HomeMy WebLinkAbout166-01 RESOLUTIONRESOLUTION NO. 166-01
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYEI1'LVILLE AND THE
BOARD OF TRUSTEES OF THE UNIVERSITY OF ARKANSAS
FOR THE SALE OF LAND LOCATED ON SOUTH SCHOOL
STREET IN THE AMOUNT OF FOUR HUNDRED FIFTY-NINE
THOUSAND DOLLARS ($459,000.00) LESS ASSOCIATED
CLOSING COSTS.
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS'
Section 1. That the City Council hereby approves an Offer and Acceptance
contract between the City of Fayetteville and the Board of Trustees of the
University of Arkansas for the sale of land located on South School Street in the
amount of Four Hundred Fifty -Nine Thousand Dollars ($459,000.00) less
associated closing costs. A copy of the contract is attached hereto marked Exhibit
"A" and made a part hereof.
Section 2. That the City Council authorizes the Mayor to sign said
agreement with the Board of Trustees of the University of Arkansas.
PASSED AND APPROVED this 4th day of December, 2001.
APPROVED:
By:
HEATHER WOODRUFF, Cfg4 Clerk
NAME OF FILE:
CROSS REFERENCE:
Resolution No. 166-01
12/04/01
Resolution No. 166-01
Offer and Acceptance Contract with the Board of Trustees of the
University of Arkansas
11/19/01
Memo to Fay. City Council thru Mayor Coody, Greg Boettcher, PW
Director, Ted Webber, Admin. Services Director, John Maguire,
Economic Dev. Coordinator, Jim Beavers, City Engineer, from Ed
Connell, Land Agent, regarding the sale of 4 0 acres of City land to the U
of A South School Street at the 20th Street (plus enclosures)
10/25/01
Memo to Ed Connell, Engineering Division, from Kit Williams, City
Attorney
11/27/01
Staff Review Form
12/20/01
Memo to Ed Connell, Engineering Division, from Heather Woodruff,
City Clerk
01/24/02
Copy of check #014947 in the amount of $456,576.21 to Bronson
Abstract Co., Inc. (12814 proceeds sale to U of A)
01/24/02
Settlement Statement
01/22/02
Warranty Deed
Exhibit "A" to Warranty Deed (Property Description)
01/22/02
Quitclaim Deed
NOTES:
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CC i
RESOLUTION NO. 166-01
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND THE
BOARD OF TRUSTEES OF THE UNIVERSITY OF ARKANSAS
FOR THE SALE OF LAND LOCATED ON SOUTH SCHOOL
STREET IN THE AMOUNT OF FOUR HUNDRED F11.1'Y-NINE
THOUSAND DOLLARS ($459,000.00) LESS ASSOCIA 1 EU
CLOSING COSTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS•
Section 1. That the City Council hereby approves an Offer and Acceptance
contract between the City of Fayetteville and the Board of Trustees of the
University of Arkansas for the sale of land located on South School Street in the
amount of Four Hundred Fifty -Nine Thousand Dollars ($459,000.00) less
associated closing costs. A copy of the contract is attached hereto marked Exhibit
"A" and made a part hereof.
Section 2. That the City Council authorizes the Mayor to sign said
agreement with the Board of Trustees of the University of Arkansas.
PASSED AND APPROVED this 4th day of December, 2001.
APPROVED:
By:
�° C ATHER OODRUFF, C Clerk
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RES. 1661-o1
Ci' y OA/4wAL
OFFER AND ACCEPTANCE CONTRACT ORIGINAL
1. That the Board of Trustees of the University of Arkansas , acting on behalf of the
University of Arkansas, Fayetteville, 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"
FOR PROPERTY DESCRIPTION
from the City of Fayetteville, Arkansas, a municipal corporation, hereinafter
referred to the Seller.
2 Purchase Price: Subject to the following conditions, the Buyer shall pay for the
property at closing, the total and cash only payment of $ 459.000 .
3. If title requirements are not fulfilled to the satisfaction of the Buyer, or the Seller
fails to fulfill any obligations under this contract, the Buyer may, at its option,
declare this contract to be null and void. If the Buyer fails to close this
transaction or fails to fulfill his obligations under this contract after all conditions
have been met, the Seller, at his option, may declare such contract to be null
and void. Alternatively, either party may assert legal or equitable rights which
each may have because of breach of this contract.
