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HomeMy WebLinkAbout100-04 RESOLUTION• RESOLUTION NO. 100-04 A RESOLUTION TO APPROVE THE SALE OF THE CITY OWNED ANNEX TO THE FAYETTEVILLE PUBLIC LIBRARY FOR $551,000.00 PURSUANT TO THE BID FROM THE FULBRIGHT BUILDING LLC WHEREAS, on or about October 7, 2003, the City Council passed an ordinance to exempt a potential sale of the Library Annex from the requirements of Ordinance No. 4358 "In order to ensure neighborhood compatibility and preservation of the historic exterior of the Roberta Fulbright Library building ...,"; and WHEREAS, the City and Library Board prepared a Request For Proposals on April 15, 2003, for the sale of the Library and Annex; and WHEREAS, the one proposer, Fulbright Building LLC, offered to purchase both structures for One Thousand Dollars more than their individually appraised value; and WHEREAS, the Fayetteville Library Board of Trustees voted to sell the Fayetteville Public Library building to Fulbright Building LLC on June 21, 2004. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby agrees to sell the city -owned Library Annex to Fulbright Building LLC for $551,000.00. PASSED and APPROVED this the 6th day of July, 2004. ATTEST: SONDRA SMITH, City Clerk By: APPROVED: DAN COODY, Mayor .0,111111111,,„ U,•'c,\T Y O, . G� :13' FAYETfEVILLE; t %,y�•yRkANSPSJ���• ',? ,y • S ,,G70N ',,a• • MED -ARK BUILDING: • • ATTACHMENT D 3 The Annex COMMENCING AT THE NORTHWEST CORNER OF THE SW 'A OF THE NW 'A OF SECTION 15, TOWNSHIP 16 NORTH, RANGE 30 WEST, WASHINGTON COUNTY, ARKANSAS. THENCE, SOUTH 87° 39' 09" EAST FOR A DISTANCE OF 472.00 FEET WITH THE NORTH BOUNDARY LINE OF SAID SW ''A OF THE NW 1/4.; THENCE SOUTH 02° 41' 46" WEST FOR A DISTANCE OF 29.59 FEET TO A 5/8"1. PIN (set) ON THE SOUTH RIGHT-OF-WAY LINE OF DICKSON STREET FOR THE POINT OF BEGINNING; THENCE SOUTH 87° 36' 08" EAST FOR A DISTANCE OF 132.59 FEET WITH SAID SOUTH RIGHT-OF-WAY LINE; THENCE SOUTH 02° 42' 14" WEST FOR A DISTANCE OF 336.62 FEET TO A POINT 0.6 FEET NORTH OF AWI. PIN (fd); THENCE NORTH 88° 48' 28" WEST 132.59 FEET TO A COTTON SPINDLE (fd); THENCE NORTH 02° 41' 47" EAST FORA DISTANCE OF 339.41 FEET TO THE POINT OF BEGINNING. THE ABOVE DESCRIBED PROPERTY CONTAINS 1.03 ACRES OF LAND MORE OR LESS. TOGETHER WITH AND SUBJECT TO ANY EASEMENTS OR RESTRICTIONS OF RECORD. HISTORY According to Washington County records, the subject has been held in its' current ownership form for many years. The original building was built m 1961 and an addition was made in 1969-70. To the appraiser's knowledge, there have been no transactions involving the subject property within the past three years. 15 ATTACHMENT D • OFFER AND ACCEPTANCE CONTRACT 1. Buyer, The Fulbright Building, LLC, offers to buy, from the City of Fayetteville, Seller, subject to the terms and conditions set forth herein, the following described property: See attachment D3 2 Purchase Price: subject to the following conditions the Buyer shall pay for the property at closing the total and cash payment of $551,000 cash. 3 Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $ 10,000 to the City of Fayetteville , hereinafter referred to as Seller, as earnest money, which shall apply on