Loading...
HomeMy WebLinkAbout120-91 RESOLUTIONr • RESOLUTION NO. 120-91 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A CONTRACT OF SALE AND PURCHASE FOR THE PURCHASE OF APPROXIMATELY 20 ACRES OF LAND ON OR ABOUT 2900 CITY LAKE ROAD FROM EASCO HAND TOOLS, INC. FOR $350,000.00. 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 a Contract of Sale and Purchase of approximately 20 acres of land on or about 2900 City Lake Road from Easco Hand Tools, Inc. for $350,000.00. A copy of the Contract of Sale and Purchase authorized for execution hereby is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this 28th day of June e By City C)tkrk y'!r r - r 1 • • , 1991. • • • CONTRACT OF SALE AND PURCHASE This Contract of Sale and Purchase ("Contract"), dated July 1, 1991, by and between Easco Hand Tools, Inc. ("Seller") and the City of Fayetteville, Arkansas ("Purchaser"). WHEREAS, Seller has entered into a Purchase Agreement for that parcel of land with improvements and personal property commonly known as 2900 City Lake Road, Fayetteville, Arkansas, and WHEREAS, Seller is willing to sell a portion of the Property as identified and described on Exhibit A ("Property") to the Purchaser, and Purchaser is willing to buy a portion of the Property, all pursuant to the terms and provisions hereof, NOW, THEREFORE, in consideration of the mutual promises recited in this Contract and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows: 1. Agreement to Sell and Purchase. Subject to the terms and conditions hereto, the Seller hereby agrees to sell the property to the Purchaser, and the Purchaser hereby agrees to purchase the Property from the Seller. 2. Purchase Price. The total purchase price for the Property shall be the sum of Three hundred fifty thousand dollars ($350,000) ("Purchase Price"). 3. Covenants, Representations and. Warranties (A) Seller represents and warrants that the following statements are true and correct and shall be true and correct on the date of closing and such representations and warranties shall survive closing: (i) Seller has and will have full authority to enter into and carry out the terms and provisions of the Contract and to execute and deliver all documents which are contemplated by this Contract, and all actions of Seller necessary to confer such authority upon the persons executing the Contract, and all documents which are contemplated by this Contract on behalf of Seller, shall have been taken. (8) Purchaser represents and warrants that the following statements are true and correct and shall be true and correct on the date of closing and such representations and warranties shall survive closing: (i) Purchaser has and will have full authority to enter into and carry out the terms and provisions of the Contract and to execute and deliver all documents which are contemplated by this Contract, and all actions of Purchaser necessary to confer such authority upon the persons executing the Contract, and all documents which are contemplated by this Contract on behalf of Purchaser, shall have been taken. 4. Closing. The Closing shall occur on July 2, 1991. 5. Closing Procedures. (A) At Closing the Seller shall execute and deliver, or cause to be executed and delivered, to the Purchaser or to Purchaser's nominee: (i) a recordable General Warranty Deed conveying to the Purchaser or its nominee, title to the Real Property. (B) At Closing, Purchaser shall deliver to -Seller a certified check made payable to Seller for Three hundred fifty thousand dollars ($350,000). (C) This transaction shall be closed through the title company (the cost of which shallbe borne equally by the parties), and it shall be a condition of Closing that the title company shall be prepared to issue: (i) at the Buyer's sole expense, an owner's policy of title insurance on the standard ALTA Form insuring that Purchaser (or its nominee) has