the date of closing. 9. The City of Fayetteville hereby grants permission for BioBased Realty or their designates to enter the above described property and improvements for the purpose of inspection and/or surveying. 10. Risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the City of Fayetteville. 11 . The City of Fayetteville shall disclose to BioBased Realty any and all environmental hazards of which the City of Fayetteville has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance, the City of Fayetteville shall bare the costs of any and all testing for the existence of environmental hazards, including Phase I environmental study and a Phase II study if necessary. Should the existence of environmental hazards be discovered, the City of Fayetteville shall either cure such at its expense or BioBased Realty may terminate this contract. 12. The City of Fayetteville will remove at its expense the existing buildings (not including Children's House) and debris in coordination with BioBased Realty prior to or immediately after closing. 13 . Prior to closing, BioBased Realty in conjunction with BioBased Technologies/BioBased Systems will provide the City of Fayetteville with a Master Plan layout of the property acceptable to the City Council. BioBased Realty or BioBased Technologies/BioBased Systems shall take all reasonable action to ensure that any minor possible odor or pollution emissions do not affect surrounding areas. BioBased agrees to build in scrubbers to protect air quality where reasonably appropriate. Each building's general design (including construction materials) shall be presented to the City Council for its approval prior to the building's construction. Normal city developmental requirements such as Large Scale Development standards, etc. shall still be required. 14. If any portion of the land conveyed by this contract is sold by BioBased Realty within the first five years of the date of closing, an independent appraisal of the land' s value (not to include the value of any building thereon) shall be performed. BioBased Realty shall pay 75% of the increase in appraised value of the land (with prorated sales cost deducted) to the City of Fayetteville. BioBased Realty shall pay the City of Fayetteville 40% of the increase in appraised value of the land (with prorated sales costs deducted) for any sales after 5 years until 10 years from the closing date. 15. BioBased Realty is granted an option to purchase the remaining acre where Children's House is located eight years after the closing date. BioBased Realty may exercise this option to purchase at any time during the year following the eight year period after the closing date. BioBased Realty and the City agree the price shall be determined at that time as follows: (a) The property including improvements thereon shall be appraised by an independent appraiser. (b) BioBased Realty shall receive an offset from the appraisal value using the following formula: For every full $ 100,000.00 in annual payroll paid to BioBased Technologies/Systems and related companies' employees working in Fayetteville over the Two Million Dollar annual payroll estimated for 2008, BioBased Realty shall receive a reduction of $25,000.00 from the appraised value of this remaining acre. (c) Reductions allowed in paragraph (b) shall not reduce the final price for this acre parcel below $60,000.00. 2 (d) The City of Fayetteville may sell to BioBased Realty this acre at any mutually agreeable time prior to the expiration of the eight year period upon terms agreeable to both parties. 16. This agreement shall be governed by the laws of the State of Arkansas. 17. This agreement, when executed by both BioBased Realty and the City of Fayetteville shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. CITY OF FAYETTEVILLE BIOBASED REALTY, LLC A Municipal Corporation BIOBASED TECHNOLOGIES, LLC ;x7 IOD SYSTEMS, LLC A By: By: , DAN COODY TOM MUC IO Mayor CEO G Date: OS Date: Attest: / Agent or Wiae s Sondra Smith, City Clerk Date: Q Les Date: J D 'a 3 0 0 ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and act $ Notary P/ub'lic thin and for said County and State, personally appeared Tom Muccio, and 0 W S&ZZ to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the CEO and Agent or Witness of BioBased Realty, BioBased Technologies and BioBased Systems and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of corporation, and further stated and acknowl�d ,kpat they had so signed, executed and delivered said instrument for the consideration, uses., � terein mentioned and set forth. S J MSS101V 20a/ :aTN1t'Si93 Viand and seal on this o24rday of October, 2005. �9ipG 1CN�; PP•�P� OtPublic I ` m ) xpires: ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and Sondra Smith, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. No v . WITNESS my hand and seal on this -day of-9eteber, 2005. OY Notary Public My Commission E s; pU6� WN 5 EXHIBIT "A" PROPERTY DESCRIPTION Two parcels of land located in Washington County, Arkansas more particularly described as follows, to-wit: Parcel No. 765-15399-010: A part of the Northwest Quarter (NW 1 /4) of the Northeast Quarter (NEI /4) of Section Twenty-Nine (29), Township Sixteen ( 16) North, Range Thirty (30) West, more particularly described as follows, to-wit: Beginning at a point which is 44.3 feet South and 305.6 feet West of the Northeast corner of said 40 acre tract, and running thence South 702.9 feet; thence West 701 .2 feet to the East line of the Cato Springs Road, thence North 16° 14' East along the East line of said road 229.4 feet; thence North 14° 36' East along the east line of said road 499. 1 feet; thence East 511 .2 feet to the point of beginning, containing 9.75 acres, more or less. Parcel No. 765-03017-000: A part of the North half (N 1 /2) of the Northeast Quarter (NE 1 /4) of Section Twenty-Nine (29), Township Sixteen (16) North, Range Thirty (30) West, described as follows, to-wit: Beginning at a point which is 44.3 feet South and 305.6 feet West of the Northeast comer of the Northwest Quarter (NW 1 /4) of the Northeast Quarter (NE 1 /4) of said Section 29; thence running South 1276.5 feet, thence North 89 degrees 43 minutes, East 538 feet to the St. Louis and San Francisco Railroad right-of-way; thence North 10 degrees 38 minutes West with the West line of said right-of-way 897.2 feet; thence South 78 degrees 2 minutes West 150.5 feet; thence North 10 degrees 1 minute West 434. 1 feet to the South line of the Cato Springs Road; thence West 150 feet to the point of beginning, containing 10.8 acres, more or less. Both parcels are subject to existing easements, rights-of-way along Cato Springs Road and Razorback Road as well as the railroad, and other possible encroachments. This property description is approximate and may be refined and finalized by survey. 4 ?r f _� � I 1+: ' �t 't`• ti, �I't J - _ ---, may _ •. Jl� � v \ S ® ` oReAck RD 3 J � w Al 41, N &NIM . . K w � . � . 1� * : L +• t ' .ti', `s = ,� .y . ;- r PATI ao —X17 1) PUBLIC 1433 l .yrF' 0) INN CI fe+ NIP ANN, �_ dim � . y.�,"i�►-. ti1 a,-.j i1i� '1':� �j4 . AP INN 14 11, pop -7R. • N n v m c� o a m _ x No > • o 2 l}�� - w m r ILI INN e rn m !