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HomeMy WebLinkAbout102-00 RESOLUTION• RESOLUTIONN0102-00 MICROFILMED A RESOLUTION AWARDING BID NO. 00-51 IN THE AMOUNT OF $115,850 TO HOWELL TRUMBO FOR THE SALE OF THE OLD HAROLD STREET FIRE STATION DESCRIBED AS LOTS 6 AND 7 OF THE MAPLE CREST ADDITION TO THE CITY OF FAYETTEVILLE, LOCATED AT THE CORNER OF HAROLD STREET AND LEE AVENUE, CONTAINING 0.52 ACRE IN TOTAL, WITH A 2,245 SQ. FT. BUILDING; AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE APPROPRIATE DOCUMENTS FOR SAID TRANSACTION. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS* Section 1. That the City Council hereby awards Bid No. 00-51 in the amount of $115,850 to Howell Trumbo for the sale of the old Harold Street Fire Station described as Lots 6 and 7 of the Maple Crest Addition to the City of Fayetteville, located at the corner of Harold Street and Lee Avenue, containing 0.52 acre in total, with a 2,245 sq. ft. building; and authorizes the Mayor and City Clerk to execute the appropriate documents for said transaction. A copy of the Offer and Acceptance Contract and bid tabulation is attached hereto marked Exhibit "A" and "B" and made a part hereof. pftSUD AND APPROVED this 18th day of July , 2000. ATTEST: By: Heather Woodruff, City Clerk APPROVED; By: Fred Hanna, Mayor 7 2000066653 NAME OF FILE: • .vee /D,7- D U CROSS REFERENCE: Date Contents of File Initials 7`M -on 6XNYBST /Y "l UtitE2 AA/A Icr,��rA tee— (.Dill?-inc e)( um.Bo 6-. 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Ifro,e 7-Ptoe », e ,y C, &z/( 0 OFFER AND ACCEPTANCE CONTRACT EXHIBIT A 1 That HowP11 Triimhn anri/nr accignc ,hereinafter referred toasthe Buyer, offers to buy, subject to the terms and conditions set forth herein, the following described property: Property Description: Lot No. 6 and Lot No. 7 of Maple Crest Addition to the city of Fayetteville, Arkansas, as per final plat on file in the Office of the Circuit Clerk, Washington County, Arkansas, being subject to rights of way and easements of record. 2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the property at closing, the total and cash of $115.859,00 . 3. Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $ 5.000 to the Citv of Fayetteville. Arkansas. a municipal corporation, hereinafter referred to as Seller, as earnest money, which shall apply on the purchase price. The acceptance of this offer to 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. 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 matenally affect the value of the property. Such conveyance shall include mineral rights owned by the Seller. 5. The Seller shall fumish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the Buyer. Buyer and Seller shall equally share in the cost of such title insurance policy. 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 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. X 8. Seller acknowledges that Buyer offers to purchase the property described in this = Contract as outlined in Seller's proposal and Bid Proposal 00-51 Incorporated herein and made a part hereof. OFFER AND ACCEPTANCE CONTRACT once,E Ccrtnefic Page 2of4 • • 9. The closing date is designated to be within 30 days days after acceptance by the Fayetteville City Council. The location and time of the closing shall be agreed to by Seller and Buyer. The closing fee for this transaction shall be equally shared by Buyer and Seller. 10. Possession of the property shall be delivered to the Buyer on the date of closing. 11. Seller hereby grants permission for the Buyer or it's employees or designates to enter the above described and improvements for the purpose of inspection and/or surveying. 