good and indefeasible title to the Real Property, issued by the title company in an amount equal to the Purchase Price, subject only to the standard exceptions and other exceptions approved by Purchaser, k 6 Prorations and Adjustments. Purchaser assumes and agrees to pay all assessments for public improvements becoming a lien after Closing. Utility charges and otheritems of income and expense (including, without limitation, charges under service contracts), customarily adjusted, shall be prorated as of the Closing. The proration of real estate taxes shall be prorated to date of closing and all installments of real estate taxes due and payable in 1992 and thereafter shall be the Purchaser's responsibility. 7. Possession. Possession of the Property shall be delivered by the Seller to the Purchaser at the Closing. 8. Failure to Close -Default. In the event Purchaser fails to consummate the transaction contemplated by this Contract in accordance with its terms for any reason except pursuant to a right to do so contained herein and except for the Seller's default, the Seller shall be entitled to all legal and equitable remedies under the law. 9. Notices. Any notices or other documents required or permitted to be given under the terms of this contract shall be deemed, delivered when received thereof to a nationally -recognized overnight delivery service, whether actually received or not, addressed to the parties as follows: If to the Seller: EASCO Hand Tools, Inc. Attn: George Koenigsaecker 1609 N. Old Missouri Road Springdale, AR 72764 With a copy to: M. Teri Lynch 665 W. Exchange Street Akron, Chio 44302 If to the Purchaser: City of Fayetteville 113 West Mountain Fayetteville, AR 72701 or to such other address as shall be specified by like notice. 10. Sinding Effect. This Contract shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. • 11. Entire Agreement. This Contract, including the attached exhibits, embodies the complete agreement of the parties hereto with respect to the subject matter hereof, and cannot be altered, amended, or modified except by their written agreement. 12. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Arkansas. 13. Time. .Time is on the essence of this Contract, and each and every provision hereof. IN WITNESS WHEREOF, the parties hereto have caused the Contract to be executed and dated as of the date first above written. x <tit1r T•A. Si '.31.5.e . .i/h • -. RA y4. '' °. ? j- + Si_ yr �. .. r, \ • tnann `\�. SELLER: EASCO HAND _.OLS, Inc. By: Di - tor of Fi ante PURCHASER: THE CITY OF FAY 'TTEVIL E, ARKANSAS 2V727, cej- • By • ;A,. EFi5C0- NRRI GDRI.E. RR. 1 501 751 9E PLAT ---OF SUrrVE1• Vet •A- DRepIrttO A PAST OP ?W IOUTNWT OUNI SR 0?U 10N ti, T -1c -K. P -]o•■, NDIe PARTICULARLY DMOOGIILD 11 MIMIC AT tHl NO*TNVPPT 006K18 0r TR' N" 2/4 OP OKI tf 1/4 OP SAID SWOON 21; THM = 4 un4Y ALONOMCI SU -IS -10 S 7?Wt CSISUMLI$C Or�OCOUR t attlRi A 21-41-1) Y 2009.19 nSnT, AMD 1 I4-11.32 V 12.02 rat; TIIVNCI V t$-10.38 V 119.11 PUT, , tM12106 V SS -31-21 t 610. $O• R1T3 - Mina PPm TO TM COOTS& ttONTSOP fAY+POG halMIAS1t UNID*VAY Mp % Of IIGNYAI T16NC1 HANG PAID SIDNVAY cityra IMI M 12-16-14 V 330,st 'MMT oo 1 ii -23RD 1 T111 144 Re TO 01 Of PGIYs et RtOtmttTK 0. COMTAIP1N0 30.11 AC99S, NOM 0A LASSO. VIt1TMGVON COOPTt, AIKMSAO. - •• 6111141tC'rTO T11 rgu0YtM0 SACPtcaI=r• . t..' A UTtttTT twd161R IS rllt tN nom off TSL NOIITN NIS f .