HomeMy WebLinkAbout49-98 RESOLUTION•
RESOLUTION NO 4 9-9 8
A RESOLUTION AUTHORIZING THE PURCHASE OF
APPROXIMATELY 2.6 ACRES LOCATED ON HAPPY
HOLLOW ROAD FROM ALEX W. AND LORI K. MAHLER, IN
THE AMOUNT OF $50,000, PLUS CLOSING COSTS OF $3,000;
AND APPROVAL OF A BUDGET ADJUSTMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS'
Section 1. That the City Council hereby authorizes the purchase of approximately 2.6
acres, located on Happy Hollow Road as more fully set forth in Exhibit "A", from Alex W. and Lori
K. Mahler, in the amount of $50,000, plus closing costs of $3,000. A copy of Exhibit "A" is
attached hereto and made a part hereof.
Section 7 The City Council hereby approves a budget adjustment in the amount of
$50,000 increasing Land Acquisitions, Acct. 4470 9470 5805 00, Project 98078 2, by decreasing Use
of Fund Balance, Acct. No. 4470 0947 4999 00. A copy of the budget adjustment is attached hereto
and made a part hereof.
PASSED AND APPROVED this 2Et day of April , 1998.
c;.%
, APPROVED:
41/4-te,
•
By.
•
ATT
BY:
Heather Woodruff, Ci lerk
Hanna, Mayor
Exhibit "A"
Part of the West Half of the Southwest Quarter of the Southeast Quarter of the
Northwest Quarter of Section Twenty-three in Township Sixteen North of Range
Thirty West, more particularly described as follows, to -wit: Commencing at the
Southwest corner of said five acre tract and running thence East 290 feet; thence
North 370 feet; thence West 255 feet; thence North 170 feet; thence West 35 feet;
thence South 540 feet to the point of beginning, containing 2.60 acres, more or less.
City of:Fayetteville, Arkansas
Budget Adjustment Form
Budget Year
1998
Department:
Division:
Program:
Sales Tax Construction
Other Capital Improvements
Date Requested
April 1, 1998
Adjustment #
Project or Item Requested:
$50,000 is additional funding is needed in
the Other Land Acquisitions Capital
Project.
Project or Item Deleted:
None. $50,000 From The Use Of Fund
Balance.
Justification of this Increase:
The funding will be needed to cover the
appraisal and other expenses associated
with the purchase 2.6 acres of land
between Happy Hollow Road and Warford
Drive, next to the City Shop Area.
Justification of this Decrease:
There is sufficient funding in
balance due to the additional
$244,423 in Sales Tax Revenue
was added in 1997.
fund
that
Increase Expen e (Decrease Revenue)
Account Name Amount
Land Acquisitions 50,000
Account Name
Use of Fund Balance
Account Number
4470 9470 5805 00
Decrease Expense (Increase Revenue)
Amount
50,000
Account Number
4470 0947
4999 00
Project Number
98078 2
Project Number
Approval Signatures
Re4uated By
4 de r4_4
or
AA LA.A. •
e p art ent Director
get
Admin. Services Director
/OM
Mayo
Date
Date
2iati6
Date
Date
Budget Office Use Only
Type: A
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
Blue Copy: Budget & Research / Yellow Copy: Requester
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