4. Conveyance will be made to the Buyer by general Warranty Deed, except for
that portion of the original 20th Street, prior to 1997, which will be conveyed by
the City in the form of Quit Claim Deed. All deeds shall be subject to recorded
instruments and easements, if any. Such conveyance shall include any mineral
rights owned by the Seller.
5. The Seller shall furnish, at Sellers expense, a policy of title insurance in the
amount of the purchase price from a title insurance company as selected by the
Buyer.
6. Seller to provide Buyer with boundary survey, if available. 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 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 shall be within thirty (30) days after approval of this contract by
the Fayetteville City Council and the Board of Trustees of the University of
Arkansas, whichever occurs later. All conditions precedent to closing shall have
been met to the Buyer's satisfaction or waived by Buyer prior to closing and
closing shall be extended until such conditions are satisfied or waived. If such
date of closing falls on a weekend or holiday, it will be held the following working
day.
9. Closing costs, except for those heretofore mentioned, shall be shared equally
between 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 its employees or designates to
enter the above described property and improvements for the purpose of inspec-
tion and/or surveying.
12. All fixtures, improvements and attached equipment are included in the purchase
price.
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OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
w RES. /GL -o1
ORIGINAL
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. Buyer may obtain a preliminary Phase I, or modified
Phase I, environmental assessment within the specified time frame for closing
If such assessment indicates the existence of asbestos or heavy metals in
quantities which could be considered as hazardous materials or environmental
hazards, a more extensive assessment would be conducted by the Seller, at
Seller's cost, to determine the extent of required remediation. Buyer may extend
said closing until such hazards have been corrected by Seller, or Buyer may
terminated this contract. Alternately, Seller may elect to deduct the cost of such
remediation from the purchase price.
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 by the Administration of the Seller, on or
before the 31s4 day of bect-a..- 2001.
18. The property, as described herein, shall be sold on a as -is basis, with no
actual or implied guarantees or conditions, other than those set forth in
this document
19. It is understood and agreed by Buyer and Seller that each entity will submit for
approval by their respective governing bodies within a period of 60 days after
this document is fully executed.
20. The property described herein does not have improvements located on the
premises, except for a small area in the Southwest portion of Parcel 765-15015-
000 which contains a fiber optic junction box under an Easement with
Southwestern Bell Telephone.
21. NOTICE: SELLER ASSERTS AND BUYER HEREBY ACKNOWLEDGES
THAT THIS CONTRACT IS EXPRESSLY CONTINGENT UPON
THE APPROVAL OF THE CITY COUNCIL OF FAYETTEVILLE
AND THE BOARD OF TRUSTEES OF THE UNIVERSITY OF
ARKANSAS, AND THAT THE FAILURE OF THE COUNCIL OR
BOARD OF TRUSTEES TO SO APPROVE WILL MAKE ALL
PORTIONS OF THIS OFFER NULL AND VOID.