�f2 s 30 T 30 Y�Ni1NN 1tlaO ff6Tora Off MOr ASO S IMI 7tDE )DJ1122t PO TOD SIONS,01P-VAs OP ASIAMig NIOINM so. 140, • P. A 014 LISPS 1ASSMM■T, 3S 1,111'II 11o?R TAIL LOCATION or . *1CN I0 06eatalla 14 Munn fctIDIiND At A POINT %MAERERDOf ?f1 SIS 1/4, O-10 f62,111 PUT AMO 10c11QM 4t /Hi TVgVCV IT P 20-73•f1 V' 114.11 M64, TI4MCt. R 31-01-53 11 61.01 PIET. • '="aMS"6• ot1C81lttoit , A PART 0f SNL SOUtRIAST Walla.0! SIMOM 21, Tf•I6-P, t -30-V, mos% PAITICLLAaLT DOICHIIID AS PIoin111M0 At TSA non?HVGST Oar Of SKI fp 1Jl Or•TH; $t 1/4.0f SAID P1C710M 11, AND OONTINUIMO TSjMC$_1 01-21-20 1 91.94 PITT AND M 12-16.14 V 370.51 MOT To SMI mum Or SA0100SNc; • ' ' TOMO E 16-15-10 Y 171.66 PRT; TRUCI 1 01-31-22 r 6;0.60 PM; TTHLys ir lCS L01NI}4hJLsibao.t02,000 TK61CIY?LRPEST LI5P5CP I OR D¢CK CAS; M 01-41-27 V 441.73 rms. 9 15-OY-46 V 14331 RMt, AND • t 13-41-11 V t115.16 Flit TO THE ca'v f OP SUGHVAY PIG8t- OP-VAS T01 ?MAW HIOHVAI No. 166y TNemeN ALONO SAID NtCMVAM CENTURION N-03.11-34 t 650.37 f16'r To TNA 9014, Of WOVSTUP.t OP A WRVS 10 711 LIFT VitH W A NAD;UI of 117703 VISIT AND A b%TA CP 13.10-121 TRUCE ALONG IMO Uncus AS AIC DIITM= or 31L.15 Post to T{@ POIRT•07 0.I600t Of SAID CUtYR; • TRU= CO■t1NU1S0 ALONG SAID MOAT CINIML711 112 -SL -14 V 10.11 PV$T TO THS PONS 0P StotNW1M0, tlottitn2K0 26.06 ALRSt, IOtR oI LICA, YASHIMOItH.cOUNTI, AIAANBA1. • OVAJSSI t '' A UTIL1141 ITTYDk►9LMR1 30100 0ttOEM IN VIDSII DPP TVI MIST SIDS T1QAS0P, OAtO 30 Pont lunar Slue PAST or MO ADWACISR To TMS t1WT-011•11A1 Or MOAKnAO MO=AT P0. • 1144 2. A WO DIMS IA6eMIMT. is MILT IN MIDOR, tis LOCATION of ""ICK ti DIlCRISED As POLLOVat CONIIRVCINO At TRI SKRTHVInn Coutlt of ?NI 1e 1/4 Ot,QAt0 Ostrow 27 AND 1 30`53^31 S TINuuo WSl1O4,45-10 Nt1 31- .STPIST,AMD0143 IrS,41 tit . SO the Potts Or 1120I0100; TNWR 131^D1,-5) V 731 -DO 11211 • T111PCL•R 06.47-10 I 121.41 'SST 10 A POtte 6 rat 111101 OP AN I%16T1IW U71LITY 1MtIONNIt inns S 62-D1-19 V Vire Ar A)IBT1Md UTILITY IAI KIV, 111,47 PQTLy, TMINcL Lt&Y110 0A10 utttaff VA$IIt■T M 11-11-11 t 113,00 To A Pato? or TfMMIMKTioOR. MAID 701V/ IP1110 IP TNM CM1117A or AM IXISTIM0 20 ►OOT VIDI OAS lantirMi. .ODD OLAMA LIE TO ?HI FLOOD SOVPDMs movrsOnolves J' t0 IIS ORT! Or VM.nevILLe. MKMSA2, Co;MURIY$ Phan 10. 0SD21t 0/11, tvrICfirt OATS JANUARY 20, ItI2, SA!O ►AOPntT ti 1St 10 fa, i6t- TMRt K000 Asea. A LEGEND • FOUND MON PIN O SET IRON PIN Q,, . MONUMENT A• STONE MARKER --a EXISTING PENCE siGISTER, 49.„ ate, e• 1• • St' T -OF Lt I ni11t1MO' ACERtIPICATICa. Thi; is to certify thol I hove toms! Con+pisled 0 'survey of the °bore described property, AH eosemente. ono or tnCroochment6 revealed by Surrey are shown en the plat of stn, MELVIN L. MILMOLLAND, R.L.S. ARK.REGISTRATION No.648 •MILMOLLAND COMPANY ENGINEER{NG 0 SURVEYING FAYETTEVILLE, ARKANSAS . .FILING DATA Covnty, 800X,-'. ._ Pape, . _. Stale, _ MAY, Buyer: Setters. _EASCO HAND TOOLS, INC. 5115 FAYETTEVILLE COVhTvi WASHINGTON Starr Stilt ARKANSAS *m.Dart JON? 1991 1" •t Jost Jet«o. g _ 1644 • TOTAL P.03 i RESOLUTION NO. 120-91 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A CONTRACT OF SALE AND PURCHASE FOR THE PURCHASE OF APPROXIMATELY 20 ACRES OF LAND ON OR ABOUT 2900 CITY LAKE ROAD FROM EASCO HAND TOOLS, INC. FOR $350,000.00. 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 a Contract of Sale and Purchase of approximately 20 acres of land on or about 2900 City Lake Road from Easco Hand Tools, Inc. for $350,000.00. .A copy of the Contract of Sale and Purchase authorized for execution hereby is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this 28th day of June ATTEST: By: 44)City C rk 1991. CONTRACT OF SALE AND PURCHASE This Contract of Sale and Purchase ("Contract"), dated July 1, 1991, by and between Easco Hand Tools, Inc ("Seller") and the City of Fayetteville, Arkansas ("Purchaser"). WHEREAS, Seller has entered into a Purchase Agreement for that parcel of land with improvements and personal property commonly known as 2900 City Lake Road, Fayetteville-, Arkansas, and WHEREAS, Seller is willing to sell a portion of the Property as identified and described on Exhibit A ("Property") to the purchaser, and Purchaser is willing to buy a portion of the Property, all pursuant to the terms and provisions hereof, NOW, THEREFORE, in consideration of the mutual promises recited in this Contract and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows: 1. Agreement to Sell and Purchase. Subject to the terms and conditions hereto, the Seller hereby agrees to sell the property to the Purchaser, and the Purchaser hereby agrees to purchase the Property from the Seller. 