HomeMy WebLinkAbout186-05 RESOLUTION1
RESOLUTION NO. 186-05
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND JIM
BENTON FOR THE SALE OF PARCEL 29E IN THE
FAYEIIEVILLE INDUSTRIAL PARK FOR $61,480.00; AND
AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
SAID AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTF,VILLE, 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 Jim Benton for the sale of parcel 29E in the Fayetteville
Industrial Park for $61,480.00. 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 authorizes the Mayor and City Clerk to execute said agreement with Jim
Benton.
PASSED and APPROVED this 20th day of September, 2005.
ATTEST -
By: 6Gt4.44., f&tiu,^''
SONDRA SMITH, City Clerk
APPROVE
By
DA
14 A
COODY, Mayor
• i
OFFER AND ACCEPTANCE CONTRACT
Jim Benton 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 Jim Benton shall pay for the property at closing,
the total and cash payment of $ 61 480.00 .
Contingent Earnest Money Deposit: Jim Benton herewith tenders a check for $1,000.00 to the
City of Fayetteville, as earnest 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 Jim Benton by the City of Fayetteville. If title
requirements are not fulfilled or the City of Fayetteville fails to fulfill any obligations under this contract,
the earnest money shall be promptly refunded to Jim Benton . If Jim Benton fails to fulfill their
obligations under this contract or, after all conditions have been met Jim Benton fails to close this
transaction, the earnest money may, at the option of the City of Fayetteville, become liquidated damages
to the City of Fayetteville.
4. Conveyance will be made to Jim Benton 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 City of Fayetteville.
The City of Fayetteville shall furnish a policy of title insurance in the amount of the purchase price from a
title insurance company as selected by the City of Fayetteville. Jim Benton and the City of Fayetteville
shall share equally in the cost of the title insurance.
The City of Fayetteville agrees to allow Jim Benton if Jim Benton so desires at Jim Benton 's
expense, to survey the property. The City of Fayetteville 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 City of
Fayetteville.
Taxes and special assessments due on or before closing shall be paid by the City of Fayetteville.
Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated
as of closing.
The closing date shall be within ninety (90) days after approval of this offer by the City Council. If such
date of closing falls on a weekend or holiday, it will be held the following working day.
9. Possession of the property shall be delivered to Jim Benton on the date of closing.
10. The City of Fayetteville hereby grant(s) permission for Jim Benton or their designates to enter the
above described property and improvements for the purpose of inspection 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 City of Fayetteville.
13. The City of Fayetteville shall disclose to Jim Benton any and all environmental hazards of which the City
of Fayetteville has actual knowledge. Upon acceptance of all conditions and terms of this Offer and
Acceptance Jim Benton and the City of Fayetteville 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, the City of Fayetteville shall cure such, at their expense; or, in the alternative, at Jim
Benton's discretion, Jim Benton may cure such environmental hazard, and the City of Fayetteville shall
indemnify Jim Benton for all costs associated with said cure.
• •
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 4
14. This agreement shall be governed by the laws of the State of Arkansas.
15. This agreement, when executed by both Jim Benton and the City of Fayetteville 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 City of Fayetteville on or before the 2nd day of
November 2005.
17. The City of Fayetteville shall submit this fully executed Offer and Acceptance Contract to the City Council
for their approval within Thirty (30 ) days of acceptance by the City of Fayetteville.
18. It is expressly understood by the parties that the price established by the City Council is a reduced price
to create valuable manufacturing jobs in the Fayetteville Industrial Park and that the sale of the property
may not be for speculation or resale. Should Jim Benton wish to sell the property before the project
proposed to the City of Fayetteville is constructed, the City of Fayetteville shall have the right to purchase
the property at the same price less all of its costs including any infrastructure built by the City to
accommodate the project for which it was sold to Jim Benton.
19. NOTICE: THE Jim Benton AND THE CITY OF FAYETTEVILLE ASSERTS 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 THE Jim Benton OF THE $ 1,000.00
ARN . EY DEPOSIT.
AGENT OR WITNf ES•
`���
acu-4.v
City of Fayetteville, Arkansas,
A municipal . ..ration
Dan C. • : , Mayor
Sondra S i ity Clerk
`•,,,tglunnrrtpt.
FR R. Date:
.•�\CY .. OE,p:
~,• �9 3
=U•
•FAYETTEVILLE • 3
Date: 84/,5C
Date:
Date: d'- 3/—o
Date: 'AI 7/6-5
9S. • RKANS. •
• •
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 4
EXHIBIT "A"
PROPERTY DESCRIPTION
That property described as Lot 29E containing 2.9 acres plus or minus of the Fayetteville Industrial Park located in
23-16-30 Washington County, Arkansas located along South Armstrong Avenue.
SIGNED FOR IDENTIFICATION:
Dan CoAfi
Sondra Smitra Clerk
Date: S0S5
Date:
Date: ! 1 7 /65
Date: 9/47 /1-.5
•
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 4
ACKNOWLEDGMENT
STATE OF ARKANSAS
ss.
