HomeMy WebLinkAbout97-92 RESOLUTION•
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RESOLUTION NO. 97-92
A RESOLUTION PROVIDING FOR THE SALE OF LAND IN
FAYETTEVILLE'S SOUTH INDUSTRIAL PARK; ESCROW
OF SALE PROCEEDS; AND FOR THE REBATE OF SALE
PROCEEDS UPON CERTAIN CONTINGENCIES.
WHEREAS, the City of Fayetteville recognizing the need for
continued development and economic diversification, a broader tax
base, increased employment opportunities, and improved quality of
life for its citizens, wishes to foster and promote the economic
development of the City and its environs; and
WHEREAS, the City holds record title to certain real property
in the Southern Fayetteville Industrial Park; and
WHEREAS, the Fayetteville Chamber of Commerce has procured the
interest of a certain biotechnology company, hereinafter called the
"buyer" in purchasing Lots N and L containing 9.9 acres for $50,000
as set forth below; and
WHEREAS, the City desires to sell the property referenced
heretofore and to offer the client an incentive to grow and
flourish in the Southern Fayetteville Industrial Park.
NON THEREFORE, HE IT RESOLVED BY THE HOARD OF DIRECTORS OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That the Mayor and City Clerk are authorized to
enter into a contract of sale and execute all documents necessary
for the sale of Lots N and L in Fayetteville's South Industrial
Park at a price of $50,000 to a certain biotechnology company.
Section 2. That the City of Fayetteville shall hold the
proceeds of the aforementioned sale in an interest bearing escrow
account under the following terms and conditions:
a) the sale proceeds shall be returned to the
buyer less any administrative costs and
accumulated interest if the buyer has achieved
an employment base of 40 employees within two
(2) years of the mutually agreed start of
buyers business.
b) the sale proceeds together with accumulated
interest shall be placed in the City of
Fayetteville's general fund should the
conditions in paragraph a) above not be met by
the buyer within the specified time.
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Resolution No. 97-92
June 16, 1992
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PASSED AND APPROVED this 16th day of June 1992
ATTEST:
By:
APPROVED:
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Bys-:,42/ f < // *.f.i.4c 1"1
Mayor /;
} AYETTEVI I,I AE
THE CITY OF TWVILE. MWAW3A8
DEPARTMENTAL CORRESPONDENCE
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TO: Sherry Thomas, City Clerk 1 '
FROM: Bert Rakes, Land Agent ��—
DATE: May 7, 1993 y.
SUBJECT: City Sale of I -Park - South Property
Engineering Resources, Inc. Purchaser
Attached for your safe keeping you will find the following:
1. Copy of Resolution 97-92 authorizing the sale.
2. Executed "Contract for the Sale of Real Property".
3. Copy of "Certificate of Corporate Resolution" authorizing
the purchase of the property and naming those empowered
to execute purchase documents.
4. Copy of "Warranty Deed" as recorded, 93-22697, granting
ownership to Engineering Resources, Inc. from the City of
Fayetteville.
5. Copy of executed "Purchaser's Statement".
6. Copy of executed "Seller's Statement".
7. Copy of check and receipt of payment of $50,000.
8. Copy of letter to Daniel Wright, Attorney for Purchaser.
9. Copy of Memo to Scott Bronson, Abstractor.
There will be a need to refer to paragraph 'B' of the "Contract for
the Sale of Real Property" near September 1, 1995. Therefore, you
need to remember where you file said contract.
BR/mab
Attachments (9)
CC: Marilyn Cramer, Finance, w/attachments
LaGayle McCarty, Asst. City Attorney, w/attachments
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RESOLUTION NO. 97-92 MTC! OFILMED
A RESOLUTION PROVIDING FOR THE SALE OF LAND IN
FAYETTEVILLE'S SOUTH INDUSTRIAL PARR; ESCROW
OF SALE PROCEEDS; AND FOR THE REBATE OF SALE
PROCEEDS UPON CERTAIN CONTINGENCIES.