the Purchase Price. This offer of purchase is contingent upon approval of the Fayetteville City Council 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 Buyer. If Buyer fails to fulfill his obligations under the contract or after all conditions have been met, Buyer fails to close this transaction the earnest money may at the option of the Seller, become liquidated damages to the Seller. Alternatively, Seller may assert legal or equitable rights which it may have because of breach of this contract. 4 Conveyance will be made to Buyer by general warranty deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned by Seller. 5 Seller shall furnish, at Buyer's cost a policy of title insurance in the amount of the purchase price from a title insurance company as selected by Buyer. 6 Seller agrees to allow Buyer, at Buyer's expense, to survey the property. Seller agrees, at Seller's expense, to cure any title problems which may result from any differences between the recorded legal description 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 and rental payments shall be prorated as of closing. 8. Seller acknowledges that Buyer offers to purchase the property as outlined in buyer's proposal and Request For Proposal incorporated herein and made a part hereof. 9. The closing date is designated to be October 1, 2004. The location and time of closing shall be agreed to by Seller and Buyer. e. • • 10. Possession of the property shall be delivered to the Buyer on the date of closing. 11. All fixtures, improvements and attached equipment are included in the Purchase Price. 12. 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. 13. This AGREEMENT shall be governed by the laws of the State of Arkansas. 14. This AGREEMENT, when executed by both Buyer and 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. 15. This contract expires, if not accepted, on or before July 19, 2004. CITY CLERK if dJUd/•✓j Lat.( �/o� Date:� Date: 7/27/07( Date: //l9/Q5,‘ ATTACHMENT D OFFER AND ACCEPTANCE CONTRACT 1. , offers to buy, from the City of Fayet&eville, eller, subject to the terms and conditions set forth herein, the following described property: See attachments D1, D2, D3, Purchase Price: subject to the following conditions the Buyer shall pay for the property at closing the total and cash payment of $ i,15a , 000.0° cash. Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $ 10,000 to the City of Fayetteville and Fayetteville Public Library hereinafter referred to as Seller, as earnest money, which shall apply on the Purchase Price. This offer of purchase contingent upon approval of the Library Board of Trustees and Fayetteville City Council 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 Buyer. If Buyer fails to fulfill his obligations under the contract or after all donditions have been met, Buyer fails to close this transaction the earnest money may at the option of the Seller,. become liquidated damages to the Seller. Alternatively, Seller may assert legal or equitable rights which it may have because of breach of this contract. 4. Conveyance will be made to Buyer'by general warranty deed, except it shall be subject to recorded instruments and easements, ifany, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned. by Seller. 