HomeMy WebLinkAbout145-04 RESOLUTIONRESOLUTION Na45-04
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND THE
FAY JONES TRUST FOR THE PURCHASE OF APPROXIMATELY
2.44 ACRES OF LAND LOCATED BETWEEN WEST AND GREGG
AVENUES FOR THE AMOUNT OF $100,000.00 PLUS
ASSOCIATED CLOSING COSTS; APPROVING A BUDGET
ADJUSTMENT IN THE AMOUNT OF $50,000.00; AND
ACCEPTING THE RECOMMENDATION OF THE TREE AND
TRAILS TASK FORCE.
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 approves an Offer and Acceptance contract between the City of
Fayetteville and the Fay Jones Trust for the purchase of approximately 2.44 acres
of land located between West and Gregg Avenues for the amount of $100,000.00
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 of the City of Fayetteville, Arkansas
hereby approves a budget adjustment in the amount of $50,000.00.
Section 3. That the City Council of the City of Fayetteville, Arkansas
hereby accepts the recommendation of the Tree and Trails Task Force to devote
half of the remaining balance of the Tree and Trails Fund to this purchase.
PASSED AND APPROVED this 21st day of September 2004.
ATTEST:
By:
ONDRA SMITH, City Clerk
APPRO
By:
AN COODY, Mayo
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: FAYETTEVILLE:
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OFFER AND ACCEPTANCE CONTRACT
1. The City of Fayetteville, Arkansas, a municipal corporation, 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 payment of $ 100,000.
3. Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $ n/t/
0.0o to Euine Fay Jones, Trustee of the Fay Jones Trust, hereinafter referred to
as the Seller, as eamest money, which shall apply on the purchase price This offer of
purchase is contingent upon approval of the City Council of the City of Fayetteville,
Arkansas, and, if they do not so approve, the earnest money deposit will be returned
to the Buyer by the Seller. If title requirements are not fulfilled or the Seller fails to fulfill
any obligations under this contract, the eamest money shall be promptly refunded to
the Buyer. If the Buyer fails to fulfill his obligations under this contract or after all
conditions have been met, the Buyer fails to close this transaction, the earnest money
may, at the option of the Seller, become liquidated damages to the Seller. Alternatively,
the Seller may assert legal or equitable rights which it may have because of breach of
this contract.
4. Conveyance will be made to the Buyer by general Warranty Deed, except it shall be
subject to recorded instruments and easements, if any, which do not materially affect
the value of the property. Such conveyance shall include mineral rights owned by the
Seller.
5. The Seller shall furnish, at Seller's cost, a policy of title insurance in the amount of the
purchase price from a title insurance company as selected by the Buyer.
6. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey the
property. Seller agrees to cure any title problems which may result from any
differences between the recorded legal descriptions of the property and the survey
description. Said 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. The closing date is designated to be within sixty (60) days after this document has been
approved by the Fayetteville City Council and said document will be submitted to the
Fayetteville City Council within 30 days of acceptance acceptance of this offer by the
Seller. Closing cost, except as specifically noted herein, shall be shared equally
between Seller and Buyer.
•
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
9. Possession of the property shall be delivered to the Buyer on the date of closing.
10. 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.
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. 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
altemative, at Buyer's discretion, Buyer may cure such environmental hazard, and
Seller shall indemnify Buyer for all costs associated with said cure.
14. This agreement shall be govemed by the laws of the State of Arkansas.
15. 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.
16. This contract expires, if not accepted by the Seller on or before the 22nd day of June,
2004.
17. 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, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER
OF THE $ ADO EARNEST MONEY DEPOSIT.