12. All fixtures, improvements and attached equipment are included in the purchase price. 13. 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. 14. Seller shall disclose to Buyer any and all environmental hazards of which Seller has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance contract, Buyer and Seller shall share equally in the costs of any and all testing for the existence of environmental hazards. Should the existence of environmental hazards be known or determined, Seller shall cure such, at Seller's expense, or in the alternative, at Buyer's discretion, if it is determined prior to this closing, Buyer may cure such environmental hazard and Seller shall indemnify Buyer for all costs associated with said cure. 15. This contract expires, if not accepted by Fayetteville City Administration, on or before the 10th day of July , 2000. It is understood that final acceptance of this contract is contingent upon the approval of the Fayetteville City Council, such approval to occur subsequent to the above date. 16. NOTICE. BUYER ASSERTS AND SELLER ACKNOWLEDGES THAT THE ACCEPTANCE OF THIS OFFER IS EXPRESSLY CONTINGENT UPON THE FAYETTEVILLE CITY COUNCIL'S APPROVAL OF THIS OFFER TO PURCHASE AND THAT THE FAILURE OF THE FAYETTEVILLE CITY 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 $ 5,000 EARNEST MONEY DEPOSIT, Buyer City of Fayetteville, Arkansas a municipal corporation Buyer Fred Hanna, Mayor Heather Woodruff, City Clerk OFFER AND ACCEPTANCE CONTRACT Page 3 of 4 • ACKNOWLEDGEMENT STATE OF ARKANSAS ) ) ss COUNTY OF WASHINGTON ) Aexit/ kebt3 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 H nwe 11 T r ii mh n to me known as the person(s) who executed the foregoing document, and who stated and acknowledged that he/she/thev is/are Howe 1 1 Trumbo of Fayet to v 11 1 e - .AR and is/are duly authorized to execute the foregoing instrument for and in the name and behalf of said Howe 1 1 Tr umbo , and further stated and acknowledged that he/she/thev had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal on this 23rAiay of June , 2000. MY COMMISSION EXPIRES: OFFICIAL SEAL CHAR; N U1.11:UN BULL NOTARY .ARKANSAS '1rp'RI NATAN f1ATTNTY �h title /C V+� /"rt-4�C�' — V\ Notary Public COMMISSION EXP. 10-27-03 ACKNOWLEDGMENT STATE OF ARKANSAS ss. COUNTY OF WASHINGTON 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 Heather Woodruff, 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 purposes therein mentioned and set forth. WITNESS my hand and seal on this day of , 2000. MY COMMISSION EXPIRES: Notary Public FAYETTEVILLE DATE: 6/28/2000 CITY OF FAYETTEVILLE 113 WEST MOUNTAIN STREET FAYETTEVILLE, AR 72701 RECEIPT DESCRIPTION Misc Recpt Trumbo-Earnest $-Fire Sta Trumbo, Howell Thank You! RECEIPT NO.: 154434 efieitiE at/E 5,000.00 170.X/4 AMOUNT RECEIVED FROM Trumbo-Earnest $-Fire Sta TOTAL AMOUNT $ 5,000.00 ACCTG RECEIVED BY: ORIGINAL A' SETTLEMENT ST TTEMENT B. TYPE OF LOAN OMB No.2502.0266 1. OFHA 2. O FMHA 3. IT CONV.UNINS. 4. OVA 5, OCONV.INS. C. NOTE: Title term Is furnished to give you ,Itdtem6nt autelde Ilia dosing; they are shown lcrellor 6. Fee N,n, er FATIC b0-115381 7. Loan Number 6. Mortgage Insurancn Case Number opo 1118 settlement co I to mationnl purposes E. NAME ANO ADORE THE CITY OF P.O. DRAWER FAYETTEVILLE D. NAME AND ADDRESS OF BORROWER +1 BLAIRCO., INC. 1 ARTIIUR HOWELL TRUMBO TRUST 3024 MARKET AVENUE FAYETTEVILLE,AR 72703 ' G. PROPERTY LCCATION 1020 HAROLD STREET FAYETTEVILLE ARKANSAS 72703 le Is. Amounts paid to end by the settlement agent are shown. Items marked end are nal Included In the halals. 