2. Purchase Price. The total purchase price for the Property shall be the sum of Three hundred fifty thousand dollars ($350,000) ("Purchase Price"). 3. Covenants, Representations and Warranties (A) Seller represents and warrants that the following statements are true and correct and shall be true and correct on the date of closing and such representations and warranties shall survive closing: (i) Seller has and will have full authority to enter into and carry out the terms and provisions of the Contract and to execute and deliver all documents which are contemplated by this Contract, and all actions of Seller necessary to confer such authority upon the persons executing the Contract, and all documents which are contemplated by this Contract on behalf of Seller, shall have been taken. (B) Purchaser represents and warrants that the following statements are true and correct and shall be true and correct on the date of closing and such representations and warranties shall survive closing: (i) Purchaser has and will have full authority to enter into and carry out the terms and provisions of the Contract and to execute and deliver all documents which are contemplated by this Contract, and all actions of Purchaser necessary to confer such authority upon the persons executing the Contract, and all documents which are contemplated by this Contract on behalf of Purchaser, shall have been taken. . ' . 4. Closing. The Closing shall occur on July 2, 1991. 5. Closing Procedures. (A) At Closing the .Seller shall execute and deliver, or cause to be executed and delivered, to the Purchaser or to Purchaser's nominee: (i) a recordable General Warranty Deed conveying to the Purchaser or its nominee, title to the Real Property. (B) At Closing, Purchaser shall deliver to -Seller a certified check made payable to Seller for Three hundred fifty thousand dollars ($350,000). (C) This transaction shall be closed through the title company (the cost of which shall be borne equally by the parties), and it shall be a condition of Closing that the title company shall be prepared to issue: (i) at the Buyer's sole expense, an owner's policy of title insurance on the standard ALTA Form insuring that Purchaser (or its nominee) has good and indefeasible title to the Real Property, issued by the title company in an amount equal to the Purchase Price, subject only to the standard exceptions and other exceptions approved by Purchaser. 6. Prorations and Adjustments. Purchaser assumes and agrees to pay all assessments for public improvements becoming a lien after Closing. Utility charges and other items of income and expense (including, without limitation, charges under service contracts), customarily adjusted, shall be prorated as of the Closing. The proration of real estate taxes shall be prorated to date of closing and all installments of real estate taxes due and payable in 1992 and thereafter shall be the Purchaser's responsibility. 7. Possession. Possession of the Property shall be delivered by the Seller to the Purchaser at the Closing. 8. Failure to Close -Default. In the event Purchaser fails to consummate the transaction contemplated by this Contract in accordance with its terms for any reason except pursuant to a right to do so contained herein and except for the Seller's default, the Seller shall be entitled to all legal and equitable remedies under the law. • • 9. Notices. Any notices or other documents required or to be given under the terms of this contract shall be deemed delivered when received thereof to a nationally -recognized overnight delivery service, whether actually received or not, addressed to the parties as tollowss If to the Seller: EASCO Hand Tools, Inc. Attn: George Koenigsaecker 1609 N. Old Missouri Road Springdale, AR 72764 With a copy to: M. Teri Lynch 665 W. Exchange Street Akron, Ohio 44302 If to the Purchaser: City of Fayetteville 113 West Mountain Fayetteville, AR 72701 or to such other address as shall be specified by like notice. 