HomeMy WebLinkAbout93-89 RESOLUTION•
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RESOLUTION NO.
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93-89
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A RESOLUTION AUTHORIZING APPROVAL OF AN OPTION
AND RIGHT TO EXCHANGE AGREEMENT WITH THE
FAYETTEVILLE DEVELOPMENT FOUNDATION TO
PURCHASE LAND IN THE INDUSTRIAL PARK.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Mayor and City Clerk are hereby
authorized and directed to execute an agreement with the
Fayetteville Development Foundation to allow the City to purchase
land in the Industrial Park. A copy of the agreement authorized
for execution hereby is attached hereto marked Exhibit "A" and
made a part hereof.
PASSED AND APPROVED this 19th day of September
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APPROVED
By: l,41[7:0 17/
Mayor
, 1989.
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OPTION AND RIGHT TO EXCHANGE AGREEMENT
MICRO
IN CONSIDERATION- of One Dollar and other good and valuable
consideration, receipt. of which is hereby .acknowledged, the
Fayetteville Development Foundation, herein called Foundation,
grants to the City of Fayetteville, Arkansas herein called City,
the option to purchase the following described real property
subject to the terms and conditions set forth herein:
Unit 2:
Lot 1114 37.10
37.10
Unit 3:
Lot 1110
Lot 1111
Lot 1113
Unit 4:
Lot 113
Lot 114
Lot 115
Lot 116
Lot 117
14.90
6.50
21.60
43.00
11.80
11.10
4.20
1.00
12.70
40.80
Total 120.90
The three units constitute parcels of land currently owned by
the Foundation is what is commonly known as Industrial Park west
and Fayetteville Industrial Park or Industrial Park.
The City may exercise this option at any time before August
1, 1992 by written notice to the Foundation delivered personally
or mailed to the Foundation at P.O Box 4216 Fayetteville, AR 72702
The option purchase price of Units 2, 3, and 4 will be
$18,100.00 per acre.
The Foundation agrees that this OPTION AGREEMENT is exclusive
and that the land contained herein may not be sold or conveyed in
any manner during the term of this option agreement without the
express written consent of the City.
The City agrees that this OPTION AGREEMENT or any part
thereof is not assignable to any third party(s) without the
express written consent•of the Foundation. -- - 1
3
The City upon exercising their option by the aforementioned
written notice shall pay for the property at closing the total
payment in the amount. of said exact option purchase price.
The closing dateis designated to be thirty (30) days after
the City exercises their option by, the aforementioned written
notice. If such date of closing falls ton a weekendion holiday, it
will be held the following working day. The place of closing will
be in the office of the City Attorney, City Administration
Building, 113 W. Mountain, Fayetteville, Arkansas.
EXHIBIT A
The City specifically reserves the right to cancel their
exercise of the option to purchase at any time prior to closing
without penalty of any kind and without effect upon this
agreement.
Conveyance will be made to the City 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 Seller.
Foundation shall furnish, at the City's cost a policy of
title insurance in the amount of the purchase price.
Taxes and
be paid by the
taxes, special
as of closing.
special assessments due ori or before closing shall
seller. Insurance, general taxes, ad valorem
assessments and rental payments shall be prorated
Possession of the property shall be delivered to the the City
on the date of closing.
Risk of loss or damage to the property by fire or other
casualty occurring up to the time of closing is assumed by the
Foundation.
This OPTION AGREEMENT shall be governed by the laws of the
State of Arkansas.
The City at all times during the term of this OPTION
AGREEMENT shall have the right to exchange acreage the City owns
in the Industrial Park of usable industrial land for acreage the
Foundation owns in the Industrial Park of usable industrial land
on an acre for acre basis. The City and the Foundation agree to
draft and/or execute all documents necessary for such an exchange
upon reasonable notice.
This OPTION AGREEMENT, when executed by both the City and
Foundation shall contain the entire understanding and agreement of
the parties with respect to the matters referred to herein and
shall supercede 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.
Date: 9=22-89
Jo Ed
yettev if e Development
rhairman
Foundation
Date: 9-22789 ,&/; r 70 i�' /4a:l_ 79 L
City of Fayett elle, Ark sok
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OFFER AND ACCEPTANCE CONTRACT
1 Buyer, the City of Fayetteville, offers to buy, subject to
the terms and conditions set forth herein, the following
described property:
Unit 1:
Lot "A"
Lot "S"
Lot ##2
Lot #1
10.59
11.36
9.60
11.10
42.65
110
2. Purchase Price: subject to' the following conditions the
Buyer shall pay for the property at closing the 4total and
cash payment of $500,000.00 cash.
3. Conveyance,will be made to Buyer '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 Seller.
4. Seller shall furnish, at Buyer's cost a policy of title
insurance in the amount of the purchase price.
5. Taxes and special assessments due on or before closing shall
be paid by the seller. Insurance, general taxes, ad valorem
taxes, special assessments and rental payments shall be
prorated as of closing.
6. The closing date is designated to be thirty (30) days after
acceptance of this offer by the Seller. If such date of
closing falls on a weekend or holiday, it will be held the
following working day. The place of closing will be in the
office of the City Attorney, City Administration Building,
113 West Mountain, Fayetteville, Arkansas.
7. Possession of the property shall be delivered to the Buyer on
the date of closing.
