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HomeMy WebLinkAbout187-05 RESOLUTION• • RESOLUTION NO. 187-05 A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND MARTIN A. TREAT FOR THE SALE OF PARCEL 20W IN THE FAYETTEVILLE INDUSTRIAL PARK FOR $200,000.00; 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 Martin A. Treat for the sale of parcel 20W in the Fayetteville Industrial Park for $200,000.00. 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 Martin A. Treat. By: PASSED and APPROVED this 20, day of September, 2005 ATTEST. APPRO.. D: a' . .. •96.( ham, .•p�S Y OF'. Lp•s, =v• 's'= By ;FAYETTEVILLE • 7mo: %;P:57/1.9.0i,St452:. oJ� i,,• �"'GTO ,G T•��N��G`•• • SONDRA SMITH, Ci DAN COODY, Mayo OFFER AND ACCEPTANCE CONTRACT Martin A. Treat 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 Martin A. Treat shall pay for the property at closing, the total and cash payment of $ $200,000 00 3. Contingent Earnest Money Deposit: Martin A. Treat 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 Martin A. Treat 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 Martin A. Treat . If Martin A. Treat fails to fulfill their obligations under this contract or, after all conditions have been met, Martin A. Treat 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 Martin A. Treat 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. Martin A. Treat and the City of Fayetteville shall share equally in the cost of the title insurance. 6. The City of Fayetteville agrees to allow Martin A. Treat if Martin A. Treat so desires at Martin A Treat '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. 7. 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. 8. 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 Martin A. Treat on the date of closing. 10. The City of Fayetteville hereby grant(s) permission for Martin A. Treat 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 Martin A. Treat 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 Martin A. Treat 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 Martin A. Treat 's discretion Martin A Treat may cure such environmental hazard and the City of Fayetteville shall indemnify Martin A. Treat 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 Martin A. Treat 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. This contract expires, if not accepted by the City of Fayetteville on or before the 2nd day of November 2005. 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. 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 Martin A. Treat 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 Martin A Treat. 19. NOTICE: Martin A. Treat 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 Martin A. Treat OF THE $ 1000.00 EARNEST MONEY DEPOSIT. 71-7,k7/7 /C 7 AGENT OR WITNESS: Aria. (IND SEyJ. OSSo /,Q 'Ms; City of Fayetteville, Arkansas, A municipal co ..ration Dan Goody Mayor Sondra Smith, City Clerk Data 87/0/4, Date: Date: 81/4 o/vS Date: ``,,.,,,, iifffff,,,, TR Date: Ctm 6i Y 0,.p i _U• • . 'c ;FAYETTEVILLE: vs"ieey:KAI IS , IHG fon ' " 9 fa7/as 967145 • • OFFER AND ACCEPTANCE CONTRACT Page 3 of 4 EXHIBIT "A" PROPERTY DESCRIPTION That property described as Lot 20W of the Fayetteville Industrial Park located in 27-16-30 Washington County, AR at the corner of Pump Station Rd. (north side) and Morningside Dr. (east side) containing 10 acres ±. SIGNED FOR IDENTIFICATION: Dan A ites lb, 4. _ fit oody, Mayor Sondra Smith, City Clerk „• TR4''%, C\ GAS Y p r SGp. to• •r: ;FAYETTEVILLE; :9s•gRkANSP.