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HomeMy WebLinkAbout34-05 RESOLUTION• 1 RESOLUTION NO, 34-05 A RESOLUTION TO APPROVE A SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD WITH NANCHAR, INC., AND MSB PROPERTIES LLC AND TO APPROVE A BUDGET ADJUSTMENT OF $1,982,788.00 WHEREAS, the owners/developers of the CMN Business Park (NANCHAR, Inc. and MSB Properties LLC) agreed On October 6, 1998 pursuant to the City Council approval of the Preliminary Plat of CMN Business Park II, Phase I, that once 75% of the CMN Business Park II, Phase I had been sold to private developers that: "The Developer shall construct at the Developer's expense, two of the proposed four lanes for the Steele and Van Asche Boulevards. If the City Council is unable, or unwilling to participate in the cost - share for the construction of any street or bridge that the Developer, at the Developer's expense provide a minimum 36 ft. street for all sections of Steele, Van Asche and the Bridge"; and WHEREAS, the City of Fayetteville and NANCHAR, Inc. and MSB Properties LLC agree that Van Asche should be built as soon as possible and that the developers/owners will reimburse the City for their agreed cost share of its construction as soon as 75% of the land m CMN Business Park II, Phase I is sold or within five (5) years of the completion of Van Asche (whichever is sooner), and WHEREAS, the cost estimate of construction of Van Asche as agreed with all sidewalks, bridges, turnouts and intersections is $1,770,348.00 and the cost of engineering, inspection and construction management is estimated to be $212,440.00. Thus, the total estimated cost for this project is $1,982,788.00. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the Supplemental Agreement for Cost Share Of Early Construction of Van Asche Boulevard with NANCHAR, Inc. and MSB Properties LLC. (Attached as Exhibit 1) • Section 2: That the City Council of the City of Fayetteville, Arkansas hereby approves the attached budget adjustment of $1,982,788.00 as estimated engineering and construction costs for the Van Asche Boulevard Project east of Gregg Avenue. PASSED and APPROVED this 15th day of February, 2005. pa�r�nnrnn -A I :FAYETTEVILLE: lit • R ......GTOt , 2''• ATTEST: By: Ayat.;(--d.6) SONDRA SMITH, City Clerk By APPROVED: ate DAN COODY, Mayor • • • 1 • • SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD The City of Fayetteville and the owners/developers of CMN Business Park NANCHAR, INC. and MSB PROPERTIES LLC (hereinafter referred to as "CMN Properties") agree as follows: WHEREAS, CMN Properties agreed on October 6, 1998 pursuant to the City Council approval of the Preliminary Plat of CMN Business Park II, Phase I, that once 75% of the CMN Business Park II, Phase I had been sold to private developers that: "The Developer shall construct at the Developer's expense, two of the proposed four lanes for the Steele and Van Asche Boulevards. If the City Council is unable, or unwilling to participate in the cost -share for the construction of any street or bridge that the Developer, at the Developer's expense provide a minimum 36 ft. street for all sections of Steele, Van Asche and the Bridge." "At 75% sale of property (Phase I), Boulevard connection from Van Asche west to Gregg Avenue shall be made. At the time that Van Asche is extended to Gregg Avenue, the normal process of right-of-way and easement dedications shall be made and depicted on the final plat of Phase III. And 50/50 cost sharing with the City shall be the same as with Steele and Van Asche Boulevards in Phase I." WHEREAS, CMN Properties agrees that Van Asche west to Gregg Avenue ("Van Asche Boulevard") should be built as soon as possible and that they will reimburse the City for their agreed cost share of its engineering and construction as soon as 75% of the land in CMN Business Park II, Phase I is sold or within five (5) years of the date that the construction contract for Van Asche Boulevard is entered into by all parties (whichever is sooner); and WHEREAS, the cost estimate of construction of Van Asche Boulevard, with all sidewalks, bridges, turnouts and intersection sis $1,770,348.00 and the cost of engineenng, inspection and construction management is estimated to be $212,440.00. Thus, the total estimated cost for this project is $1,982,788.00 NOW, THEREFORE, in consideration of the above premises and the mutual promises stated below, the City of Fayetteville and NANCHAR, Inc. and MSB Properties, LLC agree as follows: 1. The City of Fayetteville shall promptly effect the engineering and construction of Van Asche Boulevard as shown on the Final Plat of CMN Business Park II as further delineated on Exhibit "A" to this agreement. Both the • • • • 1 City of Fayetteville and CMN Properties must agree in writing to the Engineering Contract and later to the Construction Contract to engineer and then to build Van Asche Boulevard before those contracts will become effective. 2. The City will provide copies of bids received for the Construction Contract to CMN Properties for review and evaluation prior to acceptance, as well as engineering contracts to any outside engineering firms CMN reserves the nght to reject any and all bids if such are determined to be priced higher than commercially reasonable rates. The City also agrees to provide copies of reports of construction progress and change orders as CMN Properties may request, and a final accounting of the Total Costs for approval, pnor to the required date of reimbursement. 3. The City, through the retained engineering firm (paid jointly by both parties), shall be responsible for supervising the bid process, all engineering, inspection and construction management, and all construction of Van Asche Boulevard, and for ensunng the work is performed to City standards. 4. CMN Properties shall reimburse the City of Fayetteville pursuant to the requirements of the 2001 Final Plat for its cost share. The City of Fayetteville and CMN Properties agree that all land necessary for Van Asche Boulevard (110 foot wide nght-of-way), intersections, etc. has been or shall be dedicated to the City without charge and that the total costs for engineering, inspection, construction management and construction shall be shared equally between the City and CMN Properties. 5. CMN Properties' 50% share of the project's total cost shall inflate at 3% per year, from the date the Construction Contracts are entered into by all parties until the Developers pay the City their 50% cost share. 6. CMN Properties shall pay their reimbursable cost share amount as soon as 75% of CMN Business Park II, Phase I has been sold or within five years of the date of the Construction Contract is entered into by all parties, whichever is earlier. CMN Properties have the right to pay their 50% cost share at any time earlier than required. 