� I : n { j< A r mm { ` FF m w • City of Fayetteville, Arkansas Budget Adjustment Form Budget Year Department: General Fund Revenue Date Requested Adjustment Number Division: 2005 Program: 10/3/2005 Project or Item Requested: Project or Item Deleted: $940,000 is requested in the Use of Fund Balance None. To recognize $940,000 in Gain/Loss of the Sale of account. Assets account. Justification of this Increase: Justification of this Decrease: The funds are to be placed into Designated Fund The $940,000 in additional revenue is from the result of Balance for future Economic Development uses. the sale of parcel 765-03017-000 and parcel 756-15399- 010 to BioBased Systems. Increase Budget (Decrease Revenue) Account Name Account Number Amount Project Number Use of fund balance 1010 0001 4999 99 9409000 Decrease Budget (Increase Revenue) Account Name Account Number Amount Project Number Gain loss-sale of assets 1010 0001 4881 02 9400000 Approval Signat es � Budget Office Use Only Type: A B C V E Request y Date i flb bs Date of Approval d a age Date Initial Date Posted to General Ledger tmet t irector ate Initial Date Jo -j�eS Posted to Project Accounting Fina ce & Inter ervicesc[or at Initial Date 0 Entered in Category Log Mayor —� Date Initial Date City of Fayetteville % Staff Review Form City Council Agenda Items or Contracts 18-Oct-05 City Council Meeting Date Ray Boudreaux Aviation & Economic Development General Government Submitted By Division Action Required: Action Required: Approval of an Offer and Acceptance Contract with Bio-Based Technology to purchase City=owned land located on Cato Springs Road, designate the proceeds for Economic Development purposes and approve a budget adjustment implementing the request. $940,000 REVENUE $ 24,298.00 Gain/Loss Sale Of Assets Cost of this request Category/Project Budget Program Category / Project Name 1010-0001 -4881 -02 $ 58,661 .00 Account Number Funds Used to Date Program / Project CategoryName $ (34,363.00) General Fund Project Number Remaining Balance Fund Name Budgeted Item Budget Adjustment Attached XX revious Ordinance or Resolution # 3d Departm Director Datef Original Contract Date: Original Contract Number: City Attorne Received in City Clerk's Office Am"�14� i Fa3as Finance and Internal Service Director Da e AORec ived in Mayor's Office } Mayor Dat Comments: 0 City Council Meeting of: October 18, 2005 Agenda Item Number: CITY COUNCIL AGENDA MEMO TO: Mayor THRU: Staff/Contract Review Committe FROM: Ray M. Boudreaux, Director, Aviation andIthepur c Development DATE: September 29, 2005 SUBJECT: Approve Offer and Acceptance Contract forbase of the landoccupied by the Water and Sewer Department at the intersRazorback Road and Cato Springs Rd. RECOMMENDATION: Approve contract for the sale of Parcel 765-03017-000 and Parcel 756- 15399-010 excepting that one (1) acre portion of the property occupied by the Children's House for $940,000.00 with option to purchase the remaining one ( 1) acre occupied by the Children's House at a later date and establishing performance measures and a buy back provision. BACKGROUND: Fayetteville Economic Development Council has brought forward an economic development proposal from Tom Maccio, CEO of BioBased Systems and BioBased Technologies. BioBased operates a biotechnology concern that is making major market progress in Soybean adaptation for green products where fossile fuels are replaced by Soy Polyol as the basic building block. His application to purchase this property includes development of their national headquarters and major research and development facilities. This property was selected due to its close proximity to the University of Arkansas Research and Technology Park and the need for rail access. See attached draft Press Release for more information. DISCUSSION: The parcel will be vacated by the City of Fayetteville water and sewer operations center this fall. The project is a compatible use for the parcel. The company will create 30 jobs and support a payroll of $2,000,000.00 annually by the year 2008. Among the employees will be three to five scientists working in research and development roles through the University of Arkansas. BUDGET IMPACT: The proceeds will go into the General Fundidesignated for Economic Development purposes. Attachments: Staff Review form Offer and Acceptance Letter from Tom Muccio Draft Press Release Aviation and Economic Development Department Fayetteville Municipal Airport, Drake Field 4500 South School Avenue, Suite F Fayetteville, Arkansas 72701 Ray M. Boudreaux, Director ORDINANCE NO, AN ORDINANCE WAIVING THE REQUIREMENTS OF §34.27, CODE OF FAYETTEVILLE AND APPROVING AN OFFER AND ACCEPTANCE CONTRACT WITH BIOBASED TECHNOLOGIES IN THE AMOUNT OF $940,000.00 FOR THE PURCHASE OF THE WATER & SEWER OPERATIONS CENTER ON CATO SPRINGS ROAD; DESIGNATING THE PROCEEDS FOR ECONOMIC DEVELOPMENT PURPOSES; AND APPROVING A BUDGET ADJUSTMENT IMPLEMENTING THE DESIGNATION. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1 . That the City Council of the City of Fayetteville, Arkansas hereby waives the requirements of § 34.27, Code of Fayetteville, and approves an Offer and Acceptance Contract with BioBased Technologies in the amount of $940,000.00 for the purchase of the Water & Sewer Operations Center on Cato Springs Road. A copy of the contract is attached hereto marked Exhibit "A" and made a part hereof. Section 2. That the City Council of the City of Fayetteville, Arkansas hereby designates the proceeds of this sale for Economic Development purposes. Section 3. That the City Council of the City of Fayetteville, Arkansas hereby approves a Budget Adjustment implementing said designation of proceeds. Section 4. That the City Council of the City of Fayeett f�, rka as hereby authorizes the Mayor and City Clerk to execute said greem nt with BioBased Technologies. ���,,, PASSED and APPROVED this 18� October, 2005. ARE OVED: l � 100 DAN4* ODY, Mayor ATTE`S By:- 17 y: ON' RA SM H;s� RJClerk BioBased B/OBASEO In Technologies SYSTEMS Tom Muccio, CEO Steve Rust 1 West Mountain, Suite 301 PO Box 4156 Fayetteville, AR 72702 September 30, 2005 Steve, This letter is to lay out BioBased Realty's offer to buy land from the City of Fayetteville for development of a Headquarters Campus for BioBased Technologies, BioBased Systems, and other related companies. We have done the offer in "plain English" to make it easier to agree and, once agreed or amended, we can have the lawyers rework it in contractual form. It is our intent to close on the property as soon as practical and then to start construction on Building 1 as soon thereafter as possible. We will engage an architectural firm as soon as we have agreement to the sale. Our offer is as follows: I . We will purchase all of Parcel 765-03017-000 and Parcel 756-15399-010, with the exception of a one acre parcel where the Children's Home currently sits, for $940,000 assuming acceptable financing. The boundary for this excepted one acre site is highlighted on the attached map. For the one acre that is excluded from the parcels in the above paragraph, BioBased Realty has the right of first refusal to purchase the land at the appraised value at the time, less credits for payroll creation above the base agreement over the 2009-2013 period as outlined below in point 7. 