5. Seller shall furnish, at Buyer's cost a policy of title insurance in theamount of the purchase price. from a title insurance company as selected by Buyer. 6. Seller agrees to allow .Buyer, at Buyer's expense, to survey the property. Seller agrees, at Seller's expense, to cure any title problemswhich may result from any differences between the recorded legal description 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 assessme_nts__and rental payments shall be prorated as of closing. 8. Seller acknowledges that Buyer offers to purchase the property as outlined in buyer's proposal and Request For Proposal incorporated herein and made a part hereof. 9. The closing date is designated to be Q n k,.. 1i,,pny ( eo) days after acceptance of this offer by the Seller. The location and time of closing shall be agreed to by Seller and. Buyer. 10. Possession of the property shall be delivered to the Buyer on the date of closing. 11. All fixtures, improvements and attached equipment are included in the Purchase Price. 12. 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. 13. This AGREEMENT shall be governed by the laws of the State of Arkansas. 14. This AGREEMENT, when executed by both Buyer and 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. 15. This contract expires, if notaccepted, on or before the day of 1 .1uiy , 2004. 16. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE LIBRARY BOARD OF TRUSTEES AND FAYETTEVILLE.CITY COUNCIL'S APPROVAL OF THIS OFFER OF PURCHASE AND THAT THE FAILURE OF THOSE ENTITIES TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE $ 10,000 EARNEST MONEY DEPOSIT. BUYER lugricloit MAYOR its J* CL65. LL.L Date: AOLOr i • TAW CITY CLERK LIBRARY Date: Date: Date: 7/4Y ��cp11.111111 K/TR t,"ff CE.. IS'L'o \SY OE o: •� ;FAYETTEVILLE: 3 .t'• � : ti %9syNKANSGOJ�', �,,,c roN c°,•• • ,C.. a rn..ilirlLl1 1 1/ 1 1 me Liorary complex • • LEGAL DESCRIPTION The library complex site has recently beensurveyed along with all other properties held by the Fayetteville Public Library. The complex site was acquired via multiple transactions over the years. The appraiser is not certain whether a separate survey or combined legal description exists for this particular site. Therefore, for the purposes of thisappraisal, the subject's exact legal description is subject to a legal survey. following is a provided survey description of the entire complex site with `less and except' the site of the original Library building: ALL THAT CERTAIN TRACT OR PARCEL OF LAND BEING A PART OF THE SW ''A OF THE NW' 'A OF SECTION 15, TOWNSHIP 16 NORTH, RANGE 30 WEST, WASHINGTON COUNTY, ARKANSAS SAID. TRACT BEING THOSE TRACTS AS DESCRIBED IN BOOK 1344, PAGE 109, 534/112, 534/111, 683/352, AND 836/379, OF WASHINGTON COUNTY RECORDS AND BEING MORE PARTICULARY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: COMMENCING -AT THE NORTHWEST CORNER OF THE SW ''A OF THE NW ''A OF SECTION 15, TOWNSHIP 16 NORTH, RANGE 30 WEST, WASHINGTON COUNTY, ARKANSAS THENCE, SOUTH 87° 39'.09" EAST FOR A DISTANCE OF 472.00 FEET WITH THE NORTH BOUNDARY LINE OF SAID SW ''A OF THE NW 1/4:; THENCE SOUTH 02° 41' 46" WEST FOR A DISTANCE OF 29.59 