Ni/
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 5
SELLER:
Fay Jones Trust/11 /
Euihe�Y Jones rusteee (MA/
AGENT OR WITNESS:
A6
BUYER:
City of Fayetteville, Arkansas,
a municipal corporation
Dan Coody, Mayor
�QLta�il-tr-�
Sondra Smith, City Clerk
Date:
Date: �,- -200F
Date:
(SEAL)
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 5
EXHIBIT "A"
PROPERTY DESCRIPTION
(Deed Book 1031 at Page 736)
A part of the NW% of the SE% of Section 16, Township 16 North, Range 30 West of the
5th P.M., being more particularly described as follows, to -wit: Commencing at a found two
inch iron pin marking the southwest comer of the NWY. of the SE% of said section,
township and range, which iron pin also marks the intersection of the South boundary
line of the right of way of South Street with the West boundary line of the right of way of
Gregg Avenue; thence South 88° 30' 40" East along the South boundary line of South
Street a distance of 37.33 feet to a point; thence North 00° 04' 40" East a distance of
65.12 feet to a found iron pin marking the Southwest comer of Block 36 of the Original
Town (now City) of Fayetteville, Arkansas, and which found iron pin also marks the
intersection of the East boundary line of the right of way of Gregg Avenue and the North
boundary line of the right of way of South Street; thence Northerly along the East
boundary line of the right of way of Gregg Avenue to a set iron pin which marks the
Northwest comer of said Block 36 at the intersection of the East boundary line of the right
of way of Gregg Avenue and the South boundary line of the right of way of Rock Street;
thence Easterly along the South boundary line of the right of way of Rock Street to a set
iron pin marking the intersection of the West boundary line of the right of way of the St.
Louis -San Francisco Railway and the South boundary line of the right of way of Rock
Street; thence Southerly along the West boundary line of said railroad right of way to a
set iron pin marking the intersection of the West boundary line of said railroad right of
way with the North boundary line of the right of way of South Street; thence Westerly
along the North boundary line of the right of way of South Street to the point of beginning,
said area being designated as Lot 1 of Block 36 of the Original Town of Fayetteville,
Arkansas, according to the Map of Fayetteville, Arkansas, surveyed and drawn by Bums
and McDonnell, Engineers, Kansas City, Missouri. Also, beginning at an iron pin set on
the West boundary line of the right of way of West Avenue at a point 158 feet South of
a set iron pin which marks the Northeast corner of Block 36 in the Original Town (now
City) of Fayetteville, Arkansas, and which set iron pin also marks the intersection of the
West boundary line of the right of way of West Avenue and the South boundary line of
the right of way of Rock Street; thence Southerly along the West boundary line of the
right of way of West Avenue to a found iron pin which marks the Southeast corner of said
Block 36 at the intersection of the West boundary line of the right of way of West Avenue
and the North boundary line of the right of way of South Street; thence Westerly along
the North boundary line of the right of way of South Street to a set iron pin which marks
the intersection of the North boundary line of the right of way of South Street and the
East boundary line of the right of way of the St. Louis -San Francisco Railway thence
Northerly along the East boundary line of the railroad right of way to an iron pin set on
the East boundary line of said railroad right of way at a point which is North 88° 30' 40"
West of the point of beginning; thence South 88° 30' 40" East a distance of 148 feet to
the point of beginning, said area being designated as Lots 5, 6, and 7 of Block 36
according to the Map of Fayetteville, Arkansas, surveyed and drawn by Bums and
McDonnell, Engineers, Kansas City, Missouri. It being the intention in the above
description all of Block 36, in the Original Town (now City) of Fayetteville, Arkansas,
LESS AND EXCEPT the following described real estate, to -wit: A strip of real estate 100
feet in width running parallel with the located centerline of the St. Louis -San Francisco
Railroad right of way and measuring 50 feet in width on both sides of said centerline.
Also, LESS AND EXCEPT that part of said Block 36 lying North of a line parallel to and
158 feet South of the North line of said Block and lying East of the East boundary line of
the St. Louis -San Francisco Railway right of way and West of the West boundary line of
the right of way of West Avenue in the City of Fayetteville, Arkansas.
OFFER AND ACCEPTANCE CONTRACT
Page 5 of 5
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 Euine Fay Jones, to me
well known as the person who executed the foregoing document, and who stated and acknowledged that
he is Trustee of Fay Jones Trust, and is duly authorized to execute the foregoing instrument for and in
the name and behalf of said Trust, 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 PA day of i4efetir
2004.