2. The City of Fayetteville will do a Phase I and, if required, Phase II environmental study prior to closing and correct deficiencies starting with Parcel 756-03017-000 which is where we will locate Building 1 . 3715 N. Business Dr. Suite 107, Fayetteville, AR 72703 Telephone: (479) 587.9433 Fax: (479) 587-9486 Email: tmuccio@biobased. net It is our plan to use the least desirable portion of the land for Building 1 and continue to develop the property from the east to the west to enable our ultimate corporate headquarters to be fronting on Razorback Road. Starting on the east side enables more financial stability and resources to insure our corporate headquarters makes a very attractive statement to visitors exiting I-540 on their way to the University of Arkansas. 3 . The City of Fayetteville will remove buildings and debris. a. Debris will be removed as soon as possible b. Building removal will be coordinated with BioBased TechnologiesBioBased Systems 4. Prior to closing, BioBased Technologies/BioBased Systems will provide the City of Fayetteville with a Master Plan layout of the property with each individual building being agreed to by the City of Fayetteville prior to construction. 5. If the BioBased Technologies/BioBased Systems property is sold within the first 15 years, an appraisal will be done on the land only, as if the buildings do not exist, and will pay the City of Fayetteville the increase in appraised value on the land only, less improvements and selling costs with the following schedule: ■ 0 to 5 years 75% • 5 to 10 years 40% ■ Over 10 years 0% 6. It would be BioBased Technologies'/BioBased Systems' intention to begin construction of at least Building 1 of the campus in 2006 with expected occupancy in 2008. This would be followed as soon as practical by Building 2 which would be located where the existing Water Works buildings are located. We will have three to five scientists working out of the University of Arkansas' Bio Mass lab from early 2006 and our commitment to payroll would be: 2008 30 jobs $2,000K payroll annualized 7. For every $100K annual in payroll that is added from 2009-2013 above the $2,000K annualized commitment for 2008, there will be a $25K reduction in price of the final acre of land where the Children's Home currently sits; i.e. if the land appraises at $400K for the acre at that time and BioBased Technologies/BioBased Systems create $1 ,000K in additional annual payroll beyond the $2,000K base payroll of 2008, the final price of that acre to BioBased TechnologiesBioBased Systems would be $150K. 3715 N. Business Dr. Suite 107, Fayetteville, AR 72703 Telephone: (479) 587-9433 Fax: (479) 587-9486 Email: tmuccio@biobased. net We would like to move quickly to get agreement to this offer given the need to make office and lab decisions to support our businesses. Please advise how we should proceed. Tom Muccio CEO BioBased Technologies and BioBased Systems 3715 N. Business Dr. Suite 107, Fayetteville, AR 72703 Telephone: (479) 587-9433 Fax: (479) 587-9486 Email: tmuccio@biobased.net TO: Fayetteville City Council DATE: October 17, 2005 RE: Sale of Water and Sewer Operations Center Some points to be made when considering sale of property at Razorback Road and Cato Springs Road should be: ➢ General Plan 2020 calls for the land to be REGIONAL COMMERCIAL The proposed use is Industrial > Land appraisal, why isn't it attached to the agenda request? > The land in "As Is" form is appraised at $1,970,000 THIS OFFER A ACCEPTANCE IS A MILLION DOLLARS LESS!!!!! __ > Effects on the neighborhood directly abutting petroleum based business t > Tax base for commercial node would be larger benefit for the City > Revitalization of South Fayetteville area > Entrance into the city —aesthetics > No commercial design standards for Industrial areas > Industrial Park is a more suitable location for this type of business > New residential developments within one mile proximity of this location a. The Crowne b. Hank Broyles' project from 6th Street to 15th Street c. Lazenby's PZD d. Lindsey's apartments on Cato Springs Road > Infrastructure on Cato Springs Road is severely lacking and cannot withstand the additional trips per day that would be generated without substantial improvements. The way to get those improvements is to encourage new development on this parcel that would meet more rough proportionality for street improvements. > Will this operation omit odor? > Lack of information regarding type of use —offering information after the offer and acceptance contract ties the city's hands in the future. > No adjoining property owner notification was given, no sign placed on property as per §34.27. No neighborhood meetings have been held. Talking with Alderman Rhoads, he was 99% certain that this item would be tabled until the next meeting to give council a chance to tour the location in Rogers. � I have contacted Aubrey Shepherd with the Town Branch Neighborhood Association who is very concerned with the lack of information provided at this time. I am also attempting to contact Terry Easton and the neighborhood located on Cato Springs Road. Please table this request for two weeks to give time for additional neighborhood input and more information to be provided by Bio-Based Technology. G3. /oli8/o� tU✓ &o-&6AO O O chno(b ies Based Technolo Agrol 'Material Safety Data Sheet (MSDS) Section 1: Product and Company Identification Product Name AGROLTM 1.8,2.0,2.8, 3.0 and 4.0 Manufacturer BioBased Technologies, LLC 1315 North 13th Street Rogers, AR 72756 Phone: (877) 4PO-LYOL, (877) 476-5965 Fax: (479) 246-9524 Website: www.biobasedtechnologies.com EMERGENCY CONTACT IN CASE OF CHEMICAL EMERGENCIES: CALL CHEMTREC AT 800-424-9300 OR (COLLECT) 703-527-3887 (USA) MSDS Identification MSDS AGROLTM Hydroxylated Soybean Oil, Revision 0.2 Date Issued: 08/22/2005 7 Pages Total Common Chemical Name Soy -based polyol Synonyms Hydroxylated Soybean Oil Section 2: Ingredient Information AGROLT" Hydroxylated Soybean Oil: This product is considered a non -hazardous chemical as defined by OSHA 29 CFR 1910.1200. Chemical Name PEL TLV LD50 LC50 (OSHA) (ACGIH) Hydroxylated soybean oil CAS 693-217-9 (not established) (not established) (not established) (not established) Section 3: Hazard Identification Emergency Overview Appearance Pale yellow to amber; viscous liquid Health Product may cause irritation to the eyes. Fire / Contamination Use a water spray to cool fire and exposed containers to minimize risk of drum rupture. Toxic gases and fumes result from burning/ decomposition. Closed container can explode under extreme heat or if contaminated with isocyanates or other materials. Spill Evacuate and ventilate spill area. Dike around the spill. Wear full protective equipment, including air supply respiratory protection. NFPA® Ratings H = I (health) (suggested) F = I (flammability) R = 0 (reactivity) HMIS® Ratings H = I (health) (suggested) F = I (flammability) R= 0 (reactivity) Rev: 0.2 ©2005 BioBased Technologies AUG 22 2005 MSDS AGROL ' Hydroxylated Soybean Oil Page 2 of 7 Exposure Effects (Section 3 continued) Eyes May cause irritation to the eyes. Skin May cause irritation to the skin. Inhalation Inhalation of vapors or mists of the product may be irritating to the respiratory system. Ingestion Ingestion of large amounts may produce gastrointestinal disturbances including irritation, nausea, and diarrhea. Toxicological Information Refer to "Section II: Toxicological Information ". Carcinogenicity Refer to "Section 15: Regulatory Information ". Section 4: First Aid Measures Skin Remove any contaminated clothing including rings, watches, and shoes. Wash with soap and water. Get medical attention if imitation occurs. Eyes Irrigate immediately and continuously for at least 15 minutes, Use an eye wash fountain if possible. Use the fingers to spread apart and hold open the eyelids. Do not remove contact lenses, if worn. `Roll' eyes (move in all directions). Seek medical attention. Ingestion Do not allow aspiration of vomit; turn victim's head to prevent inhaling vomit. Immediately transport to a medical facility and inform medical personnel about the nature of the exposure. Inhalation Move to fresh air. Aid in breathing if necessary and get immediate medical attention. Supplemental oxygen may be indicated. Prevent aspiration of vomit. Turn victim's head to the side. Section 5: Fire Fighting Measures Flammability Flammable Conditions of Flammability Heat, sparks, open flame Extinguishing Media Dry chemical such as monoammonium phosphate, potassium sulfate, or potassium chloride. For large fires, carbon dioxide, high expansion (proteinic) chemical foam, and water spray should be used. Special Procedures Wear self-contained breathing apparatus and turn -out gear. Flash -Point >200°F (>94°C) (closed cup) Lower Flammability Limit (not determined) Upper Flammability Limit (not determined) Autoignition Temperature >797°F (>425°C) (ignition delay time=l0 sec) (barometric pressure 765 mm Hg) Hazardous Combustion Products CO, CC2, other organic byproducts Rev: 0.2 ©2005 BioBased Technologies AUG 22 2005 MSDS AGROLTTM Hydroxylated Soybean Oil Page 3 of 7 Explosion Data (Sections continued) Sensitivity to (not determined) Static Discharge Sensitivity to (not determined) Mechanical Impact Rate of Burning: (not determined) Explosive Power Closed containers can rupture or explode due to pressure build-up when exposed to extreme heat or if contaminated with isocyanate and water or moist air. IMPORTANT: Rate of reaction is greatly increased with increased temperature. Section 6: Accidental Release Measures Minor Spills Minor spills should be contained by covering with loose inorganic absorbent material such as oil -dry, vermiculite, or Fuller's Earth. Shovel waste material into proper waste containers. DO NOT seal the containers. Transport to a well ventilated area. Major Spills Call the appropriate number below. Evacuate and ventilate the spill area. Dike around the spill to prevent its entry into the environment. Call CHEMTREC at 800-424-9300 or 703-523-3887. Waste Disposal Refer to "Section 13: Disposal Considerations for disposal instructions. Section 7: Handling and Storage General No smoking. Avoid breathing vapors and mists. Before opening, verify that the barrel has not been tampered with or contaminated, then open slowly to allow pressure to escape. If contamination and/or severe pressurization is suspected, refer to "In Case of Contamination " that follows. Containers should be tightly sealed to prevent moisture contamination. Use a dryer or filter to prevent air entering. Bungs must be kept tight. Temperature Range Store between 50° and 120°F (10° and 50°C). Shelf Life Shelf life is approximately ninety (90) days. In Case of Contamination If contamination of this chemical with isocyanates and water or moist air is suspected or evident, DO NOT reseal container. Resealing containers could cause rupture or explosion of container due to build-up of pressure. If bulging of barrel, pressurization, or contamination is observed or suspected, contact BioBased Technologies at Phone: (877) 4PO-LYOL, (877) 476-5965. Handling Move drums by lifting to avoid damage caused by sliding or rolling. Forklifts should be equipped with "parrot beaks" or drum clamps. Rev: 0.2 O2005 Biollased Technologies AUG 222005 MSDS AGROLTM Hydroxylated Soybean Oil Page 4 of 7 Section 8: Exposure Controls / Personal Protection Ventilation Use adequate ventilation to ensure that vapors are removed to the outside, not to other parts of the building. General Wear suitable protective clothing (coverall), protective gloves, and goggles or mask that prevents contact of skin to material. Provide a safety shower and eye -wash station at any location where skin contact can occur. Eyes Do NOT wear contact lenses. Wear chemical splash goggles and face shield. Respiration If vapors are present or irritation is experienced, wear a NIOSH approved air - supplied respirator. PEL and TLV Levels No exposure guidelines have been established. Section 9: Physical and Chemical Properties Physical Appearance Pale yellow to amber; viscous liquid pH 6.0-8.0 Vapor Pressure _ 0.17 mm Hg @ 175°F (80°C) Vapor Density _ 17.69 (air = 1.0) Boiling Point 560°F - 580°F (293°C - 304°C) Freezing Point 34°F - 41°F (1°C - 5°C) Viscosity 700 cP - 20,000 cP at 77°F (25°C) Solubility in Water <0.004% w/w at 77°F (25°C) Specific Gravity 0.97 - 1.1 @77°F (25°C) Solubility in Other Solvents (not determined) Percent Volatile (not determined) Evaporation Rate (not determined) Section -10: Stability and Reactivity Stability Materials to Avoid (incompatibility) Hazardous Decomposition Products Hazardous Polymerization Corrosive Properties Oxidizer Properties Stable under normal conditions Isocyanates; acids, alkalies, oxidizing agents, metals CO, CO2, other organic byproducts Will not occur (not determined) Is not an oxidizer. Section 11: Toxicological Information No animal toxicity information available. Rev: 0.2 @2005 BioBased Technologies AUG 22 2005 MSDS AGROLTM Hydroxylated Soybean Oil Page5 of7 Section 12: Ecological Information No ecological information available. Section 13: Disposal Considerations Summary AGROLTM is not an RCRA "acutely hazardous material", therefore neither the component nor its containers are subject to RCRA regulations governing acutely hazardous material. Material should not be disposed of directly as a liquid but should be incinerated or neutralized. Do not discharge into water ways or sewer systems or onto the ground. Liquid Disposal Incinerate in licensed facility, or in accordance with local, state, and federal regulations. Do not discharge into waterways or sewer systems or onto the ground. Under no circumstances should a torch, welder, plasma cutter, or similar tool producing an arc or flame be used on an empty container— regard less of whether it has been rinsed or cleaned. Container Disposal Puncture or crush to prevent unauthorized reuse. Dispose of in a licensed facility or in a landfill. Section 14: Transport Information Technical Shipping Name Hydroxylated Soybean