•5 y• '/NG7oN CJ '. '"aunuu%%%" Date Date Date Date 9/017 J os • • 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 N a Public within and for said County and State, personally appeared f90/7OS to me well known as the pers99(s) whq exec ted the foregoing document, and who stated and knb»dedged that he/she/they is/are Kea) St R. "Tra at of .lend is/are duly authorized to execute the foregoing instrument for and in the name and behalf of sai IAA vi. seAQ and further stated and acknowledged that he/she/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 3043t -day of 41V1/4$4 . ---- MY COMMISSION EXPIRES: 41•411&14 Z ► 2-0.0c, 2005. ACKNOWLEDGMENT STATE OF ARKANSAS SS. COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coady 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 this „9-7)4/ day of p'f Ler 2005. MY COMMISSION EXPIRES: rn, g; 4-6/4 / lA AA -a �.Latniet,„ Notary Public 11.45\38• F •..••;q0. sib;C�: NOTARY •; -e? •'O'_ =g: • e •3gs ,ate %v• PUBL1c •2: •0 if; o/`ros vic;:% • Ray M. Boudreaux Submitted By City of Fayetteville Staff Review Form City Council Agenda Items or Contracts 9/20/2005 City Council Meeting Date • q/zo/as /87 din 4, 7Fat Oiflt ? Mpf et Aviation & Economic Dvelopment General Government Division Action Required: Department Action Required: Approve an Offer and Acceptance Contract with Martin A. Treat, c/o Denis Fleming, VP Lindsey & Assoc Inc. 3900 Front Street, Fayetteville, AR, 72703, 479-527-8781 office, 479-521-3630 fax, dfleming@lindsey.com, to purchase from the City, Parcel 20W in the South Industrial Park. $ REVENUE 200,000.00 Cost of this request 1010.0001 4881 02 Account Number NA Project Number 20,298 00 Contrib Program Category / Project Name 50,606.00 General Fund Revenue Funds Used to Date Program / Project Category Name (30.308 00) General Remaining Balance Fund Name Budgeted-1tem Budget Adjustment Attached Departm-nt Director <)9 City Attorne % S D to Finbnce tnd Internal Service Director Date Mayor Date Previous Ordinance or Resolution # Original Contract Date: Original Contract Number: Received in City Clerk's Office Received in Mayor's Office Comments: • • City Council Meeting of: September 20, 2005 Agenda Item Number. CITY COUNCIL AGENDA MEMO TO: THRU: FROM: DATE: SUBJECT: Mayor Staff/Contract Review Committee Ray M. Boudreaux, Director, Aviation and Econo August. 29, 2005 f Development. Approve Offer and Acceptance Contract for the purchase of Parcel 20W in the Fayetteville Industrial Park for $200,000.00 by Martin A. Treat. RECOMMENDATION: Approve contract for the sale of Parcel 20W in the Fayetteville Industrial Park to Martin A. Treat for a total price of $200,000.00. BACKGROUND: Martin A. Treat has offered to purchase the tract, Parcel 20W in the Fayetteville Industrial Park for a total price of $200,000.00 cash. This offer was brought to the City by Dennis Fleming of Lindsey and Associates. He will be compensated for his services to broker the property by the purchaser. Martin A. Treat will construct a 10,000 Square foot warehouse and 6,000 square foot office complex for his commercial flooring business. He currently employs 11 people and has run out of space in his current location. He plans to expand the business but needs the additional space to be able to expand. DISCUSSION: The parcel is located at the corner of Morningside and Pump Station Road and is zoned I-1. BUDGET IMPACT: The proceeds will go into the economic development. fund. Attachments: Staff Review form Offer and Acceptance Aviation anal rxono,nic Development Department Fayetteville Municipal Airport, Drake Fick' 4500 South School Avenue. Suite F Fayetteville, Arkansas 72701 Ray M. Boualraaus, Director • • RESOLUTION NO. A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND MARTIN A. TREAT FOR THE SALE OF PARCEL 20W IN THE FAYETTEVILLE INDUSTRIAL PARK FOR $200,000.00; 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 Martin A. Treat for the sale of parcel 20W in the Fayetteville Industrial Park for 5200,000.00. 