7. The Large Scale Development and Final Plat of CMN Business Park II, Phase I, approved in 2001 and Exhibit "A" shall be considered a part of this Supplemental Agreement. • • 8. If either party does not agree to the Construction Contract for Van Asche Boulevard by May 1, 2006, this Supplemental Agreement For Cost Share Of Early Construction Of Van Asche Boulevard is termmated, null and void, except that CMN Properties shall immediately pay one-half of the costs of the approved engineering contract incurred by the City up to that point. In Agreement With All The Terms And Conditions Above And In Witness Whereof the parties hereto have set their hands and seals this 15Th day of February 2005. By: CITY OF FAYETTEVILLE AN COOD Mayor 0 Attest: �o.+t/,ta' 0}/12111-)B3rOutwaiS_-* / Sondra Smith, City Clerk CHARLOTTE TEELE, NANCHAR, INC NANCHAR, INC and MSB PROPERTIES, LLC By: 1/4-% A tde. NAN¢Y RUBECK, N CHAR, INC co S. • :p : FAYETTEVILLE: '�• Visflt' • 9Rk S'NGiiiiiii By: J • • NANCHAR. Inc. and MSB Properties ent 14 ESTIMATED PROJECT COSTS: C. 8 NANCHAR, Inc. and MSB Properties LLC Supplemental Agreement Page 9 o1 14 Estimated unit costs were developed from the actual construction costs of the boulevards in the CMN Business Park II with a 15% inflation factor and from the Arkansas Highway & Transportation Department's list of 2004 construction costs. These unit costs were utilized to determine the estimated construction costs. The street extension costs were examined separately west of Gregg Avenue and East of Gregg Avenue in a future phase of the CMN Business Park. WEST OF GREGG AVENUE: This portion of the Van Asche Boulevard Extension extends from Gregg Avenue to the west to the intersection with Arkansas Highway No. 112. The following is the summary of the estimated project costs: EAST OF GREGG AVENUE: This portion of the Van Asche Boulevard Extension extends from Gregg Avenue to the east to the existing portion of Van Asche Boulevard located in the CMN Business Park II. This portion will be located entirely within a future phase of the CMN Business Park. The following is the summary of the estimated project costs: ITEM QUANTITY UNIT UNIT COST TOTAL Boulevard Gregg St.) Section (West of 3,520 L.F. $740.05 $2,604,976.00 4 — Lane Section (near I- 540 and Hwy 112) 1,550 L.F. $610.00 $945,500.00 TOTAL ESTIMATED CONSTRUCTION COST $3,550,476.00 Engineering, Inspection, & Construction Management (12%) $426,057.00 TOTAL PROJECT COSTS (WEST OF GREGG AVE.) $3,976,533.00 EAST OF GREGG AVENUE: This portion of the Van Asche Boulevard Extension extends from Gregg Avenue to the east to the existing portion of Van Asche Boulevard located in the CMN Business Park II. This portion will be located entirely within a future phase of the CMN Business Park. The following is the summary of the estimated project costs: ITEM QUANTITY UNIT UNIT COST TOTAL Boulevard Gregg St.) Section (East of 1,410 L.F. $740.05 $1,043,470.50 Scull Creek Bridge 150 L.F. $4,845.85 $726,877.50 TOTAL ESTIMATED CONSTRUCTION COST $1,770,348.00 Engineering, Inspection, & Construction Management (12%) $212,440.00 TOTAL PROJECT COSTS (EAST OF GREGG AVE.) $1,982,788.00 • C. 8 NANCHAR, Inc. and MSB Properties LLC Supplemental Agreement Page 10 of 14 This portion of the street extension located to the east of Gregg Avenue is subject to an agreement with the developer's of the CMN Business Park II This agreement was recorded with the final plat of the subdivision which states: The Developer shall construct the connection from Van Asche to Gregg Street with the completion of the sale of 75% of the property in Phase 1, as follows: A. This portion of Van Asche Drive is classified as a principle arterial which requires a right-of-way width in the amount of 110' to be dedicated to the City. B. Pursuant to the October 6, 1998 City Council approval of the preliminary plat for CMN II, Phase 1, "The developer shall construct at the developer's expense, two of the proposed four lanes for the Steele and Van Asche Boulevards. If the City Council is unable, or unwilling to participate in the cost -share for the construction of any street or bridge that the developer, at the developer's expense provide a minimum 36 ft. street for all sections of Steele, Van Asche and the bridge. For Phase I of the boulevard construction of Steele and Van Asche Boulevards, the City paid for 50% of the construction costs and the CMN developer's paid for 50% of the construction costs and 100% of the engineering, inspection & construction management. If this same agreement is utilized for the Van Asche extension to the East of Gregg Street, the following will be the estimated amounts for the City and the CMN developers: CMN DEVELOPER'S SHARE: Construction Cost (50%) $885,174.00 Engineering, Inspection & Construction Management (100%) $212,440.00 CMN DEVELOPER'S SHARE OF ESTIMATED COSTS $1,097,614.00 CITY'S SHARE: Construction Cost (50%) $885,174.00 CITY'S SHARE OF ESTIMATED COSTS $885,174.00 SUMMARY OF PROJECT COSTS: The following is a summary of the project costs for the entire Van Asche Boulevard extension from the exi ting portion located in the CMN Business Park II to Arkansas Highway 112: CMN Developer's portion in future phase of development $1,097,614.00 City's Portion East of Gregg Street $885,174.00 Estimated Costs West of Gregg Street $3,976,533.00 ®,E, € a_L:fo o "!SC s tee`: "'s ,. °� _�._ �;. x$5,9 20., 0 SWAI 3 C. 8 NANCHAR, Inc. and MSB Properties LLC Supplemental Agreement Page 11 of 14 . A concept drawing that depicts the scope of the Van Asche Extension project and the areas in which the boulevard street section can be utilized is attached on the following sheet. Please note that at the Scull Creek crossing, the street may need to be narrowed to a four lane section if a bridge is utilized for the crossing or in order to reduce construction costs. VAN ASCHE EXTENSION CONCEPT STUDY • C. 8 NANCHAR, Inc. and MSB Properties LLC Supplemental Agreement Page 8 of 14 The purpose of this study is to develop concept drawings and to detennine the costs to extend Van Asche Boulevard from its existing terminus point located in CMN Business Park II, Phase I to Highway 112. PROPOSED STREET SECTIONS: It is recommended that a Boulevard Section that matches the Steele and Van Asche Boulevards in the CMN Business Park II and the City Master Street Plan be utilized for this proposed extension where ever possible. 14' 4 110' MK 76' 14* 14' 6' 10' PROPOSED BOULEVARD SECTION 10' Due to the obstructions such as the I-540 overpass, existing businesses and residents, and large utility facilities, a different street section will be necessary for portions of this extension. This area is located from Highway 112 to the east under the I-540 overpass to approximately the intersection with McGuire Street. The recommended section would match the City Minor Arterial street section as contained in the Master Street Plan. 1r 12' 12' i . ._ 0 10' PROPOSED 4 -LANE SECTION 1 City of Fayetteville, Arkansas Budget Adjustment Form Budget Year 2005 Department: Division: Program: Sales Tax Capital Improvements Date Requested 2/15/2005 Adjustment Number Project or Item Requested: $1,982,788 is requested for street improvements in the Van Asche Boulevard - Cost Sharing capital project. Project or Item Deleted: $1,032,788 from the Wilson Springs Proceeds designated for Economic Development in General Fund balance is proposed. $950,000 from the Use of Fund Balance in the Sales Tax Capital Improvements Fund is proposed. Justification of this Increase: Funds are needed to construct Van Asche Boulevard from Steele Boulevard to Gregg Avenue. The total cost of this project is paid from City funds with 50% being paid back to the City in accordance with the provisions of the cost share agreement with NANCHAR, Inc. and MSB Properties, LLC. Justification of this Decrease: A portion of the proceeds from the sale of the Wilson Springs property was designated for Economic Development purposes. This project is located in the CMN Business park. This project was originally budgeted to begin in 2006, this adjustment moves the project to 2005. Sufficient funding remains to comply with City policy. Account Name Street improvements Transf to Cap Improvement Account Name Transfer from General Use of fund balance Use of fund balance Increase Budget (Decrease Revenue) Account Number 4470 9470 5809 00 1010 6600 7602 47 Amount Project Number 1,982,788 05027 1 1,032,788 Decrease Budget (Increase Revenue) Account Number Amount Project Number 4470 0947 6602 01 4470 0947 4999 99 1010 0001 4999 99 1,032,788 950,000 1,032,788 Approval Signatures Requested By Date Budget Manager Department Director man Interna a ry ces Director Mayor Date Dat /O D. to 2 D Type: A Budget Office Use Only B C Date of Approval Posted to General Ledger Posted to Project Accounting Entered in Category Log Initial E Date Initial Date Initial Date Initial Date CITY COUNCIL AGENDA MEMO fi /S k6-5 ttataAl City Council Meet of: di3c aaua.4Q2005 O�� I5 /55 Agenda Item Number: 3¢'05 RSritiridat f'/ TO: Mayor and City CouncilYam P5 C AL ed THRU: Staff/Contract Review Committee FROM: Ray M. Boudreaux, Director, Aviation and Econo DATE: December 3, 2004 is bevelopment SUBJECT: Van Asche construction project from Steele Crossing to Gregg St. and cost share agreement between the City of Fayetteville, NANCHAR, Inc. and MSB Properties, Inc. RECOMMENDATION: Approve Supplemental Agreement between the City of Fayetteville and NANCHAR, Inc. and MSB Properties, LLC (Owners/Developers of CMN Business Park) for Cost Share of Construction of Van Asche, whereby the City will effect the design and construction of Van Asche Blvd. from Steele Blvd. to Gregg Avenue and the Owners/Developers will pay their share of the cost share when CMN Business Park II, Phase I reaches 75% sold to private developers or at the end of five years whichever comes first. Direct the Mayor and Staff to design, advertise, receive bids and construct Van Asche Blvd. from Steele Blvd. to Gregg Blvd. at its own cost and expense pending the sale of properties or at the end of five years whichever comes first. BACKGROUND: As retail and commercial development surrounding the Northwest Arkansas mall continues to grow, the need for more street connectivity increases. Many solutions have been considered to improve the conditions. Recent improvements to the Shiloh Dr./Fulbright Expressway on ramp, near Target, was completed in an effort to ease congestion. Another access road to the retail district is essential. Van Asche through CMN Phase II is that access road and satisfies that need. An agreement has been negotiated among the parties and once approved along with the construction concept will result in the new Van Asche Blvd , a new four land approach to the Fayetteville retail district. DISCUSSION: In an effort to preserve the growth of our retail sector through infrastructure development, it is essential that the access to the retail district be improved. There is continuing research into the problem and many concepts have been developed and reviewed. Long range fixes will require coordination and approval ofAHTD as Fulbright Expressway is currently a State Highway and most of the long term solutions involve Fulbright. Potential development along Fulbright will eventually allow the expressway to be converted into a major City arterial street where it would then be possible to design and build direct accesses into the Medical and Retail districts which would provide connectivity from I-540 and between the medical and retail districts. This project to improve Van Asche from Steele to Gregg continues to improve the current situation as an interim and much needed step in the right direction. BUDGET IMPACT: The total cost of the project including engineering is estimated to be $1,982,788.00. The total would be paid from City funds with 50% being paid back to the City IAW the provisions of the cost share agreement. Agreement allows for 50/50 cost share of actual costs incurred. Attachments: Staff Review Form Cost Share Agreement &ad Qteo_44 Seam,.. 1 azcG fv ,Dude Ox. cQ//6-425' i • RESOLUTION NO. A RESOLUTION TO APPROVE A SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD WITH NANCHAR, INC., AND MSB PROPERTIES LLC AND TO APPROVE A BUDGET ADJUSTMENT OF $1,982,788.00 WHEREAS, the owners/ developers of the CMN Business Park (NANCHAR, Inc. and MSB Properties LLC) agreed On October 6, 1998 pursuant to the City Council approval of the Preliminary Plat of CMN Business Park II, Phase I, that once 75% of the CMN Business Park II, Phase I had been sold to private developers that: "The Developer shall construct at the Developer's expense, two of the proposed four lanes for the Steele and Van Asche Boulevards. If the City Council is unable, or unwilling to participate in the cost - share for the construction of any street or bridge that the Developer, at the Developer's expense provide a minimum 36 ft. street for all sections of Steele, Van Asche and the Bridge"; and WHEREAS, the City of Fayetteville and NANCHAR, Inc and MSB Properties LLC agree that Van Asche should be built as soon as possible and that the developers/ owners will reimburse the City for their agreed cost share of its construction as soon as 75% of the land in CMN Business Park II, Phase I is sold or within five (5) years of the completion of Van Asche (whichever is sooner), and WHEREAS, the cost estimate of construction of Van Asche as agreed with all sidewalks, bridges, turnouts and intersections is $1,770,348.00 and the cost of engineering, inspection and construction management is estimated to be $212,440.00. Thus, the total estimated cost for this project is $1,982,788.00 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the Supplemental Agreement for Cost Share Of Early Construction of Van Asche Boulevard with NANCHAR, Inc. and MSB Properties LLC. (Attached as Exhibit 1) P • Section 2: That the City Council of the City of Fayetteville, Arkansas hereby approves the attached budget adjustment of $1,982,788.00 as estimated engineering and construction costs for the Van Asche Boulevard Project east of Gregg Avenue. PASSED and APPROVED this 4th day of January, 2005. ATTEST: By: SONDRA SMITH, City Clerk APPROVED: D RAFT By: DAN COODY, Mayor • SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD The City of Fayetteville and the owners/developers of CMN Business Park (NANCHAR, INC. and MSB PROPERTIES LLC) agree as follows: WHEREAS, the owners/developers of the CMN Business Park (NANCHAR, Inc. and MSB Properties LLC) agreed On October 6, 1998 pursuant to the City Council approval of the Preliminary Plat of CMN Business Park II, Phase I, that once 75% of the CMN Business Park II, Phase