HomeMy WebLinkAbout167-01 RESOLUTIONRESOLUTION NO. 167-01
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND
BRYAN WALKER III FOR THE PURCHASE OF LAND LOCATED
AT SOUTH SCHOOL AVENUE AND 19TH STREET IN THE
AMOUNT OF THREE HUNDRED SIXTY THOUSAND DOLLARS
($360,000.00) PLUS ASSOCIATED CLOSING COSTS AND
APPROVING A BUDGET ADJUSTMENT IN THE AMOUNT OF
FOUR HUNDRED FIFTY-NINE THOUSAND DOLLARS
($459,000.00) FOR SAME.
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 Bryan Walker III for the purchase of
land located at South School Avenue and 19th Street in the amount of Three
Hundred Sixty Thousand Dollars ($360,000.00) plus 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 hereby approves a Budget Adjustment in
the amount of Four Hundred Fifty -Nine Thousand Dollars ($459,000.00) for
same.
Section 3. That the City Council hereby authorizes the Mayor to sign said
Offer and Acceptance contract with Bryan Walker III.
PASSED AND APPROVED this 4th day of December, 2001.
'tiOYE.rjF`
APPROVED:
By:
THER WOODRUFF, Cffty Clerk
DAN COODY, Mayor
NAME OF FILE:
CROSS REFERENCE:
Resolution No. 167-01
12/04/01
Resolution No. 167-01
Exhibit "A" (Offer and Acceptance Contract)
11/26/01
Copy of the Budget Adjustment Form
11/19/01
Departmental Correspondence to Fay. City Council thru Mayor Coody,
Greg Boettcher, PW Director, John Maguire, Economic Dev. Director,
Jim Beavers, City Engineer, from Ed Connell, City Land Agent/Plus
Appraisal Report/Other Information
11/16/01
Letter to Jim Beavers, City Engineer, from Victoria Y. Potratz, Senior
Project Manager, Terracon
12/04/01
Staff Review Form
12/06/01
Memo to Ed Connell, Engineering Division, from Heather Woodruff,
City Clerk
01/25/02
Title Insurance: Bryan Walker Property
NOTES:
RESOLUTION NO. 167-01
CC Mr
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND
BRYAN WALKER III FOR THE PURCHASE OF LAND LOCATED
AT SOUTH SCHOOL AVENUE AND 19Th STREET IN THE
AMOUNT OF THREE HUNDRED SIXTY THOUSAND DOLLARS
($360,000.00) PLUS ASSOCIATED CLOSING COSTS AND
APPROVING A BUDGET ADJUSTMENT IN THE AMOUNT OF
FOUR HUNDRED FIFTY-NINE THOUSAND DOLLARS
($459,000.00) FOR SAME
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 Bryan Walker III for the purchase of
land located at South School Avenue and 19th Street in the amount of Three
Hundred Sixty Thousand Dollars ($360,000.00) plus 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 hereby approves a Budget Adjustment in
the amount of Four Hundred Fifty -Nine Thousand Dollars ($459 000.00) for
same.
Section 3. That the City Council hereby authorizes the Mayor to sign said
Offer and Acceptance contract with Bryan Walker III.
PASSED AND APPROVED this 4th day of December, 2001.
APPROVED:
DAN COODY, Mayor
• •
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
9. Seller and Buyer to equally share (50/50) closing costs to the title company.
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 descnbed 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 Toss 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, Buyer and Seller shall share equally 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, Buyer may cure such environmental hazard,
and Seller shall indemnify Buyer for all costs associated with said cure.
