HomeMy WebLinkAbout131-99 RESOLUTION•
RESOLUTION NO. 131-99
A RESOLUTION AUTHORIZING THE OPTION TO PURCHASE
14 ACRES OF LOT 13 IN THE FAYETTEVILLE INDUSTRIAL
PARK TO DAYCO, INC. WITH THE CONDITION THAT IF
GROUND HAS NOT BEEN BROKEN WITHIN TWO YEARS OF
THE SALE, THE CITY MAY REPURCHASE THE PROPERTY
AND, IN ADDITION THAT UPON SALE OF THE PROPERTY
THE CITY WOULD PROVIDE A STREET EXTENSION TO THE
PROPERTY OF APPROXIMATELY 1000 FEET
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS •
Section 1. That the City Council hereby authorizes the Mayor and/or his appointed
representative to enter into an option to purchase 14 acres of Lot 13 in the Fayetteville Industrial
Park to Dayco, Inc. subject to the following:
a. If ground has not been broken on the Dayco Project within 2 years of
the sale, the City may purchase the property for the amount of the
sale to Dayco and;
Upon sale, the City shall provide a street extension to the property of
approximately 1,000 feet.
PASSED AND APPROVED this 5th day of October , 1999.
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ATTEST: -
By:
R.
Heather Woodruff, City Cltrk
Fred Hanna, Mayor
1
ID
Fayettv'i11e
CHAMBER OF COMMERCE
September 24, 1999
Our 110th Year
Honorable Fred Hanna
Mayor
CITY OF FAYETTEVILLE
113 West Mountain Street
Fayetteville, AR 72701
SUBJECT: Industrial Prospect
Dear Mayor:
• Industrial Park
C. 7. Page 1
M!CRCi;1t1t MEU
The Fayetteville Chamber of Commerce Economic Development Office has made
contact with a consultant that represents an industrial client. The prospect seeks to
construct a 100,000-ssquare-foot facility. The project will create 200 new jobs in
Fayetteville with an average hourly wage exceeding $12.00 per hour (management
and hourly).
The proposed development site is the front 14 acres of Lot 13 containing 21.6 acres
in the Fayetteville Industrial Park — West — a lot line adjustment will be required.
The proposed option term is 120 days with $1,000 for consideration. Close of
Escrow will be 90 days from exercise of Option. Purchase price is to be $20,000 per
acre.
Conditions to Purchase:
1). Seller shall be responsible for creating the legal parcel to accommodate the 14
acres, which shall be approved by Purchaser.
2). Optionee shall have the right during the term of the Option to conduct all test,
studies and reports it deems necessary for it's intended use.
3). Optioner shall provide to Optionee all tests, studies and reports it may have
reasonable available to Optioner related to the property.
4). Seller shall, at its sole cost and expense, extend the street to the end of the 14 -
acre parcel to be created.
123 WEST MOUNTAIN • P.O. Box 4216 • FAYETTEVILLE, ARKANSAS 72702.4216 • (501) 521.1710 • FAX (501) 521-1791
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Industrial Park
C. 84,Paue 2
Mayor Fred Hanna
Subject: Industrial Project
September 23,1999
Page 2 of 2 Pages
Conditions to Purchase (continued):
5). Tax Increment Financing: The City of Fayetteville shall provide to Purchaser
the present value sum of 10 years worth of estimated real property taxes for the
property.
I want to formally request that this project be included on the next Council Work
Session scheduled for 4:30 p.m. on Tuesday, September 28`h. Should you have
questions, or if I can be of any further assistance to you, please do not hesitate to
call.
James V. Crider, Director
Economic Development
Enclosure