I had been sold to private developers that: "The Developer shall construct at the Developer's expense, two of the proposed four lanes for the Steele and Van Asche Boulevards. If the City Council is unable, or unwilling to participate in the cost -share for the construction of any street or bridge that the Developer, at the Developer's expense provide a minimum 36 ft. street for all sections of Steele, Van Asche and the Bridge." WHEREAS, NANCHAR, Inc. and MSB Properties LLC agree that Van Asche should be built as soon as possible and that they will reimburse the City for their agreed cost share of its construction as soon as 75% of the land in CMN Business Park II, Phase I is sold or within five (5) years of the completion of Van Asche (whichever is sooner); and WHEREAS, the cost estimate of construction of Van Asche as agreed with all sidewalks, bndges, turnouts and intersections is $1,770,348.00 and the cost of engineering, inspection and construction management is estimated to be $212,440.00. Thus, the total estimated cost for this project is $1,982,788.00. NOW, THEREFORE, in consideration of the above premises and the mutual promises stated below, the City of Fayetteville and NANCHAR, Inc and MSB Properties, LLC agree as follows: 1. The City of Fayetteville shall promptly cause the construction of Van Asche as shown on the Final Plat of CMN Business Park II as further delineated on Exhibit "A" to this agreement. Both the City of Fayetteville and the owner/developers (NANCHAR, Inc. and MSB Properties LLC) must agree in writing to the construction contract to build the Van Asche Boulevard Project before this construction contract can become effective. 2. NANCHAR, Inc. and MSB Properties, LLC shall reimburse the City of Fayetteville pursuant to the requirements of the 2001 Final Plat for its cost share. • • The City of Fayetteville, NANCHAR, Inc. and MSB Properties LLC agree that all land necessary for the boulevard (110 foot wide right-of-way), intersections, etc has been or shall be dedicated to the City without charge and that the total costs for engineenng, inspection, construction management and construction shall be shared equally between the City and the Developers (NANCHAR, Inc. and MSB Properties LLC). 3. The Developers' 50% share of the project's total cost shall inflate at the Consumers Price Index as published in the Bureau of Labor Statistics from the date the Van Asche Boulevard Project east of Gregg Avenue is completed until the Developers pay their 50% cost share. 4. NANCHAR, Inc. and MSB Properties LLC shall pay their reimbursable cost share amount as soon as 75% of CMN Business Park II, Phase I has been sold or within five years of the date of this contract, whichever is earlier Developers/owners have a nght to pay their 50% cost share at any time earlier than required. 5. The Large Scale Development and Final Plat of CMN Business Park II approved in 2001 and Exhibit "A" shall be considered a part of this Contract. 6. If either party does not agree to the construction contract for the Van Asche Boulevard Project east of Gregg Avenue by December 31, 2005, this Supplemental Agreement For Cost Share Of Early Construction Of Van Asche Boulevard is terminated, null and void In Agreement With All The Terms And Conditions Above And In Witness Whereof the parties hereto have set their hands and seals this day of December, 2004. By: By: DAN COODY NANCY RUBECK, Mayor NANCHAR, INC Attest: By: Sondra Smith, City Clerk CHARLOTTE STEEL, NANCHAR, INC By: MARJORIE S. BROOKS MSB Properties, LLC U.IWi Is IQ / } %EROAD -`{ , • I I � - •Arka+uaa'd Ybaota-e Railroat - - I. -` AVE- -+ - -' r -AVENUE-- - - � �•�►.= � s ice:-..- I I I �, • A� - I -u.- • • '� -� W L EmvrM11 I• I_ I [I - I. `-'' �I EXHIBIT •JJ1 , •f-----'\\ `, `., 9 �p�90 01 I �\ `l . • %-._--j LII12 Ra"!1 - - • I I `. ootil •om _• d 36T .�._._ 29}' of 6E • • I . . e -.l s�r•`i iI I ` i 1 _ N. I L —.V •} (V' Ile _ .• ..� 1 I V n �. �'! 1 i I .n - . . >>�I- Imo• , .. ` _ ,. . 1 1 1 I 1 I � w• 4 !'( S •II I I 1 .> m , I � A 1� ,- I m_- - - __� I x ; i ____________ m ,r o+.w E.. a dli il'I r� I Z C IR9' ;4•1�bL:Ir'� ! I ' C3G 00 PGzI0 0 • • VAN ASCHE EXTENSION CONCEPT STUDY The purpose of this study is to develop concept drawings and to determine the costs to extend Van Asche Boulevard from its existing terminus point located in CMN Business Park 11, Phase I to Highway 112. PROPOSED STREET SECTIONS: It is recommended that a Boulevard Section that matches the Steele and Van Asche Boulevards in the CMN Business Park II and the City Master Street Plan be utilized for this proposed extension where ever possible. 1'y 14' 14' 110' MIN. 76 4' 14' Om - 10' PROPOSED BOULEVARD SECTION -1' Due to the obstructions such as the 1-540 overpass, existing businesses and residents, and large utility facilities, a different street section will be necessary for portions of this extension. This area is located from Highway 112 to the east under the I 540 overpass to approximately the intersection with McGuire Street. The recommended section would match the City Minor Arterial street section as contained in the Master Street Plan. 90' J' 52' 12' 12' 12' 12 2 PROPOSED 4 -LANE SECTION 1 • • ESTIMATED PROJECT COSTS: Estimated unit costs were developed from the actual construction costs of the boulevards in the CMN Business Park II with a 15% inflation factor and from the Arkansas Highway & Transportation Department's list of 2004 construction costs. These unit costs were utilized to determine the estimated construction costs. The street extension costs were examined separately west of Gregg Avenue and East of Gregg Avenue in a future phase of the CMN Business Park. WEST OF GREGG AVENUE: This portion of the Van Asche Boulevard Extension extends from Gregg Avenue to the west to the intersection with Arkansas Highway No. 112. The following is the summary of the estimated project costs: EAST OF GREGG AVENUE: This portion of the Van Asche Boulevard Extension extends from Gregg Avenue to the east to the existing portion of Van Asche Boulevard located in the CMN Business Park II. This portion will be located entirely within a future phase of the CMN Business Park. The following is the summary of the estimated project costs: ITEM QUANTITY UNIT UNIT COST TOTAL Boulevard Section (West of Gregg St.) 3,520 L.F. $740.05 $2,604,976.00 4 — Lane Section (near I- 540 and Hwy 112) 1,550 L.F. $610.00 $945,500.00 TOTAL ESTIMATED CONSTRUCTION COST $3,550,476.00 Engineering, Inspection, & Construction Management (12%) $426,057.00 TOTAL PROJECT COSTS (WEST OF GREGG AVE.) $3,976,533.00 $1,982,788.00 EAST OF GREGG AVENUE: This portion of the Van Asche Boulevard Extension extends from Gregg Avenue to the east to the existing portion of Van Asche Boulevard located in the CMN Business Park II. This portion will be located entirely within a future phase of the CMN Business Park. The following is the summary of the estimated project costs: 2 ITEM QUANTITY UNIT UNIT COST TOTAL Boulevard Gregg St.) Section (East of 1,410 L.F. $740.05 $1,043,470.50 Scull Creek Bridge 150 L.F. $4,845.85 $726,877.50 TOTAL ESTIMATED CONSTRUCTION COST $1,770,348.00 Engineering, Inspection, & Construction