HomeMy WebLinkAbout177-06 RESOLUTIONRESOLUTION NO. 177-06
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND
PEYTON PROPERTIES, LLC FOR THE SALE OF PARCEL 20W IN
THE SOUTH INDUSTRIAL PARK FOR $200,000.00; APPROVING
A BUDGET ADJUSTMENT; 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 Peyton Properties, LLC for the sale of Parcel 20W in the South
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 approves a budget adjustment recognizing the revenue.
Section 3. That the City Council of the City of Fayetteville, Arkansas
hereby authorizes the Mayor and City Clerk to execute said agreement with
Peyton Properties, LLC.
`O Rk T R,'
�,,
Passed and Approved this 7th day of November, 2006, .•^••F�q'
G&IY OF S•G�%
APPROVE ATTEST: ECi <
.FAYETTEVILLE;
B
DAN GOODY, Ma SONDRA SMITH, City
OFFER AND ACCEPTANCE CONTRACT
1. Peyton Properties, LLC.,2478 Willow Bend Circle, Springdale, AR 72762 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, Peyton Properties. LLC. shall pay for the property
at closing, the total and cash payment of $ $200,000.00
3. Contingent Earnest Money Deposit: Pevton Properties. LLC. 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 Peyton
Properties, LLC. 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 Peyton Properties, LLC. . If Peyton Properties. LLC. fails to fulfill their obligations under
this contract or, after all conditions have been met, Peyton Properties. LLC. 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 Peyton Properties, LLC. 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. Peyton Properties. LLC. and the City of
Fayetteville shall share equally in the cost of the title insurance.
6. The City of Fayetteville agrees to allow Peyton Properties, LLC. if Peyton Properties, LLC. so desires, at
Peyton Properties. LLC. '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 Gays 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 Peyton
Properties. LLC.
on
the date, of closing.
10.
The City of Fayetteville hereby grant(s) permission for
Peyton Properties.
LLC.
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 Pevton Properties. LLC. any and all environmental hazards of
which the City of Fayetteville has actual know' ;dge. Upon acceptance of all conditions and terms of this
Offer and Acceptance, Peyton Properties. LLC. 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 Peyton Properties. LLC. 's discretion, Peyton' Properties. LLC. maycure such
environmental hazard, and the City of Fayetteville shall indemnify Peyton Properties. LLC. forall costs
associated with said cure.
I
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 Peyton Properties. LLC. 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 benefit the creation of jobs in the Fayetteville Industrial Park and that the sale of the property is not
intended to be for speculation. Should Peyton Properties. LLC., wish to sell the property before
improvements are made, the City of Fayetteville shall have the right to purchase the property at the
same price for which it was sold to Peyton Properties, LLC.
19. NOTICE: Peyton Properties, LLC. AND THE CITY OF FAYETTEVILLE 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 Peyton Properties, LLC. OF THE
$ 1000.00 EARNEST MONEY DEPOSIT.
FOR PEYTON C
Willia tJ. Locke, reside land Member
i
isa . Locke, ecretary and Member
Date:
Date: id D(o
Date: ! 0-1 -/' d
Date: // 4X16
Date:
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:
Date:
Date:
Date: t t (� 6
Date: /O
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
Notary Public within and for said County and State, personally appeared
to me well known as the person(s) who executed the foregoing document, and who stated and
acknowledged that he/she/they is/are W m .�I's 4 LDC/Ci: of
and is/are dul authorized to execute the foregoing instrument for and in the name and behalf of
said E4 Tnw �r aF a 9, t S C L L and further stated and acknowledged
that he/she/they had so signed, executed and delivered said instrumentfor the consideration, uses and purposes
therein mentioned and set forth. 1
WITNESS my hand and seal on this � day of OC"1 U b{ , 2006
OM19AZIMUNIC
MY COMMISSION EXPIRES: LINDA S. BANES
NOTARY PUBLIC-ARKANSAS
WASHINGTON COUNTY
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 mentioned and set forth.