Oil DOT Hazard Classification Not regulated Freight Class (bulk) Not regulated Freight Class (packaged) Not regulated Product Label None Placards Required None Section 15: Regulatory Information NFPA® Suggested H = I (health) Ratings F = 1 (flammability) R = 0 (reactivity) HMIS® Suggested H = 1 (health) Ratings F = I (flammability) R= 0 (reactivity) CAUTION: HMIS® ratings are based on a 0-4 rating scale, with 0 representing minimal hazards or risks, and 4 representing significant hazards or risks. Although 29 CFR 1910.1200 does not require HMIS® ratings in an MSDS, the preparer may choose to provide them. HMIS® ratings are to be used only in conjunction with a fully implemented HMIS® program by workers who have received appropriate HMIS® training. HMIS® is a registered trade and service mark of the NPCA. HMIS® materials can be purchased exclusively from J. J. Keller (800) 327-6868. AGROL is not considered hazardous under OSHA HCS 29 CFR 1910.1200, and is not listed under: Clean Air Act (CAA), CERCLA Reportable Quantity, Clean Water Act (CWA), California Proposition 65 Carcinogens List, California Proposition 65 Develop mental Toxicity, California Proposition 65 Risk / Exposure levels (NSRL/NOEL), ACGIH, IARC, SARA Title III (section 313), TSCA, RCRA Hazardous Waste Rev: 0.2 ©2005 BioBased Technologies AUG 22 2005 MSDS AGROLTM Hydroxylated Soybean Oil Page 6 of 7 Section 16: Other Information The technical data contained herein is true and accurate to the best of BioBased Technologies, LLC's knowledge on the date of publication. The technical data is subject to change, however, and the user should contact BioBased Technologies, LLC to verify that the technical data is current. In addition, the technical data is provided for your guidance only. Because many factors can affect the processing or application of the product and/or its use, it is the user's responsibility to test the product to determine its suitability for the user's intended use. The sale and use of this product is subject to all of the terms and conditions set forth in the BioBased Technologies sales order, including the LIMITED WARRANTY, DIS- CLAIMER OF WARRANTY AND RELEASE, and EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES. This technical data does not create an express warranty of any kind. The only warranty applicable to this product is the written, limited express warranty contained in the BioBased Technolo- gies sales order, which is extended to the purchaser only. Glossary ACGIH American Conference of Governmental Industrial Hygienists CAS Registry Number Number assigned by the Chemical Abstracts Service Chemical Registry System. Refers to a single or complex substance that has a unique chemical name. CERCLA Comprehensive Environmental Response, Compensation, and Liability Act— also know as "Superfund". Enacted in 1980 and administered by the EPA. CHEMTREC Chemical Transportation Emergency Center established by the CMA. CMA Chemical Manufacturers Association CWA Clean Water Act administered by the EPA. FEV Forced Expiratory Volume - Lung function test performed by a physician. FVC Forced Vital Capacity - Lung function test performed by a physician. EPA Environmental Protection Agency HMIS Hazardous Materials Information System developed by the National Paint and Coatings Association. IARC International Agency for Research on Cancer LC50 Lethal Concentration - The calculated concentration of a substance in air required to kill 50% of a group of test animals in with a single exposure (usually Ito 4 hours). LD50 Lethal Dose - A single calculated dose of a substance expected to kill 50% of a group of test animals. NFPA National Fire Protection Association NIOSH National Institute for Occupational Safety and Health administered by the U.S. Depart ment of Health and Human Services. NOEL No Observable Effect Level for reproductive harm (California Proposition 65) NPCA National Paint and Coatings Association NSRL No Significant Risk Levels for cancer (California Proposition 65) NTP National Toxicology Program administered by the U.S. Department of Health and Hu man Services. OECD Organization for Economic Cooperation and Development Glossary continued on next page... Rev: 0.2 @2005 BioBased Technologies AUG 222005 MSDS AGROLTM Hydroxylated Soybean Oil Page 7 of 7 OSHA Occupational Safety and Health Administration administered by the U.S. Department of Labor. PEL Permissible Exposure Limit - An occupational exposure limit established by OSHA's regulatory authority. PPM Parts Per Million — measure of concentration of a chemical in a liquid or vapor. RCRA Resource Conservation and Recovery Act administered by the EPA. SARA Title III Title III of the Superfund Amendments and Reauthorization Act STEL Short Term Exposure Limit as defined by the ACGIH. TLV Threshold Limit Value - Material concentration value which workers can exist at or below and have no health problems. MSDS Revision History for ACROLTM Hydroxylated Soybean Oil Revision Date Page(s) Description 0.0 JUL 29 2005 All MSDS issued. 0.1 AUG 17 2005 1,3,4 Physical characteristics and shelf life updated. 0.2 AUG 22 2005 1,4 Product Name & appearance updated. Rev: 0.2O2005 BioBased Technologies AUG 22 2005 BioBased SicBASEC Technologies SYSTEMS Tom Muccio, CEO October 26, 2005 Dear Mayor Coody and Fayetteville City Aldermen, I would like to apologize if any of my comments at the last council meeting appeared offensive or threatening in any way. It was brought to my attention that some in attendance may have misunderstood my comments over the speakerphone and I wanted to clarify that this was certainly not my intent. We are extremely excited about the mutually beneficial partnership between BioBased Systems, BioBased Technologies, and the City of Fayetteville, as well as the link with the University of Arkansas that this new campus will provide. When our discussions with the FEDC and the Mayor looked promising, we stopped our construction and expansion in Rogers. We did that because we really wanted to be in Fayetteville and we couldn't afford to spend money in Rogers and then abandon it with a move to Fayetteville. Our business is growing and we are juggling a lot of balls to get facilities that meet our needs. Therefore I feel a great sense of urgency to get moving on the facilities front and I am sure that came thru on the speaker phone. All of the feedback we had received from the FEDC, Fayetteville, nearby residents, and the University going into the meeting had been positive and we did not foresee the pushback. I thought I was calling in to provide clarity to the Council and was not expecting to debate and address individual citizens that had concerns. What transpired at the meeting was totally unexpected by me and it was hard for me to follow along with what was happening and how to respond. Again, it was never my intent to be disrespectful or offend anyone. I apologize if it came across that way. 3715 N. Business Dr. Suite 107, Fayetteville, AR 72703 Telephone: (479) 587-9433 Fax: (479) 587-9486 Email: tmuccio@biobased.net www.biobased.net www.biobasedtechnologies.com I hope the above context will be helpful to set