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Home My WebLink About3-98 RESOLUTIONRESOLUTION NO 3-98 A RESOLUTION APPROVING A $50,000 ACQUISITION, PLUS CLOSING COSTS, FOR THE PURCHASE OF PROPERTY LOCATED AT 295 NORTH CROSSOVER ROAD, ESTATE OF ELLA ELIZABETH CAUDLE, OWNERS, FOR THE PURPOSE OF WIDENING HIGHWAY 265; AND APPROVAL OF A BUDGET ADJUSTMENT IN SAID AMOUNT. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1 That the City Council hereby approves a $50,000 acquisition, plus closing costs, for the purchase of property located at 295 North Crossover Road, Estate of Ella Elizabeth Caudle, owners, for the purpose of widening Highway 265. A copy of the Offer and Acceptance Contract is attached hereto marked Exhibit "A" and made a part hereof. Section 7, The City Council hereby approves a budget adjustment in the amount of $50,000 increasing Easements, Acct. No. 4470 9470 5810 00, Project No. 94083 by decreasing Use of Fund Balance, Acct. No. 4470 0947 4999 99. A copy of the budget adjustment is attached hereto and made a part hereof. ,PASSED AND APPROVED this 6th day of January , 1998. fYErt...",\ of �, ;' � .,`r x �APPROVED: "It : ,1� 1 //frfrktg------ , ') By. ATTEST: By. • fituetio Traci Smith, City Clerk Fred Hanna, Mayor City of Fayetteville, Arkansas Budget Adjustment Form Budget Year 1998 • Department: Sales Tax Capital Improvement Fund Division: Program: Date Requested 12/29/97 Adjustment # Project or Item Requested: Funding is request d for right of acquisition for HWY. 265 widening project. Project or Item Deleted: None. Use of fund balance is proposed for this adjustment. Justification of this Increase: The HWY. 265 ROW Project is a 1997 project that remains active. This budget adjustment is needed to reinstate funds that expired at year end. The remaining funding for this project will be incorporated in a comprehensive budget adjustment request to be submitted at a later date. • i Justification of this Decrease: Sufficient cash & investments exist to fund this request and meet planned expenditures for the fund. Increase Account Name -Amount - . - - ' `-' 'Account Number Easements Account Name Use of Fund Balance Project Number'„"-„� 50,000 4470 9470 5810 00 Amount Decrease Account Number 94083 h <• Lit • Project Number 50,000 4470 0947 4999 99 Budget Office Use Only Type: A ._ udget Coordinator ment Director F \ Adminrtes t c Mayor C:tAPPt9SBUD\BUDGETW WY265BA.WK3 Date of Approval Posted to General Ledger Entered in Category Log Budget Office Copy EXHIBIT A OFFER AND ACCEPTANCE CONTRACT The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred to as the Buyer, offers to buy, subject to the terms and conditions set forth herein, the following described property SEE ATTACHED EXHIBIT "A" 2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the property at closing, the total and cash payment of $50.000.00 3. Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $1.000.00 to the Estate of Ella Elizabeth Caudle_, hereinafter referred to as the Seller, as earnest money, which shall apply on the purchase price This offer of purchase is contingent upon approval of the City Council of the City of Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit will be returned to the Buyer by the Seller. If title requirements are not fulfilled or the Seller fails to fulfill any obligations under this contract, the earnest money shall be promptly refunded to the Buyer If the Buyer fails to fulfill his obligations under this contract or after all conditions have been met, the Buyer fails to close this transaction, the earnest money may, at the option of the Seller, become liquidated damages to the Seller. Alternatively, the Seller may assert legal or equitable rights which it may have because of breach of this contract. The contingency earnest money deposit shall be held in escrow by the office of Bronson Abstract Company, Inc.. 4. Conveyance will be made to the 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 the Seller. 