15. This agreement shall be govemed 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 30th day of September, 2001.
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. IF THIS OFFER TO PURCHASE IS NOT APPROVED BY
THE FAYETTEVILLE CITY COUNCIL, SELLER SHALL RETAIN THE
$5,000.00 OPTION/EARNEST MONEY DEPOSIT. •
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 5
SELLER:
igeaeviff
Henry Brian Walker III
•
AGENT OR WITNESS:
BUYER:
City of Fayetteville, Arkansas,
a municipal corporation
Dan Coody, Mayor
Pia
Hea�kl` le#
Date: O9-13°ZJ
Date:
Date: 4/1/6/
Date: 0 + g '0 1
(SEAL)
'
• •
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 5
EXHIBIT "A"
PROPERTY DESCRIPTION
Parcel Number: 765-15023-000:
Part of the Southwest Quarter (SW%) of the Southeast Quarter (SE%) of Section Twenty-one (21),
Township Sixteen(16) North, Range Thirty (30) West of the 5'" P. M., Washington County,
Arkansas described as beginning at a point 447.52 feet South of the Northeast comer of said forty
acre tract; thence south 308.45 feet; thence North 89° 35' 35" West 518.36 feet; thence North 9°
04' 00" East 65.00 feet; thence South 88° 58' 00" East 184.15 feet; thence North 7° 25' 39" East
261.54 feet; thence South 88° 43' 09" 658.58 feet to the Point of Beginning, containing 4.69 acres,
more or less, subject to easements and rights of way of record,
And
Part of the Southeast Quarter (SE%) of the Southeast Quarter (SE%) of Section 21,
Township 16 North, Range 30 West of the 5'" P.M., Washington County, Arkansas, lying
South of the centerline of an East-West Road (now 19'" Street) and being more particularly
described as follows, to -wit: Beginning at a point in the centerline of said road (now 19'"
Street) which is 408.33 feet South of the Northwest comer of the SE''A of the SE%of said
Section 21; thence along the centerline of said roadway S89° 51' 49" East 495.45 feet;
thence North 84° 27' 31" East 814.78 feet to the East line of theforty acre tract thence with
said East line South 976.96 feet to the SE comer of said forty acre tract; thence along the
south line of said forty acre tract West 1306.42 feet to the SW comer of said forty acre
tract; thence along the West line of said forty acre tract North 899.46 feet to the Point of
Beginning and containing 27438 acres, more or Tess, subject to all that portion of land lying
and being situated in the road along the North side thereof and easements of record.
SIGNED FOR IDENTIFICATION:
SELLER:
Henry Brian Walker III
BUYER:
The City of Fayetteville, Arkansas,
a municipal corporation
BY:
Dan Coody, Mayor
aim
• •
OFFER AND ACCEPTANCE CONTRACT
Page 5 of 5
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 Henry Brian Walker III, to me well
known as the person who executed the foregoing document and further stated and acknowledged that he
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 a6 day of ,c fa , 2001
MY COMMISSION EDWARD D.CCNNELI
=0 - 20 $
Washington County
My Commission Fires
.A t May 1, 2010
1
zisiaarde
Notary 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 Coody and Neetherai ve3
Roberts Woodruff, to me well known as the pe nr�$� oQ, executed the foregoing document, and who stated and
acknowledged that they are the Mayor amity tlerk 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 n day of 40gtr— 2001.
7
MY COMMISSION EXPI
93-O/-2o/o
Notary Public
City of Fayetteville, Arkansas
Budget Adjustment Form
� s /41-01
- Budget Year
2001
Department: General Fund
Division: Miscellaneous
Program:
Date Requested
I-74-01
Adjustment #
COPi'
Project or Item Requested:
Additional funding is requested for the purchase of property
from Bryan Walker III
Project or Item Deleted:
None. Funding for this transaction is from the sale of land to the.
Justification of this Increase:
The additional funding is needed to purchase land along South
School Street at 19th Street near the Engineering Research
Center "Genesis" site.
Justification of this Decrease:
Not Applicable.
