Loading...
HomeMy WebLinkAbout32-91 RESOLUTIONor • RESOLUTION NO. 32-91 A RESOLUTION AUTHORIZING THE EXECUTION OF MUTUAL AGREEMENT FOR THE CONSTRUCTION OF EDUCATIONAL FACILITIES. • WHEREAS, the District needs to construct on land owned by the District a new high school facility in ,order to meet a growing student population, and; WHEREAS, the City of Fayetteville is committed to assisting the District by contributing a total of $10,000,000 with interest to finance the acquisition, construction, reconstruction and equipping of educational facilities, and; i + 4 t + • * WHEREAS, the1City by iresolution has established an escrow account in the amount of $2,760 million funded from general fund non -regular tax revenues for the purpose, of funding cooperative efforts between the City and, the District+ to ..finance the acquisition, construction and equipping of educational facilities. WHEREAS,; .the ,City, while .unable to expend monies exceeding yearly revenues, is committed to seeking to escrow approximately $1,380,000 per year oflsuchnon-regular tax revenues for such purposes until the District receives approximately $10;000;000 with interest, and; WHEREAS, the City and the District wish to enter into a mutual agreement to utilize these and all other available funds and resources to construct a new high school facility. NOW, THEREFORE, 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 the Mutual Agreement for the Construction of Educational Facilities between the City of Fayetteville, Arkansas and Fayetteville School District No. 1. A copy of the agreement authorized for execution hereby is attached hereto and made a part hereof. PASSED AND APPROVED this 19th day of February :ATTEST: ..."By • _ City: C rk~ APPROVED: By: Mayor , 1991. • MUTUAL AGREEMENT FOR THE CONSTRUCTION OF EDUCATIONAL FACILITIES This AGREEMENT made and entered into this 19th day of February, 1991, in the City of Fayetteville, Arkansas, by and between the City of Fayetteville, a municipal corporation, ("City") and Fayetteville School District No. 1 ("District"). WHEREAS, the District needs to construct on land owned by the District a new high school facility in order to meet a growing student population, and; WHEREAS, the City of Fayetteville is committed to assisting the District by contributing a total of $10,000,000 with interest to finance the acquisition, construction, reconstruction and equipping of educational facilities, and; WHEREAS, the City by resolution has established an escrow account in the amount of $2.760 million funded from general fund non -regular tax revenues for the purpose of funding cooperative efforts between the City and the District to finance the acquisition, construction and equipping of educational facilities. WHEREAS, the City, while unable to expend monies exceeding yearly revenues, is committed to seeking to escrow approximately $1,380,000 per year of such non -regular tax revenues for such purposes until the District receives approximately $10,000,000 with interest, and; WHEREAS, the City and the District wish to enter into a mutual agreement to utilize these and all other available funds and resources to construct a new high school facility. NOW, THEREFORE, IT IS AGREED AS FOLLOWS: 1. The new high school facility to be constructed pursuant to this agreement shall be built on land owned by the District; the District agrees to convey said land to the City as joint owner with the District if such conveyance is necessary to facilitate the purpose of this agreement; and, the land is more particularly described on Exhibit "A" attached hereto and made a part hereof. 2. The new school facility shall be jointly owned by the City and the District and shall be constructed in accordance with the design, plans, and specifications as prepared and provided by the District, same being referenced herein and made a part hereof and available for inspection, though not attached hereto. 3. The City and the District shall cooperate in the solicitation of bids from contractors and the awarding of contracts for the construction of the new high school facilities; Arkansas statutory bidding laws pertaining to school districts shall govern the bid and award process; and, the City and the District upon approval by their respective boards shall enter into a construction contract with the contractor submitting the successful bid. The construction contract shall set forth the amounts contributed by the City and the District set forth in paragraph 5 below and shall reflect that there is no obligation on the part of the City to provide additional funds in the event the sums contributed are inadequate to fund construction. 4. The District shall be responsible for securing appropriate insurance from reputable companies and in adequate amounts to insure against losses both during and after construction of the new high school facility. 5. The City shall provide the sum of $2,760,000 on or after January 15, 1991 from their General fund non-regular fees and tax revenues for the construction of the new high school facility. The remaining amounts of money necessary for such construction, if any, shall be provided by the District. 6. The City and the District shall enter into a lease-option agreement whereby the City shall lease to the District the City's interest in the new high school facility to be constructed pursuant to this agreement and for the exercise of purchase options between the parties; a copy of said lease agreement is attached hereto as Exhibit "B" and made a part hereof. 