FEET TO A 5/8"1: PIN (set) ON THE SOUTH RIGHT-OF-WAY LINE OF DICKSON STREET FOR THE, POINT OF BEGINNING; THENCE SOUTH 87° 36' 08"EAST FOR A DISTANCE OF 443.50 FEET WITH SAID SOUTH RIGHT-OF-WAY LINE TO AN 'T' SET IN CONCRETE; THENCE SOUTH 02° 4P 16" WEST FOR A DISTANCE QF 175.87 FEET TO A R/R SPIKE (set) THENCE NORTH 87° 18' 44" WEST FORA DISTANCE OF 60.00 FEET TO A 5/8"I.PIN (set); THENCE SOUTH 02 041116" WEST FOR A DISTANCE OF 60.00 FEET TO A 5/8"LPIN (set); THENCE NORTH 87° 18' 44" WEST FOR A DISTANCE OF 178.50 FEET; THENCE NORTH 02° 41' 16" EAST FOR DISTNCE OF 9.53 FEET; THENCE NORTH 87° 13' 11" WEST FOR A DISTANCE OF 72.50 FEET TO A 5/8" I PIN (set);THENCE SOUTH 02° 41' 16" WEST FOR A DISTANCE OF 111.97 FEET TO A POINT 0.6 FEET NORTH OF A'/2"I. PIN (fd); THENCE NORTH 88° 48' 28" WEST 132.59 FEET TO A COTTON SPINDLE (fd); THENCE NORTH. 02° 41' 43" EAST FOR DISTANCE OF 339.41 FEET TO THE POINT OF BEGINNING. THE ABOVE DESCRIBED PROPERTY HAVING BEEN SURVEYED BY BART L PETRAY CONTAINS 2.61 ACRES OF LAND MORE OR LESS. TOGETHER WITH AND SUBJECT TO ANY EASEMENTS OR RESTRICTIONS OF RECORD 11 1 1 1• 1 1 1 1 1 1 1 1 1 1 • ATTAtMENT D 2 The Main Building MAIN LIBRARY BUILDING:. • COMMENCING AT THE NORTHWEST CORNER OF THE SW 'A OF THE NW 'A OF SECTION 15, TOWNSHIP 16 NORTH RANGE 30 WEST, WASHINGTON COUNTY, ARKANSAS. THENCE, SOUTH 87° 39' 09" EAST FOR A DISTANCE OF 472.00 FEET WITH THE NORTH BOUNDARY LINE OF SAID SW ''A OF THE NW 1/4.; THENCE SOUTH 02° 41' 46" WEST FOR A DISTANCE OF 29.59 FEET TO A 5/8"1. PIN (set) ON THE SOUTH RIGHT-OF-WAY LINE OF DICKSON STREET THENCE SOUTH 87° 36' 08" EAST FOR A DISTANCE OF 132.59 FEET FOR THE POINT OF BEGINNING; THENCE SOUTH 87° 36' 08" EAST FORA DISTANCE OF 310.91 FEET WITH SAID SOUTH RIGHT-OF-WAY LINE TO AN SET IN CONCRETE; THENCE SOUTH 02° 41' 16" WEST FOR A DISTANCE OF 175.87 FEET TO A R/R SPIKE (set); THENCE NORTH 87° 18' 44" WEST FOR A DISTANCE OF 60.00 FEET TO A 5/8"I.PIN (set); THENCE SOUTH 02 °41' 16 WEST FOR A DISTANCE OF 60.00 FEET TO A 5/8"I PIN (set); THENCE NORTH 87° 18' 44" WEST FOR A DISTANCE OF 178.50 FEET; THENCE NORTH or 41' 16" EAST FOR A DISTNCE OF 9.53 FEET. THENCE NORTH 87°.13' 11" WEST FOR A DISTANCE OF 72 50 FEET TO A 5/8" I PIN (set);THENCE NORTH 02° 42'42" EAST FOR A DISTANCE OF 224.65 FEET TO THE POINT OF BEGINNING. THE ABOVE DESCRIBED PROPERTY CONTAINS 1.58 ACRES OF LAND MORE OR LESS. TOGETHER WITH AND SUBJECT TO ANY EASEMENTS OR RESTRICTIONS OF RECORD HISTORY According to Washington County records, the subject has been held in its' current ownership form for many years. The original building was built approximately 45 years ago and renovations were made in 1991. To the appraiser's knowledge, there have been no transactions involving the subject property within the past three years. 