the record straight. We continue to believe that we would be a blessing to the City and citizens of Fayetteville if we are allowed to locate our HQ here. We are also hopeful for a speedy decision so that we can move forward to execute our business plan. Thank you for your consideration. w�S Tom Muccio Cc: Steve Rust 3715 N. Business Dr. Suite 107, Fayetteville, AR 72703 Telephone: (479) 587-9433 Fax: (479) 587-9486 Email: tmuccio@biobased.net www.biobased.net www.biobasedtechnologies.com 0 • /7/3 -. I h J J. ., 11 1.r • 0 OFFER AND ACCEPTANCE CONTRACT 1. BioBased Realty offers to buy, subject to the terms and conditiZsetforterein, the following described property: SEE ATTACHED EXHIBIT "A"FOR PROPERTY DESCRIPTION 2. Purchase Price: Subject to the following conditions, BioBased Reafor the property at closing, the total and cash payment of $ 940 000.00 assumin acccin 3. Contingent Earnest Mone Deposit: BioBased Realty her ith tenders a check for $_1000.00 to the City of Fayetteville, a earnest money, which shall apply n the purchase price. This offer of purchase is contingent upon proval of the City Council of the ity of Fayetteville, Arkansas, and, if they do not so approve, the earne money deposit will be return d to BioBased Realty by the City of Fayetteville. If title requirement are not fulfilled or the City f Fayetteville fails to fulfill any obligations under this contract, the earnest m\i/e hall be promptly r unded to BioBased Realty If BioBased Realty fails to fulfill their obliunder this con act or, after all conditions have been met, BioBased Realty fails to closensaction, the a rnest money may, at the option of the City of Fayetteville, become liquidated ds to the City Fayetteville. 4. Conveyance will be made to BioR alt by eneral Warranty Deed, except it shall be subject to recorded instruments and easemf a , whh do not materially affect the value of the property. Such conveyance shall include mright o ned by the City of Fayetteville. 5. The City of Fayetteville shall furnilicy o i e insurance in the amount of the purchase price from a title insurance company as selecthe ity f Fayetteville. BioBased Realty and the City of Fayetteville shall share equally inst f the ti e insurance. 6. The City of Fayetteville agrees to alto BioBase Realt , if BioBased Realty so desires, at BioBased Realty 's expense, to 5urv99 the property. The City of Fayetteville agrees to cure any title problems which may result from any d' erences betwed� the recorded legal descriptions of the property and the survey description. Said title roblems, if any, m st be solved prior to closing to the satisfaction of the City of Fayetteville. 7. Taxes and special assessment due on or before closin shall be paid by the City of Fayetteville. Insurance, general taxes, ad val rem taxes, special assessor nts and rental payments shall be prorated as of closing. 8. The closing date shall be witlmn ninety 90 days after approva f this offer by the City Council. If such date of closing falls on a we kend or holiday, it will be held the fo owing working day. 9. Possession of the propertshall be delivered to BioBased Real on the date of closing. 10. The City of Fayetteville I�reby grant(s) permission for BioBased Realty or their designates to enter the above described grope and improvements for the purpose of inspe ion and/or surveying. 11. All fixtures, improverhnts and attached equipment are included in the p chase price. 12. Risk of loss or dam ge to the property by fire or other casualty occurring'bp to the time of closing is assumed by the CiW of Fayetteville. 13. The City of Fayeteville shall disclose to BioBased Realty any and all environmental hazards of which the City of Fayetteville has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance! the City of Fayetteville shall bare the costs of any and all testing for the existence of environmental hazards, including Phase I environmental study and a Phase II study if necessary. Should the existence of environmental hazards be known or determined, the City of Fayetteville shall cure such, at their expense. OFFER AND ACCEPTANCE CONTRACT Page 2 of 4 14. This agreement shall be governed by the laws of the State of 15. This agreement, when executed by both BioBased Realty and the �ty of Fayetteville shall contain the entire understanding and agreement of the parties with respect to t13� matters referred to herein and shall supersede all price or contemporaneous agreements, representa ' ns and understanding with respect to such matters, and n o�presentations or statements shall?considered a part hereof. 16. This contract expire , if n accepted by the City of Fayettev' a on or before the 18th day of October , 2005. 17. The City of Fayetteville shall s mit this fully executed O er and Acceptance Contract to the City Council for their approval within thi (_30 ) days f acceptance by the City of Fayetteville. 18. NOTICE: THE BioBased ealty AND T CITY OF FAYETTEVILLE ASSERTS HEREBY ACKNOWLEDGE THAT THIS FFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF IS OFF OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE A THAT HE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PO TIO OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, H RETURN TO THE BioBased Realty OF THE $_1000.00 EA EST MONEY DEPOSIT. Date: Tom Muccio, CEO BioBased Technologies/BioBased Syte y� Date: AGENT OR WITNESS: Date: City of Fayetteville, Arkansas, A municipal corporation I Dan oody, Mayor i Sondra Smith. City Clerk Date: ( 3 Date: • OFFER AND ACCEPTANCE CONTRACT Page 3 of 4 EXHIBIT "A" PROPERTY DESCRIPTION Parcel 765-03017 and Parcel 756-15399-010 excepting the one (1) Acre parcEl occupied by Children's House in the southwest portion of the property. / SIGNED FOR IDENTIFICATION: Tom Muccio, CEO BioBased Technologies/BioBased Date: Dan Coody, Date: Sondra Smith, City Clerk • OFFER AND ACCEPTANCE CONTRACT Page 4 of 4 STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED Notary Public within , to me well known as acknowledged that he/she/they and is/are duly autl said that he/she/they had so signed, executed therein mentioned and set forth. ACKNOWLEDGMENT ss. that on this date, before the unc d for said County person(s) who executed the execute the WITNESS my hand and seal on this MY COMMISSION EXPIRES: STATE OF ARKANSAS COUNTY OF WASHI delivered said ss. Notary Public idd, a duly commissioned and acting State, personally appeared oing document, and who stated and of ent for and in the name and behalf of and further stated and acknowledged r the consideration, uses and purposes , 2005. BE IT REMEMB ED, that on this date, before the u ersigned, a duly commissioned and acting Notary Public within and fof said County and State, personally appe ed Dan Coody and Sondra Smith, to me well known as the personj who executed the foregoing document, an who stated and acknowledged that they are the Mayor and City1CIerk of the City of Fayetteville, Arkansas, municipal corporation, and are duly authorized in their resp ctive capacities to execute the foregoing instrum t for and in the name and behalf of said municipal corpor ion, and further stated and acknowledged that they hIaso signed, executed and delivered said instrument for thfr consideration, uses and purposes therein mentioned ��d set forth. WITNESS ►ny hand and seal on this day of N , 2005. :.S L �pSZY P Notary Public MY COMMISSION EXPIRES: J �O %,sy••. ate\ 90.P�pP`� _._►��' - .aT /_ '. -- L. /7/f✓// J/ff/7I qtr" IT '— ♦ y — " £l r `r.'H •'v 1WEITLA 2 ...... 