WHEREAS, the City of Fayetteville recognizing the need for
continued development and economic diversification, a broader tax
base, increased employment opportunities, and improved quality of
life for its citizens, wishes to foster and promote the economic
development of the City and its environs; and
WHEREAS, the City holds record title to certain real property
in the Sc•uthern Fayetteville Industrial Park; and
WHEREAS, the Fayetteville Chamber of Commerce has procured the
interest of a certain biotechnology company, hereinafter called the
"buyer" in purchasing Lots N and L containing 9.9 acres for $50,000
as set forth below; and
WHEREAS, the City desires to sell the property referenced
heretofore and to offer the client an incentive to grow and
flourish in the Southern Fayetteville Industrial Park.
NON THEREFORE, HE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That the Mayor and City Clerk are authorized to
enter into a contract of sale and execute all documents necessary
for the sale of Lots N and L in Fayetteville's South Industrial
Park at a price of $50,000 to a certain biotechnology company.
Section 2. That the City of Fayetteville shall hold the
proceeds of the aforementioned sale in an interest bearing escrow
account under the following terms and conditions:
a) the sale proceeds shall be returned to the
buyer less any administrative costs and
accumulated interest if the buyer has achieved
an employment base of 40 employees within two
(2) years of the mutually agreed start of
buyers business.
b) the sale proceeds together with accumulated
interest shall be placed in the City of
Fayetteville's general fund should the
conditions in paragraph a) above not be met by
the buyer within the specified time.
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CONTRACT FOR THE SALE OF REAL PROPERTY
WHEREAS, the City of Fayetteville rccognizmg the need for continued development and
economic diversificaliim. a broader nix horse. increased employment opportunities, and improved
quality of life for ib citizens, wishes to tinter and promote the economic development of the City
and its environs; and
WHEREAS, the City holds record title to certain real property in the Southern
Fayetteville Industrial Park; and
WHEREAS, the Economic Development Committee has procured the interest of a certain
biotechnology company in purchasing a parcel containing 9.9 acres in the Southern Fayetteville
Industrial Park; and
WHEREAS. the City desires to sell the property referenced heretofore and to offer the
client an incentive to grow and flourish in the Southern Fayetteville Industrial Park.
NOW THEREFORE, THIS AGREEMENT made and entered into by and between the
City of Fayetteville, Arkansas. hereinafter called Seller, and Engineering Resources. Inc..
hereinafter called Buyer. WITNESSETH:
1. Agreement of Sale and Purchase.
The Seller hereby agrees to sell and the Buyer agrees to purchase a parcel containing 9.9
acres, more or less. in Fayetteville's South Industrial Park. Washington County. Arkansas, as
recorded in the land records in the office of the Circuit Clerk, described more specifically in
Exhibit "A" attached hereto and made a part hereof, also known as Lot N, or 25 and Lot 1.. or
28, for the price, on the terms. and subject to the conditions hereinafter set forth.
2. Purchase Price_
A. The Buyer hereby agrees to pay and the Seller agrees to accept the sum of Fifty
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Thousand Dollars ($50,000.00) to he paid in cash for the aforesaid property at the time of
closing.
B. That the City of Fayetteville shall hold the proceeds of the aforementioned sale in
an interest bearing escrow account under the following terms and conditions:
1. the sale proceeds shall he returned to the huyer less any administrative
costs and without accumulated interest if the buyer has achieved an
employment base of 40 employees within two (2) years of the mutually
agreed start of buyers business, dao setwic/i 1943. 9
Vier j
2. the sales proceeds together with accumulated mterest shall be placed in the
City of Fayetteville's general fund should the conditions m paragraph (1)
above not be met by the huyer within the specified time.
3. Title Documents.
If the Buyer shall make the payment hcrein called for by Buyer, the Seller shall make,
execute and deliver to the Buyer the Seller's warranty deed conveying the aforesaid property free
and clear of all liens and encumbrances.
IN WITNESS WHEREOF. the parties heave hereunto set their hands this day of
, 1993.