COUNTY OF WASHINGTON
•
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting
Nitta ,-Public within and for said County and State, personally appeared
9131 OS to me well known as the person(s) who execu ed f_ore9go_ing_ document, and who stated and
JR4 e�9ed that he/she/they is/are JaMts E. 1. of
and is/are duly authorized to execute the foregoing instrument for and in the name and behalf of
sab In.awt.", and further stated and acknowledged
that he/she they ht-ael signed, executed and delivered said instrument for the consideration, uses and purposes
therein mentioned and set forth.
WITNESS ..s day f n. -- - 2005.
MY COMMISSION EXPIRES:
46-ert" 2-) 245b6
ISt
ilAttices‘ta_s_
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 Sondra Smith, to me
well known as the persons who executed the foregoing document, and who stated and acknowledged that they
are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly
authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of
said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered
said instrument for the consideration, uses and purposes therein mentioned and set forth.
WITNESS my hand and seal on thisc )7#i day oft/ p tit74QY 2005.
Notary Public
MY COMM SSION EXPIRES:
Mat
010/0
Ray M. Boudreaux
Submitted By
•
City of Fayetteville
Staff Review Form
City Council Agenda Items
or
Contracts
9/20/2005
City Council Meeting Date
Aviation & Economic Dvelopment
Division
Action Required:
•
General Government
Department
Action Required: Approve an Offer and Acceptance Contract with Jim Benton, 1974 Fox Hunter Rd, Fayetteville, AR,
727011 phone: 479-741-8255, 479-236-5462 Cell, to purchase from the City, Parcel 29E in the South Industrial Park.
REVENUE
$
61,480.00
Cost of this request
1010.0001.4881.02
Account Number
NA
Project Number
Budgeted Item
20, 298.00
50,606.00
$
Funds Used to Date
(30,308.00)
Remaining Balance
Budget Adjustment Attached
U
Depa ment Director
City Attorney
Date
Finance a Internal Service Director
Mayor
Comments:
Date
Date
Contrib
Program Category / Project Name
General Fund Revenue
Program / Project Category Name
General
Fund Name
Previous Ordinance or Resolution #
dS
Original Contract Date:
Original Contract Number:
09-01-05P05:27
CITY COUNCIL AGENDA MEMO
City Council Meeting of: September 20, 2005
Agenda Item Number:
TO: Mayor
THRU: Staff/Contract Review Committee
FROM: Ray M. Boudreaux, Director, Aviation and Econ. is Development
DATE: August 29, 2005
SUBJECT: Approve Offer and Acceptance Contract for the purchase of Parcel 29E in the
Fayetteville Industrial Park for $61,480.00 by Jim Benton.
RECOMMENDATION: Approve contract for the sale of Parcel 29E in the Fayetteville
Industrial Park to Jim Benton for a total price of $61,480.00.
BACKGROUND: Jim Benton has applied to purchase the property in the Fayetteville
Industrial Park identified as parcel 29E located along South Armstrong Avenue. The
property is located directly across the street from his current business where he has mini -
storage and U -Haul rental vehicles. He will expand his business into this parcel.
DISCUSSION: The parcel will allow the owner a highly visible location for his business
BUDGET IMPACT: The proceeds will go into the economic development fund.
Attachments: Staff Review form
Offer and Acceptance
Aviation and Economic Development Department
Fayetteville Municipal Airport. Drake Field
4500 South School Avenue. Suite F
Fayetteville, Arkansas 72701
Ray M. &wdrnux. Director
• •
RESOLUTION NO.
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND JIM
BENTON FOR THE SALE OF PARCEL 29E IN THE
FAYETTEVILLE INDUSTRIAL PARK FOR $61,480.00; AND
AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
SAID AGREEMENT.
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 Jim Benton for the sale of parcel 29E in the Fayetteville
Industrial Park for $61,480.00. 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 authorizes the Mayor and City Clerk to execute said agreement with Jim
Benton.
PASSED and APPROVED this 20th day of September, 2005
APPROVE.
By
DAN+e . OM, Mayo
- _d,
- n.
- - - -
Clarice Pearman_ Res. 184-05, 185-05, 41.6-5-&-T87-05
Page 1
From: Clarice Pearman
To: Boudreaux, Ray
Subject: Res. 184-05, 185-05, 186-05 & 187-05
Ray,
Attached are resolutions passed by the City Council, September 20, 2005 regarding Offer and Acceptance
Agreements for property in the Industrial Park. Also attached is a copy of said agreement.
Thanks.
CC: Deaton, Vicki
• •
OFFER AND ACCEPTANCE CONTRACT
Jim Benton 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 Jim Benton shall pay for the property at closing,
the total and cash payment of $ 61.480.00 .