1 5 OF 5E0E0 AYETTEUILLEI AR 72702 re paid F. NAME AND ADDRESS OF LENDER BANK OF FAYETTEVILLE, N.A. P.O. BOX 1728 FAYETTEVILLE, ARKANSAS 72702 H. SETTLEMENT AGENT BRONSON ABSTRACT CO., INC. PUCE OF SETTLEMENT 3810 FRONT STREET, SUITE 5 FAYETTEVILLE, ARKANSAS 72703 I. SE7TIEMENT DATE 8-10-00 J. SUMMARY OF BORROWERS TRANSACTION 100. GROSS AMOUNT DUE FROM BORROWER '1 K. SUMMARY OF SELLERS TRANSACTION 400. GROSS AMOUNT DUE TO SELLER DISBAR EMENT GATE 8-10-00 1111. Contract sales mice 112. Personal Properly I d 1 1113. senwnlmd charges to borrower (ane 1400) 115,850.00 401, Contract sales price 402r Personal Property 988.00 403. 115,850.00 104. 4041 405. ADJUSTMENTS FOR ITEMS PAID 8Y SELLER IN ADVANCE 106. COy/rown taxes to 107. Canty taxes 16 ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE 408. Clty/rown taxes to 118. Assessments to 407. Courtly taxes to 1118. Assessments to 118. 409. 110. 410. 411. 2 412 120. GROSS AMOUNT DUE FROM BORROWER I1 116,838.00 200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER 211. Deposit or earnest money 5,000.00 202. RIndpal amara of Mw Mans) 213. Existing tonn(s) token subject to 2111, Ap1iI.: 2t15, Second Ilen mortgage 2Ts. MORTGAGE 5200,000.00 420. GROSS AMOUNT DUE TO SELLER 500., REDUCTIONS IN AMOUNT DUE TO SELLER 501. Excess Deposit (sea Instruallons) 502 Selemenl charges to seller OLne 1400) 503. Existing loan(s) taken sublect to 504. payoff o1 first mortgage loan 115,850.00 5,000.00 5m5. Payoff of second morlgage loan 2,w. FIRST DRAW 218. 111,838.00 ser 1 508. 2119. ADJUSTMENTS FOR ITEMS UNPAID BY SELLER 210. City/Town taxes to ADJUSTMENTS FOR ITEMS UNPAID BY SELLER 510. City/Town taxes to 211. County Ices 212. Assessments 10. l0 511. Calmly taxes 512. Assessments 213. 513. to to 514. 215, 515. 216. 516. 217. 517. 210. 51B. 219. 519. 2211. TOTAL PAID BY/FOR BORROWER 300. CASK AT SETTLEMENT FROM OR ,TO BORR 111,838.00 520. TOTAL REDUCTION AMOUNT DUE SELLER 5,440.00 OWER 301. Gross amain due from borrower gide 1211) 3112. Less amounts gold by/for borrower nine 220) 1 .1 ; 303. CASH ® FROM O TO BORROWER° 600 CASH AT SETTLEMENT TO OR FROM SELLER 111,838.00- mL Grass amount due to seller One 420) ( 111, 838.00 602. Less reducuan amount due seller Ilene 520) 115,850.00 603. CASH ® TO ❑ FROM SELLER ( 5 440.00 110,410.00 1 have carefully reviewed the HUD -1 Settlement Slalem nt and to the best of my knowledge and belief, 11 Is a true and accurate statement of all receipts and disbursements made an my acconnl or by me in This transact on. I further certify that I have received a copy of the HUD -1 Settle- ment Statement. moi.�,,,� : ( etas 1 . ea 1t�1�g1'. a• .artowes leW Sellers To ei best of my knowledge, the H�D4 Settlement Statement which I have prepared is a True and accurate account of the funds which were yccei ed and haveen or will lbe disbursed by 9 by the undersigned as pad of this transaction. u lee -, A1---�e a 3 10 �C. t kt JENNIFER CATLETT I I C) I ljn Date WA MNG 11 Is a nen a to e: 'rifmake false statements to the IIMo M ed States on INS any other similar form. snaffles tenon conviction can include c fine and imp For dna- see Tale is U. S. Code Section 1001 mel Section 1010. INC. F 27011 Cot/a 4 e4S.THE CITY OF FAYEnbVILLE LL TflUMBO TRUST F2l 61Previous391) n IP1791) Ufl/SA1) 11538 • IIUO-1 (0787) RESPA. NB 4305.2 Seil- le U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 1: Ij SETTLEMENT STATEMENT ` Page 2 IL SETTLEMENT CHARGES AQID FROM 700 TOTAL SALES/BROKER'S ISSION based en adze I RR W S 3`�IDT$R gOM I DINeton of Commission (Inc mal es follows' s 115.850.00 k %- s IER MAENT F4 LLEMENT 1 mis 1 102 $ 701 Commission oold at Settlement 704. 