CITY OF FSYETTEVILLE. ARKANSAS. Seller
By:
Mayor
ENGINEERING URCES. INC.. Buyer
BY: L
TITLE" Pec i PEMt(
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EXHIBIT "A"
LEGAL DESCRIPTION
Lots N or 25 and L or 21i
Fayetteville Industrial Park
Beginning at a point on the cast right-of-way of Leeper Drive that is S 880 59'
55" E. 314.52 feet and N 010 41' 39" W, 115.49 feet from the NW corner of
Section 26, T -16-N. R -30-W: Thence N Ola 41' 39" W, 243.78 feet along said
Right -of -Way line: Thence along a circular curve to the nght with a radius of 50
feet and a length of 40.40 feet; Thence along a circular curve to the left with a
radius of 60 feet and a length of 110.44 feet; Thence S 840 19' 00" E, 591 04
feet; Thence S Ola 17' 00" W, 662 50 feet. to the North Right -of -Way of Pump
Station Road: Thence S 89' 11' 00" W. 565.39 feet along said Right -of -Way;
Thence leaving said Right -of -Way along a circular curve to the nght with a radius
of 50.00 feet and length of 77.77 feet along the Right -of -Way of Leeper Dnve;
thence N 01 a 41' 39" W, 318.17 feet along said Right -of -Way to the point of
beginning, containing 10.04 acres, more or less
CERTIFICATION OF CORPORATE RESOLUT;ON
I, Stepnan S. Adams, Secretary of Engineering Resources,
Inc., hereoy certify that on the .474 -day of April, 1993, a
special meeting of tne Board of Directors and Shareholders was
held at the Biomass Research Center, Highway 112, Fayetteville,
Arkansas, and the following resolution was unanimously adopted:
"RESOLVED, That James L. Gaddy, as President, and Stephen L.
Adams, as Secretary, shall be authorized and empowered on nenalf
of Engineering Resources, Inc. to negotiate, expend monies for,
execute documents, and tate all other necessary steps to purchase
tne real property identified at Exhibit "A" from the City of
Fayetteville, Arkansas, which c_osing has been scheduled for
, 1993; they are hereby authorized and
empowered to execute and deliver any and all other documents and
agreements deemed necessary or desireabie for the performance of
said purchase.
I further certify that said Resolution still remains in full
force and effect and nas not peen revoked or amended.
N S. ADAMS, Secretary
Engineering Resources, Inc.
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EXHIBIT 'A'
LEGAL DESCRIPTION
Lots N or 25 and L or 28
Fayetteville Industrial Park
Beginning at a paint on the east right -of --way of Leeper Drive that is S 88" 59'
55" E, 314.52 feet and N 01. 41' 39" W, 115.49 feet from the NW corner of
Section 26, T -16-N, R -30-W; Thence N 01' 41' 39" W, 243.78 feet along said
Right -of -Way line; Thence along a circular curve to the right with a radius of 50
feet and a length of 40.40 feet; Thence along a circular curve to the left with a
radius of 60 feet and a length of 110.44 feet; Thence S 84" 19' 00" E 591.04
feet; Thence S 01 17' 00' W. 662.50 feet, to the North Right -of -Way of Pump
Station Road; Thence S 89" 11' 00" W, 565.39 feet along said Right -of -Way;
Thence leaving said Right -of -Way along a circular curve to the right with a radius
of 50.00 feet and length of 77.77 feet along the Right -of -Way of Leeper Dnve;
thence N 01' 41' 39" W, 318.17 feet along said Right -of -Way to the point of
beginning, containing 10.04 acres, more or less.
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ACKNOWLEDGMENT
STATE OF ARKANSAS)
COUNTY OF WASHINGTON)
BE IT REMEMBERED, That on this day came before the
undersigned, a Notary Public, in and for the County and State
aforesaid, personally appeared Stephen S. Adams, wno acknowledged
himself to ae the Secretary of Engineering ResoJrces, Inc., a
corporation, and that he, as such Secretary, being autnor:aed to
do so, executed the foregoing instrument for the purposes therein
contained, by signing the name of the corporation ply himself as
Secretary.