8. All fixtures, improvements and attached equipment are
included in the purchase price.
9 Risk of loss or damage to the property by fire or other
casualty occurring up to the time of closing is assumed by
the Seller.
10. This AGREEMENT shall be governed by the laws of the State of
Arkansas.
11. This AGREEMENT, when executed by both Buyer and Seller shall
contain the entire understanding and agreement of the parties
with respect to the matters referred to herein and shall
supercede 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.
12. This contract expires, if not accepted, on or before the 1st
day of November , 1989.
13. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT
THIS OFFER IS EXPRESSLY CONTINGENT UPON THE CITY OF
FAYETTEVILLE'S BOARD OF DIRECTORS APPROVAL OF THIS
OFFER OF PURCHASE AND THAT THE FAILURE OF THE BOARD
TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER
NULL AND VOID.
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/fag
Chairman
Fayetteville nevelnpmnnt FnnnAatinn
SELLER
/ / 62
City of Fayetteville
BUYER
9-22-89
Date
9-22-89
Date
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THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
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12.01
TO:
THRU:
FROM:
DATE:
SUBJECT:
Fayetteville City Board of Directors
James L. Pennington, City Manager
Scott C. Linebaugh, Assistant City Manager
September 7, 1989
Industrial Park Purchase
According to our plan presented in November 1988 with the 1989
Budget for Economic Development, we have arranged to purchase all
of the parcels of land in the Industrial Park owned by the
Fayetteville Development Foundation. After purchase of this
property, the City will own and market the entire Industrial Park
instead of "bits and pieces."
This is a important step in our industrial development program
We will be taking away the primary responsibility of marketing the
Industrial Park from the Fayetteville Development Foundation and
placing it with our Economic Development Coordinator, Richard
Shewmaker. The City Economic Development program will continue its
marketing efforts in cooperation with the Fayetteville Chamber of
Commerce.
Attached, you will find the first draft of the agreement between
the City of Fayetteville and the Fayetteville Development
Foundation. The final draft should not have any major changes and
should be handed out in the next regular Agenda Meeting.
The agreement reached, allows the City to purchase all parcels of
land in the Industrial Park (Industrial Park West, and Fayetteville
Industrial Park) currently owned by the Foundation over a period
of four (4) years. This year, we will pay $500,000 and will
purchase Unit #1. Over the remaining four years, the City will
purchase Units #2, #3 and #4 as shown on the attached schedule.
The total price for all parcels is $2.2 million, plus interest from
the date of the agreement until the date of purchase by the City.
This comes to approximately $730,000 per unit.
12.02
Page 2
Industrial Park Purchase
One key feature of the agreement, the City at all times has the
right to exchange acreage on an acre -for -acre basis which it owns
in the Park for acreage the Fayetteville Development Foundation
owns. The City will also have an exclusive option to buy all or
part of the land over the four year period. In other words, the
Fayetteville Development Foundation cannot sell any of the land to
any other party except the City of Fayetteville.
Attached also for your review, is a map which shows the parcels
owned by the Industrial Park which will correspond to Schedule 1
on the total acreage.
Should you have any questions concerning this arrangement, I will
be happy to answer them at any time.
SCL/kaf
attachments
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000 STORES
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CITY OF
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Fayetteville Development Foundation
City of Fayetteville, Arkansas
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EAST 1282.35' /
NW Corner
Sec. 26
T -16-N, R -30-W
N Cr 33' E 990.32
5 88' 52' E 469.65'
11.36 ACRES
N 88' 43' W 452.16'
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SCALE: 1'm200'
Ra278.73'
CORD LCTN..13.28'
12.07 I
SKETCH Cor """
for
THE CITY OF FAYETTEVILLE
PROPERTY
Fayetteville, Arkansas Aug.,1989
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LEGAL DESCRIPTION
FOR.
FAYETTEVILLE INDUSTRIAL DEVELOPMENT CORPORATION
TO
THE CITY OF FAYETTEVILLE, ARKANSAS
A part of Section 26, Township 16 North, Range 30 West, Washington
County, Arkansas, more particularly described as follows: Beginning at a
point which is South 2667.82 feet and East 1282.35 feet from the Northwest
corner of said Section 26, said point being on the West right -of -Way of
Black Oak Road; thence following said right-of-way S 01° 17' W 212.42 feet;
thence southeasterly along a circular curve with a cord length of 193.40
feet and a radius of 694.81; thence 5 14° 43' E 406.52 feet; thence
southeasterly along a circular curve with a cord length of 13.28 feet and a
radius of 278.73 feet; thence leaving said right-of-way S 89° 36' W 151.51
feet; thence 5 0° 06' 13" W 179.66 feet; thence N 88° 43' W 452.16 feet;
thence N 0° 33' E 990.32 feet; thence S 88° 52' E 469.65 feet to the point
of beginning and containing 11.36 acres more or less.
This legal description prepared by McClelland Consulting Engineers, Inc.,
August 25, 1989.
12.08