4•:
MY COMMISSION EXPIRt su. )';
t; I'Se:
EDWARD D. CONNEL
Washington County
My Commission Expires
May 1, 2010
C,,‘t
Notary Public
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 Coody and Sondra
Smith, 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 /4 day of < �y
MY COMMISSION EXPIRE
cf-c/- ecifo
EDWARD D. CONNELL
Washington County
My Commission Expires
May 1,2010
Notary Public
City of Fayetteville, Arkansas
• Budget Adjustment Form
Budget Year
2004
Department: General Government
Division: Miscellaneous
Program: Miscellaneous
Date Requested
9/7/2004
Adjustment Number
Project or Item Requested:
$50,000 is requested in the Land acquisition account.
Project or Item Deleted:
None. $50,000 from the Use of Fund Balance is
proposed.
Justification of this Increase:
Funding is for 2.44 acres from the Fay Jones Trust.
J
Justification of this Decrease:
Sufficient funding remains to comply with City policies.
Funds will be taken from the proceeds of the sale of
Wilson Springs Business Park.
Increase Budget (Decrease Revenue)
Account Name ' Account Number Amount Project Number
Land acquisition
1010 6600 5805 00 50,000
Decrease Budget (Increase Revenue)
Account Name Account Number Amount Project Number
Use of fund balance
1010 0001 4999 99 50,000
Approval Signatures
Requested By
Budget Manager
Date
Date
&rvicesDi
t Director
gDapte
i -0-
rey�.r i Date
Mayor
Date
Budget Office Use Only
Type: A B C '`__ ) E
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
Initial Date
Initial Date
Initial Date
Initial Date
NAME OF FILE:
CROSS REFERENCE:
Item #
Date
r
•
Resolution No. 145-04
w/Offer & Acceptance Contract & budget adjustment
Document
1
08/20/04
memo to mayor & City Council
2
draft resolution
3
map of trail corridors Duncan Avenue & Town Creek
4
copy of O&A
5
Staff Review Form
6
memo to Leif Olson
7
Trustee's Warranty
Deed
8
copy of Settlement Statement
g
copy of closing check
10
copy of appraisal
11
12
13
14
15
16
NOTES:
City Council Meeting September 7, 2004 7270
Agenda Item Number
CITY COUNCIL AGENDA MEMO
To: Mayor and City Council
Thru: Tim Conklin, Community Planning and Engineering Services
Director
From: Leif Olson, Associate Planner
Date: August 20, 2004
/55
ti9)( do 5 , ,
Subject: Approval of a contract to purchase 2.44 acres for $100,000 from the
Fay Jones Trust.
RECOMMENDATION
Tree and Trails Task Force recommends approval of a resolution to allocate funds
from the Tree and Trails Task Force for the purchase of 2.44 acres located along
West Ave. west of the new City Library.
BACKGROUND
The Settlement Agreement in the case of League of Women Voters of Washington
County and the Ozark Headwaters Group of the Arkansas Chapter of the Sierra
Club, Inc. v. City of Fayetteville and City of Fayetteville Planning Commission, the
City of Fayetteville agreed to contribute $225,000 in 2001 and $225,000 in 2002 for
the acquisition by the City of trails rights-of-way, conservation easements, and fee
simple estates. These funds have been deposited in a Tree and Trail Fund and used
to preserve trees, environmentally sensitive lands, or lands with significant
environmental amenities or for additions to the city's existing system of multi -use
and walking trails.
DISCUSSION
This property was identified in the Downtown Master Plan, developed by Dover,
Kohl and Partners in conjunction with the city and the citizens of Fayetteville, to be
used as a trail corridor for the Center Prairie Trail, and for additional trail
connectivity to the new City Library.
BUDGET IMPACT
The Task Force recommends that Council appropriate $50,123.10 to the purchase of
Mr. Jones' property located on West Ave., with the balance of the funds needed to
complete this purchase to be determined by the City Council.
*bla 10 947//°4/ -9
• •
RESOLUTION NO.
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND THE
FAY JONES TRUST FOR THE PURCHASE OF APPROXIMATELY
2A4 ACRES OF LAND LOCATED BETWEEN WEST AND GREGG
AVENUES FOR THE AMOUNT OF ONE HUNDRED
THOUSAND DOLLARS ($100,000.00) PLUS ASSOCIATED
CLOSING COSTS; AND APPROVING A BUDGET ADJUSTMENT
IN THE AMOUNT OF $50,000.00 FOR SAME.