1 800. ITEMS PAYABLE IN CONNECTION WITH LOAN I 001 Loon Orldoallon Fes % 1. 1 1 002 loon Dlsroum % 1 Ml A00 steel F e 804 Credit Room( 1 805 lender's Inspection Fee I 006 VA Fiin na Fee 807 Assumption Fee ono. FLOOD ('FRTIF]CATION to FIRST TRACK 1 14.00 ons FUTURE RFIEAREta BANK QF FAYFI IEVILLE 6 00 am 1 811 r 812 • 1 613 814 615 900 ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE I 901 Interest from 8-10-00 io ES ASV— 902 Mariaaoe lnsuranre Premium for mos 903 Hazard Insuronee Premium for 1 Yrs lo MCNAIR AND ASSOCIATES 608.00 9114 Yrs ID Ens ' 1000. RESERVES DEPOSITED WITH LENDER 1101 Hazard Wuronre mos w $ 50.67 mo 11112 Monona Ins'Banse 11103 FY S m teal City froom. Taxes mos ta 5 m 1004 County Property Tmee mos 0 5 no 1nn5 MmDI Assessments mos ts $ m 1006 mos. R 5 mo 1007 ms fi 5 100 1MP mils aA 5 m 1100. TITLE CHARGES and sow lent or clot Fee to BRONSON ABSTRACT CO INC 140.00 140 00 1102. Alself➢LI or Tltie Starch 1103 Pale Femiatiellon 1104 1I1le insurance Binder 1105 Document Preaamalan 11(16 t4 lar Fees 1107 Attorney's Fees onehpes above Items No' 1 Iwo 11110 inslvenee to FIRST AMERICAN MP INSURANCE 200 00 300 00 (iodides above items No' 1 1109 Lender's Coverooe $ 200 000 00 1110 Ownefs Coverooe S 115 850.00 1111 1112 1111 1200. GOVERNMENT RECORDING AND TRANSFER CHARGES 1201 Rec Fee s' Deed s 8,11D' Mt23 12.00 Releases s 20.00 1202 Cite/Counts IaYlslamp5' need 3 : Manaaot 5 1203. Stale Mx/stems' Deed $ 5 .1onaoae 1204 to 1TR In 1300. ADDITIONAL SETTLEMENT CHARGES 131)1 Survey to NOT REQUIRED 1302 Peet Insneellml to NOT REQUIRED 1301 1114 1305 1306. Tin/ 1400. TOTAL SETTLEMENT CHARGES (enter on Imes 103, Section J and 507. Section KI 988.00 440.00 BLAIRC Rio Undersigned A wled es Receipt of Thls Senlement 51 tement and Ag/ k\AAd,L.� n�..00,, �,A, .e . j` ; 1 L 1 1 _ %%..._.. •-, i1 .•-•!. OWELL D _n Diger ARTHUR T TRUST I I I Buyer coyer F15792.LM0 4A l) ore obsolete 1153B .. ., the Correclneso 1 reo1. A Seer O FAY VILLE August 10, 2000 Data torm HUD -1 OM) rel Handbook 4105.3 • State of ARKANSAS County of WASHINGTON I .SELLER'S/BORROWER'S AFFIDAVIS The undersigned, referred to as Seller/Borrower, whether one or more, being first duly sworn on oath that the Seller/Borrower Is the owner of the following described lands, situtated in WASHINGTON County, ARKANSAS . To -wit: LOTS NUMBERED SIX (6) AND SEVEN (7), MAPLE CREST ADDITION, FAYETTEVILLE, ARKANSAS, AS PER PLAT OF SAID ADDITION ON FILE IN THE OFFICE OF THE CIRCUIT CLERK AND EX -OFFICIO RECORDER OF WASHINGTON COUNTY, ARKANSAS. Seller/Borrower further state the following facts are true: 1. There Is no adverse occupant of the property described above. 2. Seller/Borrower and those under whom Seller/Borrower claims title, have been in peaceful possession of said lands for more than 7 years past. 3. There are no unrecorded options to purchase, sales contracts or lease agreements outstanding, which affects the property described above. r 4. There have been no Improvements made on the property described above during the past 130 days for which a mechanics' and materialmens' lien may be filed. 5. No appliances have been Installed in the property described above on deferred payments which are unpaid for. 6. The property described above Is not traversed by any roadways or easements except those shown on record. 7. There are no delinquent assessments due on the resident's association on the property described above, if applicable. 8. That no money whatsoever is owed on subject property to any person, firm, or corporation other than the following 9. There are no outstanding judgments against Seller/Borrower as a result of legal action to Include, but not limited to, tax liens, divorce, bankruptcy or foreclosure. 