5. The Seller shall furnish, at the Buyer's cost, a policy of title insurance in the amount of the purchase price from a title insurance company selected by the Buyer. 6. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey the property. Seller agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the Buyer 7. Taxes and special assessments due on or before closing shall be paid by the Seller. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated as of closing. 8. The closing date is designated to be ninety (90) days after acceptance of this offer by the Seller or forty-five (45) days after approval of this offer to purchase by the Fayetteville City Council, whichever occurs first. If such date of closing falls on a weekend or holiday, it will be held the following working day Closing shall be held at the offices of Bronson Abstract Company,Inc., 3810 Front Street, Fayetteville, AR 72703. OFFER AND ACCEPTANCE CONTRACT Page 2 of 6 9. Possession of the property shall be delivered to the Buyer on the date of closing. 10. Seller hereby grants permission for the Buyer or its employees or designates to enter the above described property and improvements for the purpose of inspection and survey. 11. All fixtures, improvements and attached equipment are included in the purchase price. For the purpose of this contract and in accordance with the "Uniform Residential Appraisal Report " (See Exhibit "B" herewith for summary of said report), the allocation of property value shall be as follows: Land; 1 82 Acres ± $16,000 Improvements: Dwelling $32,500 3 Outbuildings No Contributory Value "As -is" Value of site Improv. $ 1,500 Total $50,000 Sale is specifically contingent upon the property being in substantially the same condition as at the time of the above appraisal. 12. 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. 13. Seller shall disclose to Buyer any and all environmental hazards of which Seller has actual knowledge. 14. Seller shall be responsible, at Seller's expense, for the removal of all personal property or leased property from the land described herewith. If said removal is not completed at least 24 hours prior to closing, Buyer shall have the option to postpone such closing until said personal or leased property is removed Items to be removed include, but are not limited to, (1) a Chevrolet automobile, (2) boat with trailer and (3) semi -trailer trailer. Any personal property remaining after closing shall become the property of the Buyer. 15. This agreement shall be governed by the laws of the State of Arkansas. 16. This agreement, when executed by both the Buyer and the Seller shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede 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. 17. This contract expires, if not accepted on or before the 15th day of January 1 1998. OFFER AND ACCEPTANCE CONTRACT Page 3 of 6 18. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE $1,000.00 EARNEST MONEY DEPOSIT. SELLER: Estate of Ella Elizabeth Caudle Sharon L. Stewart, Co-executor ) Franklin L. Tuck, Co-executor BUYER: City of Fayetteville, Arkansas, a municipal corporation Fred Hanna, Mayor Date: /2-29-97 Date a- 02 jZ ' 97 Date: j0 •19 G 7 e.e. , /OLfi Date: 17 • 92 17 Traci Paul, City Clerk *Pc (SEAL) OFFER AND ACCEPTANCE CONTRACT Page 4 of 6 EXHIBIT "A" PROPERTY DESCRIPTION PRELIMINARY PROPERTY DESCRIPTION: SUBJECT TO SURVEY CONFIRMATION A part of the Southwest Quarter (SW1) of the Southeast Quarter (SEA) and a part of the Northwest Quarter (NWS) of the Southeast Quarter (SEA), all in Section Fourteen (14) of Township Sixteen (16) North, Range Thirty (30) West, Washington County, Arkansas, being more particularly described as