HomeMy WebLinkAbout42-83 RESOLUTION*1
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE AN AGREEMENT WITH AETNA LIFE INSURANCE
COMPANY TRANSFERRING THE OWNERSHIP AND MAINTENANCE
RESPONSIBILITY OF THE ZION ROAD -COLLEGE AVENUE
TRAFFIC SIGNAL TO THE CITY.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized
and directed to execute an agreement with Aetna Life
Insurance Company transferring the ownership and maintenance
responsibility of the Zion Road -College Avenue traffic
signal to the.City. A copy of the agreement authorized
for execution hereby is attached hereto, marked Exhibit "A",
and made a part hereof.
PASSED AND APPROVED this 02c24Oday of Agx-244 , 1983.
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ATTEST:l
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By:
City
City Clerk
APPROVED:
By:
420
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NORTHWEST
ARKANSAS
MALL
Mr. Don Grimes
City Administrator
City of Fayetteville
City Hall
Fayetteville, AR 72701
March 1, 1983
RE: Traffic Light/HWY 71 & Zion Road
Dear Don:
41.1AR '31983
OR Of FAYETTEVILLE
Enclosed are the three agreements which I spoke to you aboUt on
the phone today. All three agreements have had one additional stipulation
added on the bottom of the first page.
Please retain one agreement for your records and return two copies
to my office.
If you have any questions, please do not hesitatetto call me.
Sincerely,
Northwest Arkansas Mall, Inc.
Thomas E. Dornfeld
Vice President/General Manager
TED/mdc
Enclosure
.A.19,1CA/\TSA.S
OFFICE OF CITY CLERK
P. 0. DRAWER F 72701 1501) 521-7700
Mr. Thomas E. Dornfeld
Vice President/General
Northwest Arkansas Mall
Highway 71-N
Fayetteville, Arkansas
Dear Mr. Dornfeld:
Manager
, Inc.
72701
.March 25, 1983
Enclosed is a copy of the resolution (No. 42-83), passed and approved
by the Board of Directors at the meeting of March 22, 1983. I have been
informed that the City Manager's Office has previously forwarded a copy
of the agreement to your attention.
If I may be of any additional assistance please don't hesitate
to •contact me.
Sincerely,
Olivia A. Kelly
City Clerk
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Enc.
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AGREEMENT
This agreement executed this22nd.day of Mar., 1983, by and between the
City of Fayetteville, hereinafter called "the City, " and Aetna Life Insurance
Company, by its duly authorized agent, Rouse Management Services Corporation of
Arkansas, Inc., hereinafter called "Aetna."
WHEREAS, Aetna has installed a traffic signal at the intersection of U. S.
Highway 71 North and Zion Road in the City of Fayetteville adyacent to the
Northwest Arkansas Mall owned by Aetna; and
WHEREAS, the purpose of this agreement is to set forth the terms and con-
ditions under which title to said traffic signal shall be transferred to the
City of Fayetteville.
ROW, THEREFORE, in consideration of the mutual covenants contained herein
the parties agree as follows:
1. Aetna hereby transfers to the City all of its right, title, and
interest in and to the aforesaid traffic signal, including the
improvements, equipment, and attachments thereto located at the
intersection of U. S. Highway7rNorth-and-2ionRoad.
2. The City agrees that it will, at the City's cost and expense,
operate, maintain, replace and repair said traffic signal and
will keep the same in proper working order for as long as the
Northwest Arkansas Mall located adjacent to said traffic signal
shall continue in operation as an enclosed, regional and inte-
grated shopping center; provided, the City shall have the right
to remove said traffic signal in the event an interchange
designed by the Arkansas Department of Highway and Transportation
1
is construed at the intersection of U. S. Highway 71 North and
Zion Road. SEE ADDITIONAL STIPULATION BELOW.*
This agreement shall be binding upon the parties hereto and upon
their successors and assigns.
*In the event that the original equipment shall be removed due to the
construction of an interchange as aforesaid, such equipment shall be returned
to Aetna.
'‘ IN WITNESS WHEREOF this agreement has been executed on the date first above
written.
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ATTEST:
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City Clerk
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CITY 0 FAYEtT?EV Es ARKANSASk
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Mayor
AETNA LIFE INSURANCE COMPANY
By AV/i
ROUSE MANAGEMENT SERVICE
CORPORATION OFctNSASAINC.
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By
Title VA-