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OFFER AND ACCEPTANCE CONTRACT
Page 3 of 5
SELLER:
City of Fayetteville, Arkansas
A municipal Corporation
BY:
04Dan4204 -
Dan
Coody, Mayor
ATTEST::
teH ather Woodruff, City Clert/y
BUYER:
Board of Trustees of the University of Arkansas
BY:
(Name and Title) V Le_ c-4, ,_,
ATTEST:
(Name and Title
•
Res. /4L-01
ORIGINAL
Date: (2- /Ski
Date: / Zk /
Date:
r-2--11110 I
Date: /2I/4 4 /
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OFFER AND ACCEPTANCE CONTRACT
Page 4 of 5
EXHIBIT "A"
PROPERTY DESCRIPTION
£ ss. i 66 -O
ORIGINAL
PROPERTY DESCRIPTION:
A part of the SE% of the SW% and a part of the SW% of the SE%, all in Section 21, Township 16 North, Range
30 West of the Fifth Principal Meridian , being more particularly described as follows: Beginning at the Southwest
corner of the Southwest Quarter (SW'/.) of the Southeast Quarter (SE%) of said Section 21, said point being an
existing state monument in Cato Springs Road; thence West 18.16 feet to an existing railroad spike; thence North
05° 00' 10" East 540.00 feet to an iron pin; thence South 89°35 42 East 493.68 feet to an iron pin on the West
right of way line of School Street(U.S. Hwy 471); thence South 08° 37' 56" West along said West right of way line
197.24 feet to a point, said point being North 08° 37' 56" East 17.94 feet from an iron pin; thence North 81° 08' 49"
West 106.11 feet to a point; thence South 00° 10' 46" West 28.00 feet to a point, said point being South 86° 36' 14"
East 102.42 feet from the same iron pin mentioned heretofore; thence North 86° 36' 14" West 277.50 feet to an
iron pin; thence South 00° 10' 46" West 345.00 feet to a cotton spindle on the South line of the Southeast Quarter
(SE%) of the Southwest Quarter (SW%) of said Section 21, thence North 89° 35' 42" West 110 00 feet to the Point
of Beginning, containing 3.09 acres more or less and subject to easements and rights of way of record This
description excludes that portion of land contained in an encroachment referenced in the Decree of Chancery
Court Case No. 18148, filed February 25, 1969 as recorded in Chancery Record 76 @ Page 109, Washington
County Arkansas.
And,
A part of the Southwest Quarter (SW%) of the Southeast Quarter (SE%) of Section Twenty-one (21), Township
Sixteen (16) North, Range Thirty (30) West being more particularly described as follows: Commencing at the
Northwest corner of said 40 acre tract; thence South 89° 39' 23" East along the North line of said 40 acre tract
633.00 feet (previous Deed said 565 feet, more or less) to the West right of way line of School Avenue(U.S. Hwy.
471); thence South 08° 38' 43" West along said West right of way line of U.S. Hwy. 471a distance of 632.93 feet
(previous Deed - 618.50 feet) to an iron pin as the true Point of Beginning; Thence South 08° 38' 43" West along
said West right of way line 106 11 feet to a point from which a reference cotton spindle set on the North right of way
line of Twentieth Street bears North 08° 38' 43" East 2.54 feet; thence North 89° 39' 23" West 379.69 feet to a point
from which a reference iron pin on the North right of way line of 20th Street bears North 00° 20' 48" East 2.92 feet;
thence North 00° 20' 48" East 105.00 feet to an iron; thence South 89° 39' 23" East 395 00 feet to the Point of
Beginning, containing 0.93 acre, more or less, and being subject to easements of record and that portion lying
within the right of way of 20th Street along the South boundary which contain 0.02 acre, more or less, Washington
County, Arkansas
Twentieth Street Right of Way Conveyance
A part of the SE% of the SW% and a part of the SW'/. of the SE%, all in Section 21, Township 16 North, Range
30 West of the Fifth Principal Meridian , being more particularly described as follows: Beginning at a point on the
Center line of said Section 21, said point being South 00° 16' 48" West 728.80 feet, more or less, from the
Northwest corner of said 40 acre tract to the North right of way line of 20th Street; thence along said North right of
way line of 20th Street North 89° 39' 23" West 365.32 feet to the West end of 201' Street; thence South 00° 10' 48"
West 50.0 feet to the South right of way line of 20th Street as it existed in 1997; thence South 89° 35' 42" East
391.32 feet to the West line of the SW% -SE% 21-16-30; thence continuing South 89° 35 42 East 493.68 feet to
the West right of way line of School Avenue (U.S. Highway 471); thence North 08° 35' 42" East along said West
right of way a distance of 51.49 feet; thence leaving said West right of way line of School Street North 89° 39 23
West 527.26 feet to the Center line of the Section 21 and the point of Beginning, containing 1.03 acres, more or
less, subject to easements and rights of way of record, Washington County, Arkansas..
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OFFER AND ACCEPTANCE CONTRACT
Page 5 of 5
ACKNOWLEDGMENT
STATE OF ARKANSAS )
)
COUNTY OF WASHINGTON )
ss.
Ras. /"-ol
ORIGINAL
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
SANEs aCLL and 0.3. Pe.DERsou , to me well known as the
persons who executed the foregoing document, and who stated and acknowledged that they are duly
authorized to execute the foregoing instrument for and in the name and behalf of the Trustees of the
University of Arkansas, 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 14 day of Vete rnbcr , 2001.