follows, to - wit: Beginning at the Northeast corner of the Southwest Quarter (SWIA) of the Southeast Quarter (SEM) of said Section 14 and running South along the East line of said quarter -quarter a distance of 30.00 feet; thence West 268.00 feet to a point; thence North 292.32 feet to a point; thence East 268.00 feet, more or less, to the East line of the Northwest Quarter (NWS) of the Southeast Quarter (SE1A); thence South along said East line a distance of 265.32 feet to the Point of Beginning and containing 1.82 acres, more or less, subject to rights of way and easements of record SIGNED FOR IDENTIFICATION: SELLER: Estate of Ella Elizabeth Caudle; au Sharon L. Stewart, Co-executor BUYER. /2-297 DATE � �� /e 0.1c2 -f7 Fre anna Mayor DATE OFFER AND ACCEPTANCE CONTRACT Page 5 of 6 STATE OF ARKANSAS COUNTY OF WASHINGTON ACKNOWLEDGMENT ) ) ) ss. BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Sharon L. Stewart and Franklin L. Tuck, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are Co-executors of the Ella Elizabeth Caudle and are duly authorized to execute the foregoing instrument for and in the name and behalf of said Estate of Ella Elizabeth Caudle, 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. I//'1 e WITNESS my hand and seal on this rLi'� day of /1QPa .eh 1997. MY COMMISSION EXPIRES: //-c- 99 ,e,,„ J. Notary Public LOiiA I. STROTHER NOTARY PUBLIC WASHINGTON COUNTY ARKANSAS ACKNOWLEDGMENT STATE OF ARKANSAS ) ) COUNTY OF WASHINGTON ) SS. BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Fred Hanna and Traci Paul, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposesthereinmentioned and set forth. WITNESS my hand and seal on this .4.2::1 d day of •PecA6 7.6e , 1997. MY COMMISSION EXPIRES: ai ^,O/- ZOcb 'NotaryPublic r, i .14 teN • OFFER AND ACCEPTANCE CONTRACT - t EXHIBIT "B" Page 6 of 6 - - UNIFORM, RESIDENTIAL APPRAISAL REPORT Order 1 52967 File No. 77259119 Freddie Mac form 70 653 PAGE 2 OF 2 II/00111th ''''' • Farm UA2 - TOTAL 21300 for Widows' appraisal software by a la mode, ic. -1.800-AIAMODE Fannie Mae f 1004 6-93 ESTIMATED SRE VALUE _..l:.17.Z,Ac.1mo.l - _ $ 16,000 Comments on Cost Approach (such as, source of cost estimate, sac value, - ESTIMATED REPRODUCTION COSI-NEW-DF IMPROVEMENTS: ()wetting 1,535 Sq. R. @$ 44.77 =S 68,722 square fool cakulalbn and for HUD, VA and FmUA, the estimated remelting economic Me otlhe property): See attached addenda. 245 Sq. FR.@$ 42.81 = 10,488 = c AplPkq/Fireplace/Breezway = 3,250 Garage/Carport 306 Sq. FL @$ 7.00 = 2, 14 2 o cr Total Estimated Cost New = $ 84, 602 OI Less Physical Functional Edema' Depreciation 5119711 1 $ 51, 97iJ1 Depreciated Value of Improvements =$ 32, 631 'As -b' Value of Sae Improvements =$ 1, 500 ....Drkye/g.ndS.cp INDICATED VALUE BY COST APPROACH =$ 50 131 REM 1 SUBJECT COMPARABLE N0. 1 COMPARABLE 110.2 COMPARABLE NO.3 295 Crossover Address Fayetteville 5688 Huntsville Fayetteville 374 Fletcher Fayetteville 1724 Pittman Fayetteville ProMmty to$ublect t^' y A' 2 3/4 Miles East 1 1/4 Miles Northwest 2 ML les Northwest Saks Price $ N/A:,._ ', ($ 68 000 ,47.72 "'br^' A 1$ 74,000 .. ..-1$ 75,500 Price/Gross Lilirq Area $ N/A 05$ F 0f - - $ I- Data and/or Vert'cation Source Inspection Cty Records MLS 1 97-02084 Couty Records MLS t 97-02137L Couty Records MLS 1 97-00791 Couty Records VAWE ADJUSTMENTS DESCRIPTION DESCRIPTION +j -I$ Ad OESCRIPRON +I -I$ Adjust. DESCRIPTION +(-)S Adjust. Sall or Flwcbg Concessions ;..;:- s `r' • .: -: •: Cash N/A Conventional N/A Conventional N/A Oate of Sale/tune . i:'.,..,35/1/97 5/29/97 4/2/97 Location Average Average Average Average LeaseoldvFee Simple Fee Simple Fee Simple Foe Simole Fee Simple Sae 1.82 Ac mol .66 Ac mol .33 Ac mol -4,000 .24 Ac mol -4,000 Vew Average Average Average Average Design and Appeal Rnch/Brk/Avg Rnch/Sdq/Avg Rnch/Fr/Avg Rnch/Fr/Avg