10. Binding Effect. This Contract shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. 1I. Entire Agreement. This Contract, including the attached exhibits, embodies the complete agreement of the parties hereto with respect to the subject matter hereof, and cannot be altered, amended, or modified except by their written agreement. 12. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Arkansas. 13. Time. Time is on the essence of this Contract, and each and every provision hereof. IN WITNESS WHEREOF, the parties hereto have caused the Contract to be executed and dated as of the date first above written. SELLER: EASCO HAND DOLS, Inc, By: Di tor of Fi-ance PURCHASER: THE CITY OF FAY TTEVILJ.E, ARKANSAS By: 'hi -4-'2049i I 7.3'29 • • • • EASCO-SPRIIGDRLE, PR. PLAT-:OF--SUr3VE� Muer •A• more1114102 A rot 00 no IOUflaut Walla Or swims c1, 7 -tsar, t -40A. Nat MATIGA•IOtr befittii0 RI nu1111IM0 AT !NP 0$T11M1OT OOMPWI Or TMA Iv 1/4 Of TM If 1/4 OP MAO f16t101 31; Whim Mro7, MOOS 11411111111114101 41 PTO TO nOf OLIOOOils Y stmt, t 31-11-13 v. 1001.11 MM. AMO 1 11-n-12 V 02.02 Vitt ,fl M IS -10.31 Y $10.1( !fist . •�� tfatct f 4141.t7 t 110 40. yl}/'- • , TRR P Is -15-10 v 111.13 PIVT TO TM TIM= cram Or moors tioHT4/-FIT rat AMKAM/M M10'V147 Of. 2f21 MACE Nova 1210 MIOMMAY RiTfNLlft M 11.3441 V 330.ST fat TO hPout Of TR Toss lomoMMT Of OLID 10-ACot Picea TMpCIt I i1-33-20 1 1�3112.1/ SOOT To TIO{ Milt OP 1UOISJJO. rA31v0 :re.11 Amite, loft ca Lp . MSSITIOtOl count, SUtters to Tut ?OtLOTIMO ItArsemavPt • 1.' A UTItiinn IAfl31la 15 rift to vtWit Off TRI 101!711173m4■IO* 7.. Al VrILitT t►4t4Mft 30 lair 311 EDI% OPP tgt'U11T STD% Thant. SATO 30 roof *Afto6T SKIM MOT of 210 1DOARf7 TO TMA I1011T-OT-vA7 OP MOSSO RIORVAZ Mo. 155, . 1 au Ctf ts/MENt, 31 S'nt z. (1070, TRV tecatlON Or altos TS *watts* M 11054010,gVern At A VOT Mimes 050741101141-41-11711 4Yi011/.0/SAt0 11.4151MC1103 2127; TIMMS P 70-33.31 V' 314.11 Tit. TIQIIS a 31-01-53 ■ 11.01 TEAT. 00 002:10. 0S420UPt102 • A PR1t of TNt SOMTMAOT DUM?Ot .07 etCt101 21. T-14 -17. 1.30-111 MOM ►ATTia.11JRLY IMacklit0 M {W1m1$0 At 1100 1100000277 COMA( Of MP, 141 ol,Tsl Si 1/4 Of $MD A1CT1011 11. AMO dMYtPYSMO Topa S 01.11.20 v 41.24 MST AMD 11 11-51-14 v 3304$ TRT To TM fDtn Of 110100150; • • Tondo a 18-15-10 s 131.70 711111 TOM=i 01-11-22 V 010.00 TUT; tS r 10.tO U a' 345.31 TMMC to TMS MOTRt 01 A CAM'm 'macs 66f1}RmAT NANO 7111 CaMT01.00 0r SAM MUCK A 0S-41-33 V 441.13 TUT. a 1547-14 V 143.11 Pint, AND 0 10-49-11 v 1115.11 PANT To TNS anti Of KMOKWIY X10HT- Of-VAY T01 MEMIAS NIOHVAT 114, 11,o; TNn(I ALONG $MSD 01010104CIMTntaRs 7.01 -ti -24 1 110.37 Tor TO TIMI poll( O1 CVMMtUtt OP A CURVE TO 701 Lir/ our A RM1US 0! 1111.77 TEST MO A 0111Th OF 11-L0-111 THUGS A.OMO /AAD Wivi As ARC VlatMC6 of 311.11 RET t0 ttiS 00211(• Of TMOENCT Of 0110 CURVl; /HAMCO C001001110 AL040 IMO HirnnA't citilttiif M 11-55-11 Y teat rest To TKA P01M/ OF 2,017111110. Ooft&tn1E0 11.01 Tan. KDit OR LASS. VulteltlitCoomf. MIARBM. 1211111Cle TO UTIItti LIITY 1119101211 30 MT YR WIDTH O7P 'nil (1617 /1D1 • TMfRt0P, 0110 30 toot tM1fMAvt SMTOO IID/ 02 AMD 1o3ACAM to TKR RtOit-07•fAY Of MRE"2A6 RtOR"AT Pa. • 112. t. 1 OM 5116 51113417T. 35 PORT 111 11DTR, 'ua tOCAttOM Cr , MCN 11 ottCRt11S M 705.O110., COWNVaCz$0 At T110 =Mammy comma OP TPI 11 1/4 01.6210 26tT1011 27 IPD • CoarIVUff6 TIM=P 11.45-10 I 1113.01 flit '• 1 70-13-7i • 754.11 IRRT.ARO 1 31-01-33 Y I;.M' _. . TO Tit POINT Of 12010IM01 /HAIR / 31-02:22 t 21400a tilltNa g.E f/-41-10 f 131. 