10. That the marital status of Seller/Borrower has not changed since they acquired above • described property. II I,4 Witness the hand and seal of the undersigned of this 10th day of August 2000 Seller: THE OFTTEV��i14 rrower: BLAI O., INC 'tt%tx_af 1 4* Seller: Borrower: A•THUR HOWELL. TRUMBO TRUST Subscribed and sworn to before me, a Notary Public on this 10th d9Y of August 2000 . °foael Seal My comma • Notary Public: JENNIFER R. CATLETT My Commission Expires 08-29-2000 - - son i e Services, Inc., 1419 W. Walnut, Rogers, Arkansas, 72765 File 4_ AFFID.AEF • "1 h Parcel No 765-07680-000 Parcel No. 765-07681-000 • WARRANTY DEED MUNICIPAL CORPORATION BE IT KNOWN BY THESE PRESENTS: THAT the CITY OF FAYETTEVILLE, ARKANSAS, a municipal cor- poration, hereinafter called GRANTOR, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby grant, bargain, sell and convey unto Blairco, Inc. and the Arthur Howell Trumbo Trust dated October 25, 1994, hereinafter called GRANTEE, and unto Grantee's successors and assigns, the following described land situated in the County of Washington, State of Arkansas, to -wit: FILED FOR RECORD '00 AUG 10 PP) 3 12 WASHINGTON CO AR K. HARNESS All of Lots Six (6) and Seven (7) of Maple Crest Addition to the City of Fayetteville, Arkansas, as per plat of said Addition on file in the office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, subject to street rights of way, if any, and easements of record. SW�ARRA ^ ei TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and Grantee's successors and assigns, forever. And the said Grantor, hereby covenants that it is lawfully seized of said lands and premises; that the same is unencumbered, and that the Grantor will forever warrant and defend the title to the said lands against all legal claims whatever. WITNESS the execution hereof on this qd day of girls 2000. ..FAY • CITY OF FAYETTEVILLE, ARKANSAS, a municipal corporation ATTEST:?‘ /0/ Hat er Woodruff, City C erk BY: Fred anna, Mayor MAIL TAX STATEMEN TO: HAL TRUMBO 3024 MARKET AVE. FAYETTEVILLE, AR, 72703 ACKNOWLEDGMENT STATE OF ARKANSAS ss. COUNTY OF WASHINGTON 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 Heather Woodruff, 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 purposes therein mentioned and set forth. 9 WITNESS my hand and seal on this 6 day of Afar 2000. MY COMMISSION EXPIRES: 61- 1- folo EDWARD D. CONNELL Washington Coen My Commission May 1 201 2000066652 Nota Public oaoo wo n %WM wrw! .n semi"' A W nay A (U O Nm UFwO Z " V Q�CC �Qom¢ F Q0� (pool Q OLL� Zwo)- O ira M(0 z 0 cc m 0 0 O• • M • • M • • • • • 09 • • • • it CITY OF FAYETTEVILLE • • • • •• 8 • • • • • • it 4• it i it • • • • •O 0 0 c wa.W 0 c S d) �O L O¢ I— I— W a0 y 5 0 0 11538 BLAIRCO (PROCEEDS) 0 w 00029722"OL "00? 1480 ':08 29008721: • oaoo .11r4 w I nn'rmrH o=tivny w.>.s Pl O • N ifiLnc U»� Q O°l-¢ 0 CC o co zW°>u- m, < y • mw z O cc m fn THE CITY OF FAYETTEVILLE • •• •• • • •• •• • • • • • • • • • • • f • • • it s • O O O O c C l0 L Ol w COc c CO 0 0 H c H 111 u_ m c C FO C 0¢ O W }o CC a0 ft 3 0 11538 BLAIRCO (PROCEEDS) 0 w w 000 2972 200 1 ru Ca 0 0 an ru CCI 0 •• • rrl J 0 0 • ego C H Eie-K Qpm 8pRomson • THE REAL ESTATE CONSULANTS •REALTORS • APPRAISERS • CONSULTANTS• May 17, 2000 Mr. Ed Connell City of Fayetteville 113 W. Mountain St. Fayetteville, AR 72701 RE Appraisal Services - Update - Fire Station #4 Harold St. Fayetteville, AR 72703 • 118 N. East Ave. P.O. Box 726 Fayetteville, AR 72702 Phone (501) 442-0762 Dear Mr. Connell: In compliance with your request, and for the purpose of updating the