0 3 � � r' -•a ! �( Fah 1 i , . 'jj MJ I n ____ __ _____ __ 1 _ __ to _ o40.O. J , •° _ - SCHEME A t , O !Co lee c 1 O CR®MWEll L ARCHITECTS ENGINEERS 26 October 2005 SY,SITIE!M(S L� • 1 • s- ii���1 � •I 4y it !" �. J_. in Iiiy E'.o �A/i/;Yi - I)--$ 1!'- � W�F1dUSE SCHEME �� _______ i;i io �"'. :111 • p too 2a6 y f7 1 ►+men CROMWIEILIL �� ° { ARCHITECTS ENGINEERS o /<� •\\\ 26 October 2005 �I)1 l ` 1 1 �S1Y,SPiErM,'5 From: Clarice Pearman To: Boudreaux, Ray Date: 11/4/05 4:49PM Subject: Ord. 4787 Ray, Attached is copy of the ordinance passed by City Council, November 1, 2005 regarding the BioBased Technologies. I will forward to Budget & Research the original budget adjustment. A copy is attached also. Thanks. Clarice CC: Bell, Peggy; Deaton, Vicki Clarice Pearman - Fwd: Ord. 4787 Page 1' From: Clarice Pearman To: Fell, Barbara Date: 11/4/05 4:51 PM Subject: Fwd: Ord. 4787 Sorry I skipped you in the cc. >>> Clarice Pearman 11/04/05 04:49PM >>> Ray, Attached is copy of the ordinance passed by City Council, November 1, 2005 regarding the BioBased Technologies. I will forward to Budget & Research the original budget adjustment. A copy is attached also. Thanks. Clarice jcAi �fl 9SIRWJ Pith t. II I r� 1 "Nortkwest Avksuuas' Most WII$i Read Newspaper" AFFIDAVIT OF PUBLICATION I, Erin Emis• do solemnly swear that I am the Legal Clerk of the Arkansas Democrat-Gazette/Northwest Arkansas Times newspaper, printed and .published .in Lowell, Arkansas, and that from .my own personal .knowledge and reference to the files of said publication, that advertisement of: Ctl) was inserted in the regular editions on PO# ** Publication Charge: $ 9/91 it Subscribed and sworn to before me M12thisue,, q day of 2)d L.2 2005. 7LIi'?wiivams Notary Public Notary Public State of Arkansas My Commission Expft &ommission Expires October " Please do not pay from Affidavit An invoice will be sent. RECFn!ED t 0 15 205 CRY OF Fr1 &.-aFVILLE CITY CLERKS OFFICE NO. 4787tlaymi AN ORDINANCE WANING THE REQUIREMENTS ONTACT OF §36.27, CODE OF FAYEILESLLE AND APPROVING A REAL TECHTE .SALES CONTRACT TWITHBIOBASED TECHNOLOGIES IN THEAMOUM OF $1340,008.00 FOR THE PURCHASE OF THE WATER B NSAS SEWER OPERATIONS CENTER ON CATO SPRINGS ROAD; DESIGNATING THE PROCEEDS FOR ECO- NOMIC DEVELOPMENT PURPOSES: AND APPROVING A BUDGET ADJUSTMENT IMPLEMENTING THE DESIGNATION, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYBTTEVILLB, ARKANSAS, • 111111 • EduW •A• arc m Arkarses hereby ::. P.O. BOX 1607 • 212 N. EAST AVENUE • FAYETTEVILLE, ARKANSAS 72701 • 479-571-6470 E r L ORDINANCE NO. 4787 AN ORDINANCE WAIVING THE REQUIREMENTS OF §34.27, CODE OF FAYETTEVILLE AND APPROVING A REAL ESTATE SALES CONTRACT WITH BIOBASED TECHNOLOGIES IN THE AMOUNT OF $940,000.00 FOR THE PURCHASE OF THE WATER & SEWER OPERATIONS CENTER ON CATO SPRINGS ROAD; DESIGNATING THE PROCEEDS FOR ECONOMIC DEVELOPMENT PURPOSES; AND APPROVING A BUDGET ADJUSTMENT IMPLEMENTING THE DESIGNATION. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby waives the requirements of § 34.27, Code of Fayetteville, and approves a Real Estate Sales Contract with BioBased Technologies in the amount of $940,000.00 for the purchase of the Water & Sewer Operations Center on Cato Springs Road. A copy of the contract is attached hereto marked Exhibit "A" and made a part hereof. Section 2. That the City Council of the City of Fayetteville, Arkansas hereby designates the proceeds of this sale for Economic Development purposes. Section 3. That the City Council of the City of Fayetteville, Arkansas hereby approves a Budget Adjustment implementing said designation of proceeds. Section 4. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Mayor and City Clerk to execute said contract with BioBased Technologies. PASSED apii}kjPB�j,OVED this 151 day of November, 2005. AT a City of Fayetteville Staff Review Form City Council Agenda Items Ray M. Boudreaux Submitted By Aviation & Economic Development General Government Division Department Realty, LLC, Contact: Tom Muccio, CEO, 3715 N Business Dr., Suite 107, Fayetteville, AR, 72703, Phone: 479-587- 9433, fax: 479-587-9486, email: tmuccio@biobased.net. Budget Adjustment Attached / Previous Ordinance or Resolution # O Original Contract Date: Original Contract Number: SI. I Finance and Internal Service Director MEMO FOR THE RECORD EXTENSION•TO CLOSING DATE FOR REAL ESTATE SALE TO BIOBASED REALTY, LLC March 24, 2006 In Accordance With paragraph 7 of the Real Estate Sales Contract between the City of Fayetteville and BioBased Realty, LLC; BioBased Technologies, LLC; and BioBased Systems, LLC; approved November 1, 2005 under Ordinance 4787 of the City Council of Fayetteville, Arkansas, the closing date of the sale is hereby extended until April 29, 2006. APPROVED: Dan Coody, Mayor WITNESS: Sondra Smith, City Clerk City Council Meeting of: N/A Agenda Item Number: CITY COUNCIL AGENDA MEMO/STAFF CONTRACT REVIEW MEMO TO: Mayor THRU: StaflContract Review Committee FROM: Ray M. Boudreaux, Director, Aviation and DATE: March 24, 2006 SUBJECT: Mayor Approval of extension to the closing date with Bio Based Realty for the former Water/Wastewater property on South Razorback Road until April f, 2006. RECOMMENDATION: Approve the extension due to issues with completing the closing package as a result of information revealed during the environmental Phase I study, the survey and the lot line adjustment process. BACKGROUND: The City Council approved a real estate sales contract November 1, 2005 for the sale of the former Water/Sewer Complex to Bio Based Realty. The sales contract required that the project close within 120 days of approval and allowed for the Mayor to extend the date by 60 days. DISCUSSION: The purpose of this action is to receive Mayor approval of the 60 day extension LAW the Contract. BUDGET IMPACT: None Attachments: Staff Contract Review Memo of Extension to Closing Date Contract for Sale Ordinance 4787 Aviation and Economic Development Department Fayetteville Municipal Airport, Dmke Field 4500 South School Avenue, Suite F Fayetteville, Arkansas 72701 Ray M. Boudreaux, Director ORDINANCE NO.4787 •••I •I: I I. :. 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Ag ' 1 I Yl:c: 1 ' u.II I' r 1 1' 1 I ll il. N .wl l 1 l l 11 • 1arod ' 1 w . It wl 11II, r41'V'°' h'-,"n2 I .1111,' :1 1: 1' 1 . 1 111 assuming.,Y♦ I IL 1 1 I .II VIL• 11'lil lea II III excepted I L" :.V ;II 11'11ii" •111.1 an II :II1: 1.1 11:11 1' 11,. 1'1," a:',' M ' N 1 YI 1 11! 11 lil Yw 11 11 11 1'.I rJ .II I i 1 : At 1: 11 JI 1 11 y 12-I II 1111.1-:� 11 .II I :I 11. .il"1 II:1 I1. w.: ry -1 Y wen 1 11 • 11 r.: •I :u._' 1 . it I I' 1 w 1 1 1 1 11 1 w 1 1 1• 11 1 111 .'u I I \ ' I . .n I I .. 