WITNESS mx hand and seal as such tary
of /401,, A 1993. �.►
My ommission Expires:
NOTARY PJBLI
GL, 04 2. U 1 -L000
Public
this N day
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WARRANTY DEED
1CORPORATION)
KNOW ALL MEN BY THESE PRESENTS:
That The City of Fayetteville. Arkansas, a municipal corporktion organised
under and by virtue of the laws of the State of Arkansas, hereafter called
Grantor, by the Mayor and City Clerk, duly authorized by proper resolution of its
Board of Directors (now City Council), for and in consideration of the sum of One
Dollar ($1.00) and other good and valuable consideration in hand paid by
Engineering Resourcee. Inc., hereinafter called Grantee, does hereby grant,
bargain and sell unto the said Grantee and Grantee's heirs and assigns, the
following described land situated in Washington County, State of Arkansas, to -
wit:
pESCRIPTION:
A part of Lots 5 a 6, Fayetteville Industrial Park, being more particularly
described as follows, to -wit: Beginning at a point on the East right-of-way of
Lseper Drive that is South 88.59'55" East 314.52 feet and North 01°41'39" West
115.49 feet from the Northwest corner of Section 26, Township 16 North, Range 30
West, thence North 01°41'39" West 243.78 feet along said right-of-way line thence
along a circular curve to the right with a radius of 50 feet and a length of
40.40 feet, thence along a circular curve to the left with a radius of 60 feet
and a length of 110.44 feet, thence South 84°19'00" East 591.04 feet, thence
South 01°17'00" West 662.50 feet to the North right-of-way of Pump Station Road,
thence South 89°11'00" West 565.39 feet along said right-of-way, thence leaving
said right-of-way along a circular curve to the right with a radius of 50.00 fest
and a length of 77.77 feet along the right-of-way of Leeper Drive, thence North
01°41'39" West 318.17 feet along said right-of-way to the point of beginning,
containing 10.04 acres, more or less.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging
unto the said Grantee and Grantee's heirs and assigns, forever. And said
corporation hereby covenants with the said Grantee that it is lawfully seized of
said land and premises, that the same is unincumbered, and that it will forever
warrant and defend the title to the said lands against all legal claims whatever.
IN TESTIMONY WHEREOF, the name of the Grantor is hereunto affixed by its
Mayor and its seal is affixed by its City Clerk, this ...g day of March. 1943.
CITY OF FAYETTEV▪ ILLE
Name o 4ebrporat
Thio ii:Lt44npnt prepared by
the Ckty'of Tvetteville.
By
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1CO"
ty Clerk
ACKNOWLEDGMENT
"1 Z
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State of Arkansas 1
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County of Washington 1
On this the �,� day of 471'} , 191j, before me, a notary
public, qualified and acting, within and for the said County and State, appeared
in person the within named Bred Hanna. , and Sherry L. Thomas , to me
personally known, who stated that they were the Mayor, and City Clerk of the City
of Fayetteville. Arkansas. a municipal corporation, and were duly authorized in
their respective capacities to execute the foregoing instrument for and in the
name and behalf of said corporation, and further stated and acknowledged that
they had so signed, executed and delivered said instrument for the consideration,
uses and purposes therein mentioned and set forth.
IN TESTIMONY WH OF, I have hereunto se hand d official seal this
A4 day of 72i 191
My Commission Expires:
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IRS 411.
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Pub it
93 22697
01100321 UUi 631I3
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PURCHASERS STATEMENT
DATE • March 5, 1993
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PURCHASER Engineering Resources. Inc.
SELLER The City of Fayetteville. Arkansas. a =Intel pal carpnrnrinn
STREET ADDRESS
LEGAL DESCRIPTION Part of Lts 5 & 6, Fayetteville Industrial Park,
SALES PRICE
EXPENSES OF PURCHASE'
?ITLE INSURANCE $
CLOSING FEE $
RECORDING PEES $
PREPARING DOCUMENTS $
SURVEY $_
REVENUE STAMPS 8
LAYERS OPINION $
$
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$ 50,000.00
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TOTAL EXPENSES OF CLOSINGS $ 0.00
GROSS AMOUNT DUE FROM PURCHASER $ 50.000.00
CREDITS DUE TO PURCHASERS
EARNEST MONEY $
PRORATED TAXES $
MORTGAGE ASSUMED $
TOTAL CREDITS: $ 0.00
NET AMOUNT DUE FROM PURCHASER AT CLOSING
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S 50.000.00
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The undersigned acknowledge the receipt of this closing statement
and agrees to the correctness thereof, and authorises the disbursement of the
aria sr stated therein.