Management (12%) $212,440.00 TOTAL PROJECT COSTS (EAST OF GREGG AVE.) $1,982,788.00 2 • • This portion of the street extension located to the east of Gregg Avenue is subject to an agreement with the developer's of the CMN Business Park II. This agreement was recorded with the final plat of the subdivision which states: The Developer shall construct the connection from Van Asche to Gregg Street with the completion of the sale of 7S% of the property in Phase I, as follows: A. This portion of Van Asche Drive is classified as a principle arterial which requires a right-of-way width in the amount of 110' to be dedicated to the City. B. Pursuant to the October 6, 1998 City Council approval of the preliminary plat for CMN 11, Phase 1, "The developer shall construct at the developer's expense, two of the proposed four lanes for the Steele and Van Asche Boulevards. If the City Council is unable, or unwilling to participate in the cost -share for the construction of any street or bridge that the developer, at the developer's expense provide a minimum 36ft. street for all sections of Steele, Van Asche and the bridge. For Phase I of the boulevard construction of Steele and Van Asche Boulevards, the City paid for 50% of the construction costs and the CMN developer's paid for 50% of the construction costs and 100% of the engineering, Inspection & construction management. If this same agreement is utilized for the Van Asche extension to the East of Gregg Street, the following will be the estimated amounts for the City and the CMN developers: CMN DEVELOPER'S SHARE: Construction Cost (50%) $885,174.00 Engineering, Inspection & Construction Management (100%) $212,440.00 CMN DEVELOPER'S SHARE OF ESTIMATED COSTS $1,097,614.00 CITY'S SHARE - Construction Cost (50%) $885,174.00 CITY'S SHARE OF ESTIMATED COSTS $885,174.00 SUMMARY OF PROJECT COSTS: The following is a summary of the project costs for the entire Van Asche Boulevard extension from the existing portion located in the CMN Business Park II to Arkansas Highway 112: CMN Developer's portion in future phase of development $1,097,614.00 City's Portion East of Gregg Street $885,174.00 Estimated Costs West of Gregg Street $3,976,533.00 TOTAL ESTIMATED PROJECT COSTS $5,959,323.00 3 A concept drawing that depicts the scope of the Van Asche Extension project and the areas in which the boulevard street section can be utilized is attached on the following sheet. 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Boudreaux Aviation and Economic Developmen Economic Development Submitted By Division Department Action Required: Approve Cost share agreement, design and construction of Van Asche Blvd. from Steele Blvd. to Gregg Ave. $1,982,788.00 Cost of this request Account Number Project Number Budgeted Item Category/Project Budget Funds Used to Date Remaining Balance Budget Adjustment Attached IX Program Category / Project Name Program / Project category Name Fund Name Received in City Clerk's Office Finance an nternal Service Director Date lReceived' n/Mayor'p�Office I 44 Mayor Date /82/as NaiieAw, t . SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD The City of Fayetteville and the owners/developers of CMN Business Park NANCHAR, INC. and MSB PROPERTIES LLC (hereinafter referred to as "CMN Properties") agree as follows: WHEREAS, CMN Properties agreed on October 6, 1998 pursuant to the City Council approval of the Preliminary Plat of CMN Business Park II, Phase I, that once 75% of the CMN Business Park II, Phase I had been sold to private developers that: "The Developer shall construct at the Developer's expense, two of the proposed four lanes for the Steele and Van Asche Boulevards. If the City Council is unable, or unwilling to participate in the cost -share for the construction of any street or bridge that the Developer, at the Developer's expense provide a minimum 36 ft. street for all sections of Steele, Van Asche and the Bridge." "At 75% sale of property (Phase I), Boulevard connection from Van Asche west to Gregg Avenue shall be made. At the time that Van Asche is extended to Gregg Avenue, the normal process of right-of-way and easement dedications shall be made and depicted on the final plat of Phase III. And 50/50 cost sharing with the City shall be the same as with Steele and Van Asche Boulevards in Phase I." WHEREAS, CMN Properties agrees that Van Asche west to Gregg Avenue ("Van Asche Boulevard") should be built as soon as possible and that they will reimburse the City for their agreed cost share of its engineering and construction as soon as 75% of the land in CMN Business Park II, Phase I is sold or within five (5) years of the date that the construction contract for Van Asche Boulevard is entered into by all parties (whichever is sooner); and WHEREAS, the cost estimate of construction of Van Asche Boulevard, with all sidewalks, bridges, turnouts and intersection sis $1,770,348.00 and the cost of engineering, inspection and construction management is estimated to be $212,440.00. Thus, the total estimated cost for this project is $1,982,788.00. NOW, THEREFORE, in consideration of the above premises and the mutual promises stated below, the City of Fayetteville and NANCHAR, Inc. and MSB Properties, LLC agree as follows: 1. The City of Fayetteville shall promptly effect the engineering and construction of Van Asche Boulevard as shown on the Final Plat of CMN Business Park II as further delineated on Exhibit "A" to this agreement. Both the City of Fayetteville and CMN Properties must agree in writing to the Engineering Contract and later to the Construction Contract to engineer and then to build Van Asche Boulevard before those contracts will become effective. 2. The City will provide copies of bids received for the Construction Contract to CMN Properties for review and evaluation prior to acceptance, as well as engineering contracts to any outside engineering firms. CMN reserves the right to reject any and all bids if such are determined to be priced higher than commercially reasonable rates. The City also agrees to provide copies of reports of construction progress and change orders as CMN Properties may request, and a final accounting of the Total Costs for approval, prior to the required date of reimbursement. 3. The City, through the retained engineering firm (paid jointly by both parties), shall be responsible for supervising the bid process, all engineering, inspection and construction management, and all construction of Van Asche Boulevard, and for ensuring the work is performed to City standards. 4. CMN Properties shall reimburse the City of Fayetteville pursuant to the requirements of the 2001 Final Plat for its cost share. The City of Fayetteville and CMN Properties agree that all land necessary for Van Asche Boulevard (110 foot wide right-of-way), intersections, etc. has been or shall be dedicated to the City without charge and that the total costs for engineering, inspection, construction management and construction shall be shared equally between the City and CMN Properties. 5. CMN Properties' 50% share of the project's total cost shall inflate at 3% per year, from the date the Construction Contracts are entered into by all parties until the Developers pay the City their 50% cost share. 