11 .1 ' I -I CI II :Il r: :•I I rl l n Is I :11,1 Yln r I,y1.M._I Y .. ,SCI 11 u• 11 ' II Yw I 1 1 111 I ♦1 LY 1 tal: gS e 1 1 II 3715 N. Business Dr. Suite 107, Fayetteville, AR 72703 Telephone: (479) 587-9433 Fax: (479) 587-9486 Email: tmucciooblobased.net It is our plan to use the least desirable portion of the land for Building 1 and continue to develop the property firm the cast to the west to enable our ultimate corporate headquarters to be floating on Razorback Road. 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I 1 \ 1 • out1 11 1 :1 \ 1 ♦:11 :.: : 1 1 1 liu ar JI I 1 n 1 •1'u •1.1 C11 tr•."n I 1 1 r1 • 1 11; 111 Payroll .un : .i1 •\ $100Kaull n 1 1 ila 11:1 I1u 1111 I 11 11 111 o 11 11nr1: L 11'i II I I ' :11 rl I1 1 c 1 1 1 I: 11 / 1 1 n 1 • 1 11 V 1 rrent • 1; I I I 11 1 .11 1' 11 • 1. 11 : V I 11'.1 1 111 .111 : • •• •. `-.1 IILI 1 _'4 K 1 1 :. `•1 ':� .11 : V r.11 111 • n 11 t r4: lung 1: • 1 1 rl l iI 111 1:.. 1: 1 I 1 11 . the 1 1 LI V" 1 11 LI . V 1 , ,1 : •1 .V111 I 1 •1 •-. : 1:: :1 plem \'1 1 1' 3715 N• Business Dr. Suite 107, Fayetteville, AR 72703 Telephone: (479) 587-9433 Fax: (479) 587-9486 Email: tmucdo@biobased.net We would like to move quickly to got agte nail to this offer given the need to make office and lab decisions to support our bps. Please advise how we should procced. Tom Muccio CEO BioBased Technologies and BioBased Systems 3715 N. Business Dr. Suite 107, Fayetteville, AR 72703 Telephone: (479) 587-9433 Fax: (479) 587-9486 EmaU: tmucdosbiobased.net ORDINANCE NO. 4827 AN ORDINANCE WAIVING THE REQUIREMENTS OF FORMAL COMPETITIVE BIDDING AND APPROVING A CONTRACT FOR DEMOLITION SERVICES WITH BIOBASED REALTY, LLC, BIOBASED TECHNOLOGIES, LLC, AND BIOBASED SYSTEMS, LLC, IN EXCHANGE FORA $17,000.00 CREDIT TOWARD THE PURCHASE OF THE WATER AND SEWER OPERATIONS CENTER ON CATO SPRINGS ROAD WHEREAS, the Real Estate Sales Contract approved by the City Council November 1, 2005, requires the removal of structures currently located on the Cato Springs property; and, WHEREAS, BioBased Realty, LLC, BioBased Technologies, LLC and BioBased Systems, LLC desire to achieve the first LEEDS Platinum Building Rating in Arkansas; and, WHEREAS, BioBased Realty, LLC, BioBased Technologies, LLC and BioBased Systems, LLC has offered to, and is uniquely qualified to provide demolition services to include on -site recycling of building debris in order to achieve a LEEDS Platinum Building Rating for its new facilities at the site. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby finds that such circumstances constitute an exceptional situation where competitive bidding is not feasible or practical, and waives the requirements of formal competitive bidding and hereby approves a contract for demolition services with BioBased Realty, LLC, BioBased Technologies, LLC and BioBased Systems, LLC in exchange for a $17,000.00 credit toward the purchase of the Water and Sewer Operations Center on Cato Springs Road. A copy of the contract for demolition services is attached hereto marked Exhibit "A" and made a part hereof. PASSED and APPROVED this 7° day of February, 2006. DAN COODY, Mayor ATTEST: By: SO RA SIVIITH, City Clerk •Li) :1• V_6• .: entered .: . •-. .11. o 4i j __ . ••J :.: . : • .:: ". :I:yl G J IG : .:: 1 .' . . q1 4 . . .: r' . jiLJJ•IJ : �• J I. . 1 I I . a 1. 1 Y 1 J J . • 1 • 1• \:1 I: 1 I . 1 • 1 IJ • • J 1• .1 • :.:' • -• • .:,1:1.11 I t •: Ir: t 1 •.1 • I ,Y' • 1 •• ;J �: • • •t::'• 1 111: :1 • • u : 1 . a la 1 • u • , • 1 11 11 parties : •J .understand r - t • • .J L:11 J • • 411 r r- 1 - I • .1 1 1 • t t. • : I q : I .1 . 1 abridgeI I • N I. • 1• 1 I 1 . 1• • 1 w 1 • 1. r. U iI I 1 1'1 11 1 •: t r' A' :1 • 1 t' 1 1 • :a 1 : :1 • :1 1 :1 t • •I 1 • t I 1 • 1' 1 t �: 1 1 .1 1 "v: I• J 1 J 1. 1 it U 1 • ,:I .1 • • J .: • 1 • • I ' • : 1 r L 11 1 provision/ demolition 1 11 • 1 l: • 1 • and • 111• 1 11 1 11 1 I. terms• 1 Y• I: be • 1 LA: I • ' 1 • and : O 1 • / • • 1 • • ❑ I: • 1 Fayetteville1 • • • 1 .oN%er,W Rf�'��.. CM OF FAYBTTEVILLB ;FAYEITEVILLE; By: SONDRA SMITH, City ... S. •. • w• «:• By: Fa .: a la •. u . . .Y .: • '-. .I11 • • 4 1• • 1 1 1 • :1 n • I: 1 G. r•mm:IffJd;(iUftP •.: 1 1 1 . . . : . 'J i �: and . G .- • 11 • :11 \ • 1 �1�:.: for • • • . • • .: I I 1\ :4.; 1 I • 1 1:a \ • J to . sflJ.1 I • • I :J 'g.{I:11 1 Iq • 1 • I1 ::1 Yom: • • • • • 1 1. 1: ; 1•. a �•u:.• :a lu • /•� • :-. 11111 • . FC : : and 1 • p : ,: I I 1 •J .JI 4 • 1 :11 J •: to 1 . • • .. • I . . • • 1 . t-: • 1• • 1:4. • L • • . • , . :4:4 1 1 1 I 1• 1 • 1 :1 .:I • . • 1- •\ :1 -. • :1 .:i : :1 • :1 I :1 1 • 1 • : • • • . 1 1 1 :n • I :1 . :.: I :1 1 :1 I \1 I ; \1 1 • li; 1 • .1 I 11 I :1 : 1:1 I 1 • I I • ; I is :: 11 1 • I • 1 1 • G I I IS G i. I 11 I •J; property, 1 1 1 1 11 1 11 I I,- terms1 1 I - I •' I is 1 I 1 • I :, •J .i1 I 1 • I I I • G 1: U 1 •" • 11" I 1 CITY or AT By: SONDRA SMITH, Qty Qerk By: Br BIOBASED REALTY, LLC BIOBASED TECHNOLOGIES, LLC BIOBAS SYSTEMS, LLC BY' TOM MUCQO, CEO F? City of Fayetteville Staff Review Form City Council Agenda Items or Contracts 1t006 City Council Meeting Date Ott) �Bo2% 6" dud 6so&cSicMr Ray M. Boudreaux Aviation & Economic Development General Government Submitted By Division Department Dn rcequirea: Approve a Supplementary Agreement to the Real Estate Sales Contract with BioBased Realty, , Contact: Tom Mucclo, CEO, 3715 N Business Dr., Suite 107, Fayetteville, AR, 72703, Phone: 479-587-9433, 479-587-9486, email: tmucc to@biobased.net, to carry out demolition of the existing buildings on the site in range for a reduction to the sales price for the property. $ 17,000.00 Cost of this request 1010.0001.4881.02 Account Number NA Project Number (revenue) $ 940,000.00 $ Funds Used to Date $ 940,000.00 Remaining Balance .1• •. Program Category / Project Name General Fund revenue Program / Project Category Name General Fund Name Previous Ordinance or Resolution # Ord. #4787 Original Contract Date: 11/04/05 Original Contract Number: Ilice FAYETTEVILLE THE CITY OF FAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE TO: Fayetteville City Council THROUGH: Dan Coody, Mayor FROM: Ray Boudreaux, Aviatiol DATE: January 19, 2006 SUBJECT: Supplementary Agreement with Bio-Based Industries Recommendation Staff recommends approval of the supplemental agreement. Discussion City Council previously approved an agreement with Bio-Based to sell the former Water & Sewer Operations Center to Bio-Based Industries. Bio-Based has requested the City leave the existing buildings so they (Bio-Based) can perform the remediationtremoval as part of their development. Bio-Based further requests the City reduce the purchase price by $ 17,000. This amount represents the cost of the demolition contract the City had entered into to remove the structures. Additional information concerning this request can be found in Bio-Based letter incorporated into this packet. If you have any questions please contact Ray Boudreaux. Thank you. 7:Tacilities\Bio-Based Supplemental Agrcemcnt.doc Clarice Pearman - BioBased Pa2e 1 From: Clarice Pearman To: Boudreaux, Ray Date: 4.3.06 3:11 PM Subject: BioBased Ray, Attached is a copy of the extension for BioBased. I will forward to you one of two originals via interoffice mail. Thanks. Clarice CC: Bell, Peggy; Deaton, Vicki