7. The District relies on the City's intent to seek to continue to escrow $1,380,000 per year of non-regular tax revenues for the acquisition, construction and equipping of educational facilities and accordingly shall grant to the City an option to purchase the Districts interest in the new high school facility g Y or any portion thereof at any time. The City agrees to seek to exercise such option as amounts are escrowed each year. 8. Any monies escrowed by the City shall be placed in an interest bearing account and the accrued interest shall be applied toward the escrowed purpose. The interest accrued in the interest bearing account shall be paid in addition to the monies escrowed by the City. 9. The City, acknowledging its commitment to assisting the District by contributing a total of $10,000,000 with interest as aforementioned, hereby grants to the District an option to purchase, at any time after the completion of construction, the City's interest in the new high school facility for the sum of ONE DOLLAR ($1.00). 10. For convenience of operation, the City hereby designates the City Manager and the District hereby designates the Superintendent to carry out the decisions of the City and the District, respectively, and to serve as the channels of communication for disseminating information to and securing necessary action by the parties hereto. 11. This agreement may be amended by the approving vote of the City and District Boards. 12. The "WHEREAS" clauses to this agreement are a substantive portion of this document and are incorporated by reference herein. 13. If any term or other provision of this agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this agreement shall nevertheless remain in full force and effect. IN WITNESS WHEREOF, the City and the District, upon proper resolution by their respective governing bodies, do affix their hands and seals on the date first above written. CITY OF FAYETTEVILLE, ARKANSAS c ATTEST: t-. '' City `Clkk ,,>± 1.04-�, o BY antes Fred Vorsanger,aye. BY FAYETTEVILLE SCHOOL DISTRICT NO. 1 ATTEST: BY 4 J /\ Sue Gohn, Secretary fsdmut. rm dy McDonald, President EXHIBIT "A" TO MUTUAL AGREEMENT FOR THE CONSTRUCTION OF EDUCATIONAL FACILITIES A part of the SW', of the SW; of Section 16, T -16-N, R -30-W, Fayetteville, Washington County, Arkansas, described as beginning at the intersection of the existing West Right -of - Way of Buchanan Street and the existing South Right -of -Way of Stone Street; thence along said Right -of -Way of Buchanan Street, South 413.50 feet;'thence N 89°25'41" W 253.35 feet; thence N 0°34'19" E 254 feet; thence S 89°25'41" E 31.5 feet; thence N 0°34'19" E 157.3 feet to the said South Right -of -Way of Stone Street; thence along said Right -of -Way, East 217.73 feet to the point of beginning, containing 2.265 acres, more or less. RESOLUTION AUTHORIZING THE EXECUTION OF MUTUAL AGREEMENT FOR THE CONSTRUCTION OF EDUCATIONAL FACILITIES WHEREAS, the District needs to construct on land owned by the District a new high school facility in order to meet a growing student population, and; WHEREAS, the City of Fayetteville is committed to assisting the District by contributing a total of $10,000,000 with interest to finance the acquisition, construction, reconstruction and equipping of educational facilities, and; WHEREAS, the City by resolution has established an escrow account in the amount of $2.760 million funded from general fund non -regular tax revenues for the purpose of funding cooperative efforts between the City and the District to finance the acquisition, construction and equipping of educational facilities. WHEREAS, the City, while unable to expend monies exceeding yearly revenues, is committed to seeking to escrow approximately $1,380,000 per year of such non -regular tax revenues for such purposes until the District receives approximately $10,000,000 with interest, and; WHEREAS, the City and the District wish to enter into a mutual agreement to utilize these and all other available funds and resources to construct a new high school facility. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF EDUCATION OF FA-YETTEVILLE SCHOOL DISTRICT NO. 1: The President and Secretary of the Fayetteville Board of Education are hereby authorized and directed to execute the Mutual Agreement For The Construction Of Educational Facilities between the City of Fayetteville, Arkansas and Fayetteville School District No. 1, a copy of which is attached hereto and made a part hereof. ADOPTED this day of February, 1991. Judy McDonald, President Sue Gohn, Secretary fsdreso.rm MUTUAL AGREEMENT FOR THE CONSTRUCTION OF EDUCATIONAL FACILITIES This AGREEMENT made and entered into this 19th day of February, 1991, in the City of Fayetteville, Arkansas, by and between the City of Fayetteville, a municipal corporation, ("City") and Fayetteville School District No. 1 ("District"). WHEREAS, the District needs to construct on land owned by the District a new high school facility in order to meet a growing student population, and; WHEREAS, the City of Fayetteville is committed to assisting the District by contributing a total of $10,000,000 with interest to finance the acquisition, construction, reconstruction and equipping of educational facilities, and; WHEREAS, the City by resolution has established an escrow account in the amount of $2.760 million funded from general fund non -regular tax revenues for the purpose of funding cooperative efforts between the City and the District to finance the acquisition, construction and equipping of educational facilities. WHEREAS, the City, while unable