MY COMMISSION EXPIRES:
0- 1 3 - aoc(o
Notary Public
,It_ , J
ti
4,'..x c,
•`;........
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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 Dan Goody and Heather
woodruff, to me well known as the person 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 /,24 day of llrl teensised 2001.
MY COMMISSION EXPIRES:
oS-o/- Oo/D
Public
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OFFER AND ACCEPTANCE CONTRACT
That the Board of Trustees of the University of Arkansas 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"
FOR PROPERTY DESCRIPTION
2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the
property at closing, the total and cash only payment of $ 459.000 .
3. Contingent Earnest Money Deposit: The Buyer herewith tenders a cashiers
check or money order for $ None to the City of Fayetteville, Arkansas, a
municipal corporation, hereinafter referred to as the Seller, as earnest money,
which shall apply on the purchase price. As Buyer, the Board of Directors of the
University of Arkansas is aware that this offer to sell is -• ngent upon approval
of the City Council of the City of Fayetteville, sas and, if they do not so
approve, the earnest money deposit, if any, - . rn: • to the Buyer by the
Seller. As Seller, the City of Fayetteville i. - that i offer to purchase is
contingent upon the approval of Boa • rustees of the University of
Arkansas and , if they do not appr•ve - e- t money deposit, if any, will be
returned to the Buyer by t : ..-Iler jtiti- -••irements are not fulfilled or the,.
Seller fails to fulfill an I' ti• ns n• is contract, the earnest money shall
be promptly refun• d tBu =r. the Buyer fails to fulfill his obligations
under this co • .: c or : ft: r :'I .. • itions have been met, the Buyer fails to close
this transact i•ea - •ney may, at the option of the Seller, become
liquidated da - . e o i e Seller. Alternatively, the Seller may assert legal or
equitable rights it may have because of breach of this contract.
Conveyance will be made to the Buyer by general Warranty Deed, except for
that portion of the original 201° Street, prior to 1997, which will be conveyed by
the City in the form of Quit Claim Deed. All deeds shall be subject to recorded
instruments and easements, if any. Such conveyance shall include any mineral
rights owned by the Seller.
5. The Seller shall furnish 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 said title insurance.
6. Seller to provide Buyer with boundary survey, if available. Seller agrees to allow
Buyer, if Buyer so desires at Buyers 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 anq..
rental payments shall be prorated as of closing.
8. The closing date shall be within thirty (30) days after approval of this contract by
the Fayetteville City Council and the Board of Trustees of the University of
Arkansas, whichever occurs later. If such date of closing falls on a weekend or
holiday, it will be held the following working day.
9. Closing costs, except for those heretofore mentioned, shall be shared equally
between Buyer and Seller
10. Possession of the property shall be delivered to the Buyer on the date of closing.
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
11. Seller hereby grants permission for the Buyer or its employees or designates to
enter the above described property and improvements for the purpose of inspec-
tion 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.
15. This agreement shall be govemed by the laws of the State Arkansas.
16. This agreement, when executed by both the B
the entire understanding and agreement
matters referred to herein and shall su
agreements, representations and
and no oral representations or state
e Seller shall contain
pa with respect to the
I pri or contemporaneous
with respect to such matters,
nsidered a part hereof.
This contract expires, t n JJ -. = • •y the Administration of the Seller, on or
before the 001.
The property,
actual or Impli
ed erein, shall be sold on a as -is basis, with no
ntees other than those set forth in this document.
It is understood and agreed by Buyer and Seller that each entity will submit for
approval by their respective goveming bodies within a period of 60 days after
this document is fully executed.
20.. NOTICE: SELLER ASSERTS AND BUYER HEREBY ACKNOWLEDGES
THAT THIS CONTRACT IS EXPRESSLY CONTINGENT UPON
THE APPROVAL OF THE CITY COUNCIL OF FAYETTEVILLE
AND THE BOARD OF TRUSTEES OF THE UNIVERSITY OF
ARKANSAS, AND THAT THE FAILURE OF THE COUNCIL OR
BOARD OF TRUSTEES TO SO APPROVE WILL MAKE ALL
PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT
NOT LIMITED TO, THE RETURN TO BUYER OF THE
S NONE EARNEST MONEY DEPOSIT.