Increase Expense (Decrease Revenue)
Account Name Amount Account Number Project Number
Land
Use of Fund Balance
Account Name
Gain/Loss of Sale of Assets
360,000 1010 6600 5805 00
99,000 1010 0001 4999 99
Decrease Expense (Increase Revenue)
Amount Account Number
459,000 1010 0001 4881 02
Project Number
Approval Signatures
Requested By
Date
X1fAdti /1-27-0/
Bue Manager Date
Department Director Date
Admin. Services Director Date
Mayor Date
Budget Office Use Only
Type: A B C
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
E
Blue Copy: Budget & Research / White Copy: Requester H:IBUDGEfIPROJECTS1BUD_ADJIBA_200JIWALKER.WK4
0
cn
1
1-1
1
4-1
1
W
96'9[.6
SW -SE -21-16-30
765-15023-000
765-14990-000
T
b
3
�y r
z
30005
Net Acres = 26.48
N0009V'
899.46
O
N
Q
Or O
4
0 O
U
.PEs. /67-v/
FAYETTEVt.LE •
THE CITY OF FAYETTEVILLE, ARKANSAS
January 24, 2002
Mr. Henry Bryan Walker III
P. 0. Box 164
Fayetteville, AR 72702
RE: 32+ Acre Land at 19th and School Streets, Fayetteville
Dear Mr. Walker:
It is your intention to sell the subject land to the City of Fayetteville with closing on the 25th of January,
2002. It is understood that you currently have a residence on this property and anticipate a period of time,
after the closing on this property, to acquire and relocate your possessions. The City is to take possession
of the entire property, including the residence, at closing.
Based upon your request, the City of Fayetteville hereby is agreeable that you will have until Thursday,
April 25, 2002 (a period of 90 days from the date of closing) to vacate said residence and associated
facilities . During the period indicated, no rent will be charged for such occupancy, however, you will be
responsible for the maintenance, payment of all utilities and the cleanup of the house and associated
facilities. Further, you will advise and maintain you home owners insurance for the indicated period and
any claims made against the insurance company for facilities on the property will be to the benefit of the
City of Fayetteville. The City shall not be responsible or liable for any activities or injuries that might occur
on the property during this 90 day interim period. The City does not carry insurance for these purposes.
If you occupy any of the property facilities beyond the 90 days period indicated above, you agree to pay
the City $14.00 for each day that extends beyond that period. Such payment will be payable to the City of
Fayetteville on the Friday of each week. This letter agreement, in no way, prevents the City from taking
full possession of the entire property by any lawful means, including eviction, after April 25th, 2002.
It is further understood the City is not restricted from any or all activities on the remainder of the property.
If you are in agreement with the statements of this understanding, please so indicate with you signature of
this letter and return one original to the City. If you have any questions, do not hesitate to contact myself
at 575-8330 or Ed Connell at 444-3415.
Sincerely,
GregBoettcher, Director of Public Works
AGREED:
61'p�
Henry Bryan III
cc: Ed Connell
*
113 WEST MOUNTAIN 72701 501 521-7700
FAX 501 575-8257
DATE- 6/'2S =0
•
Parcel No. 765-15023-000 & &65-14990-000
WARRANTY DEED
An Unmarried Person
BE IT KNOWN BY THESE PRESENTS:
• AS. /(p%D/
LL 1
FOR RECORD
'02 JEN 25 Aft 10 50
THAT I, Henry Bryan Walker III an unmarried person 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, do hereby grant, bargain, sell and convey unto the City of
Fayetteville, Arkansas, a municipal corporation, 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:
WASHING
B STAMPS
•
Part of the Southwest Quarter (SW%) of the Southeast Quarter (SE%) of Section Twenty-one (21), Township
Sixteen (16) North, Range Thirty (30) West of the 5th P. M. , Washington County, Arkansas, described as beginning
at a point 447.52 feet South of the Northeast corner of said 40 acre tract; thence South 308.45 feet; thence South