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 approves an Offer and Acceptance contract between the City of
Fayetteville and the Fay Jones Trust for the purchase of approximately 2.44 acres
of land located between West and Gregg Avenues for the amount of one
hundred thousand dollars ($100,000.00) 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 of the City of Fayetteville, -A kaa
hereby approves a budget adjustment in the amount of $50,000.00I6
PASSED AND APPROVED this 21st day of September.+ 00
• •
TO: Mayor and City Council
FROM: Hugh Earnest
DATE: Aug. 25, 2004
RE• Purchase of Fay Jones property
Recommendation
I have been asked to look into this particular situation relative to the purchase of this
important parcel of ground that will be a key addition to the city green and open space
infrastructure in this area. The city has signed an offer and acceptance for $100,000 for
purchase of the 2.44 acre tract with Mr. Fay Jones. In order to secure the funding needed
for this purchase, the Tree and Trail committee was asked to contribute the monies left as
part of the tree ordinance settlement for this acquisition. The committee has
recommended that $50,000 of the slightly more than $100,000 remaining.
We support the recommendation from the Parks and Recreation Advisory Board that the
entire purchase price should come from the Tree Settlement account.
Background
In the Settlement Agreement in the case of League of Women Voters of Washington
County and the Ozark Headwaters Group of the Arkansas Chapter of the Sierra Club, Inc.
v. City of Fayetteville and City of Fayetteville Planning Commission, the City of
Fayetteville agreed to contribute $225,000 in 2001 and $225,000 in 2002 for the
acquisition by the City of trails rights-of-way, conservation easements, and fee simple
estates. These funds have been deposited in a Tree and Trail Fund and used to preserve
trees, environmentally sensitive lands, or lands with significant environmental amenities
or for additions to the city's existing system of multi -use and walking trails.
The City also agreed to establish a Tree and Trails Task Force to advise the City Council
on individual acquisitions of trails rights-of-way, conservation easements, fee simple
estates and other property interests in the utilization of this fund.
The Tree and Trail Task Force has worked for the last three and a half years to identify
and acquire lands in Fayetteville for conservation. The Task Force was instrumental in
the acquisition of the Gateway property.
In the spring of 2004, the Task Force looked at two additional properties for future
acquisition. The first piece of property is 2.46 acres located off of South Duncan Street in
the Town Branch Neighborhood and is currently owned by James Mathias. There has
been an assessment of the site by EGIS as part of a proposed site development. (In
EGIS's professional opinion, the property contains waters of the U.S. The potentially
regulated areas exist as approximately 0.29 acre of wet swale. ') The Town Branch
Neighborhood Association has expressed interest in retaining this property in its natural
EGIS, Inc. Preliminary Wetlands Assessment of July 2002, project number 2051.10
TAbhd unb/ 941/o int& 9/z/oct
state. The Task Force ordered an appraisal on the property in January of 2004. The
appraised value was $86,000, the property owners asking price was $130,000. Because of
the sizable discrepancy in the appraised value and the asking price, the Task Force
declined to make an offer on this property and began to look for alternative properties.
The Second property that the Task Force looked at is located off of West Avenue to the
west of the new City Library. This property is owned by Mr. Faye Jones and is 2.44 acres
in size. This property was identified as a significant greenway through the highly
successful citizen driven Downtown Master Plan, developed by Dover, Kohl and
Partners. The property will be used as a trail corridor for the Center Prairie Trail, and for
additional trail connectivity to the new City Library. Again, the Task Force requested that
the City do an appraisal on the property. The appraisal came back with an appraised value
of $40,000. The Task Force then requested that the Mayor negotiate on their behalf with
the owner, Mr. Jones. The Mayor, after a lengthy negotiation period, reported to the Task
Force on August 18, 2004 that an offer and acceptance contract had been agreed upon by
the Mayor and Mr. Jones for a price of $100,000. The Mayor explained to the Task Force
that there were two additional potential buyers interested in Mr. Jones' property and that
the subsequent negotiations had driven the price up from the $40,000 starting point to the
final offer price of $100,000 matching that of the developers. The property is currently
zoned RMF -24.