12 • • MED -ARK BUILDING: • • ATTACHMENT D 3 The Annex COIVIMkNCING AT THE NORTHWEST CORNER OF THE SW ''A OF THE NW 'A OF SECTION 15, TOWNSHIP 16 NORTH, RANGE 30 WEST, WASHINGTON COUNTY, ARKANSAS. THENCE, SOUTH 87° 39' 09" EAST FOR A DISTANCE OF 472.00 FEET WITH THE NORTH BOUNDARY LINE OF SAID SW' 'A OF THE NW 1/4.; THENCE SOUTH 02° 41' 46" WEST FOR A DISTANCE OF 29.59 PEbT TO A 5/8"1. PIN (set) ON THE SOUTH RIGHT-OF-WAY LINE OF DICKSON STREET FOR THE POINT OF BEGINNING; THENCE SOUTH 87' 36' 08" EAST FOR DISTANCE OF 132.59 FEET WITH SAID SOUTH RIGHT-OF-WAY LINE; THENCE SOUTH 02° 42' 14 WEST FOR A DISTANCE OF 336.62 FEET TO A POINT 0.6 FEET NORTH OF A %z"I. PIN (fd); THENCE NORTH 88°'48' 28" WEST 132.59 FEET TO A COTTON SPINDLE (fd); THENCE NORTH 02° 41' 47" EAST FOR A DISTANCE OF 339.41 FEET TO THE POINT OF BEGINNING. THE ABOVE'DESCRIBED PROPERTY CONTAINS 1.03 ACRES OF LAND MORE OR LESS. TOGETHER WITH AND SUBJECT TO ANY EASEMENTS OR RESTRICTIONS OF RECORD. HISTORY According to Washington County records, the subject has been held in its' current ownership form for many years. The original building was built m 1961 and an addition was made in 1969-70. To the appraiser's knowledge, there have been no transactions involving the subject property within the past three years. 15 NAME OF FILE: CROSS REFERENCE: Item # Date Resolution No. 100-04 w/attachments Document 1 1 06/22/04 memo to mayor & City Council 2 Response to RFP to purchase Library Complex 3 Redevelopment Plan & Description of Proposed Use 4 Proposed Offer 5 The Rollston Building 6 Campbell Avenue Terrace 7 The Ozark Building 8 The Campbell -Bell Building g UARK Bowl 10 Inn at Carnall Hall 11 Letter to Richard Alexander from 1st Federal Bank 12 draft resolution 13 Staff Review Form 14 memo to Hugh Earnest 15 copy of Settlement Statement 16 copy of HUD -1 Certification 17 copy of HUD -1 Certification NOTES: r FAYETTEVIPI.E THE CITY OF FAYETTEVILLE, ARKANSAS 7/0fr ft- /00 - L, hey 74iv4/ Sk/ F/Lric5A" Date: June 22, 2004 To: The Mayor and Council From: Hugh Earnest Subject: Sale of Municipal Annex adjacent to Fayetteville Public Library Recommendation It is our recommendation that the council accept the bid submitted for the purchase of the referenced city owned property. Background Staff of the library and city worked together to prepare a request for proposal for sale of the Fayetteville Public Library complex at 217 E. Dickson. The complex is composed of the main library with approximately 24,000 square feet and the annex, a former professional building, with approximately 6600 square foot. The two buildings were connected in 1991. Both properties were listed in the Request for Proposal. As the Council knows, the Library Board of Trustees owns the main library and the City of Fayetteville owns the Annex. A copy of the RFP is attached. Current Situation The two entities received only one proposal for the respective properties. A selection committee composed of City staff, an Alderman, Library staff, Library Trustee and a representative of the neighborhood reviewed the proposal. After considerable discussion, the committee unanimously recommended that the proposal from the Fulbright Building LLC consisting of Richard Alexander, John Nock, Rob Merry -Ship, Ted Belden and John Tyson be accepted The offer for the city portion is $551,000 and the offer for the Library portion is $1,201,000. Attached for your review is a copy of the proposal from the successful bidder and the offer and acceptance form. Budget Impact Sale of the annex will realize an amount of $551,000 to the city. These proceeds will be placed in the city general fund unless we are instructed otherwise by Council. 