6. CMN Properties shall pay their reimbursable cost share amount as soon as 75% of CMN Business Park II, Phase I has been sold or within five years of the date of the Construction Contract is entered into by all parties, whichever is earlier. CMN Properties have the right to pay their 50% cost share at any time earlier than required. 7. The Large Scale Development and Final Plat of CMN Business Park II, Phase I, approved in 2001 and Exhibit "A" shall be considered a part of this Supplemental Agreement. I 8. If either party does not agree to the Construction Contract for Van Asche Boulevard by May 1, 2006, this Supplemental Agreement For Cost Share Of Early Construction Of Van Asche Boulevard is terminated, null and void, except that CMN Properties shall immediately pay one-half of the costs of the approved engineering contract incurred by the City up to that point. In Agreement With All The Terms And Conditions Above And In Witness Whereof the parties hereto have set their hands and seals this day of February, 2005. By: CITY OF FAYETTEVILLE By: NANCHAR, INC and MSB PROPERTIES, LLC DAN COODY NANCY RUBECK, Mayor NANCHAR, INC Attest: Sondra Smith, City Clerk By: By: CHARLOTTE STEELE, NANCHAR, INC MARJORIE S. BROOKS MSB Properties, LLC +' ! City of Fayetteville • Staff Review Form City Council Agenda Items Steve Hatfield Submitted By Contracts City Council Meeting Date Parks & Recreation Division is' Zoo5 Operations Department Action Required: Approve Change Order #3 (see attached) to Jerry D. Sweetser Construction, Inc. in the amount construction of the West Mud Creek Multi -use trail. $ 59,295.43 $ Cost of this request 2250.9255.5814.00 Account Number 03028.1 Project Number Budgeted Item 01 $ 621,924.00 $ Category/Project Budget $ 397,350.41 $ Funds Used to Date $ 224,573.59 Remaining Balance Budget Adjustment Attached J Department Di ector Date City Attorney Date Mayor Date West Mud Creek Trail Program Category / Project Name Parks Development Capital Program / Project Category Name Parks Development Fund Name Previous Ordinance or Resolution # 118-03 Original Contract Date: Original Contract Number: 920 Received in City Clerk's Office I/ EXTENSION OF SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD This Agreement is entered into on this Ajday of May, 2006, between the City of Fayetteville and NANCHAR, Inc. and MSB PROPERTIES, LLC (hereinafter as CMN Properties). Whereas the parties hereto entered into the SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD ("the Agreement") on February 15, 2005 for the purposes and consideration described therein; and Whereas, the Agreement provides that it will be terminated, null and void if either party has not agreed to the Construction Contract for Van Asche Boulevard by May 1, 2006; and Whereas, due to the fact that the engineering plans are not yet received in acceptable form by the City and bids have not yet been let or accepted, the parties have not been able to agree to a Construction Contract as of this date; and Whereas, it is expected that the parties will be able to accomplish the conditions of the Agreement by no later than August 15, 2006; Therefore, for the reasons herein stated, the parties hereby agree as follows: The date stated in paragraph 8 of the Agreement, which is May 1, 2006, is extended to August 15, 2006. 2. The Agreement is assignable by CMN PROPERTIES in the event that the entirety of Phase III is sold to abuyer, and the buyer is entitled to exercise the rights of CMN PROPERTIES hereunder as specifically relates to paragraph 2. thereof, and all other rights, as well as is obligated to perform the obligations of CMN PROPERTIES thereunder. Phase III is currently under contract to be sold in its entirety. 3. CMN PROPERTIES agrees to continue to be secondarily liable for the obligations hereunder in the event that the Agreement is assigned and the Assignee fails to do so in a timely fashion. 4. The Agreement is made binding on the heirs, successors and assigns of CMN Properties. -VQ S/3v-05 ££4? 5/' (06 AG&E Page 1 of 2 Pages In all other respects, the Agreement is hereby confirmed. In witness whereof, the parties hereto have set their hands on the date first above written. CITY 1 By: Attest: NANCHAR, INC. ...1 /211 Nanc Rub ek, President Charlotte Steele, Secretary ,II? IIl ',, MSB PROPERTIES, LLC A1* tY . By: `7'�ta �rm,� S. • �a: Marj rie S. Brooks, ember �FAYETTEVILLE; Page 2 of 2 Pages MAY -01-2006 M0N 04:07 PM FAX NO, P. 01 HARRINGTON, MILLER, NEIHOUSE & KIEKLAK, P.A. MICHELE A. HARRINCTON, P.A. STEPHEN I. MILLER P.A. JOHN P. NEIHOUSE, P.A. (LL.M. IN TAXATION) THOMAS N. KIWMAX, P.A. TO: FAX NUMBER: FROM: DATE: ATTORNEYS 113 E. Emma Avenue P.O. Box 687 R. JUSTIN EICHMANN Springdale Ark.n 15 72765068? ). GREG BROWN Tekphona (479) 751-6464 Fax (479) 7513715 OF COUNSEL: wwwsrkansaslaw.com STEPHEN D. STITT CONFIDENTIAL TELECOPIER COVER LETTER Kit Williams, Fayetteville City Attorney 5758315 Micki Harrington May 1, 2006 RE: Extension of Supplemental Agreement for Cost Share of Early Construction of Van Asche Boulevard Number of pages (including cover sheet): This facsimile transmission contains information that is intended only for the recipient named and may be confidential and subject to the atfomeyclient pmn7ege. If you are not the intended recipient or an agent responsible for delivering this commumicaton to the intended recipient, you are hereby noshed that you have received this facsimile in error, and that any review, dissemination, distribtrtfon or copying of this communication is st ictly prohibited. It you have received this communication in error, please notify us immediately by telephone at (479) 751.6464. A f - Na" WA ROGF.RS OFFICE 5507 Walsh Lane, Suite 102 Roger; Arkansas 727564941 Telephone (479) 2716644 Fax (479) 271-7247 MAY -01-2006 NON 04:07 PM FAX NO, P. 02 EXTENSION OF SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD This Agreement is entered into on this 1st day of May, 2006, between the City of Fayetteville and NANCHAR, Inc. and MSB PROPERTIES, LLC (hereinafter as CMN Properties). Whereas the parties hereto entered into the SUPPLEMENTAL AGREEMENT FOR COST SHARE OF EARLY CONSTRUCTION OF VAN ASCHE BOULEVARD ("the Agreement") on February 15, 2005 for the purposes and consideration described therein; and Whereas, the Agreement provides that it will be terminated, null and void if either party has not agreed to the Construction Contract for Van Asche Boulevard by May 1, 2006; and Whereas, due to the fact that the engineering plans are not yet received in acceptable form by the City and bids have not yet been let or accepted, the parties have not been able to agree to a Construction Contract as of this date; and Whereas, it is expected that the parties will be able to accomplish the conditions of the Agreement by no later than August 15, 2006; Therefore, for the reasons herein stated, the parties hereby agree as follows: The date stated in paragraph 8 of the Agreement, which is May 1, 2006, is extended to August 15, 2006. 