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 Martin A. Treat. PASSED and APPROVED this 20th day of September, 2005. APPROVE • J E `By: t ' 1 DAN GOODY, Mayor 1.11 n • uttnOOb F000 110.11 P707 Priva% Mosta e Manuf cturing Comp y utn.iC Inc.ttet TOOLS COOP A.I.ICA. TILTED P1010 4ASI Tiles Marshal town Tool Company ,,,,,,,,,,,,,,,,,,;rr .MOOS° r CUT 0 -111°1. IS V f.4 AC •I.II.ONO IDOL. 104 CO. Q II FDF 1 u Superior ndustries Arkansas Armstrong Western Gas Tool Co. Company .m Ida .... • INDUSTRIAL PARK WEST FAYLTTEVILLE INDUSTRIAL PARK PIfett•v111. D..elepe..t P in City Of F. /.tt.Ti111, A H_ Clarice Pearman - Res. 184-05. 185-05 -05 & 187-05 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 Martin A. Treat 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 Martin A. Treat shall pay for the property at closing, the total and cash payment of $ $200,000.00 Contingent Earnest Money Deposit: Martin A. Treat 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 Martin A. Treat 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 Martin A. Treat If Martin A. Treat fails to fulfill their obligations under this contract or, after all conditions have been met, Martin A. Treat 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 Martin A. Treat 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. Martin A. Treat and the City of Fayetteville shall share equally in the cost of the title insurance. 6. The City of Fayetteville agrees to allow Martin A. Treat if Martin A. Treat so desires at Martin A. Treat '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. 7. 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. 8. 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 Martin A. Treat on the date of closing. 10. The City of Fayetteville hereby grant(s) permission for Martin A. Treat 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 Martin A. Treat 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 Martin A. Treat 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 Martin A. Treat 's discretion, Martin A. Treat may cure such environmental hazard, and the City of Fayetteville shall indernnify Martin A. Treat 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 Martin A. Treat 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 Martin A. Treat 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 Martin A Treat. 19. NOTICE: Martin A. Treat 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 Martin A. Treat OF THE $ 1000.00 EARNEST MONEY DEPOSIT. AGENT OR WITNESS: (/,4seY ,eSSo /q IFS; 1.A" < . City of Fayetteville, Arkansas, A municipal l.oration Dan Coody, Mayor , Sondra Smith, City Clerk Date: D f.10/ie J Date: Date: Ff734.7/r5 Date: g/9-2 7 /65 • Date: 914_711)5 S ;. • El • FAYETTEVILLE� y:PL• KAN�POZ �"1;; ,,/vcTON G�.���`. /I,,,,10p%%%% • • OFFER AND ACCEPTANCE CONTRACT Page 3 of 4 EXHIBIT "A" PROPERTY DESCRIPTION That property described as Lot 20W of the Fayetteville Industrial Park located in 27-16-30 Washington County, AR at the corner of Pump Station Rd. (north side) and Morningside Dr. (east side) containing 10 acres +. SIGNED FOR IDENTIFICATION: Dan oody, Mayor Sondra Smith, City Clerk Date: (%/J/%/Of Date: Date: 9 /c7 / 0.5 iiiiiiiiiii • KITR� Date: 9/4 7/Ds G: GCS Y Oie •. ;C% _U• '•%V= ;FAYETTE.VILLE' 91'q�KAHS.•N),c ;eZNGTON GO, • • 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 N a Public within and for said County and State, personally appeared ��07OS to me well known as the perspn(s) whq exec led the foregoing document, and who stated and knbvrledged that he/she/they is/are µ 1 f I a h. TReat of .rand is/are duly authorized to execute the foregoing instrument for and in the name and behalf of saidkir... se -9S- and further stated and acknowledged that he/she/they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. 2 /� � WITNESS my hand and seal on this ?j0 -f'j day of bq k.SA 2005. 