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OFFER AND ACCEPTANCE CONTRACT
Page 3 of 5
SELLER:
City of Fayetteville, Arkansas
A municipal Corporation
BY:
Dan Coody, Mayor
ATTEST::
Heather Woodruff, City Clerk
BUYER:
University of Arkansas
BY:
Date:
Date:
(Name and Title)
ATTEST:
(Name and Title)
Date:
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 5
EXHIBIT "A"
PROPERTY DESCRIPTION
PROPERTY DESCRIPTION:
A part of the SE% of the SW'/. and a part of the SW% of the SE'/., all in Section 21, Township 18 North, Range
30 West of the Fifth Principal Meridian , being more particularly described as follow': Beginning at the Southwest
corner of the Southwest Quarter (SW'/.) of the Southeast Quarter (SE%) of said Section 21, said point being an
existing state monument in Cato Springs Road; thence West 18.16 feet to an existing railroad spike; thence North
05' 00' 10" East 540.00 feet to an iron pin; thence South 89'35' 42" East 493.68 feet to an iron pin on the West
right of way line of School Street(U.S. Hwy 471); thence South 08' 37' 56" West along said West right of way line
19724 feet to a point, said point being North 08' 37' 56" East 17.94 feet from an iron pin; thence North 81' 08' 49"
West 106.11 feet to a point; thence South 00' 10' 46" West 28.00 feet to a point, said point being South 86' 36' 14"
East 102.42 feet from the same Iron pin mentioned heretofore; thence North 86' 36' 14" West 277.50 feet to an
iron pin; thence South 00' 10' 48" West 345.00 feet to a cotton spindle on the Sout• Ine of the Southeast Quarter
(SE'/.) of the Southwest Quarter (SWY.) of said Section 21; thence North 89' 3 ' est 110.00 feet to the Point
of Beginning, containing 3.09 acres, more or less, and subject to easem rights of way of record. This
description excludes that portion of land contained in an encroach in the Decree of Chancery
Court Case No. 18148, filed February 25, 1969 as recorded in fdr n R000 ® Page 109, Washington
County Arkansas.
And,
A part of the Southwest Quarter (SW%) of . outA) of Section Twenty-one (21), Township
Sixteen (16) North, Range Thirty (30) t�,.-$.pei� g m •re • •arty desalbed as follows: Commencing at the
Northwest corner of said 40 acre tract, the(tce'S• • 8" a 23" East along the North line of said 40 acre tract
633.00 feet (previous Deed sa' -- , mo • les: t• the West right of way line of School Avenue(U.S. Hwy.
471); thence South 08' 38' t e • ,sal• dgM of way line of U.S. Hwy. 471a distance of 632.93 feet
(previous Deed = 618.50 pi , - e true Point of Beginning; Thence South 08' 38' 43" West along
said West right of way line 1.:.1 to a point from which a reference cotton spindle set on the North right of way
line of Twentieth Street bears orth 0. 38' 43" East 2.54 feet thence North 89' 39' 23" West 379.69 feet to a point
from which a reference iron pin • , ' e North right of way line of 20" Street bears North 00' 20' 48" East 2.92 feet;
thence North 00' 20' 48" East 105.00 feet to an iron; thence South 89' 39' 23" East 395.00 feet to the Point of
Beginning, containing 0.93 acre, more or less, and being subject to easements of record and that portion lying
within the right of way of 20^ Street along the South boundary which contain 0.02 acre, more or less, Washington
County, Arkansas..
