HomeMy WebLinkAbout145-92 RESOLUTION•
RESOLUTION NO. 145-92
A RESOLUTION AUTHORIZING STAFF TO EXERCISE THE
FOURTH AND FINAL OPTION OF AN AGREEMENT WITH
FAYETTEVILLE DEVELOPMENT FOUNDATION TO ACQUIRE
LOTS 3, 4, 5, 6, AND 7 TOTALING APPROXIMATELY
40.80 ACRES OF LAND AT THE SOUTHERN INDUSTRIAL
PARK IN THE AMOUNT OF $738,480.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Board of Directors hereby authorizes
staff to exercise the City's fourth and final option of an
agreement with Fayetteville Development Foundation to acquire Lots
3, 4, 5, 6, and 7 totaling approximately 40.80 acres of land at the
Southern Industrial Park in the amount of $738,480. A copy of the
original contract with option authorized for execution hereby is
attached hereto marked Exhibit "A" and made a part hereof.
Section 2. The aforementioned purchase is expressly
contingent upon the successful completion of the litigation
regarding the city sales tax and funds for such purchase shall not
be transferred until such time.
PASSED AND APPROVED this 15th day of September , 1992.
ATTEST:
By
City C1 k
APPROVED:
By:
;.;;/;7117,7
Mayor
9.03
AinCRUNs
OPTION ANO flan, TO 0OM= AODZSIIIR
EN CONPZOMIATICO of One Dollar and other good and valuable
consideration, receipt of which is hereby acknowledged, the
Fayetteville Development Foundation, herein called Foundation.
grams to the City of Fayetteville, Arkansas herein called City.
the option to purchase the following described real property
subject to the Germs and conditions set forth herein:
Unit 2:
Lot /14
Unit 3:
Lot /10 14.90
Lot 011 6.50
Lot /13 21.60
Unit 4:
Lot 03
Lot /4
Lot /S
Lot /6
Lot /7
11.80
11.10
4.20
1.00
12.70
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
or mailed to the Foundation atFayetteville,
The option purchase price of Units 2, 3. and 4 will be
518,100.00 per acre.
The Foundation agrees that this OPTION AST 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 AOT or any part
thereof is not assignable to any third party(s) without the
express written Consent of the Foundation.
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 data is designated to be thirty (30) days after
the City exercises their option by the aforementioned written
notice. If such date of closing falls on 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 N. Mountain. Fayetteville, Arkansas.
EXHIBIT A
9.04
The City specifically reserves the right to cancel their
exercise of the option to purchase a1tany timehout prior tocto losingg
without penalty of any kind and
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 ed fythe helproperty.
Such conveyance shall include mineral rig
Foundation shall furnish, at the City's cost a policy of
title insurance in the amount of the purchase price.
Taxes and special sments due on r before
foresclosind gashashall
be paid by the seller. Insurance. general shall be prorated
em
taxes, special nts and rental payments
as of closing.
P ion 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 AGgm! shall be governed by the laws of the
State of Arkansas. -
The City at all times during the term of this OP'[IG•
AG2EnT shall have the right to exchange acreage the City ivns
in the Industrial Park of usable industrial land for acreagetthh.
Foundation owns in the Industrial Park of usable industrial)
Lind
on an acre for acre basis. The City and the foundation agree -to
draft and/or execute all documents ne y for such an exchange
upon reasonable notice.
This OPTION AGgf, when executed by both the City and
Foundation shall contain the entire understanding and agreement of
the shallarties with supercede teallct price oto the rtters referred contemporaneousto
herein and
contemporaneousagreements.
representations and understanding with respect to such matters.
and no oral representations or statements shall be considered a
part hereof.
Date: 9-22-11e
Date: 9-22-99
ettev
ve opulent Foundation
City of Fayette,/ s, Arkaf[as�a�
•
9.05
0111ER AND ACCEPTANCE CONTRACT
•
1. Buyer. the City of Fayetteville, offers to buy, subject to
the'terme and conditions set forth herein, the following
described property:
Unit 1:
Lot "A" 10.59
Lot "5" 11.36
Lot f2 9.60
Lot 01 11.14
2. Purchase Price: subject to the following conditions the
Buyer shall pay for the property at closing the total and
cash payment of 1500,000.00 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 nts due on or before closing shall
be paid by the seller. Insurance, general taxes. ad vilorsm
taxes, special sante and rental payments shell 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. P ion 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 AfiBF shall be governed by the laws of the State of
Arkansas.
11. This AIIaT, when executed by both Buyer and Seller shall
contain the entire understanding and agreement of chi 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 yu,
day of sovelSor , 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.
Exhibit "B"
INDUSTRIAL PAIR QRST
►t►tttt.ill• DINI., .t P
ILLS INDUSTRIAL PAIL
t, City of h►ttts. ills, Allison
EXHIBIT C