89° 35' 35" West 518.36 feet; thence North 09° 04' 00" East 65.00 feet; thence North 88° 58' 00" West 184.15 feet
to the East right of way line of South School Street (State Highway 71B); thence along said State highway East right
of way North 07° 25' 39" East 261.54 feet to the South right of way line of 19'" Street; thence along said south right
of way line South 88° 43' 09" East 658.58 feet to the Point of Beginning, containing 4.69 acres. more or less, subject
to easements, easement plats and rights of way of record,
And
Part of the Southeast Quarter (SE'h) of the Southeast Quarter (SE%) of Section 21, Township 16 North, Range 30
West of the 5" P. M. Washington County, Arkansas, lying South of the centerline of an East-West road (now 19'"
Street) and being more particularly described as follows, to -wit: Beginning at a point in the centerline of said road
which is 408.33 feet South of the Northwest corner of the SE1/4 of the SE% of said Section2l; thence along the
centerline of said roadway South 89° 51' 49" East 495.45 feet; thence North 84° 27' 31" East 814.78 feet to the East
line of the forty acre tract; thence with said East line South 976.96 feet to the SE corner of said forty acre tract;
thence along the South line of said forty acre tract West 1306.42 feet to the SW corner of said forty acre tract;
thence along said West line of said forty acre tract North 899.46 Feet to the Point of Beginning and containing 27.68
acres, more or less, subject to all that portion of land lying and being situated in the road along north side thereof
and easements of record.
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.��L
WITNESS the execution hereof on this 2 -51A -day of 2002.
1 -1 -4 -mor ffity9 LOQ€4
Henry Bryan Walker III
ACKNOWLEDGMENT
STATE OF 42 VT/A) SA -3
COUNTY OF MASH/1J6)70/J
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 Henry Bryan Walker III an unmarried person to
me well known as the person who executed the foregoing document, and who stated and acknowledged that he
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
'7
Official Seal Notaryyublic
MY OMMIIl t1R&SON, JR.
otary Pu lic-Arkansas
WASHINGTON COUNTY
M r ,....•ires 06-18-2002
2002.
2002012742
• •
1, Bette stamps, Circuit Clerk and Ex-o`fico Recorder
for Washington County, Arkansas, do hereby certify
that this Instrument was filed for record in my office as
indicated hereon and the same is now duly recorded
REs. /67-0 /
U.S.DEPARTMENT OF HOUSING AND UR
1 have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all
receipts and disbursements made on my account or by me in this transaction. I further certify that I have received a copy of the HUD -1 Settle-
ment Statement.
THE CITY OF FAYEIItVILLE
dem
HENRY BRYAN WALKER III
ARKANSAS
Sellers
To the best of my knowledge, the HUD -1 Settlement Statement which I have prepared Is a true and accurate account of the funds which were
received and have been or will be di bus by th undersigned as part of this transaction.
Settlement Agent " Date
WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties upon conviction can Include a fine and
imprisonment. For details see: Title 18 U. 5. C e Section 1001 and Section 1010.
Previous Edition IO91)Iete
F2366.LM (03/91) is
U(7/8/91)
12896
HUD -1 (07-87) RESPA, HB 4305.2
A' SETTLEMENT STATEMENT
B. TYPE OF LOAN
1.
4.
❑FHA
2.
FMHA 3. ❑ CONV.UNINS.
6. File Number
FATIC 02-12846
7. Loan Number
8. Mortgage Insurance Case Number
•
❑CONV.INS.
0 V 5.
C. NOTE: This form is furnished to give you statement of actual settlement costs. Amounts paid to and by the settlement agent are
outside the closing; they are shown here for Informational purposes and are not Included In the totals.
shown. Items marked "(p.o.c.)' were paid
D. NAME AND ADDRESS OF BORROWER
THE CITY OF FAYETTEVILLE
ARKANSAS
113 W. MOUNTAIN STREET,
FAYETTEVILLE,AR 72701
E. NAME ANDADDRESS
P. 0. BOX 164,
FAYETTEVILLE,AR
F. NAME AND ADDRESS OF LENDER
OF
III
72702
G. PROPERTY LOCATION
PT SW SE 21-16-30 ETC.