2. The Agreement is assignable by CMN PROPERTIES in the event that the entirety of Phase 111 is sold to a buyer, and the buyer is entitled to exercise the rights of CMN PROPERTIES hereunder as specifically relates to paragraph 2. thereof, and all other rights, as well as is obligated to perform the obligations of CMN PROPERTIES thereunder. Phase Ill is currently under contract to be sold in its entirety. 3. The Agreement is made binding on the heirs, successors and assigns of CMN Properties. In all other respects, the Agreement is hereby confirmed. Page 1 of 2 Pages MAY -01-2006 M0N 04:08 PM FAX NO, P. 03 In witness whereof, the parties hereto have set their hands on the date first above written. CITY OF FAYETTEVILLE NANCHAR, INC. By: !/ By: D n oody; ayor Nancy Rubeck, President Attest: By: City Clerk Charlotte Steele, Secre y MSS PROPERTIES, LLC aft Page 2 of 2 Pages G t t� pcaKFF �E ASSIGNMENT AND ASSUMPTION AGREEMENT THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (the "Agreement") is made and entered into this 3!''r day of J_______�J_, 2006, by and between NANCHAR, Inc., an Arkansas corporation, and MSB PROPERTIES, LC, an Arkansas limited liability company (hereinafter referred to collectively as "Assignor") and STEELE CROSSING INVESTMENT III, LLC, an Arkansas limited liability company (hereinafter referred to as "Assignee"). RECITALS: WHEREAS, Assignor and the City of Fayetteville, Arkansas (hereinafter referred to as the "City"), entered into a Supplemental Agreement for Cost Share of Early Construction of Van Asche Boulevard dated February 15, 2005 (referred to herein as the "Supplemental Agreement for Cost Share") and an Extension of Supplemental Agreement for Cost Share of Early Construction of Van Asche Boulevard dated May 1, 2006 (referred to herein as the "Extension"), whereby Assignor agreed to reimburse the City for certain costs in connection with the construction of the Van Asche Boulevard extension to Gregg Avenue; and WHEREAS, Assignor has transferred and conveyed all of its right, title and interest in and to the real property described in the Real Estate Purchase Agreement dated September 5, 2005, as amended on February I, 2006 and on June 8, 2006, (the "Property"), to Assignee, and Assignee desires to assume and agree to perform all remaining obligations of Assignor under the Supplemental Agreement for Cost Share, and the City is willing to consent to said assignment and assumption. NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained, it is hereby agreed as follows: I. Assignor does hereby grant, bargain, sell, assign and transfer to Assignee and Assignee's heirs, successors and assigns all of Assignor's right, title and interest in and to the Supplemental Agreement for Cost Share and the Extension (a true and correct copy of the Supplemental Agreement for Cost Share and the Extension are attached hereto, marked Exhibit "A," and made a part herein by reference). 2. Assignee hereby assumes and agrees to perform all of the obligations of the Assignor under the Supplemental Agreement for Cost Share and the Extension. 3. Assignee shall indemnify and hold Assignor harmless from and against any and all claims, damages, causes of action, expenses, costs, and liabilities of any nature which may be asserted against Assignor arising out of or in any way related to the Supplemental Agreement for Cost Share or the Extension and any breach of any covenant or condition of the Supplemental Agreement for Cost Share or the Extension. 4. This Agreement shall bind the parties hereto, their heirs, personal representatives, successors and assigns, and the provisions herein shall become effective immediately as of signing this Agreement. 5. The remaining provisions of the Supplemental Agreement for Cost Share and the Extension shall remain unchanged in all other respects and shall remain in full force and effect. r'/3 N -05 Assignment and Assumption Agreement Page I of 5 Pages 6. This Agreement, the Supplemental Agreement for Cost Share and the Extension constitute the entire agreement between the parties and there are no agreements, understandings, restrictions, warranties or representations between the parties other than those set forth herein. The terms of this Agreement, the Supplemental Agreement for Cost Share and the Extension shall be binding upon and inure to the benefit of and shall be enforceable by the successors and assigns of the parties hereto; provided, however, that this provision shall not be construed to allow an assignment which is otherwise specifically prohibited herein. 7. The consent to any act or the waiver of a breach of any provision of this Agreement by any party hereto, shall not operate or be construed as a consent or waiver of act or breach by any party or as a waiver or modification of the provisions of this Agreement. 8. In the event any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the remaining provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal or unenforceable provision or provisions had never been contained herein. 9. The captions, headings and arrangements used in this Agreement are for convenience only and do not in any way limit or amplify the terms and provisions hereof. The use of the singular form of pronoun shall be construed to include the plural and the plural the singular where the number of the parties and the context indicates that intent. Likewise, the use of the masculine gender shall include the feminine. 10. Amendments or modifications to this Agreement must be made in writing and signed by all the parties hereto. II. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall be deemed one instrument. .12. This Agreement may be executed by facsimile signature by the parties hereto, and any such facsimile signatures shall have the same force and effect as if manually signed. 13. All representations and warranties shall survive the execution and closing of this Agreement. 14. Time shall be of the essence with respect totvery term and condition of this Agreement. 15. All parties represent and warrant that (a) the provisions of this Agreement required to be approved by their board of directors, members, managers or other governing body have been so approved, (b) the execution and delivery of this Agreement has been duly authorized, and (c) the individuals executing and delivering this Agreement on behalf of the respective parties have the authority and legal capacity to do so. 16. This Agreement must be construed in accordance with and governed by the laws of the State of Arkansas applicable to agreements made and to be performed wholly within such jurisdiction, without regards to the conflicts of laws provisions thereof. Assignment and Assumption Agreement Page 2 of 5 Pages 17. Any and all claims or causes of action shall and must be filed only in the courts of the State of Arkansas for Washington County or the United States District Court for the Western District of Arkansas, which shall have exclusive jurisdiction over any and all disputes which arise between the parties under this Agreement, whether in law or in equity. Each of the parties expressly agrees, consents, and stipulates that venue shall be exclusively within said courts. Each of the parties expressly agrees, consents and stipulates to the exercise of personal