HomeMy WebLinkAbout62-74 RESOLUTIONRESOLUTION NO COo2-1IY
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk be, and they hereby are, authorized
and directed to execute an agreement with the Economic Development
Administration of the United States Department of Commerce pursuant
to which the City of Fayetteville agrees to retain title to the
project facilities designated in EDA Project #08=01-00760 and to
retain title to the real property upon which said project facilities
are located and to devote said project facilities to public purposes
only. A copy of said agreement, marked Exhibit "A" is attached hereto
and made a part hereof..
PASSED AND APPROVED THIS R6(. DAY OF G;{{C
1974.
ATTEST ..
-TTaa
a 5
3
l
:..CI -TY; CLERK
APPROVED:
MAYOR t;:r 644121C
•
This Agrn_emcitt made thi>_L_aj_day of .
by and liestwcen the CITY OF FAYETTEVILTF- -
whose address :is Post Office Drawer F, Fayetteville, Arkansas 727Q1
(hereinafter with its succeSsurs and assigns called the "Undcrs.i-,;nedn);
and the EC(NO;'•(IC DEVELOPMENT ADNINIST'Pv1TION, UNITLi) STP:LC•:S OF AMERICA,
whose address is Main Commerce Building, Washington, D. C. 20230 (herei.n.
after with its successors andassigns called "EDA")r
WHEREAS, pursuant to application- designated as 'EDA Project No.
08-01-00760 a request was made by the Undersigned for.financial
assistance pursuant to the Public Works and Economic Development Act of
1965 (P.L. 89-136;.42 U.S,C. 3121, et seq.); and
, 19JYi1,
WHEREAS, by Offer of Grant dated February_ 13
offered a grant in the amount of $484,800.00 • to
to assist in financing the construction of development of
park to include extension of water and sewer lines, streets
and a railroad spur
(hereinafter called the "Project Facilities") in
19 69, EDA.
the Undersigned
an industrial.
and roads,
Washington County, Arkansas
Fayetteville,
)
the location of which is more particularly described in Exhibit "A" which
is attached hereto and made a part hereof, all or part of which Project
Facilities will be to the useand benefit of the real property described
in said Exhibit "A"; and .
WHEREAS, on February 24 , 1969 , the Undersigned accepted
the Offer of Grant .subject to the "Standard Terms and Conditions" incor-
porated therein by reference; and
WHEREAS, pursuant to the aforesaid "Standard Terms and Conditions"
.and -by virtue of its acceptance of the Offer. of Grant, the Undersigned
VVCI, a II tCu. and ag.-end tt ;1
ha _ su rr neenr ea tiefatryo
rntRCA, will.
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retain title to the Project Facilities for their useful life and that.
'the Project Facilities will be devoted topublic purposes; and
WHEREAS, it isdesirable that the Undersigned's covenant be recorded
in the appropriate public records affecting real property in Washington
County, Arkansas, and thereby constitute notice to all
persons of restrictions on title to and use of the Project Facilities;
NOW, THEREFORE, in consideration of financial assistance rendered
and/or to be rendered by EDA and to assure that the benefits of the Project
Facilities will accrue to the public as intended by both EDA and the Under-
signed, the Undersigned hereby covenants and agrees as follows::
1.. That, for the term specified in 2, below, the Undersigned
will -retain its title to the Project Facilities and its title to -the real
-property upon which said Project Facilities are located, which real property
is described in Exhibit "A" attached hereto and made a part hereof;
2. That the term for which the Undersigned agrees to•retain its
title to,the Project Facilities and its title to the real property upon
which the Project Facilities are located shall be for the useful life of
the Project Facilities which has;been determined to be• 40 years from
the date hereof;
3. '17tat during the term specified in 2,' above, the. Project
Facilities will be held for and be devoted to public purposes only; and
4. 'Mat the covenants and restrictions herein contained small
he real covenants; and :;hall run with tiro land described in E::hi.u;.t
A'
hcreuo; provided, however, that the Undei.-si}'ned may, at i.'_:: sole option,
terminate the aforesaid covenants and restrictions AL any time after the
:.:,expiration of the term set,_:forth`in' 2, above, `provided
prior to .e piration;of:said.term the:covenants'and
terminated. only with the'p''rior`writtenconsent:of EDA:
IN WITNESSWHEREOF, the Undersigned has hereunto set its hand
day and year fiest above written -by its duly authorized officer;..
Further, however, that:
restrictions may be
•
CIT: OF FAYETTEVILLE
Grantee/Borrower
i J.
Titley
WITNESSES:
a
STATE OF ARKANSAS
COUNTY OF WASHINGTON
1
ECONOMIC DEVELOPMENT ADMINISTRATION
UNITED STATES OF AMERICA
h B. Swanner
Regional Director
Southwestern Region
STATE OF TEXASS.
COUNTY OF TRAVIS J(
rj
On this /g v day of /7 ec 0«57 , 197 before me, a Notary Public,
personally appeared JosephB/ Swa;iner , Regional Director
Southwestern•Regional Office, Economic Development Administration, United States
of America, known to me to be the person described in the foregoing instrument,
and acknowledged that he executed the same in the capacity therein stated and -
for the purposes. therein contained, end.that he is duly authorized in the premises,
rh
GIVEN UNDER MY HAND AND SEAL this /i� day of /9/; ctSt 1970
�. i
Ngtary%Public in and for Travis
iCounty, Texas
Jo)" r. Plc,m..o
Neery Public. Travk Ly. ty. Ten
Aly Commission Exyms6__/
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