1 iftt TO L r01112 R rat 111101 OF AI sXnnlaq UTILITY essomolttt tiara . S 02-07-10 Y TITL M e1TMTZVd UT1L%IY RA$ ? 171.41 157 . T HPOA LTJ.Yri0 0Ato vTILITT EARei t Ian -17 1 333.05 Pitt To A FOOT Of tfln limitN1. 1010 POMO 101110 10 100 arta Of II 10I01if0 11 1007 otos OAS EAfVMAAt. • • went nag . eatA • moven* TO n1 'too IKUMDMY MD•TLOODt111Y IIA! t0 tot airy Of fAY1t}tf1t41, MEMSRI. to wwMiYY PHIL 00. 010111 0011, V1V 71Yt oars JANUARY 10. 1112, IIID PROPnIT 11 An it TF1, 110- TEM 1t000 ,iso. - v. • IEGENQ, • POUND IMIi>/, PIN O SET NON PIN O., ,MONUMENT 6' STONE MARKER -e 1 - EXISTING FENCE ``,I d\ltt1Noltttro4 • .�410 ` � *****4 o * -.� • • • • ;ERTIFICATION No to to certify that I hart to this completed 4 Survey of the abort described property, All cosemtnts. &'d or enCroothmenli revealed by t warty Ort 1hOwn On tht plot of Sur.. MELVIN h. MiLMOLLANO, R.L.S. ARK.REOISTRATION No.640 ,MlLMOLLAND COMPANY ENGINEERING & SURVEYING FAYETTEVILLE, ARKANSAS . _FILING DATA County.,_ Son, _a - Page, Sayer: Seller State, - _ EASCO NAND TOOLS, INC. OILY !AXETTEVILLE - COVArr WASHINGTON ARKANSAS °Mt Jt1Nt3 1991 1" •a 3001, ,o/ «0. S - 1E44 -- • TOTAL P.03 AYETTEVILLE THE CITY OF FAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE TO: Richard Shewmaker, Economic Development Coordinator FROM: Jerry E. Rose, City Attorney DATE: June 25, 1991 RE: Offer & Acceptance Contract/Easco Hand Tools At your request I have reviewed the attached Contract of Sale and Purchase. Just some comments: 1) ¶5(A) -conveyance is normally by general warranty deed subject to recorded instruments and easements, if any, which do not materially affect the value of the property. This may not be essential since they get their title from us and we buy it back immediately. It's your call but I'd like it better if we got a warranty deed. 2) ¶5(C) -no real problems. The city normally pays for the title insurance and your contract has us pay for only one-half. 3) 16 Proration is normal. I don't see any problems here. The title insurance company should prepare all closing documents and we will have to look at their figures as they are developed. We usually add the following to our city contracts: "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 IT WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID." It's not essential but I'd recommend it. 5) Exhibit A needs, obviously, to accurately described the approximate 20 acres we are buying. Other than these minor matters, I can see nothing legally questionable about the contract. It's short and to the point. I have also attached a proposed resolution which will just require the attachment of the offer & acceptance signed by Easco. JER/cbp Attachments To. r& FA • YETTEVI LLE THE CITY OF FAYETTEVILLE, ARKANSAS TO: The Fayetteville City Board of Directors FROM: Scott C. Linebaugh, City Manager,"/C DATE: June 25; 1991 RE: Easco Hand Tools, Inc. & K -D Tool Location The City of Fayetteville Economic Development division has been in the process of coordinating the location of a division of Easco Hand Tools, Inc. to Fayetteville for the last two years. Early in the process, Easco expressed a strong interest in utilizing the vacant Andrew Tower building and the adjacent acreage, which is located m the Industrial Park -South. The building and grounds are situated on 48.5 acres. The excessive acreage has always been a problem in marketing the Andrew Tower building. Throughout the two year negotiation with Easco we have indicated that the City of Fayetteville would acquire the excess property. We have been requested to acquire 20.7 acres of land from Easco at $16,900 per acre for a $350,000 lump sum. City staff recommends acceptance of this agreement with Easco and approval of a budget adjustment from the Sales Tax Construction Fund ("pay as you go"). The use of "pay as you go" funds has been made possible by the purchase of the Systematics and KHOG