The recommendation that the Tree and Trail Task Force has made to the City Council is
that the remaining funds in the Task Force account ($100,246.21) be split between the
two projects. The Task Force recommends appropriating $50,123.10 to the purchase of
the Mathias property located on S. Duncan St. with the remainder of the funding to be
raised by the Neighborhood through various sources. The Task Force then recommends
that Council appropriate the remaining $50,123.10 to the purchase of Mr. Jones' property
located on West Ave., with the balance needed for this purchase to be funded through
various means available to the City.
Discussion
The recommendation of the Tree and Trail Task Force to split the remaining funds
between the Jones property and the Mathias property is not supported by the Parks and
Recreation Advisory Board. It is the position of the Board that the best long term
interests of the city will be met by using the monies to purchase this exceptional green
space parcel that is adjacent to our new library, protects an urban stream corridor and
preserves tree canopy within the urban core. As previously noted in the Downtown
Master Plan this is the only significant greenspace remaining in the downtown area. The
Parks and Recreation Advisory Board voted unanimously on August 24th to recommend
that all the monies remaining go to the purchase of the Jones property. The Park staff is
also of the opinion that this purchase best meets the needs of our park plan relative to
green -space preservation and trail corridors. The Parks Board does not want the Duncan
property in the system.
It should also be noted that in 2003 the Tree and Trails Task Force had recommended the
purchase of 37.74 acres on Clabber Creek and had pledged $180,000 toward that purpose
•
purpose along with a possible commitment of $30,000 from Parks funds. The Mayor,
through negotiation with the property owner, secured the property as a donation at no
cost to the city, making this entire discussion possible.
Budget impact
The recommendation from the Tree and Trail task force would require the city to
appropriate from some source slightly more than $50,000 to complete the purchase of the
Jones property. There would also be some concern that local funds would have to be
used to complete the purchase of the Mathias property. Both actions would be difficult
but possible through an appropriation from the Parks Development Fund.
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•
OFFER AND ACCEPTANCE CONTRACT
defr
1. The City of Fayetteville, Arkansas, a municipal corporation, 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
Purchase Price: Subject to the following conditions, the Buyer shall pay for the
property at closing, the total and cash payment of $ 100,000.
3. Contingent Earnest Money Deposit The Buyer herewith tenders a check for $
to Euine Fay Jones, Trustee of the Fay Jones Trust, hereinafter referred to
as the Seller, as eamest money, which shall apply on the purchase price This offer of
purchase is contingent upon approval of the City Council of the City of Fayetteville,
Arkansas, and, if they do not so approve, the eamest money deposit will be retumed
to the Buyer by the Seller. If title requirements are not fulfilled or the Seller fails to fulfill
any obligations under this contract, the eamest money shall be promptly refunded to
the Buyer. If the Buyer fails to fulfill his obligations under this contract or after all
conditions have been met, the Buyer fails to close this transaction, the eamest money
may, at the option of the Seller, become liquidated damages to the Seller. Alternatively,
the Seller may assert legal or equitable rights which it may have because of breach of
this contract.
Conveyance will be made to the Buyer by general Warranty Deed, except it shall be
subject to recorded instruments and easements, if any, which do not materially affect
the value of the property. Such conveyance shall indude mineral rights owned by the
Seller.
5. The Seller shall fumish, at Seller's cost, a policy of title insurance in the amount of the
purchase price from a title insurance company as selected by the Buyer.
6. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey the
property. Seller agrees to cure any title problems which may result from any
differences between the recorded legal descriptions of the property and the survey
description. Said 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. The closing date is designated to be within sixty (60) days after this document has been
approved by the Fayetteville City Council and said document will be submitted to the
Fayetteville City Council within 30 days of acceptance acceptance of this offer by the
Seller. Closing cost, except as specifically noted herein, shall be shared equally
between Seller and Buyer.
•
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
9. Possession of the property shall be delivered to the Buyer on the date of closing.
10. 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.
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. 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.
14. This agreement shall be govemed by the laws of the State of Arkansas.
15. 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 statement shall be considered a part hereof.
16. This contract expires, if not accepted by the Seller on or before the 22nd day of June,
2004.
17. 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, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER
OF THE $ EARNEST MONEY DEPOSIT.