FAYETTEVILLE, ARKANSAS 72701
H. SETTLEMENT AGENT
BRONSON ABSTRACT CO., INC.
PLACE OF SETTLEMENT
3810 FRONT STREET, SUITE 5
FAYETTEVILLE, ARKANSAS 72703
I. SETTLEMENT DATE
DISBURSEMENT
1-25-02
DATE
J. SUMMARY OF BORROWERS TRANSACTION
K. SUMMARY OF SELLERS TRANSACTION
100. GROSS AMOUNT DUE FROM BORROWER
400. GROSS AMOUNT DUE TO SELLER
101. Contract sales price
360,000.00
401. Contract sales price
360,000.00
102. Personal Property
402. Personal Property
103. Settlement charges to borrower (line 1400)
615.00
403.
104.
404.
105.
405.
ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE
ADJUSTMENTS FOR ITEMS PAID BY SELLER
IN ADVANCE
106. City/Town taxes to
406. City/Town taxes to
107. County taxes to
407. County taxes to
108. Assessments to
408. Assessments to
109.
409.
110.
410.
111.
411.
112.
412.
120. GROSS AMOUNT DUE FROM BORROWER
360,615.00
420. GROSS AMOUNT DUE TO SELLER
360,000.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
500. REDUCTIONS IN AMOUNT DUE TO SELLER
201. Deposit or earnest money
7,000.00
501. Excess Deposit (see Instructions)
7,000.00
202. Principal amount of new loan(s)
502. Settlement charges to seller (line 1400)
670.89
203. Existing loan(s) taken subject to
503. Existing loan(s) taken subject to
204. Application deposit
504. Payoff of first mortgage loan
205. Second Ilen mortgage
505. Payoff of second mortgage loan
206.
506.
207.
507.
208.
508.
209.
509.
ADJUSTMENTS FOR ITEMS UNPAID BY SELLER
ADJUSTMENTS FOR ITEMS UNPAID BY SELLER
210. City/Town taxes to
510. City/Town taxes to
211. county taxes 1-1-02 to 1-25-02
23.40
511. County taxes 1-1-02 to 1-25-02
23.40
212. Assessments to
512. Assessments to
213.
513.
214.
514.
215.
515.
216.
516.
217.
517.
218.
518.
219.
519.
220. TOTAL PAID BY/FOR BORROWER
7,023.40
520. TOTAL REDUCTION AMOUNT DUE SELLER
7,694.29
300. CASH AT SETTLEMENT FROM OR TO BORROWER
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from borrower (line 120)
360,615.00
601. Gross amount due to seller (line 420)
360,000.00
302. Less amounts paid by/for borrower (line 220)
( 7,023.4Q
602. Less reduction amount due seller (line 520)
( 7,694.29 )
303. CASH
FROM 0 TO BORROWER
353,591.60
603. CASH
TO 0 FROM SELLER
352,305.71
fi1
i
1 have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all
receipts and disbursements made on my account or by me in this transaction. I further certify that I have received a copy of the HUD -1 Settle-
ment Statement.
THE CITY OF FAYEIItVILLE
dem
HENRY BRYAN WALKER III
ARKANSAS
Sellers
To the best of my knowledge, the HUD -1 Settlement Statement which I have prepared Is a true and accurate account of the funds which were
received and have been or will be di bus by th undersigned as part of this transaction.
Settlement Agent " Date
WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties upon conviction can Include a fine and
imprisonment. For details see: Title 18 U. 5. C e Section 1001 and Section 1010.
