HomeMy WebLinkAbout17-76 RESOLUTION•
RESOLUTION NO. /1-74'
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A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A CONTRACT WITH THE DEVELOPERS OF COLLEGE MARKET
ADDITION TO GUARANTEE INSTALLATION OF IMPROVEMENTS THEREIN.
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 a contract with the deve-
lopers of College Market Addition to guarantee installation
of improvements therein. A copy of said contract, marked
Exhibit "A", is attached hereto and made a part hereof.
PASSED AND APPROVED THIS a5-dbAY OF , 1976.
ATTEST:
CITY CLERK
APPROVED:
/Itilf�1C, '/ Lclet�
MAYOR
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7 EXHIBIT A
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C O N T R A C T , '7E I•
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This contract executed on this e day of mw.ie ''7Y
1976, by and between Johnie rassett and Ora V. Bassett, hereinafter
called the Subdivider, and the City of Fayetteville, Arkansas,
a municipal corporation, hereinafter called the City.
In consideration of the mutual covenants contained herein,
it is hereby agreed by and between the Subdivider and the City
as follows, to -wit:
1. The City agrees to accept and approve the final plat
of the following described property prior to and in advance
of the installation of improvements required by Article 3,
Section A of Appendix C to the Fayetteville Code of Ordinances:
7part of the North Falf (N/2) cf the Northeast Ouarter
(Kr/4) of Section 35, Township 17 North, Rance 30 "est,
t'ashington. County, Arkansas, more narticularly described
as follows: rcrinnine at a point 747.5 feet South and
639.7 feet Last of the NV corner of the Hr/4 of the t!P./4
of said Section 35; thence .South 554.07 feet to the
Northerly right of way line of Polling Pills Drive; thence
North 75°32' test 507.0 feet alcn.c sale richt of way line;
thence North 324.0 feet; thence teest 100.0 feet; thence
?forth 47.0 fret; thence Vest 159.05 feet to the rasterly
right of way line of College Avenue (U.S. Highway 7111);
thence North 25°03' East 50.87 feet along said richt cf
way; thence Vast 728.3 feet to the Point of Peginning
and containing 5.79 acres, more or less.
2. The Subdivider agrees to install all improvements
required by Article 3, Section A of Appendix C to the Fayetteville
Code of Ordinances within ‘11 months -from the date Of this
contract.
3. (a) The Subdivider hereby grants to the City a lien
on the above described property to secure the installation
of the aforesaid improvements. The Subdivider further agrees
thatin the event he fails to install the aforesaid improvements
within the period specified in Section 2 hereof, the City nay,
at its sole discretion, install said improvmeents and take
possession of and sell all of the above described property,
or any part thereof, in any manner provided by law, and may
credit the net proceeds from said sale toward the coats incurred
by the city in providing said improvements, plus interest at
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the rate of ten (10) per cent per
to further claims which nay arise
of this contract.
annum, without prejudice
thereafter under the terms
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(b) The City hereby agrees that it will release its lien
on any individual lot in the subdivision described in Section
1 hereof upon payment of that lot's proportionate share of
the City's costs in providing the aforesaid improvements plus
,interest at the rate of ten (10) per cent per annum; the proportionate
share for each lot is hereby agreed to he the percentage of
the aforesaid costs plus interest which the ad valorem assessment
(less building improvements) of said lot or lots bears to the
total ad valorem assessments (less building improvements) of
all lots in the Psubdivisions.
4. No structure shall be occupied and no utilities shall
he connected for occupancy until all required improvements
have been conpleted and approved by the City rngineer and all
lots have been released from the lien granted herein; provided,
the City may, in
its sole discretion, release one or rore lots
prior to completion of all required improvements if the City
determines that all improvements it deems necessary for the
use and occupancy of said lot or
conpleted, and the lot owner has
cash
lots have been satisfactorily
either installed or deposited
or a performance bond guaranteeing installation of all
required sidewalks.
5. No building permits shall be issued until all new
stteets are staked out and the street grade cut or filled to
sub -grade elevation for curb, gutter, and pavement according
to a street profile approved by the City rngineer. In the
event the subdivider fails to complete installation of all
required improvements within the time provided in rection 2
hereof and the City does not elect to exorcise its rights under
Section 3 hereof, all required improvements must be constructed
in accordance with City standards existing at the time installation
of said improvements is resumed or begun.
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LiAWitness our hands and seals this d^^day of tt.c.,4,1
1976.
ATTEST:
CITY OF FAYETTEVILLE
A Municipal Corporation
PY (1)77221-07.‘t-
MAYOR
,7221-0�t.
MAYOR
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CITY CLER:
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o nie Bassett
Ora V. Bassett
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ACKNOWLEDGMENT
STATE OF ARKANSAS
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COUNTY OF WASHINGTON
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DE IT REMEHDERLD that on this day came before the under-
signed, a Notary Public, duly commissioned, qualified and acting
within and for the aforesaid County and State, Johnie Passett and
Ora V. Bassett, to me known to be the Subdividers in the foregoing
.Contract, and stated that they had executed same for the purposes
and considerations therein mentioned and set forth. n
elLed
day of March,
Witness my hand as such Notary Public this
1976.
My Commission Expires:
STATE OF ARKANSAS
COUNTY OF WASHINGTON
ACKNOWLEDGMENT
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BE IT REMEMBERED that on this day came before the under-
signed, a Notary Public, duly commissioned, qualified and acting
within and for the aforesaid County and State, City of rayette-
ville, by Marion Orton, Mayor and Darlene Westbrook, City Clerk,
who stated that they had executed the foregoing Contract on
behalf of the City of Fayetteville for the purposes and con-
siderations therein mentioned and set forth.
t 'itness my hand as such Notary Public this -day of March,
1976.
My Commission Expires:
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Notary Vz. icz