113 WEST MOUNTAIN 72701 479-521-7700 FAX 479-575-8257 RESPONSE TO REQUEST FOR PROPOSAL TO PURCHASE THE LIBRARY COMPLEX AT 217 EAST DICKSON STREET, FAYETTEVILLE ARKANSAS JUNE 4, 2004 BY THE FULBRIGHT BUILDING, LLC RICHARD ALEXANDER - K013 MERRY -SHIP - JOHN NOCK - TED BELDEN - JOHN TYSON DEVELOPMENT TEAM: Richard Alexander Phone: 479-521-9188 Rob Mercy -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Project Partners: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Ted Belden Phone: 501-580-3762 John Tyson Phone: 479-290-4233 Principal Contact Richard Alexander Phone: 479-521-9188 11 N. West Avenue Fayetteville, AR 72701 Fax: 479-521-1889 richardalexander(� arkansas.net • • THE LIBRARY COMPLEX ROBERTA FULBRIGHT BUILDING and MCD,ARK BUILDING RESPONSE TO REQUEST FOR PROPOSAL REDEVELOPMENT PLAN AND DESCRIPTION OF PROPOSED USE THE FULBRIGHT BUILDING, LLC COMPRISED OF RICHARD ALEXANDER, ROB MERRY -SHIP, JOHN NOCK, TED BELDEN AND JOHN TYSON PROPOSES TO ACQUIRE, REDEVELOP AND PRESERVE THE ROBERTA FULBRIGHT BUILDING AND THE ADJOINING MEDARK BUILDING WHICH CURRENTLY SERVE AS THE HOME OF THE FAYETTEVILLE PUBLIC LIBRARY. IT IS THE RESPONDENT'S INTENT TO USE ITS BEST EFFORTS TO PLACE THE MAIN LIBRARY BUILDING ON THE NATIONAL REGISTER OF HISTORIC PLACES AND TO REDEVELOP THE INTERIOR OF THE LIBRARY COMPLEX INTO UPSCALE PROFESSIONAL OFFICE SPACE IN A MANNER CONSISTENT WITH THE OVERALL CHARACTER AND VISION OF ARCHITECT WARREN SEGRAVES ORIGINAL DESIGN. THE PRESERVATION OF THE EXTERIOR FACADE OF THE BUILDING, AS WELL AS THE EXISTING LANDSCAPING AND STREET FRONT, IS A PRIMARY COMPONENT OF THE REDEVELOPMENT PLAN; AS SUCH, THE MAJORITY OF THE REDEVELOPMENT WILL TAKE PLACE ON THE INTERIOR OF THE BUILDING. THE PROPOSED INTERIOR DESIGN WILL INCORPORATE FUNDAMENTAL ARCHITECTURAL PRINCIPLES THAT WILL DIRECTLY HARMONIZE WITH THE EXISTING EXTERIOR ELEMENTS. IN SUMMARY, IT I5 THE RESPONDENT'S INTENT TO PRESERVE THE EXTERIOR BUILDING ELEVATIONS, LANDSCAPING AND STREET FRONT OF THE PROPERTY AS I5. RESPONDENTS BELIEVE THAT THE PROPOSED REDEVELOPMENT OF THE INTERIOR SPACE AS UPSCALE PROFESSIONAL OFFICES IS COMPATIBLE WITH EXISTING ZONING AND THE NEIGHBORHOOD, AND WILL HAVE LESS IMPACT ON THE NEIGHBORHOOD, BY WAY OF TRAFFIC AND PARKING THAN THE BUILDINGS CURRENT USE. DEVELOPMENT TEAM: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Project Partners: Richard Alexander Phone: 479-521-9188 Rob I\cern--Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Ted Belden Phone: 501-580-3762 John Tyson Phone: 479-290-4233 Principal Contact: Richard Alexander Phone: 479-521-9188 11 N. West Avenue Fayetteville, AR 72701 Fax: 479-521-1889 richardalexander @@ arkansas.net • • THE L[BR..AR Y COMPLEX ROBERTA FULBRIGHT BUILDING and MEDARK BUILDING PROPOSED OFFER THE FULBRIGHT BUILDING, LLC OFFERS THE FOLLOWING: I. 2. $1,201,000 FOR THE MAIN BUILDING AT 217 E. DICKSON ST. $551,000 FOR THE ANNEX AT 211 E. DICKSON ST. 3. A PLEDGE OF A $50,000 TAX DEDUCTIBLE GIFT TO THE LIBRARY FOUNDATION TO BE SPENT AT THE DISCRETION OF THE LIBRARY BOARD OF TRUSTEES ON OR FOR THE NEW LIBRARY FACILITY COMPLETE DETAIL OF THE OFFER IS OUTLINED IN ATTACHMENT D. REDEVELOPMENT TIMELINE THE RESPONDENTS