ENGI i « , INC.
BY: ,..asi.11
PORCH - 4 PURCHASER
The above is a complete,
true and ct account of funds received
and disbursed in connection with the above transaction.
BRONSON AHS CT COMPANY. INC..
EY
C��il+/
S NG AGENT
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SELLERS
DATE March 5, 1993
SELLER Cit of Fa ette'rille Arkansas
ESTERS
STREET ADDRESS
LEGAL DESCRIPTION
STATEMENT
munici.al co
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SALES PRICE
OTUER CREDITS:
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EXPENSES OF SALE:
TITLE INSURANCE
CLOSING PEE
•RECORDING PEES
PREPARING DOCUMENTS
SURVEY
REVENUE STAMPS
EARNEST MONEY
SALES COMMISSION
MORTGAGE PAYOFF
TAXES
TAX PRORATION
TOTAL EXPENSES OF CLOSING:
NET AMOUNT DUE TO SELLER-
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0_ so.nnn.nn
$
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The undersigned acknowledge the receipt o* t1 •,• c• ei•atement
funds aa stated therein.
and agrees to the correctness thereof, and authorises the disbursement of the
CITY OF FAYETTEVILLE, ARKANSAS
BY:
SELLER
BR
The above is a complete, true and correct account of funds received
and disbursed in connection with the above transaction. •
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DR. OR MRS. JAMES L. GADDY
C 9445 3062
22C7 'A_. OAKS DR RH 443-4145
rAYETTEVILLE. AR 72703
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7028
IP 17 329
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MdLROY BANK & TRUST
Favi./ 44 snnaa moo SS PLUS jCCOUNT
'For
1:08 290087 21: 70 28 5 10 38 2 38
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FAYETTE` I LLE
THE CITY OF FAYETTEVKIE, ARKANSAS
May 3, 1993
ATTN: Mr. Daniel Wright
Hall, Wright and Baker, Attorneys at Law
130-C North College Avenue
Fayetteville, AR 72701
RE: Engineering Resources, Inc.
Property Purchase from City
Dear Mr. Wright:
As requested by Mr. J. L. Gaddy, you will find attached the following:
1) Warranty Deed as recorded at 93-22697, granting property from
the City to Engineering Resources, Inc..
2) Copy of Purchaser's Statement.
3) Copy of Coruract for the Sale of Real Property.
Bronson Abstract will be requested to provide you with a policy of Tide Insurance per Commitment
No. FATIC 93-3669.
Thank you for your cooperation_ If you have comments or questions, please call me at 575-8236.
Regards,
Bert Rakes
Land Agent
BR/kd
Attachments
111 WERT NdNR&M 72701 S01 121.7/00
A`A YET T , `"ILL i
TML ant OF FAYETT1YLLs. ARKANSAS
DATE: May 3, 1993
TO: Scott Broom
FROM: Bert Rakes
SUBJECT: Title Insurance Commitment No. FATIC 93-3669
City/Chamber/engineering Resources
Attached you will find Purchaser's Statement, Sellers Statement, and a copy of Warranty Deed recorded
at 93-22697.
Please issue Title Insurance Policy to Purchaser, Engineering Resources, Inc., and deliver to:
Daniel Wright
130-C North College Avenue
Fayetteville, AR 72701
Your payment of 5350.00 per Invoice No. 20466 for P. O. No. 39026 is being processed and
you should receive same m a couple of weeks
MEMORANDUM
Thanks.
xc: Daniel Wright
BR/kd
Attachments
1111W et YDIMRSIY WITS sena. -