Previous Edition IO91)Iete
F2366.LM (03/91) is
U(7/8/91)
12896
HUD -1 (07-87) RESPA, HB 4305.2
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
SETTLEMENT STATEMENT
Page 2
L SETTLEMENT CHARGES
700. TOTAL SAL FS/BROKFR'S COMMISSION based on once
Division of Commission (line 7001 as fonows• S 360 000.00 @
%- $
Ref 'S
lees. /G%D/
SWTTLENT
701 S
702 S
703. Commission paid at Settlement
704
800. ITEMS PAYABLE IN CONNECTION WITH LOAN
801 Loan Orla!nation Fee
802 Loan Discount
803 Appraisal Fee
804. Credit Report
805 Lender's Inspection Fee
806, VA FundIna Fee
807 Assumption Fee
808
809.
810
811._
812
813
814.
R15
900. ITEMS REQUIRED BY I ENDFR TO BE PAID IN ADVANCE
901 Interest from 1-25-02 to <Z$ /day
902 Mortaaae Insurance Premium for mos
903 Hazard Insurance Premium for vrs to
904 Ws to
ons
1000. RESERVES DEPOSITED WITH LENDER
1001 Hazard Insurance
1002 Mortaaae Insurance
mos. (J $ mo.
mos. c $ ma.
1003 City Property Taxes
1004 County Property Taxes
1005 Annual Assessments
mos (q1 S mo.
mos Rs $ mo
mos. @S mo,
1006
mos [1 $ mo
1007
mos @ S MO
1nnA Anff An I
1100. TITLE CHARGES
mine (a S min
1101 Settlement or Closina Fee to BRONSON ABSTRACT CO.. INC
1102. Abstract or Tltie Search
1103 Title Fxaminatlon
125 00
12500
1104, Title Insurance Binder
1105 Document Preparation
1106 Notary Fees
1107 Attorney's Fees
(Includes above Items No • )
1108 Title Insurance to FIRST AMERICAN TITI F INSURANCE
(Includes above Items No • 1
490 00
490.00
1109 Lender's Coverage S
1110 Owner's Coveraae $ 360.000.00
1112.
111'I
1200. GOVERNMENT RECORDING AND TRANSFER CHARGES
1201 Rec. Fgrs• Deed S
' Mto $ • Releases_I
1202 CItv.County tax/stamps• Deed S : Mortaaae $
1203 State tax/stamos; Deed $ • Mortaaae 5
1204 to
17ns to
1300. ADDITIONAL SETTI EMENT CHARGES
1301 Survey
1302 Pest Inspection
1303 COLLECTOR to 1785-14990-000
26.17
1304 COLLECTOR to 6765-15023-000
29 72
1305
1306,
sin?
1400. TOTAL SETTLEMENT CHARGES (enter on lines 103. Section J and 502, Section K)
Buyer TH
The Undersigned Acknowledges Recelpt of This Settlement Statement and Agreei¢o the Correctness Thereo
V/t)
Buyer ARKANSAS
Buyer
Buyer
Previous editions are obsolete
F15792.LMG (4/00)
17AA6
615.00 670.89
Seller HENRY BRYAN WALKER III
Seller
January 25, 2002
Date
form HUD -1 (3/86)
ref Handbook 4305.2
F 4
THE CITY OF FAYETTTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
DATE November 19, 2001
TO: Fayetteville City Council
Thru: Dan Goody, Mayor
Greg Boettcher, Public Works Director
John Maguire, Economic Devlo�pm"�e�nt Director
Jim Beavers, City Engmeey�t,'i• �fj/gto
FROM: Ed Connell, City Land Agen>.
RE: South Business Development Park
Purchase of 32± acres, M or L, from Henry Bryan Walker III
The City and the University of Arkansas have concluded that the" Genesis" program and the
Engineenng Center, located off of South School Ave. and Cato Springs Road, is to be the focal
point for the development of businesses opportunities associated with the research and small
scale developments that are created there. Right now, most of these developments are either
located elsewhere in the state or exported out of state. The City and the University want to
develop a business park which will allow these new businesses, some of them being high-tech, to
remain in the Fayetteville area and close to the research/development experts in those fields.