411 al AU: I i MY COMMISSION EXPIRES: Tlµq►lYi Z% 10010 ACKNOWLEDGMENT STATE OF ARKANSAS SS. COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and 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 mentionedand set forth. WITNESS my hand and seal on this o•-/ inti day of / tniterr 2005. Notary MY COMMISSION EXPIRES: filet gi CU/I)‘§ tttttttt +VC • r.NOTARY ? ® .3. Sv•• PUBLIG ••Z$ C10KC p Ray M. Boudreaux Submitted By City of Fayetteville Staff Review Form City Council Agenda Items Contracts N/A City Council Meeting Date Economic Development Division Aviation & Economic Development Department Approve extension of the closing date for Parcel 20W with Martin Treat. Mr. Treat needs the extension in order to consummate a 1031 exchange for the property. Cost of this request Account Number Project Number Budgeted Item Category/Project Budget Funds Used to Date Remaining Balance Budget Adjustment Attached Program Category / Project Name Program / Project Category Name Fund Name tkkite f�ks7 Department Direc arals— City Attorney Finance and Internal Service Director D9te 6/i3/0' Date Previous Ordinance or Resolution # Original Contract Date: Original Contract Number: 181-05 Received in City k's Offii City Council Meeting of: N/A Agenda Item Number: CITY COUNCIL AGENDA MEMO/STAFF CONTRACT REVIEW MEMO TO: Mayor THRU: Staff/Contract Review Committee FROM: Ray M. Boudreaux, Director, Aviation and E oc Development DATE: June 22, 2006 SUBJECT: Approval of extension of closing date with Martin Treat for parcel 20W in the South Industrial Park RECOMMENDATION: Approve an extension to the closing for Parcel 20W in the South Industrial Park and signature of the Mayor on the attached Closing Date Modification Addendum form. Signature of the Mayor. BACKGROUND• Property was sold to Martin Treat thru Lindsey & Associates realtors, August 15, 2005. The original closing date has been extended twice due to difficulty the sale of current property he owns. At the time of the original sale, Mr. Treat had a contract on his property and was processing a 1031 property exchange. The contract fell through. He currently is working with the University for the purchase of his property and expects that sale to go through quickly. He requests that the closing date be extended. DISCUSSION: Property was sold to Mr. Treat to build a series of warehouses and offices. BUDGET IMPACT: Proceeds of the sale will go into the Economic Development fund Attachments: Closing Date Modification Form Staff Review Form Aviation and Economic Development Department Fayetteville Municipal Airport, Drake Field 4500 South School Avenue, Suite F Fayetteville, Arkansas 72701 Ray M. Boudreaux, Director Closing Date Modification Addendum Page 1 of 1 Li"ndse 521-6611 MOO FRONTR •.. xe'Mmn Throw" Lindsey & Associates, Inc. "We Bring Great Neighbors Together!" '\ REALTOR®EQUAL 1101 OPPORTUNITY Copyright 2006 Arkansas REALTORS® Association Regarding the Real Estate Contract (month) August (day) 15 (Form Serial Number 4TDAF-40RXPL-OCLO1 (year) 2005 , between Buyer Martin A Treat and Seller, City of Fayetteville Fayetteville, AR ) dated covering the real property known as Lot 20W, Fayetteville Ind. Park, ("the Property): The undersigned Buyer and Seller agree that the Closing above is changed by mutual agreement to be no later than: (month) August (day) 15 , (year) 2006 . Date set forth in the Real Estate Contract referenced This Closing Date Modification Addendum, upon its execution by both parties, incorporates by reference all provisions of the above -referenced Real Estate Contract not expressly modified herein. This Closing Date Modification Addendum may be executed in multiple counterparts each of which shall be regarded as an original hereof but all of which together shall constitute one in the same. THIS IS A LEGALLY BINDING ADDENDUM WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY. YOU MAY EMPLOY AN ATTORNEY TO DRAFT THIS FORM FOR YOU. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE AUTHORIZED THE REAL ESTATE AGENT(S) TO FILL IN THE BLANKS ON THIS FORM. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS® ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF IT IS BEING EXECUTED PAST DECEMBER 31, 2006. FORM SERIAL NUMBER: 0 5 3 DAF - 5Y2 JXU- OYDB 0 8 The above Closing Date Modification Addendum is executed on (month) June (day) 12 (year) 2006 at Lindsey & Associates, Inc. Selling Firm Signature: Y.2.„ eX--�-,-) Signature: Printed Name: TEn itt_/--rim: ¶• Printed Name: Martin Treat SupepKsig Broker Buyer (am)(pm). 7147 /9z, Signature: C' ; Signature: Printed Name: Denis Fleming Printed Name: Selling Agent Buyer The above Closing Date Modification Addendum is executed on (month) (day) _ (year) at Listing Firm Signature: Signature: Printed Name: Supe g Broker Signature: ,¢0+1 L, Printed Name: Denis Fleming Listing Agent Seller (am)(pm). Printed Name: City 1 FavettP,aille Seller Signature: Printed Name: b1i N Co db (Page 1 of 1) Form #ARA32, Rev. 051214 Clarice Pearman - Martin Treat Page 1 From: Clarice Pearman To: Boudreaux, Ray Date: 6.23.06 4:58PM Subject: Martin Treat Ray, Attached is a copy of the Treat closing date addendum. Have a good weekend. Thanks. Clarice CC: Audit Clarice Pearman - Martin Treat Page 1 From: Clarice Pearman To: Boudreaux, Ray Date: 6.23.06 4:59PM Subject: Martin Treat OOPS!. It really is attached this time. Thanks. Clarice CC: Audit Ray M. Boudreaux Submitted By City of Fayetteville Staff Review Form City Council Agenda Items or Contracts City Council Meeting Date Aviation & Economic Dvelopment Division Action Required: 3/07464i Moat Addin MoQtklcafloMdmel n/ Morn n r. i General Government Department Action Required: Approve a Closing Date Modification Addendum to the Real Estate Contract with Martin A. Treat, Go Denis Fleming, VP Lindsey & Assoc , Inc. 3900 Front Street, Fayetteville, AR, 72703, 479-527-8781 office, 479- 521-3630 fax, dfleming@lindsey com, to delay for 90 days, the sale of Parcel 20W in the South Industrial Park. REVENUE Cost of this request Account Number NA Project Number Program Category / Project Name Funds Used to Date Program / Project Category Name Remaining Balance Fund Name Budgeted Item � _ Budget Adjustment Attached 3/7 Previous Ordinance or Resolution # 187-05 Department Director Date Original Contract Date: 9/20/2005 3 ilac City Attorney U G✓ !Date ��Finannd Inice Director Mayor D to //Zs 3(>-2-hre- Date Original Contract Number: 'Received in City Cle Received in Mayor's Office 'Comments: City Council Meeting of: N/A Agenda Item Number: CITY COUNCIL AGENDA MEMO/STAFF CONTRACT REVIEW MEMO TO: THRU: Mayor Staff/Contract Review Committee FROM: Ray M. Boudreaux, Director, Aviation and Ec DATE: March 17, 2006 SUBJECT: Approval of extension of closing date with M South Industrial Park Development Treat for parcel 11W in the RECOMMENDATION: Approve a 90 day extension to the closing for Parcel 11W in the South Industrial Park and signature of the Mayor on the attached Closing Date Modification Addendum form. BACKGROUND: Property was sold to Martin Treat and due to difficulty with the processmg a 1031 property exchange, he extended from the original date to March 19, 2006. The difficulty has not been resolved so he requests another delay of 90 days He does not foresee additional delay in closing. DISCUSSION: Property was sold to Mr. Treat to build a series of warehouses and offices. BUDGET IMPACT: Proceeds of the sale will go into the Economic Development fund Attachments: Closing Date Modification Form Copy of previous action Aviation and Economic Development Department Fayetteville Municipal Airport, Drake Field 4500 South School Avenue, Suite F Fayetteville, Arkansas 72701 Ray M. Boudreaux, Director Closing Date Modification Addendum Pagel of l Lindsey & Associates, Inc. "We Bring Great Neighbors Together!" 