BELIEVE THE PROJECT WILL BE COMPLETED WITHIN 12-14 MONTHS. THIS PROPOSAL SUBMITTEI33 ON THE 1 RICHARD ALEXANDER, MANAGING MEMBER, THE FULBRIGHT BUILDING, LLC BY DAY OF COAf DEVELOPMENT TEAM RICHARD ALEXANDER AND ROB MERRY -SHIP ARE WELL KNOWN IN THE AREA FOR THEIR COMMITMENT TO EXCELLENCE IN THE REV1TALIZATION AND PRESERVATION OF HISTORIC STRUCTURES. THE DEVELOPERS HAVE EXTENSIVE EXPERIENCE IN DEVELOPING SIMILAR HIGH END MIXED USE COMMERCIAL, RESIDENTIAL AND PROFESSIONAL OFFICE PROJECTS IN THE HISTORIC DOWNTOWN FAYETTEVILLE AREA. THE FOLLOWING LIST INCLUDES EXAMPLES OF PROJECTS THE DEVELOPERS HAVE RECENTLY COMPLETED: DEVELOPMENT TEAM: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Project Partners: Richard Alexander Phone: 479-521-9188 Rob _Merv --Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Ted Belden Phone: 501-580-3762 John Tyson Phone: 479-290-4233 Principal Contact Richard Alexander Phone: 479-521-9188 11 N. West Avenue Fayetteville, AR 72701 Fax: 479-521-1889 richardalexander( arkansas.net • • THE L[BR.ARY COMPLEX ROBLRTA FULBRIGHT BUILDING and MEDARK BUILDING THE ROLLSTON BUILDING 315 ROLLSTON AVE. YEAR COMPLETED -1995 SIZE -10,000 SQ. FT. THE ROLLSTON BUILDING WAS ONE OF THE FIRST MIXED-USE BUILDINGS IN DOWNTOWN FAYETTEVILLE. IT WAS A ONE STORY CINDERBLOCK WAREHOUSE THAT WAS CONVERTED INTO AN ALL STUCO BUILDING HOUSING TWO RESTAURANTS ON THE BOTTOM FLOOR AND SIX LUXURY APARTMENTS ON THE SECOND FLOOR. A&D COST: APPROX. $1,000,000 DEVELOPMENT TIME: APPKOX. 12 Mos. DEVELOPMENT TEAM: Richard Alexander Phone: 479-521-9188 Rob 1\{erre-Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Project Partners: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Ted Belden Phone: 501-580-3762 lobo Tyson Phone: 479-290-4233 Principal Contact Richard Alexander Phone: 479-521-9188 11 N. West Avenue Fayetteville, AR 72701 Fax: 479-521-1889 richardalexander@ arkansas.net • • THE LI.BIZAIcY COMPLEX ROBERTA FULBRIGHT BUILDING and MEDARK BUILDING CAMPBELL AVENUE TERRACE 340 N. CAMPBELL AVE. YEAR COMPLETED -1997 SIZE -14,000 SQ. FT. THIS NEW ALL BRICK STRUCTURE CONTAINS 14 HIGH END RESIDENTIAL APARTMENTS. THE SITE CAMPBELL AVENUE TERRACE OCCUPIES ONCE CONTAINED TWO CITY CONDEMNED STRUCTURES. A&D COST: APPROX. $1,200,000 DEVELOPMENT TIME: APPROX. 12 Mos. %rs DEVELOPMENT TEAM: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Project Partners: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 john Nock Phone: 479-530-6799 Ted Belden Phone: 501-580-3762 John Tyson Phone: 479-290-4233 Principal Contact Richard Alexander Phone: 479-521-9188 11 N. West Avenue Fayetteville, AR 72701 Fax: 479-521-1889 richardalexander{a3 arkansas.net • • THE LIBRARY COMPLEX ROBERTA FULBRIGHT BUILDING and MLDARK BUILDING THE OZARK BUILDING 2 N. COLLEGE AVE. YEAR COMPLETED -1998 SIZE -15,000 SQ. FT. THIS BUILDING WAS ORIGINALLY BUILT AS A THEATER AND OPERA HOUSE IN 1905. OVER. TIME IT BECAME RUN DOWN AND DILAPIDATED. IN THE 1990s, LOCAL PRESERVATIONISTS BEGAN AN EFFORT TO SAVE IT. ALEXANDER AND MERRY -SHIP BOUGHT THE BUILDING FROM THE CITY OF FAYETTEVILLE IN 1996 FOR $20,000 AND AFTER A $1.4 MILLION RENOVATION, TURNED IT INTO AN UPSCALE OFFICE BUILDING, WHICH REOPENED IN AUGUST OF 1998. IT WAS SOLD IN 2002 FOR $2.2 MILLION. ASD COST: APPROX. $1,400,000 DEVELOPMENT TIME: APPROX. 