OuaRya'Conshuction Average Average Ave age Average Ape A43/E43 A27/E10 -18,020 A45/E20 -14,040 A28/E10 -18,870 Condit bn Average Average Average Average Above Grade Total; Bdrms: Baths Total :Brims• Bath To' a' Bums Bmhs Total Bdrms lealhs Room Court 7 • 2 • 1 5 , 2 • 1.5 -750 7 3 2 -1,500 7 : 3 2_ -1,500 Gross taring Area 1, 535Sq.Ft. 1,425 Sq. Fl. +3,149 1,600 So. R. -1,804 1,474 Sq. FL +1,875 Basement B F'thed Rooms Wow Grade None N/A None N/A 625 N/A -6, 000 None N/A Fmclbnaltaili'y Tunical Typical Typical Typical HeainglCoofirq e' -loot Furnace CH/CA -2,500 Furnas/Atefn -500 Furnace/Wndo -500 Energy Effcknt Items Typical Typical Typical Typical Garage/Lbyod (Car Carport 2Car Carport -1,000 (Car Carport 2 Car Garage -2,500 Porch, Palk, Deck, Fireplace(s) etc. Pch/Pto 1 Fireplace Pch/Pto None +1,500 Pch/Pto 1 Fireplace Pch/Pto None +1,500 ferce.Paot etc. Prt/Clink None +500 None +500 Prt/Clink Exces S Excess Strq None +3,000 Warkroom Net Adj,RolaO ' w '- n+ -J 17,121 n+ J -i$ 24 344 n+ - ; 23,995 Adjusted Saks Price of Comparable J. V: 4'� -1 P 50,879 *�-T�. �:. I$ (9 656 ..; v:?• .= '>.. �'�$ 51,505 Comments on Saks Comparison (include); the subject property's compatkfty to 'he neighborhood. etc.): All were adjusted for age, subjects lack of baths, gross living area, and heating/cooling Additional adiustments were required and are as Collo ws• sale 1 for e tra carport, fireplace, and lac of fence, sale 2 for site value, basement, fence, and lack of st rage, sale 3 for site value, qa aqe, and lack of fireplace. fIFM SUBJECT COMPARABLE NO. I COMPARABLE 140.2 COMPARABLE 110.3 Dale, P&G and Data Source, forprbr sales wahinyear of appraisal No Sales 12 mo. prey. Cty Records No Sales 12 me. prey. Cty Records No Sales 12 Inc. prey. Cty Records No Sales 12 mo. prey. Cty Records Analysis of any current agreement of sate, option, or ruling of subject properly and sis al any prior sales of subject and comparables wahin one year of the dale al apprasat No current agreement of sale option or listing of the subject property at this time. INDICATED VALUE BYS LES COMPARISON APPROACH $ 50,000 INDICATED VALUE BY IN OME APPROACH_ (if App&able) Estimated Markel Rent $ N/A /Mo. x Gross Red Multiplier N/A =$ L1$. Thb appraisal's made ® 'MIS C4ndNansofAppralsal: Appraisal • assumes subject to the repairs, alterations, inspection or conditions fisted be [] subject la completion per plans 8 specifcalions. that all utility, mechanical, electrical, and sanitary systems are operating according to code. FunRecancifWion: The sales comparison is relied upon for the final estimate of value. The cost aporoach lends good support. The income approach is not considered applicable as the subject is located in a predominantly owner occupied area. _ F The purpose of this appraisal is to estimate the market value nt the seal properly that Is the subject of this report, based an Ihp,aboye candeions and Inc cedfcalin, contbgent and Falling conddbns, and market value defmiion that Le stated in 'he attached Freddie Mac Form 439/FNMA formv1.00dB (Revised is?,,,, 6/93 ). Aor ..,)7./k,„ 7/28/97 c 1OVE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF Mid fiEPORT,$ ,2„ (WHICH IS THE DATE OF INSPECfWN AND THE EFFECTNE DATE OF THIS REPORT)TO BE $S '..50,000.'^: ' ¢ APPRAISER: /� /f� SUPERV 0 SlprWure A P• - • •DHL F MITE.): -. • ® Did ❑ Did ?lot ,//n (t?-'------ s: ;dam![/' Signature / ✓ r� Name Rex Allen Staff Appraiser Name Nikki Feetlo2 a0 i3Eadley' / Inspect Pmperly Dale Report S'gned 7/30/97 Dale Report Sere& 7A T9") -t"" -Ju• _ Slate Ceda'calbn A Stale . Stale Leff-legon tcrder2,3. �,.'^� `� Stale AR Or State license A State Or Stale License A 2./7/nt p;i"' . ' Stale Freddie Mac form 70 653 PAGE 2 OF 2 II/00111th ''''' • Farm UA2 - TOTAL 21300 for Widows' appraisal software by a la mode, ic. -1.800-AIAMODE Fannie Mae f 1004 6-93