Market Value of the above captioned property, I hereby certify that I have personally inspected the property and made a survey of matters pertinent to the estimation of its value. This property was originally appraised by the appraiser as of February 9, 2000. I, Mark E Risk, reinspected the exterior of the property on May 16, 2000. This letter is an update of the original appraisal whose intended use is to assist the above named client in evaluating the subject property for sale purposes. The original appraisal was based upon the premise that the subject property could be rezoned to a commercial use. Since the time of the original appraisal the subject property has been rezoned to a Residential -Office (R -O) use. This update reflects the new zoning classification. To the appraiser's knowledge there have been no recent listings, options, or sales agreements involving the subject property, nor have there been any arm's length transactions involving the subject property within the past three years This updated appraisal is based upon information gathered by the appraiser from the subject owner, pubhc records, and other reliable sources, and upon an inspection of the subject property and neighborhood. In developing the appraisal approaches used, data was collected from the Real Estate Consuhants' office files and courthouse records The appraiser has applied the Market Data and Cost Approachesn liis updated appraisal. LEr • Page 2. The attached page entitled "Summary of Salient Facts and Conclusions" states the significant data gathered in my investigation and the conclusions rendered. This report is considered a complete restricted appraisal report. This report has been prepared for the exclusive benefit of The City of Fayeneville. This report can only be relied upon by the client and a reader familiar with the original report This report can not be properly understood without additional information in the original report and the appraiser's workfile. It is the appraiser's opinion that market conditions have not significantly changed since the date of the original appraisal. Based upon my inspection of the subject property and the investigation and analysis carried out in this report, it is my considered opinion that the Market Value of the subject property as of May 16, 2000 and subject to final completion of all improvements and subject to the assumptions and limiting conditions set forth in the body of the original report, is as follows: ONE HUNDRED TEN THOUSAND DOLLARS ($ 110,000) The term "Market Value" is defined as follows: "The most probable price, as of a speck date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified rights should sell after a reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, andfor self interest, and assuming neither is under undue duress." • Page 3. The undersigned hereby certifies that, except as specifically noted, I have no present or contemplated future interest in the real estate or personal interest with respect to the subject matter or parties involved in this appraisal letter, and my employment in this matter is not in any manner contingent upon anything other than the delivery of this report. I have no bias with iespect to the property that is the subject of this report or to the parties involved with this assignment. And, this appraisal assignment was not based on contingent upon developing or reporting predetermined results, such as a requested minimum valuation, a specific valuation, or the approval of a loan. To the best of my knowledge and belief, the statements of fact contained in this appraisal letter, upon which the analysis, opinions, and conclusions expressed herein are based, are true and correct. 