The City and the Program Development Group of the U of A have looked at the possibilities of a
park development around the Research Center on South School Ave and Cato Springs Road.
Together, we are looking for a minimum of 40 acres and up to 300 acres. When you look around
the Research Center, North is a moderate area of flood plain with residential lands North of that;
South of Cato Springs road is virtually all residential; West has a residential subdivision
(McClinton's 2nd Addition) followed by residential and industrial close to the railroad tracks. The
only available routing, at this time, for the development of a business park of any kind is to the
East of School Avenue There are undeveloped lands from School Avenue to Morningside Drive
where it connects with the Fayetteville West Industrial Park. There is only a limited amount of
undeveloped land surrounding the center itself.
The City's contribution to this overall effort includes the acquisition of lands and the development
of infrastructure for such business park with the eventual sale of such lands to business
establishments. .
Henry Bryan Walker III is sole owner of approximately 32± acres of undeveloped land along the
total South side of 19th Street, fronting on School Ave and extending East to the end of 19th
Street(approx 1,965 feet). The remaining distance to Morningside Dr. is about 2640 feet and
involves a number of property owners. With all of the above in mind and a specific client inquiring,
the City purchased an option of "first refusal" on this land in May of this year. We paid Mr. Walker
Fayetteville City Council • •
Agenda Memorandum
Purchase of Bryan Walker III Property
Page 2 of 2
$5,000 for that 90 day option, the amount being credited toward the purchase price if the City were
to acquire the land The land was appraised for $365,000 as noted in the attached Summary
sheet. Mr. Walker had two other offers (verbal) for the land during the above interim, one for
$350,000 and one for $359,000. Neither, however, were in writing. The City became aware of
these offers from other sources On August 9th, the City made an offer to Mr. Walker for $360,000
which was accepted. The attached Offer and Acceptance Contract is presented herewith for City
Council approval.
In considering the financing of this acquisition, the City Administration would like to sell to the
University of Arkansas approximately 4.0 acres of ;land which it owns on the West side of School
Ave. at 20th Street (Research Center Blvd.). The University Board of Trustees approved the
purchase of said land during their meeting of November 16, 2001. The City has had these two
parcels appraised, the net value being $459,000 or about $100,000 above the appraised/offer
value of the Walker property. We are awaiting our copy of the Offer and Acceptance document
from the UofA which will be attached to this document Closing will occur within 30 days after your
approval of the previous agenda item.
This acquisition would be a start to the needed development of a Business Park on the South side
of Fayetteville. The corridor will be narrow but needs to eventually extend to Morningside Drive
and the Industrial Park.
The sight proposed for purchase is adjacent a closed metal plating shop, now having moved
almost 20 years ago. To ensure that contamination has not migrated into the site of the proposed
to purchase, and to avoid later environmental liabilities, the City had sod samples taken both along
the nearest probable line to the former metal plating facility as well a sample close to the center of
the West portion of the property for background data The testing found no evidence of metals
contamination of the subject property. See attached letter from Terracon.
It is the opinion of the administration that this approach will benefit the economic and business
development in our city while taking advantage of the research and development expertise of the
university personnel and the grants they work under. The aggressive entrepreneur, who is willing
to undertake a new business venture with a modest size facility, needs to be close to technology
leaders. Your positive approval of this purchase will allow us to get started If you have any
questions, you can go through administrative channels or contact me directly at 444-3415.
