HomeMy WebLinkAbout131-90 RESOLUTIONv •
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RESOLUTION NO.
A RESOLUTION AUTHORIZING STAFF TO EXERCISE THE
SECOND ACQUISTION OPTION TO PURCHASE LAND IN
THE SOUTHERN FAYETTEVILLE INDUSTRIAL PARK.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That Staff is authorized and directed to
exercise the City's option to purchase Lot 14 containing 37.10
acres for $671,510'00 as set forth in the option agreement between
the City of Fayetteville and the Fayetteville Industrial
Foundation. A copy of the agreement authorized for execution
hereby is attached hereto marked Exhibit "A" and made a part
hereof. 1
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PASSED AND APPROVED this1:21st day of August
FATTEST:
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• City C1 rk,z`
APPROVED:
, 1990.
BY: L!/le!G/��/�•t,%
Mayor
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OPTION AND RIGHT TO EXCHANGE AGREEMENT
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IN CONSIDERATION of One Dollar and other good and valuable.
consideration, receipt of which is hereby acknowledged, the
Fayetteville Development Foundation, herein called Foundation,
grantstothe 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 #14
Unit 3:
Lot #10
Lot 1111
Lot 1113
Unit 4:
Lot 113,
Lot #4
-Lot 115
Lot 116
Lot #7
Total
37.10i
- 37.101
14.90•,
6.50;
21.60.
43.00'
11.80
11.10
4.20
1.00
12.70
40.80
120.90
The three units constitute parcelslof 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 p�,rchase 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 he sold or conveyed in
any manner during the term of this option agreement without the
express written consent of the City.
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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 Foundatibn.
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 optiion purchase price.
The closing -date is designated to be thirty (30) days after
the City exercisesi their option by ithe aforementioned written
notice. If such date of closing falis ion a weekend on 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
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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.
shall furnish, at the City's cost a policy of
in the amount of the purchase price.
special assessments due ;on or before closing shall
seller. Insurance, general taxes, ad valorem
assessments and rental payments shall be prorated
Foundation
title insurance
Taxes and
be paid by the
taxes, special
as of closing.
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. 1
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This OPTION AGREEMENT shall be governed by the laws of the
State of Arkansas.
The City at fall 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
Date: 9-22-89
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Chairman
PettevijlJle Development Foundation
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City of Fayett, ille, Ark71sTs