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
•
9. Possession of the property shall be delivered to the Buyer on the date of closing.
10. 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.
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. 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.
14. This agreement shall be govemed by the laws of the State of Arkansas.
15. 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.
16. This contract expires, if not accepted by the Seller on or before the 22nd day of June,
2004.
17. 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, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER
OF THE $ EARNEST MONEY DEPOSIT.
•
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 5
EXHIBIT "A".
PROPERTY DESCRIPTION
(Deed Book 1031 at Page 736)
A part of the NW'/. of the SE% of Section 16, Township 16 North, Range 30 West of the
5th P.M., being more particularly described as follows, to -wit Commencing at a found two
inch iron pin marking the southwest comer of the NW% of the SE% of said section,
township and range, which iron pin also marks the intersection of the South boundary
line of the right of way of South Street with the West boundary line of the right of way of
Gregg Avenue; thence South 88° 30' 40" East along the South boundary line of South
Street a distance of 37.33 feet to a point; thence North 00" 04' 40" East a distance of
65.12 feet to a found iron pin marking the Southwest comer of Block 36 of the Original
Town (now City) of Fayetteville, Arkansas, and which found iron pin also marks the
intersection of the East boundary line of the right of way of Gregg Avenue and the North
boundary line of the right of way of South Street thence Northerly along the East
boundary line of the right of way of Gregg Avenue to a set iron pin which marks the
Northwest comer of said Block 36 at the intersection of the East boundary line of the right
of way of Gregg Avenue and the South boundary line of the right of way of Rock Street;
thence Easterly along the South boundary line of the right of way of Rock Street to a set
iron pin marking the intersection of the West boundary line of the right of way of the St
Louis -San Francisco Railway and the South boundary line of the right ofway of Rock
Street; thence Southerly along the West boundary line of said railroad right of way to a
get iron-pin-.marking_the-intersection-of-the-West-boundary line -0f -said -railroad -right -of
way with the North boundary line of the right of way of South Street thence Westerly
along the North boundary line of the right of way of South Street to the point of beginning,
said area being designated as Lot 1 of Block 36 of the Original Town of Fayetteville,
Arkansas, according to the Map of Fayetteville, Arkansas, surveyed and drawn by Bums
and McDonnell, Engineers, Kansas City, Missouri. Also, beginning at an iron pin set on
the West boundary line of the right of way of West Avenue at a point 158 feet South of
a set iron pin which marks the Northeast comer of Block 36 in the Original Town (now
City) of Fayetteville, Arkansas, and which set iron pin also marks the intersection of the
West boundary line of the right of way of West Avenue and the South boundary line of
the right of way of Rock Street thence Southerly along the West boundary line of the
right of way of West Avenue to a found iron pin which marks the Southeast comer of said
Block 36 at the intersection of the West boundary line of the right of way of West Avenue
and the North boundary line of the right of way of South Street thence Westerly along
the North boundary line of the right of way of South Street to a set iron pin which marks
the intersection of the North boundary line of the right of way of South Street and the
East boundary line of the right of way of the St. Louis -San Francisco Railway; thence
Northerly along the East boundary line of the railroad right of way to an iron pin set on
the East boundary line of said railroad rightof way at a point which is North 88° 30' 40"
West of the point of beginning; thence South 88° 30' 40" East a distance of 148 feet to
the point of beginning, said area being designated as Lots 5, 6, and 7 of Block 36
according to the Map of Fayetteville, Arkansas, surveyed and drawn by Burns and
McDonnell, Engineers Kansas City, Missouri. It being the intention in the above
description all of Block 36, in the Original Town (now City) of Fayetteville, Arkansas,
LESS AND EXCEPT the following described real estate, to -wit A strip of real estate 100
feet in width running parallel with the located centerline of the St Louis -San Francisco
Railroad right of way and measuring 50 feet in width on both sides of said centerline.
Also, LESS AND EXCEPT that part of said Block 36 lying North of a line parallel to and
158 feet South of the North line of said Block and lying East of the East boundary line of
the SL Louis -San Francisco Railway right of way and West of the West boundary line of
the right of way of West Avenue in the City of Fayetteville, Arkansas
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 5
SELLER:
Fay Jones Trust
pEui a Fay Jones, trustee
AGENT OR WITNESS:
lartne-L.