Contingent Earnest Money Deposit: Jim Benton herewith tenders a check for $1,000.00 to the
City of Fayetteville, as earnest 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 Jim Benton by the City of Fayetteville. If title
requirements are not fulfilled or the City of Fayetteville fails to fulfill any obligations under this contract,
the earnest money shall be promptly refunded to Jim Benton . If Jim Benton fails to fulfill their
obligations under this contract or, after all conditions have been met Jim Benton fails to close this
transaction, the earnest money may, at the option of the City of Fayetteville, become liquidated damages
to the City of Fayetteville.
Conveyance will be made to Jim Benton 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 City of Fayetteville.
5. The City of Fayetteville shall furnish a policy of title insurance in the amount of the purchase price from a
title insurance company as selected by the City of Fayetteville. Jim Benton and the City of Fayetteville
shall share equally in the cost of the title insurance.
The City of Fayetteville agrees to allow Jim Benton if Jim Benton so desires at Jim Benton 's
expense, to survey the property. The City of Fayetteville 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 City of
Fayetteville.
Taxes and special assessments due on or before closing shall be paid by the City of Fayetteville.
Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated
as of closing.
The closing date shall be within ninety (90) days after approval of this offer by the City Council. If such
date of closing falls on a weekend or holiday, it will be held the following working day.
9. Possession of the property shall be delivered to Jim Benton on the date of closing.
10. The City of Fayetteville hereby grant(s) permission for Jim Benton or their designates to enter the
above described property and improvements for the purpose of inspection 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 City of Fayetteville.
13. The City of Fayetteville shall disclose to Jim Benton any and all environmental hazards of which the City
of Fayetteville has actual knowledge. Upon acceptance of all conditions and terms of this Offer and
Acceptance Jim Benton and the City of Fayetteville 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, the City of Fayetteville shall cure such, at their expense; or, in the alternative at Jim
Benton's discretion Jim Benton may cure such environmental hazard, and the City of Fayetteville shall
indemnity Jim Benton for all costs associated with said cure.
• •
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 4
14. This agreement shall be governed by the laws of the State of Arkansas
15. This agreement, when executed by both Jim Benton and the City of Fayetteville 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 City of Fayetteville on or before the 2nd day of
November 2005.
17. The City of Fayetteville shall submit this fully executed Offer and Acceptance Contract to the City Council
for their approval within Thirty (30 ) days of acceptance by the City of Fayetteville.
18. It is expressly understood by the parties that the price established by the City Council is a reduced price
to create valuable manufacturing jobs in the Fayetteville Industrial Park and that the sale of the property
may not be for speculation or resale. Should Jim Benton wish to sell the property before the project
proposed to the City of Fayetteville is constructed, the City of Fayetteville shall have the right to purchase
the property at the same price less all of its costs including any infrastructure built by the City to
accommodate the project for which it was sold to Jim Benton.
19. NOTICE: THE Jim Benton AND THE CITY OF FAYETTEVILLE ASSERTS 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 THE Jim Benton OF THE $ 1,000.00
EY DEPOSIT.
AGENT OR WITN�E 1 2 A✓
aGcc4R
City of Fayetteville, Arkansas,
A municipal ic...ration
Dan C
Mayor
a i
Sondra S s ity Clerk
Date: 80/73S
Date:
Date: R .3/-0S
Date: fp7/6-s
• •
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 4
EXHIBIT "A"
PROPERTY DESCRIPTION
That property described as Lot 29E containing 2.9 acres plus or minus of the Fayetteville Industrial Park located in
23-16-30 Washington County, Arkansas located along South Armstrong Avenue.
SIGNED FOR IDENTIFICATION:
g
Dan C y, Mayor
Sondra Smith, City Clerk
Date: 80/7Di5
Date: /
Date: ! 1 7 /65
•
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 4
ACKNOWLEDGMENT
STATE OF ARKANSAS
ss.
COUNTY OF WASHINGTON
•
`�Swn � •NICN��s l'
, •• ••p• yif o
l NOTARY r ; �?�•
$•
lv. y -
*:c
N.s Pw3L C Jt; ti:
e Q • - PIKE; • QF`�.
•
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting
N to "-Public within and for said County and State, personally appeared
8J31 OS, to me well known as the person(s) who execu ed foregoing document, and who stated and
DRQ eQ9ed that he/she/they is/are LMtS e. a of
and is/are duly authorized to execute the foregoing instrument for and in the name and behalf of
saib 114. • i,and further stated and acknowledged
that he/she they tedt signed, executed and delivered said instrument for the consideration, uses and purposes
therein mentioned and set forth.
WITNESS my hand and seal on this 31St day of At.c�Lt 2005.
(,)At(.1,47‘......._
MY COMMISSION EXPIRES:
4ktik4. 2-l lob,
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 Sondra Smith, to me
well known as the persons who executed the foregoing document, and who stated and acknowledged that they
are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly
authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of
said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered
said instrument for the consideration, uses and purposes therein mentioned and set forth.
WITNESS my hand and seal on this74 day ofS/pT,II/44yr 2005.
MY COMM SSION EXPIRES:
/rte `21vl°
Notary Public