buildmgs. Based on the Board of Directors' approval of this purchase, the $487,500 for engineenng and architecture work on a new police building (scheduled for 1995) will no longer be needed. Therefore, sufficient excess sales tax funds should be available for the purchase of the industrial park land. The current schedule for "pay as you go" projects and sales tax revenue will allow for the purchase of this land. But, in order to keep funding intact for 1992 and beyond some shifting of funds will be required. This shifting of funds is made possible by the fact that some projects have expenenced delays in start-up and in completion. However, the total funding for "pay as you go" projects will be relatively unaffected. If you have any questions concerning this matter, please feel free to contact me. Thank you. SCL/bts 113 WEST MOUNTAIN 72701 501 521.7700 E TTEVILLE THE CITY OF FAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE To: City Board Members From: Date: June 26, 1991 Richard M. Shewmaker, Economic Development Coordinator Subject: Benefits from location of Easco in Fayetteville In March, 1989, over 2 years ago, the City of Fayetteville Economic Development Division began an effort to locate Easco Hand Tools, Inc. in our community. Specifically, the effort was made to locate the company in the Andrew Tower Building in the Southern Industrial Park. The contact came from a United Way meeting in Dallas, Texas when Director Shell Spivey and Easco Personnel Manager Carl Hackelton met. Now we are able to proudly announce the location of a division of a Fortune 500 company within our community. The K -D Tool Company is acquiring the Andrew Tower Building in our Southern Industrial Park. The property consists of two large buildings and 48.5 acres of land. The excessive acreage has always been a problem in marketing the Andrew Tower Building. Throughout the two year negotiation with Easco we have indicated that the City of Fayetteville would acquire the excess property. The company has requested we acquire from them a surplus tract. The surplus property contains 20.7 acres and is for sale for $350,000 or $16,908 per acre. K -D Tools expects to employ within a three year period 500 persons with investment of $30,000,000. Benefits to be derived by K -D tool locating in Fayetteville are as follows: 1. impact of 500 Jobs in Fayetteville (U. S. Aggregate Personal Income Retail Sales New Retail Establishments Non -manufacturing Jobs Population Increase Family Units School Enrollment Chamber of Commerce) $12,859,130 $ 9,751,190 45 420 1,335 675 405 • • Revenue Generation based on $30,000,000 County General Fund 4:0 mills County Road Fund 1.3 mills County Library Fund 1.0 mills Fayetteville School District 36.2 mills Fayetteville Fireman Pension .05 mills Fayetteville Police Pension .05 mills Fayetteville General Fund 2.2 mills Total Revenues investment $ 24,000 7,800 6,000 217,200 3,000 3,000 13,200 $ 274,200 3. Road construction benefits accruing to the City of Fayetteville as a result of this project are as follows: a. Arkansas„Highway.-156 is under construction from the Industrial'.Park to US.Highway 71 for a distance of 1.8 miles. Totalproject cost is $1,274,217 and the city share of this prOect_i-s -$126,155. b. A new road running from the intersection of Commerce and Armstrong due west to Arkansas Highway 156 has been partially approved. AIDC has provided $160,000 or 20 % of the estimated $800;000 construction cost. The Arkansas Highway Commission will be meeting or July 10th to consider providing $640,000 or 80% toward to construction of the project. The location of K -D Tools, Inc. in Fayetteville has many more positive impacts than mentioned above. The Company has already begun subcontracting with our existing businesses and will play a major role in the United Way Campaign as well as aid programs to the public school system.