to expend monies exceeding yearly revenues, is committed to seeking to escrow approximately $1,380,000 per year of such non -regular tax revenues for such purposes until the District receives approximately $10,000,000 with interest, and; WHEREAS, the City and the District wish to enter into a mutual agreement to utilize these and all other available funds and resources to construct a new high school facility. NOW, THEREFORE, IT IS AGREED AS FOLLOWS: 1. Thenew high school facility to be constructed pursuant to this agreement shall be built on land owned by the District; the District agrees to convey said land to the City as joint owner with the District if such conveyance is necessary to facilitate the purpose of this agreement; and, the land is more particularly described on Exhibit "A" attached hereto and made a part hereof. 2. The new school facility shall be jointly owned by the City and the District and shall be constructed in accordance with the design, plans, and specifications as prepared and provided by the District, same being referenced herein and made a part hereof and available for inspection, though not attached hereto. 3. The City and the District shall cooperate in the solicitation of bids from contractors and the awarding of contracts for the construction of the new high school facilities; Arkansas statutory bidding laws pertaining to school districts shall govern the bid and award process; and, the City and the District upon approval by their respective boards shall enter into a construction contract with the contractor submitting the successful bid. The construction contract shall set forth the amounts contributed by the City and the District set forth in paragraph 5 below and shall reflect that there is no obligation on the part of the City to provide additional funds in the event the sums contributed are inadequate to fund construction. 4. The District shall be responsible for securing appropriate insurance from reputable companies and in adequate 2 amounts to insure against losses both during and after construction of the new high school facility. 5. The City shall provide the sum of $2,760,000 on or after January 15, 1991 from their General fund non -regular fees and tax revenues for the construction of the new high school facility. The remaining amounts of money necessary for such construction, if any, shall be provided by the District. 6. The City and the District shall enter into a lease -option agreement whereby the City shall lease to the District the City's interest in the new high school facility to be constructed pursuant to this agreement and for the exercise of purchase options between the parties; a copy of said lease agreement is attached hereto as Exhibit "B" and made a part hereof. 7. The District relies on the City's intent to seek to continue to escrow $1,380,000 per year of non -regular tax revenues for the acquisition, construction and equipping of educational facilities and accordingly shall grant to the City an option to purchase the Districts interest in the new high school facility or any portion thereof at any time. The City agrees to seek to exercise such option as amounts are escrowed each year. 8. Any monies escrowed by the City shall be placed in an interest bearing account and the accrued interest shall be applied toward the escrowed purpose. The interest accrued in the interest bearing account shall be paid in addition to the monies escrowed by the City. 9. The City, acknowledging its commitment to assisting the • District by contributing a total of $10,000,000 with interest as aforementioned, hereby grants to the District an option to purchase, at any time after the completion of construction, the City's interest in the new high school facility for the sum of ONE DOLLAR ($1.00). 10. For convenience of operation, the City hereby designates the City Manager and the District hereby designates the Superintendent to carry out the decisions of the City and the District, respectively, and to serve as the channels of communication for disseminating information to and securing necessary action by the parties hereto. 11. This agreement may be amended by the approving vote of the City and District Boards. 12. The "WHEREAS" clauses to this agreement are a substantive portion of this document and are incorporated by reference herein. 13. If any term or other provision of this agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this agreement shall nevertheless remain in full force and effect. IN WITNESS WHEREOF, the City and the District, upon proper 4 resolution by their respective governing bodies, do affix their hands and seals on the date first above written. CITY OF FAYETTEVILLE, ARKANSAS BY 5L-4,1/17!/Leel Fred Vorsanger, M r BX /S1AV City'Cl r BY FAYETTEVILLE SCHOOL DISTRICT NO. 1 ATTEST: BY Sue Gohn, Secretary fsdmut.rm McDonald, President • • • EXHIBIT "A" TO MUTUAL AGREEMENT FOR THE CONSTRUCTION OF EDUCATIONAL FACILITIES A part of the SW; of the SW; of Section 16, T -16-N, R -30-W, Fayetteville, Washington County, Arkansas, described as beginning at the intersection of the existing West Right -of - Way of Buchanan Street and the existing South Right -of -Way of Stone Street; thence along said Right -of -Way of Buchanan Street, South 413.50 feet; thence N 89°25'41" W 253.35 feet; thence N 0°34'19" E 254 feet; thence S 89°25'41" E 31.5 feet; thence N 0°34'19" E 157.3 feet to the said South Right -of -Way of Stone Street; thence along said Right -of -Way, East 217.73 feet to the point of beginning, containing 2.265 acres, more or less.