3. This letter appraisal and the original appraisal report sets forth all of the limiting conditions imposed by the terms of my assignment or by the undersigned that affect the analysis, opinions, and conclusions contained in this report. Said analysis, opinions and conclusions are my personal, unbiased professional analyses, opinions and conclusions. 4. My analyses, opinions, and conclusions, were developed and this report has been prepared in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Foundation. My compensation for completing this assignment is not contingent upon the development or reporting of predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended us of this appraisal 5. 1 alone have prepared the analyses, opinions, and conclusions concerning the subject real estate that are set forth in this appraisal letter. 1 have made a personal inspection of the property that is the subject of this report. Respectfully Submitted, M E Ris GAA ,_.:tads•-... .;!c%f`' s ='l STA; '- a c s S to Certified ! _iED : a General Appraiser #CG0202 m a C6- s `,`No. CGO2027 e. /'J���;I Rir nu lllmPt`\`°\� • • SUMMARY OF SALIENT FACTS & CONCLUSIONS Property Type: Location: Effective Date of the Appraisal: Zoning: Site: Improvements: Utilities: Highest and Best Use: Flood Data: Value Indications: Small Neighborhood Fire Station 1020 Harold St., Fayetteville, AR The effective date of the appraisal is the date of reinspection, which was May 16, 2000. The opinions set forth in this report are stated as of May 17, 2000. Residential Office (R -O) Appx. 150' x 150' Masonry Structure, Appx. 2,254 sq. II., 35 yrs. old. All municipal utilities available Conversion to OfficelStudio Zone X, FEMA Map #05143C0103 D Market Data Approach Cost Approach Income Approach $112,000 $105,000 NA Final Estimate of Market Value $110,000 • Note: This appraisal report has been prepared for the exclusive benefit of The City of Fayetteville It may not be used or relied upon by any other party. Any party who uses or relies upon any information in this report, without the preparer's written permission, does so at their own risk. This report is considered a complete restricted appraisal eS Unnn oFSAI kAcrste FAYETTEtE THE CITY OF FAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE • DATE: June 29, 2000 TO: Fayetteville City Council THRU: Fred Hanna, Mayorkw\ / Charles Venable, Director of Public Works G6,/ John Maguire, Director of Administrative Services FROM: Ed Connell, Land Agen RE: Sale of Old Harold Street Fire Station Earlier this year, the city constructed a new fire station on Plainview Avenue (just south of Millsap and west of College Ave.) and transferred the equipment from Station No. 4, located east of College Ave. on Harold Street. It was a decision of the administration to sell this property since there was not a need to use it for other city services. The property, located on the northwest corner of Lee Ave. and Harold St, consists of Lot Nos. 6 & 7 of Maple Crest Addition to the City of Fayetteville. These two lots are platted as 75 feet by 150 feet, giving a total area of 150' x 150' or 22,500 sq. ft., more or less. The city originally purchased Lot No. 5, along with 6 & 7, but later sold Lot 5 to Wheeler Motors. These lots were part of a R-1 zoned subdivision. The structure on this property is approximately 2,254 square foot masonry (concrete block), built in the mid - 1960's. The Planning Commission elected to rezone this property R-0 after the administration requested a C-1 rezoning. At the meeting of May 2, 2000, the Council rejected the appeal of the administration and upheld the R-0 zoning of the Planning Commission. An independent appraisal of the property, based upon the highest and best for R-0 zoning, indicated a market value of $110,000. Attached, please find appraisal summary information. The sale of the property was advertised and sealed bids were received by the city on Monday, June 26th, 2000. Of the numerous inquiries (10+) which were made prior to the advertising, only the attached two sealed bids were received. To the best of our knowledge, all previous inquiries were delivered (by mail) specific packages relating to the sealed bids on this property. BIDDERS: 1. Satum of Northwest Arkansas; (Saturn Land LLC) $132,750.00* Contingent upon rezoning for commercial use and EPA review. Commercial use had been rejected by the City of Fayetteville Atm Fayetteville City Council Sale of Harold St. Fire Station Page 2 • • 2. Howell Trumbo (Real Estate Broker) and assigns; $ 115,850.00 No contingencies Since the Council had already ruled not to rezone this property for commercial use, the bid of Mr. Howell Trumbo for his clients should be accepted by the Council. Attached herewith is the proposed Offer and Acceptance contract with Mr. Trumbo. You are herewith asked to approve this sale and authorized the Mayor and City Clerk to enter into appropriate documents for the conveyance of such property. We understand that the clients of Mr. Trumbo intend to locate a resturant on this property under a conditional use permit in a R-0 zone. The City will r eturn the $5,000 earnest money from Saturn Land LLC since their contingency cannot be met. We urge your passage of this ordinance at this sitting so that we can abide with the schedule as outlined in theOffer and Acceptance Contract. The proceeds from this sale will be subject to closing costs and fees. The balance will be directed the General Fund under the Gain/Loss of Assets. • • • NOTICE TO BIDDERS BID NO. 00-51 SALE OF FORMER FIRE STATION #4 LOCATED AT CORNER OF HAROLD & LEE AVENUE The City of Fayetteville, Arkansas, will receive sealed bids at the City Administration Office, City Hall, Room 306, 113 West Mountain Street, Fayetteville, Arkansas until June 26th, 2000, at 2:00 p.m. for the sale of Lots 6 & 7 of Maple Crest Addition to City of Fayetteville, zoned R -O, with improvements as is. Located at corner of Harold St & Lee Avenue., containing 0.52 acre in total with a 2,245 sq. ft. building (former 2 -bay fire station #4). Minimum acceptable bid amount of $110,000. Bid forms may be obtained from the Purchasing Office, located in Room 306, 3rd Floor of the City Administration Building. The City reserves the right to reject any and all bids, and to waive formalities deemed to be in the City's best interest. Peggy Vice Purchasing Manager *************************************************************** Publish June llth & 18th, 2000 Billing refer to P.O.: 00- 0\106 Attn: Diane -Legal Section From: Peggy Vice, 575-8289 Please publish in legal section as indicated above. Thanks /ve7Z • Former Fire Station # 4: Located at comer of Harold St. and Lee Avenue: Legal Description. Lot No. 6 and Lot No. 7 of Maple Crest Addition to the City of Fayetteville, as per final plat on file in the Office of the Circuit Clerk, Washington County, Arkansas, being subject to rights of way and easements of record. Advertising Description: Lots 6 & 7 of Maple Crest Addition to City of Fayetteville, zoned R -O, with improvements as is. Located at comer of Harold St. & Lee Ave., containing 0.52 acre in total with a 2,245 sq. ft. building (former 2 -bay fire station). Minimum acceptable amount of $110,000.