Twentieth Street Right of Way Conveyance
A part of the SE% of the SW% and a part of the SWY. of the SE%, all In Section 21, Township 16 North, Range
30 West of the Fifth Principal Meridian , being more particularly described as follows: Beginning at a point on the
Center line of said Section 21, said point being South 00. 16' 48" West 728.80 feet, more or less, from the
Northwest corner of said 40 acre tract to the North right of way Zine of 20^ Street thence along said North right of
way line of 20" Street North 69" 39' 23" West 365.32 feet to the West end of 20" Street thence South 00' 10' 48"
West 50.0 feet to the South right of way line of 20^ Street as it existed in 1997; thence South 89' 35' 42 East
391.32 feet to the West line of the SWY.-SEY. 21-16-30; thence continuing South 89' 35' 42" East 493.68 feet to
the West right of way line of School Avenue (U.S. Highway 471); thence North 08' 35' 42" East along said West
right of way a distance of 51.49 feet; thence leaving said West right of way line of School Street North 89" 39' 23"
West 527.28 feet to the Center line of the Section 21 and the point of Beginning, containing 1.03 acres, more or
less subject to easements and rights of way of record, Washington County, Arkansas.. -
SIGNED FOR IDENTIFICATION
SELLER:
City of Fayetteville, Arkansas
BY:
Title: Dan Goody, Mayor
BUYER:
UNIVERSITY OF ARKANSAS
BY:
Date:
Date:
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Title
OFFER AND ACCEPTANCE CONTRACT
Page 5 of 5
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 Stale, personally appeared
and to me well known as the
persons who executed the foregoing document, and who stated and acknowledged that they are duly
authorized to execute the foregoing instrument for and in the name and behalf of the trustees of the
University of Arkansas, 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
MY COMMISSION EXPIRES:
2001.
Public
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 Dan Coady and Heather
woodruff, to me well known as the person 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 end set forth.
WITNESS my hand and seal on thls day of 2001.
1
MY COMMISSION EXPIRES:
Notary Public
•
FAYETTEVILLE
THE CITY OF FAYETTEVIIIE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
DATE. November 19, 2001
TO: Fayetteville City Council
•
THRU: Dan Goody, Mayor
Greg Boettcher, Public Works Director
Ted Webber, Administrative Services Director
John Maguire, Economic Development Coordinator
Jim Beavers, City Enginee94 �/
FROM: Ed Connell, Land Agent 7.006
RE: Sale of 4.0 Acres of City Land to the University of Arkansas
South School Street at the 20th Street
In 1995 and 1997, the City purchased approximately 4.0 acres of land, three acres being on the
South side of 20th Street (now called "Research Center Boulevard") and one acre, M or L, on the
North side of said street. At the time of purchase, the City and University has reached an
understanding that the Research Center was to be expanded, thus requiring additional lands
around the University facilities. As part of the City's efforts to help clean up and develop lands on
the South side of Fayetteville, and the University being short of funds for acquisition purposes, the
City acquired such lands (old Sugg/Alexander property and the Clack property) with the intention
of improving 20th Street, as well as, holding on to such properties until funds became available for
the University to acquire the lands. The University, by virtue of some special grants, now has
funds available for such purchase.
Included herewith is a summary page of the costs and contributions by the City with the
improvement of 20th Street and the associated sale of these properties to the University of
Arkansas. As indicated, the City paid $336,000 for the 4.0± acres of land (in 1995 and 1997) and
a construction cost of $347,070(excluding City Engineering design) for a total of $683,070. The
current appraised value on the original land is $459,000 after you deduct a small portion of land
(0.02 acre) which was granted to the South neighbor in a adverse possession lawsuit The City
has offered to convey both of the properties to the U of A plus 50 feet of right of way with the
original 20th Street from School Ave. to the Genesis facility. Taking into account such original
ROW at $2.00/ft2, the overall City contribution to the University's development of this area was
$336,000, excluding engineering, project management, & Inspection( maybe $50,000).
Included herewith is a copy of an Offer and Acceptance Contract between the City and the
University for the transfer of this land. The amount to be received from the University is $ 459,000
at closing. Since the City's job is complete on this project that took place in 1997-1998, and since
the U of A plan is to eventually acquire parcels West of School Ave., North of Cato Springs Road
and South of the old railroad tracks, this acquisition is primary on their list.
Fayetteville City Council • •
Sale of City Property on School St.