Date:
Date: -�- 200(.
BUYER:
City of Fayetteville, Arkansas,
a municipal corporation
Dan Goody, Mayor
A044.40144.___ caa
Sondra Smith, City Clerk
Date:
Date: 7//6A9
(SEAL)
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 5
EXHIBIT "A".
PROPERTY DESCRIPTION
(Deed Book 1031 at Page 736)
A part of the NW'/ of the SE% of Section 16, Township 16 North, Range 30 West of the
5'h P.M., being more particularly described as follows, to -wit: Commencing at a found two
inch iron pin marking the southwest comer of the NW% of the SE% of said section,
township and range, which iron pin also marks the intersection of the South boundary
line of the right of way of South Street with the West boundary line of the right of way of
Gregg Avenue; thence South 88° 30' 40" East along the South boundary line of South
Street a distance of 37.33 feet to a point thence North 00° 04' 40" East a distance of
65 12 feet to a found iron pin marking the Southwest corner of Block 36 of the Original
Town (now City) of Fayetteville, Arkansas, and which found iron pin also marks the
intersection of the East boundary line of the right of way of Gregg Avenue and the North
boundary line of the right of way of South Street thence Northerly along the East
boundary line of the right of way of Gregg Avenue to a set iron pin which marks the
Northwest comer of said Block 36 at the intersection of the East boundary line of the right
of way of Gregg Avenue and the South boundary line of the right of way of Rock Street
thence Easterly along the South boundary line of the right of way of Rock Street to a set
iron pin marking the intersection of the West boundary line of the right of way of the St.
Louis -San Francisco Railway and the South boundary line of the right of way of Rock
Street thence Southerly along the West boundary line of said railroad right of way to a
set iron. -pin -marking -the -intersection -of -the -West -boundary -line -of -said -railroad -right -of.
way with the North boundary line of the right of way of South Street thence Westerly
along the North boundary line of the right of way of South Street to the point of beginning,
said area being designated as Lot 1 of Block 36 of the Original Town of Fayetteville,
Arkansas, according to the Map of Fayetteville, Arkansas, surveyed and drawn by Bums
and McDonnell, Engineers, Kansas City, Missouri. Also, beginning at an iron pin set on
the West boundary line of the right of way of West Avenue at a point 158 feet South of
a set iron pin which marks the Northeast corner of Block 36 in the Original Town (now
City) of Fayetteville, Arkansas, and which set iron pin also marks the intersection of the
West boundary line of the right of way of West Avenue and the South boundary line of
the right of way of Rock Street thence Southerly along the West boundary line of the
right of way of West Avenue to a found iron pin which marks the Southeast comer of said
Block 36 at the intersection of the West boundary line of the right of way of West Avenue
and the North boundary line of the right of way of South Street thence Westerly along
the North boundary line of the right of way of South Street to a set iron pin which marks
the intersection of the North boundary line of the right of way of South Street and the
East boundary line of the right of way of the St Louis -San Francisco Railway, thence
Northerly along the East boundary line of the railroad right of way to an iron pin set on
the East boundary line of said railroad right of way at a point which is North 88° 30' 40"
West of the point of beginning. thence South 88° 30' 40" East a distance of 148 feet to
the point of beginning, said area being designated as Lots 5, 6, and 7 of Block 36
according to the Map of Fayetteville, Arkansas, surveyed and drawn by Bums and
McDonnell, Engineers Kansas City, Missouri. It being the intention in the above
description all of Block 36, in the Original Town (now City) of Fayetteville, Arkansas,
LESS AND EXCEPT the following described real estate, to -wit A strip of real estate 100
feet in width running parallel with the located centerline of the St. Louis -San Francisco
Railroad right of way and measuring 50 feet in width on both sides of said centerline.
Also, LESS AND EXCEPT that part of said Block 36 lying North of a line parallel to and
158 feet South of the North line of said Block and lying East of the East boundary line of
the St. Louis -San Francisco Railway right of way and West of the West boundary line of
the right of way of West Avenue in the City of Fayetteville, Arkansas.