1: REALTOR® Copyright 2006 Arlansas REALTORS® Association Regarding the Real Estate Contract (month) August (day) 15 (Form Serial Number 4TDAF-40RXPL-OCLO1 , (year) 2005 , between Buyer Martin A Treat and Seller City of Fayetteville ), dated covering the real property known as Lot 20W, Fayetteville Ind. Park, Fayetteville. AR ("the Property"): The undersigned Buyer and Seller agree that the Closing Date set forth in the Real Estate Contract referenced above Is changed by mutual agreement to be no later than: (month) June (day) 19 , (year) 2006 . This Closing Date Modification Addendum, upon its execution by both parties, incorporates by reference all provisions of the above -referenced Real Estate Contract not expressly modified herein. This Closing Date Modification Addendum may be executed in multiple counterparts each of which shall be regarded as an original hereof but all of which together shall constitute one in the same. THIS IS A LEGALLY BINDING ADDENDUM WHEN SIGNED BY THE PARTIES BELOW. READ R CAREFULLY. YOU MAY EMPLOY AN ATTORNEY TO DRAFT THIS FORM FOR YOU. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE AUTHORIZED THE REAL ESTATE AGENT(S) TO FILL IN THE BLANKS ON THIS FORM. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS® ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF R IS BEING EXECUTED PAST DECEMBER 31, 2006. FORM SERIAL NUMBER: 0 5 3 DAF- 5RR2 2A- OYDBO 6 The above Closing Date Modification Addendum is executed on (month) March (day) 16 (year) 2006 at Lindsey & Associates. Inc. Ing irm Signature: Printed Name: Supervising Broker r Signature: Printed Name: Denis Fleming SW -MI -Agent (am)(pm). Signature: Printed Name: Marti j reat yer Signature: Printed Name: er The above Closing Date Modification Addendum is executed on (month) (day) _ (year) at (am)(pm). Listing Finn Signature: Printed Name Signature: Printed Name: Supervising Broker listing Agent Signature: Printed Name: Signature: Printed Name (Page l of 1) Seller Seller Form #ARA32. Rev. 051214 Lindse .1:,I',C.11 ,m . minnta IiI-..f" Lindsey & Associates, Inc. "We Bring Great Neighbors Together!" 1: REALTOR® Copyright 2006 Arlansas REALTORS® Association Regarding the Real Estate Contract (month) August (day) 15 (Form Serial Number 4TDAF-40RXPL-OCLO1 , (year) 2005 , between Buyer Martin A Treat and Seller City of Fayetteville ), dated covering the real property known as Lot 20W, Fayetteville Ind. Park, Fayetteville. AR ("the Property"): The undersigned Buyer and Seller agree that the Closing Date set forth in the Real Estate Contract referenced above Is changed by mutual agreement to be no later than: (month) June (day) 19 , (year) 2006 . This Closing Date Modification Addendum, upon its execution by both parties, incorporates by reference all provisions of the above -referenced Real Estate Contract not expressly modified herein. This Closing Date Modification Addendum may be executed in multiple counterparts each of which shall be regarded as an original hereof but all of which together shall constitute one in the same. THIS IS A LEGALLY BINDING ADDENDUM WHEN SIGNED BY THE PARTIES BELOW. READ R CAREFULLY. YOU MAY EMPLOY AN ATTORNEY TO DRAFT THIS FORM FOR YOU. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE AUTHORIZED THE REAL ESTATE AGENT(S) TO FILL IN THE BLANKS ON THIS FORM. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS® ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF R IS BEING EXECUTED PAST DECEMBER 31, 2006. FORM SERIAL NUMBER: 0 5 3 DAF- 5RR2 2A- OYDBO 6 The above Closing Date Modification Addendum is executed on (month) March (day) 16 (year) 2006 at Lindsey & Associates. Inc. Ing irm Signature: Printed Name: Supervising Broker r Signature: Printed Name: Denis Fleming SW -MI -Agent (am)(pm). Signature: Printed Name: Marti j reat yer Signature: Printed Name: er The above Closing Date Modification Addendum is executed on (month) (day) _ (year) at (am)(pm). Listing Finn Signature: Printed Name Signature: Printed Name: Supervising Broker listing Agent Signature: Printed Name: Signature: Printed Name (Page l of 1) Seller Seller Form #ARA32. Rev. 051214 RESOLUTION NO. 07-05 A RffiOLUTION APPROVING AN OFFER AND ACCEPTANCE CONTRACT BETWEEN THE CITY OF FAYE TEVILLE AND MARTIN A. TREAT FOR THE SALE OF PARCEL 20W IN THE FAYEITEVILLE INDUSTRIAL PARK POR $200,000.00; AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE SAID AGREEMENT. BE IT RESOLVED BY TIM 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 Martin A. Treat for the sale of parcel 20W in the Fayetteville Industrial Park for $200,000.00. A copy of the contract is attached hereto marked Suhibit "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 Martin A. Treat. PASSED and APPROVED this 20h day of September, 2005. ATTEST: By: x2446-4.1 aa SONDRA SMITH, City Clerk Closing Date Modification Addendum Page 1 of 1 Lindsey a& Associates,#Inc. 'We acing Great Neighbors Together!" 0. REALTOR. copyright 2005 Arkansas REALTORS® Association Regarding the Real Estate Contract (Form Serial Number 4TDAF-40RXPL-0CLO1 ), dated (month) August (day) 15 . (year) 2005 , between the Buyer Martin A Treat and the Seller City of Fayetteville covering the real Property known as Lot 20W. Fayetteville Jnd. Park. Fayetteville. AR (`the Property'), The Undersigned Buyer and Seller agree that the Closing Date set forth In the Real Estate Contract referenced above Is changed by mutual agreement to be (month) March (day) 19 , (year) 2006 This Closing Date Modification Addendum, upon its execution by both parties, Incorporates by reference all provisions of the above -referenced Real Estate Contract not expressly modified herein. THIS ISA LEGALLY BINDING ADDENDUM WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE API ATTORNEY DRAFT THIS FORM. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF R IS BEING EXECUTED PAST DECEMBER 31, 2005. FORM SERIAL NUMBER: 4TDAFdi- 46MZVE- OCL0 5 The above addendum is executed on (month) December (day) 7 . (year) 2005 at Lindsey && sociates. Inc. telling Agent Finn -� a , Scaling AgentF (am)(pm). The above addendum is executed on (month) (day) (year) at (am)(pm). Listing Agent Flrm Supervising &akar buyer AMT s Gar F4YE-r-ray.« wteller Usug Amt (Page 1 of 1) FormOft432. Rim 041112 Ray M. Boudreaux Submitted B City of Fayetteville Staff Review Form City Council Agenda Items Contracts N/A City Council Meeting Date Economic Development Division Aviation & Economic Development Department Approve a 90, order to co of the closing date until March 19, 2006 with Martin Treat. Mr. Treat needs the extension in matbt 1031 exchange for the property. Cost of this request Account Number Project Number Budgeted item Category/Project Budget Funds Used to Date Remaining Balance Budget Adjustment Attached $ Program Category / Project Name Program / Project Category Name Fund Name Department Director CDC) f City Attorney Finance and Internal Service Director (12011 Date Mayor Previous Ordinance or Resolution # Original Contract Date: Original Contract Number: Received in Mayor's Office �J Comments: • • STAFF CONTRACT REVIEW MEMO: TO: Mayor THRU: StafContract Review Committee FROM: Ray M. Boudreaux, Director, Aviation and Eco fomic Development DATE: December 20, 2005 SUBJECT: Approve delay of the closing date to Martin Treat of parcel 20W in the Fayetteville Industrial Park. City Council Meeting of: N/A Agenda Item Number. RECOMMENDATION: Approve delay of closing date and signature of the Mayor on the Modification