14 Mos. DEVELOPMENT TEAM: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Project Partners: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Ted Belden Phone: 501-580-3762 John Tyson Phone: 479-290-4233 Principal Contact: Richard Alexander Phone: 479-521-9188 11 N. West Avenue Fayetteville, AR 72701 Fax: 479-521-1889 richardalexander@ arkansas.net • • THE LIBRARY COMPLEX, ROBERTA FULBRIGHT BUILDING and MEDARK BUILDING THE CAMPBELL -BELL BUILDING 15 S. BLOCK AVE. YEAR COMPLETED -2000 SIZE -24,000 SQ. Fr. THE CAMPBELL -BELL BUILDING WAS FOR YEARS ONE OF THE REGION'S MOST POPULAR CLOTHING STORES. AFTER CLOSING IN THE MID 1990s, THE BUILDING SAT EMPTY FOR SEVERAL YEARS, BEFORE BEING PURCHASED IN 1998. THE TWO STORY STRUCTURE WAS RESTORED AND CONVERTED INTO OFFICE/RETAIL LEASE SPACE ON THE FIRST FLOOR WITH FOUR LUXURY CONDOMINIUMS ON THE SECOND FLOOR. A&D COST: APPROX. $2,500,000 DEVELOPMENT TIME: APPROX. 14 Mos. • DEVELOPMENT TEAM: Richard Alexander Phone: 479-521-9188 Rob Mern-Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Project Partners: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Ted Belden Phone: 501-580-3762 John Tyson Phone: 479-290-4233 Principal Contact Richard Alexander Phone: 479-521-9188 11 N. West Avenue Fayetteville, AR 72701 Fax: 479-521-1889 richardalexander@ arkansas.net • • THE LIBR.AR X COMPLEX ROBERTA FULBRIGHT BUILDING and MCDARK BUILDING U -ARK BOWL 644 W. DICKSON ST. YEAR COMPLETED -2002 SIZE -32,000 SQ. FT. Lt.is Mr. Iliil Ji11111111 "le THE U -ARK BOWL WAS BUILT IN 1949 AS A BOWLING ALLEY AND BALLROOM. ALEXANDER AND MERRY-SFIIP PURCHASED THE BUILDING IN 2000 AND CONVERTED IT INTO A MIXED USE RESIDENTIAL/COMMERCIAL FACILITY. THE FIRST FLOOR CONSISTS OF 12,000 SQUARE FEET OF EVENT, MEETING, AND RETAIL SPACES. THE SECOND FLOOR CONSISTS OF 14 HIGH END CONDOMINIUMS, RANGING IN SIZE FROM 1,250 TO 2,000 SQ. FT. A&D COST: APPROX. $3,800,000 DEVELOPMENT TIME: APPROX. 16 Mos. - L..{JJ - rr DEVELOPMENT TEAM: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Project Partners: Richard Alexander Phone: 479-521-9188 Rob Merry -Ship Phone: 479-521-9188 John Nock Phone: 479-530-6799 Ted Belden Phone: 501-580-3762 John Tyson Phone: 479-290-4233 Principal Contact Richard Alexander Phone: 479-521-9188 11 N. West Avenue Fayetteville, AR 72701 Fax: 479-521-1889 richardalexander(@ arkansas.net • • THE LIBRARY COMPLEX ROBERTA FULBRIGHT BUILDING and MEDARK BUILDING THE INN AT CARNALL HALL UNIVERSITY OF ARKANSAS CAMPUS YEAR. COMPLETED -2003 Size -50 RooM 50,000 SQ. FT. CARNALL HALL IS THE SECOND OLDEST BUILDING ON THE CAMPUS OF THE UNIVERSITY OF ARKANSAS. IT WAS BUILT IN 1905 AS A WOMEN'S DORMITORY AND WAS MUCH LATER USED AS OFFICE SPACE AND CLASSROOMS. THE BUILDING WAS VACATED IN 1991 AND LANGUISHED IN DISREPAIR FOR A DECADE. AFTER BEING CHOSEN BY THE UNIVERSITY IN 2001, ALEXANDER & MERRY -SHIP BEGAN AN $8 MILLION RENOVATION PROJECT. CARNALL HALL IS NOW A BOUTIQUE UPSCALE HOTEL AND 4 -STAR RESTAURANT. IT ALSO SERVES AS A WORKING CLASSROOM AND LABORATORY FOR THE UNIVERSITY'S BURGEONING HOSPITALITY PROGRAM. A&D COST: APPROX. $8,000,000 DEVELOPMENT TIME: APPROX. 14 Mos.