PP
C
0
CD
N
U O
a `Q
O
0-
a
n
00
oo
VI
M
0
WIllkO'-tt •g4 a°0 u07°2539"e
�o;�31/40 0
,- 00
W
co - O
96668
.M000N
000-£ZOST-S9L
unt
r7)
sO°Oe'
8V9Z = sant/ IaN
SO°0E'
000-06611-S9L
308.45
0
V'
• z
0E -9I -TZ -HS -PAS
ti 408.33'
0
H
P
00
V)
Z
CIA co
td
O 0'a 1
CD ▪ 'd rill
Cla. N
1
ON
o':z
w
Ni ! a
O
m
• 976.96
•
Oy
0
APPRAISAL REPORT
FOR
CITY OF FAYETTEVILLE
Complete Summary Appraisal Report
•
PROJECT Pt. of the SE Y. of Sec. 21, TI6N, 1230W (Ilenry Bryan Walker 111 Properties)
COUNTY Washington
PARCEL 765-15023-000 & 765-14990-000
LOCATION S.School Ave. and 19°i St.., Fayetteville, AR
FEE OWNER Henry Bryan Walker 111
ADDRESS 1954 S. School Ave., P.O. Box 164, Fayetteville, AR 72702
ESTATE APPRAISED Fee Simple
AREA OF SUBJECT PROPERTY 31.62 aces
ESTIMATED FAIR MARKET VALUE OF THE PROPERTY:
Land $365,000
Improvements (No Contributory Value)
Total 5365,000
FAIR MARKET VALUE OF SUBJECT PROPERTY 5365,000
As oldie ISP of June 2001
ALLOCATION OF FAIR MARKET VALUE OF SUBJECT PROPERTY
Fee Simple 31.62 Acres @ SI 1,500/Acre n S 363,630 Say S 365,000
Trees Included in Fee Simple Land Value 5 0
Improvements: Old House— No Contributory Value S 0
Total land, Trus, & Improvements S 0
Total Value $ 365,000
ATTACHMENTS:
X Certificate of Appraise
X Photographs
X Site, H&B Use Narrative
Legal Description
X Market Data Approach
X Plat Map
X Tax Assessment Card
Say 5365,000
Apdraiser, Mark E. Risk GAA, #CG0202
: 1 .
lc F.,`v•
.c.
•:,rn'mm�itunanana:'
November 16, 2001
Mr. Jim Beavers, P.E.
City Engineer
City of Fayetteville
113 West Mountain
Fayetteville, Arkansas 72701
Phone:
Fax:
Re:
(501) 575-8206
(501) 575-8202
•
lierracon
10930 East 56th St.
Tulsa, OK 74146
(918) 250-0461 Fax: (918) 250-4570
T
Report for Limited Environmental Site Investigation
Walker III Property
South School Avenue
Fayetteville, Arkansas
Terracon Project No. 53017069
Dear Mr. Beavers:
Terracon is pleased to submit the following Limited Environmental Site Investigation (ESI) report
for the above referenced property. This investigation was performed in accordance with
Terracon Proposal No. 5301137 dated October 24, 2001.
The objective of the ESI was to evaluate the presence of the eight RCRA metals in the on-site
shallow soils as a result of the historical operations at the adjacent facility which reportedly
operated as a chrome plating facility.
Soil Boring Installation
A total of five shallow hand auger soil borings were advanced on site (see attached Figure 1).
Four of the soil borings (HA -1 through HA -4) were advanced along the property boundary
between the Walker property and the adjacent former chrome plating facility. In addition, one of
the soil borings (HA -5) was advanced near the center of the Walker property as a "background"
location. The hand auger soil borings were advanced to a depth of 18 inches. Soil samples
were collected continuously using a hand auger to document lithology, color, and relative
moisture content.
The borings encountered approximately 3 inches of topsoil underlain by brown clayey gravel to
a depth of 12 inches (probable fill material). The gravel was underlain by a tan and brown clay
to the termination of each boring at 18 inches. Terracon assumes that the upper 18 inches of
soil have been present during the operation of the adjacent facility.
Arizona ■Arkansas ■ Colorado ■ Georgia • Idaho ■ Illinois • Iowa ■ Kansas • Kentucky ■ Minnesota ■ Missouri
Montana • Nebraska • Nevada ■ New Mexico ■Oklahoma • Tennessee ■ Texas • Utah ■ Wisconsin ■ Wyoming
Quality Engineering Since 1965