jurisdiction over it and subject matter jurisdiction over any such controversy arising between the parties being only in the courts listed herein. IN WITNESS 2006. WHEREOF, the parties have executed this agreement this '31 day of ASSIGNOR: NANCHAR, INC., an Arkansas corporation By: %:1AUli, L Q Michele A. Harrington, as Agent and Attorney -in -Fact MSB PROPERTIES, LLC By: 1 Michele A. Harrington, as Agent and Attorney -in -Fact By: ASSIGNEE: STEELE CROSSING INVESTMENT III, LLC, an Arkansas limited liability company Leonard Boen, Manager Assignment and Assumption Agreement Page 3 of 5 Pages JUL-31-2006(NON) 13:d8 COMMERCIAL REALTY, LLC (FAX)5Oi 868 8395 P.003/010 17, Any and all claims or causes of action shall and mast be filed only in the courts of the State of Arkansas for Washington County or the United States District Court for the Western District of Arkansas, which shall have exclusive jurisdiction over any and all disputes which arise between the parties under this Agreement, whether in law or in equity. Each of the parties expressly agrees, consents. andstipulates that venue shall be exclusively within said courts. Each of the parties expressly :&tees, consents and stipulates to the exercise of personal jurisdiction over it and subject matter jurisdiction over any such controversy arising between the parties being only in the courts listed herein. TN WITNESS WHEREOF, the parties have executed this agreement this _ day of .2006. ASSIGNOR NANCHAR, INC., an Arkansas corporation By: Michele A. Harrington, as Agent and Attorney -in -Fact MSB PROPERTIES, LLC By: Michels A. Harrington, as Agent and Attorney -in -Fact ASSIGNEE: STEELE CROSSING INVESTMENT III. LLC, an Arkansas limitedliabilitycompany By: — ('7 .. Leonard Boen, Managcr Assignment and Assumption Agreement - Page 3 of 5 Pages ACKNOWLEDGEMENT STATE OF ARKANSAS ) ss. COUNTY OF WASHINGTON On this day, before undersigned, a Notary Public, duly commissioned, qualified and acting, within and for the said County and State, appeared in person the within named Michele A. Harrington, as agent and attorney -in -fact for Nanchar, Inc., to me personally known, who stated that she was the agent of Nanchar, Inc., an Arkansas corporation, and was duly authorized in said capacity to execute the foregoing instrument for and in the name and behalf of said corporation, and further stated and acknowledged that she had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. I TESTIMONY WHEREOF, 2006. M sion Ex ire . OFa-ICIAL SEAL STEPHEN J. MILLER COUNTY NOTARY PUBLIC - ARKANSAS MY COMMiSS!ON EXPIRES AUG. 7, 2014 R.Typ. .T -....1J - VA STATE OF ARKANSAS COUNTY OF WASHINGTON have hereunto set my hand and official seal this 371 day of Notary ublic ACKNOWLEDGMENT ss. BE IT REMEMBERED that on this day came before me, the undersigned, a Notary Public duly commissioned, qualified and acting, within and for the said County and State, the within named Michele A. Harrington, being the person who executed the foregoing instrument, to me personally known, who stated that she was the Agent and Attorney -in -Fact of MSB Properties, LLC, an Arkansas limited liability company, and was duly authorized in said capacity to execute the foregoing instrument for and in the name and behalf of said company, and further stated and acknowledged that she had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. TESTIMONY WHEREOF, I have hereunto set my hand and official seal this ?!� day of ____________________,2006. lily Comm issiC0Fft0LS8EAL STEPHEN J. MILLER Nota ub c COUNTY NOTARY PUBLIC -ARKANSAS MY COMMISSION EXP! RES AUG. 7,2014 Assignment and Assumption Agreement Page 4 of 5 Pages JUL-31-2006(MON) 13:d8 CurMERCIRL RERLT9.LLC (FRX;,dl 868 8395 P.005/018 s1.v[riuts, r�hh _ u�i STATE OF ARKANSAS )sa. COUNTY OF 0f ) BE IT REMEMBERED that on this day'wmc before hme, the undeniaaed. a Notary Public duty commisdoned, qualified and acting. within and for the sold County and Slate. the within nand Leonard Deco, being the person who esctutcl the forcgoing Instrument, m me personally Imown, wbo stated that he was the authorized Manager of Steele Crossing Invesdnent III, I,LC, an Arkhmvas iindtcd liability company. and was duly suthacvcd in said eapacty to exewte the foregoing inslnmhrnt for and In the tame and behalf of said company. and futhri stated and admowledged that he had so sieved. cxcawd and delivered said Instrument for the consideration, user and purposes tbcrcin mentioned and tot [orth TESTIMONY WI�REOF, I have hereunto as my hand and official nerd this __�T day of 2006. My Commission Expirzc iiiiiii12!!! f 1O/V NotazyPubllc My Cams EgSI fo-0iAl Assignment andAssumplivnAgreement Pago 5 ors Paws HARRINGTON, MILLER, NEIHOUSE & KIEKLAK, P.A. ATTORNEYS MICHELLE A. HARRINGTON, P.A. 113 E. Emma Avenue P.O. Box 687 R JUSTIN EICHMANN STEPHEN J. MILLER, P.A. Springdale, Arkansas 72765-0687 J. GREG BROWN JOHN P. NEIHOUSE, P.A. Telephone (479) 751-6464 (LLM. IN TAXATION) Fax (479) 751-3715 OF COUNSEL: THOMAS N. KIEKLAK, P.A. www.arkansaslaw.com STEPHEN D. STIrT August 4, 2006 Kit Williams Fayetteville City Attorney 113 W. Mountain, Suite 302 Fayetteville, AR 72701-6083 RE: CMN Business Park II, Phase III Nanchar, Inc. and MSB Properties, LLC (Sellers) Steele Crossing Investment III, LLC (Purchaser) Dear Kit: In follow up to your August 3rd fax, please find enclosed a fully signed copy of the Assignment and Assumption Agreement regarding the Supplemental Agreement for Cost Share of Early Construction of Van Asche Boulevard. It is my understanding that you will provide the enclosed copy to the City Clerk for her records. Thank you for your assistance in this matter. Should you need anything further, please contact me. $ierely,,, n -0 Miller I � SJM/idm Enclosure RECEIVED AUG 0 -T 20C; CITY OF FAYETTEVILLE CITY CLERK'S OFFICE 5507 Walsh Lane, Suite 102 Rogers, Arkansas 72758-8941 Telephone (479) 271-6644 Fax (479) 271-7247 ACKNOWLEDGEMENT OF FULL AND FINAL PAYMENT IN FULL SATISFACTION OF COST SHARE CONSTRUCTION CONTRACT FOR VAN ASCHE BOULEVARD On this Jt day of February 2008, the City of Fayetteville hereby acknowledges and accepts the payment of $1,517,444.49 by Steele Crossing Investment III, LLC as full and final payment of the Supplemental Agreement for Cost Share of Early Construction of Van Asche Boulevard entered into between the City of Fayetteville and owner/developer Nanchar; Inc. and MSB Properties LLC which assigned all rights and responsibilities of said contract to Steele Crossing Investment III, LLC. Steele Crossing Investment ,III, LLC's payment to the City of $1,517,444.49 satisfies all.of its duties and responsibilities pursuant to the Supplemental Agreement for Cost Share of Early Construction of Van Asche Boulevard and Van Asche construction requirements of Preliminary Plat of CMN Business Park II, Phase!. After accepting this payment from Steele Crossing Investment III, LLC, the City of Fayetteville acknowledges it bears full responsibility to pay the contractor for its construction of the extension of Van Asche pursuant to the construction contract. By: Atte: By: CITY OF FAYETTEVILLE S Sondra E. Smith, City Clerk/Treasurer ql 3q -o: In ve≤#nufl U• ;FAYETTEVILLE.