Page 2 of 2
The City and the University have committed to work together and try and develop an area near the
Research Center for light industrial uses and incubator business development purposes. The
area of development will extend to the East, beginning on the East side of School Street. A
number of relative small and new companies have indicated a desire to locate in the close
proximity of the Research Center and the City has agreed to acquire land for this future
development purpose. In this line, the City has contracted with Mr. Bryan Walker III for the
purchase of almost 32 acres on the East side of School Ave, and North of 19th Street. This
property became available for sale and represented the only avenue for a contiguous area of land
that was suitable for development purposes. Your approval of our contract with Mr. Walker is
next on this agenda and will utilize $360,000 of the $459,000 received from the sale of the subject
land to the University of Arkansas.
This conveyance to the University will include all parts and improvements of Research Center
Boulevard. Title to and maintenance of said boulevard will become the responsibility of the
University and the state.
The University Board of Trustees approved the purchase of this property during their meeting of
November 16, 2001.
Your approval of the contract to sell this 4.0 acres to the University is requested and
recommended.
• •
COMPUTATION OF BASE VALUE
$4.08 AC TRACT NON -MAINTAINED 20TH STREET RIGHT OF WAY
South School and 20`" Street
BASE LAND VALUE
1. Purchase of Sugg/Alexander Property:
Nov 15, 1995 3.15 acres ($2.00/ft2) 275,000
2. Purchase of Clack Property
October 3, 1997 0.93 acres ($1.51/ft2) 61,000
3. Existing 20th Street ROW
No actual outlay by the
City(Valued 10-09-01)
TOTAL Land Base Value
1.03 acres
($2.00/ft2) 112,000
5.20 acres ($1.98/ft2) $ 448,000
IMPROVEMENT BASED VALUATION
1. Sugg/Alexander Land Purchase 275,000
2 Clack Land Purchase 61.000
Total $ 336,000
IMPROVEMENTS
1. 20TH Street ROW $ 112,155
2 20th St. Infrastructure Direct Costs $ 347,000 $ 347,070
3. City Engineering Approx. Cost $ 50.000
TOTAL Development costs $ 509,155
Development Allocation
4. Development Cost for the 5.20 total acres
is about 18% off the area and should be
allocated 18% of the Development Costs
Total Improvement Based Cost
Offer/Acceptance Contract
$ 91,620
$ 438,690
$ 459,000
•
PROJECT
COUNTY
PARCELS
LOCATION
FEE OWNER
ADDRESS
ESTATE APPRAISED
APPRAISAL REPORT
FOR
CITY OF FAYETTEVILLE
Complete Summary Appraisal Report
City's 206 Si. Prepatics
Washington
765-15015-000
S.School Ave. and 206 SL., Fayetteville, AR
City of Fayetteville
113 W. Mountain SL Fayetteville, AR 72701
Fee Simple
AREA OF SUBJECT PROPERTY 3.15 acres or 137,214 R.R
ESTIMATED FAIR MARKET VALUE OF THE PROPERTY:
Land
Improvewems (None)
Total
5343,000
5343,000
FAIR MARICET VALUE OF SUBJECT PROPERTY
As of the 9" ofOc2ober 2001
ALLOCATION OF FAIR MARKET VALUE OF SUBJECT PROPERTY
Fee Simple 137,214 sq.R ®M.50/sq. = S343,035 Say
Trus Included in Fee Simple Land Value
None
Total v�ladid, Trus, & Improvements
Total Value
ATTACHMENTS:
X Certificate of Appraiser
X Photographs
X Site, H&B Use Nanative
X Legal Description
X Market Data Approach
X Plat Map/Survey
X Tax Assessment Card
5343,000
(IUrr D-BCReC Attbt)
1010 OcOstcc rr,tu
5343,000 e ITS 0 ZS` '_336,9f0
$ o i' W334a0o
$ 0 —�
5343,000
Say 5343,000
APprot
Made E. RiskY000202.-r•-
sb j t.k..C.3f.. I
mo.0
tekr iA RaKat3 S �
PROJECT
COUNTY
PARCEL11
LOCATION
FEE OWNER
ADDRESS
ESTATE APPRAISED
APPRAISAL REPORT
FOR
CITY OF FAYETTEVILLE
Complete Summary Appraisal Report
City's 20th SI. Properties
Washington
765-15027-000
S.School Ave. and 20 h St.., Fayetteville, AR
City of Fayetteville
113 W. Mountain St., Fayetteville, AR 72701
Fee Simple
AREA OF SUBJECT PROPERTY .93 acres or 40,511 sq.ft.
ESTIMATED FAIR MARKET VALUE OF THE PROPERTY;
Land $122,000
Improvements (None) $ 0
Total $122,000
FAIR MARKET VALUE OF SUBJECT PROPERTY
As of the 94 ojOctober 2001
ALLOCATION OF FAIR MARKT VALUE OF SUBJECT PROPERTY
Fee Simple 40,511sq.ft. ® $3.00/sq.fl.=$121,533 Say
Tran Included n Fee Simple Land Value
Improvements: None
Total Land, Trees, & Improvements
Total Vaiuc
ATTACHMENTS:
X Certificate of Appraiser
X Photographs
X . Site, H&B Use Narrative
X Legal Description
X Madw Data Approach
X Plat MaptSurvey
X Tax Assessment Card
5122,000
$122,000
$ 0
$ 0
$ 0
$122.000
Say 5122,000
�sootVitas
' T st?AY:UC .
En' STATE -<<<2.
CERTIFIED ljo
GENERAL / *
No. CG0202/ e
SE -SW -21-16-30
0
U of A Property
NW corner
SW1/4 - SE1/4,
21-16-30
Easterlirjg Property
j\\\\0 03Acre:\�\�\���
892.51 AV.�\.
SW SE 21-16-30
395.01
\Former Clack Property `\\�\\ e •'
/'� ��j/i..i i/////� // e89°3923"ei///// i/� - .37969 f'/ • t
xav°3saz w.. 20th St ROW 1025 Ac e M qr L 'P'493 68 %s : %• /%. //
39132 t \ \\'\\\\489°3Sa2 8 `\l'N', �`\\�
\�\��FormerSugg(Aleacanderk„ `
13 of A Property
\\ \\\3 09 Acre IVI or:k
\�\\ \ \\\f t486^3Glacw�a
0
• \ 277.50 'Encroachment Decree Area
SW'&Ter Cato Spnngs Road
SW -SE 21-16-30
2383 sq. ft.
Title: Proposed Sale of 20th St. City Properties to U of A
Date: 10-23-2001
Scale:
1 inch = 160 feet
File: 20CP&ROW.des
1
11/26/2001 15:43
501575iir..
UOFA
PAGE 02
UA
UNIVERSITY OFARKANSAS 4C/94":9° :
GC%,
ce-144--c-9
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`61 et' 47.—;
a
Cake Vibe President
November 7, 2001
TO MEMBERS OF 11dk. BUILDINGS
AND GROUNDS COMMITTEE:
Mr. Witham E. Clark, Chair
Mrs. Frances A. Cranford,
Mr. Gary C. George
Mr. J. Thomas May, Ex -Officio
Dear Committee Members:
:Chancellor John A'.' White, .University of Arkansas, Fayetteville, has requested your
approval to purchase property located at 20th Street, Fayetteville, Arkansas to complement
the Engineering 'Research 'Center and provide for expansion of.the current site.for.the •
. Engineering.Research Center into the proposed Research Park. The additional land will
facilitate the selection of:a site. for the Research $uilding approved at the October 2, 2001,
Board meeting...
• The property was ,appraised at $459,000 and the University has offered to purchase the
land for this. amount. upon Board approval. University Reserves will be used to fund this
project..:. Tlus purchase will enable the city to buy additional land across School Street from
this site flit' the:proposed Research:Park.
' 1 covcur.with Chancellor WIdte's recommendation and have attached a resolution for your
.consideration.. • . .
Sincerely,
B. Alan Sugg
President
• 2404 North Univasiy Avenue /Little Rock, Arkansas 72207.3608 / 501-686-2505 / Fax 501-686-2506
Univettiry of Atlontys, FhyetseviUe / Vail/ashy of Arkansas at little Rock / University ofAtkansas at ?Me Bluff
Univettity of Adansas for 'Medical Silences / baivcnity of Arkansas n Monticello / Division of Agriculture / Criminal ;intim Institute
• At niai Archeological Survey / Plolhq Commmury College of the University of Arkansas ..
University o&Mkatuas Cotttmurtlry:Colkge at Hope / University ofArkamai Community College at Batesville ..
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