Addendum. BACKGROUND: Martin Treat purchased lot 11W in the Industrial Park on which to build a large warehouse building. In order to complete a 1031 exchange, he needs to delay the closing until March 19, 2006. DISCUSSION; The offer and acceptance contract states that the dosing shall be within 90 days of approval of the 0 & A contract. The 0 & A was approved by the City Council September 20,1005 and signed by the Mayor According to the O & A contract a dosing would need to be scheduled by December 19, 2005. This request represents a 90 day extension. BUDGET IMPACT: The revenue is due to the economic development fund. The delay will have no impact except for interest that might otherwise be earned. We have the clients deposit in escrow with Bronson Abstract. Attachments: Staff Review Form Modification Addendum Form 1 Closing Date Modification Addendum Page 1 oft T Lindsey its Associates,- Inc. "We Bring Great Neighbors Together!" REALTOR. saiaen I1 copyright 2005 Arkansas REALTORS® Association Regarding the Real Estate Contract (Form Serial Number 4TDAF-40RXPL-OCLO1 ), dated (month) August (day) 15 . (year) 2005 , between the Buyer Martin A. Treat and the Seller City of Fayetteville covering the real Property known as Lot 20W. Fayetteville Ind. Park. Fayetteville. AR ('the Property'), The Undersigned Buyer and Seller agree that the Closing Date set forth in the Real Estate Contract referenced above Is changed by mutual agreement to be (month) March (day) 19 (year) 2006 . This Closing Date Modification Addendum, upon its execution by both parties, Incorporates by reference all provisions of the above -referenced Real Estate Contract not expressly modified herein. THIS ISA LEGALLY BINDING ADDENDUM WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF R IS BEING EXECUTED PAST DECEMBER 311 2005. FORM SERIAL NUMBER: 4 TDAF- 4 6MZ VE - OCL 0 5 The above addendum is executed on (month) December (day) 7 (year) 2005 at Alszc & Associates. Inc. &IN Ailed Fkm (am)(pm). man a The above addendum is executed on (month) (day) . (year) at (am)(pm). Listing Agent Firm Supervising Broker Using Agent Buyer cITV of folY( f-fFv cte PM1 SeSk1i1s Name seller (Page 1 of 1) Fam #m132. Rev. 00112 RESOLUTION NO. A87-05 A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE CONTRACT BETWEEN THE QTY OF FAYETTEVILLE AND MARTIN A. TREAT FOR THE SALE OF PARCEL 20W IN THE PAYE•ITEVILLE INDUSTRIAL PARK FOR $200,000.00; 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 Marlin A. Treat for the sale of parcel 20W in the Fayetteville Industrial Park for $200,000.00. 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 Martin A. Treat. PASSED and APPROVED this 20th day of September, 2005. ATTEST: By: a24.46-4.1 SONDRA SMITH, City Clerk 'Clarice Pearman - Martin Treat Paye 1 From: Clarice Pearman To: Boudreaux, Ray Date: 3.27.06 1:32PM Subject: Martin Treat Ray, Attached is a copy of the Martin Treat addendum for closing date for Lot2OW in the industrial park. Thanks. Clarice CC: Bell, Peggy; Deaton, Vicki Ray M. Boudreaux Submitted By City of Fayetteville Staff Review Form City Council Agenda Items Contracts N/A City Council Meeting Date Economic Development Division Aviation & Economic Development Department Approve a 90 xtens of the closing date until March 19, 2006 with Martin Treat. Mr. Treat needs the extension in order to con mat 1031 exchange for the property. Cost of this request Account Number Project Number Budgeted Item Category/Project Budget Funds Used to Date Remaining Balance Budget Adjustment Attached Program Category / Project Name Program / Project Category Name Fund Name Department Director City Attorney 1-217614S 1211»'.5 Finance and Internal Service Director / Previous Ordinance or Resolution # Original Contract Date: Original Contract Number: rho t7% Mayor Comments: