HomeMy WebLinkAbout46-78 RESOLUTIONRESOLUTION No. 4'4
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A RESOLUTION AUTHORIZING THE SALE OF 1.1 ACRES OF PROPERTY
IN TUE FAYETTEVILLE INDUSTRIAL PARK TO BARGO ENGINEERING COMPANY.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Board of Directors hereby authorizes
the sale of 1.1 acres of property in the Fayetteville Industrial
Park to Bargo Engineering at a total purchase price of 92,276.25.
A legal description of the property authorized for sale hereby, is
contained in the sales agreement, marked Exhibit "A", attached
hereto and made a part hereof.
Section 2. That the Mayor and City Clerk are hereby
authorized and directed to execute the sales agreement marked
Exhibit "A", attached hereto and made a part hereof.
PASSED AND APPROVED this
7:;4,.C‘
Z'r 1'4 citu-494.A.444Y"
v.. CITY CLERK
eiz;-
'" 'et "e
tee
574
day
APPROVED:
MAYOR
0 garraz
, 1978.
MICROFII&ED
DATE 'ad 2 0 L9M
REEL 0
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:EXHIBIT A
Res <-140
AGREEMENT
This Agreement, made this day of
1978, between the City of Fayetteville, Arkansas, a municipal
corporation, hereniafter called the "Seller" and Bargo
Engineering Company, hereinafter called the "Buyer".
For and in consideration of the mutual covenants contained
herein, the Seller and Buyer, agree as follows:
1. The Seller agrees to sell and the Buyer agrees to
purchase the following described real property located in
Washington County, Arkansas:
A part of Section 23, Township 16 North, Range 30 West,
Washington County, Arkansas, more particularly described as
follows: Beginning at a point that is 1416.89 feet North
and 580.91 feet East of the SW corner of Section 23; thence
N 896 54' E 146.29 feet; thence N 00 31'36" E 355.16 feet;:thence
S89° 541: W 143:06 feetithence Sit 103'W.355.25 feet-Ito.the
point of beginning, containing 1.18 acres, more or less.
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Upon the terms and conditions hereinafter set forth.
2. The total purchase price shall be $2,276.25 which shall
be payable as follows:
$376.25 payable at closing; the balance of
$2,400,00 payable in semi-annual installments of $400.00
each on February 1 and August 1, of each year until said
.balance is paid ;.n full; said balance of $2,400.00 shall
bear interest at the rate of 9 1/270.per annum from August 1,
• 1978. Buyer shall. grant Seller a mortgage on the aforesaid
property to secure payment of said balance.
3. Seller shall deliver or cause to be delivered to
Buyer or Buyer's agent, not less than fifteen (15) days
prior to the time of closing, a title binder for an owner's
title insurance policy issued by a title company acceptable
to Buyer, Said title binder shall be for an owner's title
and insurance policy in the amount of the purchase price,
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covering title to the real estate on or after the date
hereof, showing title in Seller subject only to (a) the
general exceptions contained in the binder; and (b) any
title exceptions set forth in this agreement.
4. If the title commitment discloses unpermitted
exceptions that render the title unmarketable, Seller shall
have twenty-one (21) days from the date of delivery thereof
to have the exception removed from the commitment or to have
the title insurer commit to insure against loss or damage that may
be occasioned by such exeptions, and, in such event,
the time of closing shall be on or before the twenty-eighth
(28th1 day following delivery of the commitment. If Seller
fails to have the exceptions removed or in the alternative,
to obtain the commitment for title insurance specified above
as to such exceptions within the specified time, Buyer may
terminate this agreement or may elect, upon notice to Seller
within seven (7) days after the expiration of the twenty-
eight (281 day period, to take title to said property in
its existing condition, If Buyer does not so elect, this
agreement shall become null and void without further action
of the parties.
. This transaction shall be 'closed as soon as possible
after execution of this agreement and shall be closed at the
Board of Directors Room in the Administration Building of the
City of Fayetteville, Arkansas. At the time of closing, the
Seller shall deliver to the Buyer, a duly executed Warranty
Deed in suchHform as is satisfactory to Buyer conveying said
real estate. .The Buyer shall therenpondeliver to the Seller
the purchase price in accordance with; the terms in Paragrpah 2
of this agreement. The buyer shall pay for recording said
Warranty Deed.
6. The Seller agrees to deliver.possession of said property
on the date of closing.
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7. If the Buyer shall fail to perform this agreement
properly on its part, at the time and in the manner herein
specified, this agreement shall be terminated and become null
and void, and Seller shall retain any sums paid it under this
agreement as liquidated damages. Time is expressly made
of the essence of all the terms hereof.
8. If the Seller shall fail to perform this agreement
properly on its part, at the time and in the manner herein
specified, then at the option of the Buyer, this agreement
shall be terminated and shall become null and void.
9. Buyer warrants that it will build and operate any
facility to be located on the above described property in
compliance with all federal, state and local laws and regulations.
10“ (jA) No unimproved portion of the real estate shall
be disposed of by Buyer without the prior written consent of
Seller, or, in the absence of such written consent, without
the prior written consent of Seller, or, in the absence of
such written consent, without first giving to Seller, in
care of the City Manager at the City Administration Building
of Seller, written notice by registered or certified mail,
return xeceipt requested, of Buyer's intention to dispose of
said unimproved portion •of the real estate. For purposes of
this agreement the term "unimproved portion of the real
estate" shall be deemed to mean a portion of the real estate
which Buyer desires to dispose of on which a permanent
structure which, enhances the capital value of said portion
of real estate is not situated. No such notice shall be
given until Buyer shall have obtained a bona fide written
offer to purchase said unimproved portion of the real estate.
A true copy of such smitten offer shall be attached to said
notice. Seller shall have the first option to purchase said
unimproved portion at a price which is the lesser of (1) an
amount equal to two thousand, two hundred seventy-six dollars
and twenty-five cents ($2,276.25). multiplied by a fraction,
the numerator of which shall be equal to the number of
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square feet contained in said unimproved portion and the
denominator of which shall be equal to the aggregate number
of square feet contained in the real estate, plus interest
thereon at the rate of 670 per annum from the date hereof
until the date of closing of such sale; or (2) the purchase
price contained in said offer. The election shall be made
in writing by certified or registered mail, return receipt
requested, to Buyer at its offices on the real estate with a
copy thereof to the President of Buyer at its principal
adminstrative offices. Said acceptance shall be within
twenty (20) days from the date of the aforesaid notice from
Buyer. Closing of said sale shall be exactly thirty (30)
days from date of Seller's exercise of said option at the
Office of the City Attorney of Seller. The full purchase
price shall be paid at closing. The other terms of such
purchase and sale shall be as set forth in said offer,
except as inconsistent with the terms hereof. Upon expiration
of said twenty (20) day period, if Seller has not elected to
purchase said unimproved portion of the real estate pursuant
to the provisions of this Sub -paragraph A, Buyer may sell
said unimproved portion pursuant to the terms of the aforesaid
offer, Said sale shall be only to the offeror named in said
offer at a price not less than that set forth in said offer.
If such sale and conveyance shall not have been completed
within seven (71 months •of the expiration of the aforesaid
twenty (201 day period, said unimproved portion of the Real
Estate shall again become subject to the restrictions of
this sub -paragraph A relating to the sale thereof. Seller's
rights contained herein are non -assignable.
B. Not withstanding anything herein contained to the
contrary, Buyer may dispose of any unimproved portion of the
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real estate free and clear of, and without first complying
with, the provisions of Sub -paragraph A of this Paragraph
1 in the following situations:
1. Conveying or granting an interest therein as security
for any financing obtained by Buyer, including, but not
limited to, a mortgage, trust deed or sale and lease -back
arrangement;
2. A reorganization, consolidation or liquidation of
Buyer;
3. A conveyance to any corporation which owns a majority
of the outstanding shares of stock of Buyer or to any corporation
a majority of whose outstanding shares of stock are owned by
Buyer; or
4, A conveyance to a corporation, the stockholders of
which in the aggregate, control at least 507 of the outstanding
shares of stock of Buyer.
11. This agreement shall be binding upon and shall
inure to the benefit of each of the parties hereto, their
successors and/or assigns.
IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals on the day and year first above written.
SELLER BUYER
CITY OF FAYETTEVILLE, ARKANSAS BARGO ENGINEERING COMPANY
BY 1-071-eet-Cadiiy
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TITLE:
ATTEST:- ATTEST:
CITY CLERK
TITLE:
SEAL SEAL
NOTE: Agreement should state the
total purchase price as $2,776.25.
There was an error made. Scott
Linebaugh, Finance Director,
check into this discrepency and
found the correct price to be
$2,776.25.
Vivian Koettel
1-19-81
Offset Letterpress
FAYETTEVILLE
emefilnak
PRINTING COMPANY
PRINTERS • STATIONERS • BOOKSELLERS
17 EAST CENTER
FAYETTEVILLE. ARKANSAS 72701
TELEPHONE 442-7304
Serving Since 1892
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'11,?:-fettorrto7
AGREEMENT
This Agreement, made this day of
1978, between the City of Fayetteville, Arkansas, a municipal
corporation, hereniafter called the "Seller" and Bargo
Engineering Company, hereinafter called the "Buyer".
For and in consideration of the mutual covenants contained
herein, the Seller and Buyer, agree as follows:
1. The Seller agrees to sell and the Buyer agrees to
purchase the following described real property located in
Washington County, Arkansas:
A part of Section 23, Township 16 North, Range 30 West,
Washington County, Arkansas, more particularly described as
follows: Beginning at a point that is 1416.89 feet North
and 580.91 feet East of the SW corner of Section 23; thence
N 890 54' h 146.29 feet; thence N 00 31'36" E 355.16 feet; -ther
S89° 54' W 143.06 feet; thence Sl° 03'W 355.25 feet,to the
point of beginning, containing 1.18 acres, more or less.
Upon the terms and conditions hereinafter set forth.
2. The total purchase price shall be $2,276.25 which shall
be payable as follows: $376.25 payable at closing; the balance of
$2,400.00 payable in semi-annual installments of $400.00
each on February 1 and August 1, of each year until said
balance is paid in full; said balance of $2,400.00 shall
bear interest at the rate of 9 1/2% per annum from August 1,
1978. Buyer shall grant Seller a mortgage on the aforesaid
property to secure payment of said balance.
3. Seller shall deliver or cause to be delivered to
Buyer or Buyer's agent, not less than fifteen (15) days
prior to the time of closing, a title binder for.an owner's
title insurance policy issued by a title company acceptable
to Buyer. Said title binder shall be for an owner's title
and insurance policy in the amount of the purchase price,
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covering title to the real estate on or after the date
hereof, showing title in Seller subject only to (a) the
general exceptions contained in the binder; and (b) any
title exceptions set forth in this agreement.
4. If the title commitment discloses unpermitted
exceptions that render the title unmarketable, Seller shall
have twenty-one (21) days from the date of delivery thereof
to have the exception removed from the commitment or to have
the title insurer commit to insure against loss or damage that may
be occasioned by such exeptions, and, in such event,
the time of closing shall be on or before the twenty-eighth
(28th) day following delivery of the commitment. If Seller
fails to have the exceptions removed or in the alternative,
to obtain the commitment for title insurance specified above
as to such exceptions within the specified time, Buyer may
terminate this agreement or may elect, upon notice to Seller
within seven (7) days after the expiration of the twenty-
eight (28) day period, to take title to said property in
its existing condition. If Buyer does not so elect, this
agreement shall become null and void without further action
of the parties.
5. This transaction shall be closed as soon as possible
after execution of this agreement and shall be closed at the
Board of Directors Room in the Administration Building of the
City of Fayetteville, Arkansas. At the time of closing, the
Seller shall deliver to the Buyer, a duly executed Warranty
Deed in such form as is satisfactory to Buyer conveying said
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real estate. The Buyer shall thereupondeliver to the Seller
the purchase price in accordance with; the terms in Paragrpah 2
of this agreement. The buyer shall pay for recording said
Warranty Deed.
6. The Seller agrees to deliver possession of said property
on the date of closing.
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7. If the Buyer shall fail to perform this agreement
properly on its part, at the time and in the manner herein
specified, this agreement shall be terminated and become null
and void, and Seller shall retain any sums paid it under this
agreement as liquidated damages. Time is expressly made
of the essence of all the terms hereof.
8. If the Seller shall fail to perform this agreement
properly on its part, at the time and in the manner herein
specified, then at the option of the Buyer, this agreement
shall be terminated and shall become null and void.
9. Buyer warrants that it will build and operate any
facility to be located on the above described property in
compliance with all federal, state and local laws and regulations.
10. CAI No unimproved portion of the real estate shall
be disposed of by Buyer without the prior written consent of
Seller, or, in the absence of such written consent, without
the prior written consent of Seller, or, in the absence of
such written consent, without first giving to Seller, in
care of the City Manager at the City Administration Building
o f Seller, written notice by registered or certified mail,
return receipt requested, of Buyer's intention to dispose of
said unimproved portion of the real estate. For purposes of
this agreement the term "unimproved portion of the real
estate" shall be deemed to mean a portion of the real estate
which Buyer desires to dispose of on which a permanent
structure which enhances the capital value of said portion
o f real estate is not situated. No such notice shall be
given until Buyer shall have obtained a bona fide written
o ffer to purchase said unimproved portion of the real estate.
A true copy of such written offer shall be attached to said
notice. Seller shall have the first option to purchase said
unimproved portion at a price which is the lesser of (1) an
amount equal to two thousand, two hundred seventy-six dollars
and twenty-five cents ($2,276.25) multiplied by a fraction,
the numerator of which shall be equal to the number of
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square feet contained in said unimproved portion and the
denominator of which shall be equal to the aggregate number
of square feet contained in the real estate, plus interest
thereon at the rate of 67 per annum from the date hereof
until the date of closing of such sale; or (2) the purchase
price contained in said offer. The election shall be made
in writing by certified or registered mail, return receipt
requested, to Buyer at its offices on the real estate with a
copy thereof to the President of Buyer at its principal
adminstrative offices. Said acceptance shall be within
twenty (20) days from the date of the aforesaid notice from
Buyer. Closing of said sale shall be exactly thirty (30)
days from date of Seller's exercise of said option at the
Office of the City Attorney of Seller. The full purchase
price shall be paid at closing. The other terms of such
purchase and sale shall be as set forth in said offer,
except as inconsistent with the terms hereof. Upon expiration
of said twenty (20) day period, if Seller has not elected to
purchase said unimproved portion of the real estate pursuant
to the provisions of this Sub -paragraph A, Buyer may sell
said unimproved portion pursuant to the terms of the aforesaid
offer, Said sale shall be only to the offeror named in said
offer at a price not less than that set forth in said offer.
If such sale and conveyance shall not have been completed
within seven (7) months of the expiration of the aforesaid
twenty (20) day period, said unimproved portion of the Real
Estate shall again become subject to the restrictions of
this sub -paragraph A relating to the sale thereof. Seller's
rights contained herein are non -assignable.
B. Not withstanding anything herein contained to the
contrary, Buyer may dispose of any unimproved portion of the
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real estate free and clear of, and without first complying
with, the provisions of Sub -paragraph A of this Paragraph
1 in the following situations:
1.
for any
limited
Conveying or granting an interest therein as security
financing obtained by Buyer, including, but not
to, a mortgage, trust deed or sale and lease -back
arrangement;
2. A reorganization, consolidation or liquidation of
Buyer;
3. A conveyance to any corporation which owns a majority
of the outstanding shares of stock of Buyer or to any corporation
a majority
Buyer; or
4. A
of whose outstanding shares of stock are owned by
conveyance to
a corporation, the stockholders of
which in the aggregate, control at least 507 of the outstanding
shares of stock of Buyer.
11. This agreement shall be binding upon and shall
inure to the benefit of each of the parties hereto, their
successors and/or assigns.
IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals on the day and year first above written.
SELLER
CITY OF
a 727
BY; (13s
FAYETTEVILLE
MAYOR
ATTEST:
ARKANSAS
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SEAL
CITY CLERK
BUYER
BARGO ENGINEERING COMPANY
BY:
TITLE:
ATTEST:
TITLE:
SEAL
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
dd- OP° eeS •114- 28
C y exse,c
MICROFILMED
January 23, 2001
Mr. Bill Goforth
Vice President
Bargo Engineering, Inc.
1755 Armstrong Avenue
Fayetteville, AR 72701
Subject:
Lot # 35
Fayetteville Industrial Park
Deed Issuance
Dear Mr. Goforth:
"rgoitii•Aon1 d •
The city is pleased to include herewith a fidly executed Warranty Deed relating to the West 1.18 acres of Lot
# 35 of the final replat of Fayetteville Industrial Park. Even though a deed may have been issued by the city in
1978 or 1981, such deed was never recorded and an investigation of all available sources has provided no
indication of the existence of a possible deed. Thus the issuance, or reissuance, of the enclosed Warranty
Deed.
The enclosed document has been recorded with the office of the Circuit Clerk of Waslungton County and
assigned the Deed No. 2001006046. Mr. James Cnder's letter ofJanuary 19, 2001 outhned the information
he found through various sources withm the city, thus indicating full payment for the property in question m
accordance with an agreement m August, 1978, between the parties.
If you have any questions or if we can be of further assistance, please do not hesitate to call the undersigned at
444-3415.
Sincerely,
Edward D
City Land Agent
Enclosure: "Warranty Deed 2001006046"
cc: Mr. James Crider, Director
Economic Development
Fayetteville Chamber of Commerce
113 WEST MOUNTAIN 72701 501 521-7700
FAX 501 575-8257
RECEIVED
'JAN 2 4 2001
Ci7Y OF FAYETTOWLLE
CITY CIZE:F.5er4e2;
Who.
Parcel No. 765-19973-000
WARRANTY DEED
MUNICIPAL CORPORATION
BE IT KNOWN BY THESE PRESENTS:
FILED FOR RECORD
401 JAN 23 AM 11 22
WASHINUiuhl CO AR
B. STAMPS
THAT the CITY OF FAYETTEVILLE, ARKANSAS, a municipal cor-
poration, hereinafter called GRANTOR, for and in consideration of the sum
of One Dollar ($1.00) and other good and valuable consideration, the receipt
of which is hereby acknowledged, does hereby grant, bargain, sell and
convey unto BARGO ENGINEERING INC., hereinafter called GRANTEE, and
unto Grantee's successors and assigns, the following described land situated
in the County of Washington, State of Arkansas, to -wit:
A part of Lot 35 (formally a part of Lot 4) of Fayetteville Industrial Park, being part of Section 23, Township
16 North, Range 30 West, Washington County, Arkansas, more particularly described as follows: Beginning
at a Point that is 1416.89 feet North and 580.91 feet East of the SW corner of Section 23; thence North 89°
54' East 146.29 feet; thence North 00 31' 36" East 355.16 feet; thence South 89° 54' West 143.06 feet;
thence South 010 03' West 355.25 feet to the Point of Beginning, containing 1.18 acres, more or less.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee
and Grantee's successors and assigns, forever. And the said Grantor, hereby covenants that it is lawfully seized
of said lands and premises; that the same is unencumbered, and that the Grantor will forever warrant and defend
the title to the said lands against all legal claims whatever.
WITNESS the execution hereof on this 43 Led day of de/A/04r ,2001.
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ATTEST:
CITY OF FAYETTEVILLE, ARKANSAS,
a municipal corporation
BY:
L2c-mrAlre
Heather Woodruff, City Clerk
"OA_ (:).
D n body, Mayor
STATE OF ARKANSAS
COUNTY OF WASHINGTON
ACKNOWLEDGMENT
ss.
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 Heather Woodruff, 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.
WITNESS my hand and seal on this a LIP day of dtet/tA7 2001.
MY COMMISSION EXPIRES:
AT -0/- 4-4S07°
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a.••••
Notary Public
2001006046
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EDWARD D. CONNELL
Washington County
My COMMISS1011ExpIres
May 1, 2010
a.••••
Notary Public
2001006046