WITNESS my hand and seal on this 12* day of L'jaQePnbW, 2006 ,
MY COMMISSION EXPIRES:
1- IS-N
Notary Public
,, TARY
Pusoo
City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year Department: General Fund Revenue Date Requested Adjustment Number
Division:
2006 Program: 11 /7/2006
Project or Item Added/Increased: Project or Item Deleted/Reduced:
$200,000 in the Gain/loss - sale of assets account None. Recognize land sale proceeds. Reduce Use of
Fund Balance $200,000.
Justification of this Increase:
Will provide for industrial development in the S
Fayetteville Industrial Park. Will contribute to economic
development expansion by adding twenty new jobs and
increasing the City's tax base.
Account Name
Justification of this Decrease:
These funds will be designated to the Police Fund for the
development of the new Police and Public Safety Center.
Increase Expense Budget (Decrease Revenue Budget)
Account Number Amount
Gainlloss-sale of assets 1010 0001 4881 02 2009000
Decrease Expense Budget (Increase Revenue Budget)
Account Name - Account Number Amount
Use of fund balance 1010 0001 4999 99 200,000
Approval Signatures
0
Finance &
Mayor
/l%a�"a Type:
te
S
Project Number
Project Number
Budget Office Use Only
A B C C D E
/ e Posted to General Ledger
Dat Posted to Project Accounting
!i-9•a�
Dai ` Entered in Category Log
—17 (U6
ate
a
Initial Date
Initial Date
Initial Date
wq;PEYTON PROP,EI2TIES LtiC E° e1-87/829 �, Y1018
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FAYETTEVI[.LE AR e 72703-7A03""x
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e C� dT!• `� 1 _
. `�`y•s`"PAYTO 1 ; �'��� 21J1x�'et,'. .�.a $ 1b�b ab,.f
6 THE ORDER pF [ 3• y 1 *Y' •� �, `
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146
(479)575-1000
BAN Faye[aeville AR
MEMO
+1808'29008's 7 2�: i0 i8` "i i634BI-''Ilk"i t
4
Ray M. Boudreaux
Submitted By
City of Fayetteville
Staff Review Form
City Council Agenda Items
or
Contracts
11 /7/2006
City Council Meeting Date
Aviation & Economic Dvelopment
Division
General Government
Department
Action Required:
Action Required: Approve an Offer and Acceptance Contract with Peyton Properties LLC; Bill Locke, President; 664
W Ash St, Fayetteville, AR, 72703-2403; 479-442-4631; Fax: 479-443-4436; e-mail:
b_locke@admiralmovingservices.com; to purchase from the City, Parcel 20W in the South Industrial Park.
REVENUE 02001 wo
Cost of this request
1010.0001,4881.02
Account Number
Our""
$ 940,200.00
Contrib
Program Category / Project Name
$ 966,494.00 General Fund Revenue
Funds Used to Date
$ (26,294.00)
Program / Project Category Name
General
Project Number Remaining Balance Fund Name
Budgeted Item Budget Adjustment Attached �X
Previous Ordinance or Resolution #
Original Contract Date:
Y� Original Contract Number:
.� U 06
Citv Attornev Date
City Council Meeting of: November 7, 2006
Agenda Item Number:
CITY COUNCIL AGENDA MEMO/STAFF CONTRACT REVIEW MEMO
TO: Mayor and City Counc
THRU: Staff/Contract Review
FROM: Ray M. Boudreaux, Di;
DATE: October 19, 2006
Economic Development
SUBJECT: Approval of Sale of Industrial Property Parcel #20W in the South
Industrial Park to Bill Locke of Admiral Moving and Services, Inc.
RECOMMENDATION: Approval of the attached Offer and Acceptance Contract to sell
Parcel 2W in the Fayetteville South Industrial Park to Bill Locke, President of Admiral
Moving and Services, Inc. thru their property management company, Peyton Properties
LLC for $200,000.00.
BACKGROUND: Mr. Locke has been working to purchase property to expand his
business. His current location on West Ash is too small to allow for the major expansion
planned for the new property in the Industrial Park. Plans are not finished but they plan to
invest approximately $1.3 million in new facilities including a warehouse, and an office
complex. The company currently has 30 employees and anticipates doubling in size to more
than 50 employees in the new facility. They provide good wage jobs for their employees
with 100% medical and a 401K match. They are the franchise dealer for the new self move
industry and contribute to the City sales tax revenue as the Go Mini boxes are taxable.
DISCUSSION: The parcel is located at the northeast corner of Pump Station Road and
Morningside Drive and contains 10 acres approximately 7 of which are buildable. The
northern most three acres are in a flood way.
BUDGET IMPACT: Proceeds from this sale will be used by the Administration to pay for
the new police and public safety center.
Attachments: Staff Review Form
O & A contract from Peyton Properties LLC.
Budget Adjustment
Aviation and Economic Development Department
Fayetteville Municipal Airport, Drake Field
4500 South School Avenue, Suite F
Fayetteville, Arkansas 72701
Ray M. Boudreaux, Director
RESOLUTION NO.
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND
PEYTON PROPERTIES, LLC FOR THE SALE OF PARCEL 20W IN
THE SOUTH INDUSTRIAL PARK FOR $169,800.00; APPROVING
A BUDGET ADJUSTMENT; 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 Peyton Properties, LLC for the sale of Parcel 20W in the South
Industrial Park for $169,800.00. 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 approves a Budget Adjustment recognizing the revenue.
Section 3. That the City Council of the City of Fayetteville, Ark40as
hereby authorizes the Mayor and City Clerk to execute said a -e m with
Peyton Properties, LLC.
PASSED and APPROVED this 7w day of Novem er 2006.
PPROVE
_
AN00'DY, Mayor
ATTEST:
By: _.,
ON0 SMITH, City Clerk
From: James Nicholson
To: Clarice Pearman
Date: 10.20.06 1:46 PM
Subject: Peyton Properties check
CC: Marsha Farthing
Hello Clarice,
Please send the earnest money check to Marsha Farthing in accounting.
Thank you for your assistance, and have a great weekend! IN
James Nicholson, Financial Coordinator
Fayetteville Municipal Airport] Drake Field
479-718-7643 office
479-718-7646 fax
jnicholson@ci.fayetteville.ar.us
(10/30/2006j Sondra Smith-- Sale of Lot 20W_
From: James Nicholson
To: Kit Williams; Sondra Smith
Date: 10/30/2006 11:37 AM
Subject: Sale of Lot 20W
CC: Ray Boudreaux
Sondra, Kit,
There is an error on our Agenda Item, "Peyton Properties LLC', the amount should be $200,000 and not $169,800 which is
the amount shown in the Tentative Agenda which originated on the Staff Review form.
I apologize for the error, which resulted from copying the forth from another file. Please revise the sale price amount on
the Agenda Item. If you need additional info or ducumentation please let me know.
James Nicholson, Financial Coordinator
Fayetteville Municipal Airport / Drake Field
479-718-7643 office
479718-7646 fax '
jnicholson@ci.fayetteville.ar.us
9
Contrib
Program Category / Project Name
General Fund Revenue
Program / Project Category Name
General
Fund Name
f Previous Ordinance or Resolution #
oz
Original Contract Date:
Original Contract Number:
City of Fayetteville
Staff Review Form
City Council Agenda Items
or
Contracts
11 /7/2006
City Council Meeting Date
Ray M. Boudreaux Aviation & Economic Dvelopment General Government
Submitted By Division Department
Action Required:
Action Required: Approve an Offer and Acceptance Contract with Peyton Properties LLC; Bill Locke, President; 664
W Ash St, Fayetteville, AR, 72703-2403; 479-442-4631; Fax: 479-443-4436; e-mail:
b_locke@admiralmovingservices.com; to purchase from the City, Parcel 20W in the South Industrial Park.
REVENUE apd, 000
$ les*w4 g, $ 940,200.00
Cost of this request
1010.0001.4881.02 $ 966,494.00
Account Number Funds Used to Date
Project Number
Budgeted Item
$ (26,294.00)
Remaining Balance
Budget Adjustment Attached
City Attorney Date
%TOJ 0. , k" J, �
Finance and Internal Service Director
RESOLUTION NO.
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND
PEYTON PROPERTIES, LLC FOR THE SALE OF PARCEL 20W IN
THE SOUTH INDUSTRIAL PARK FOR $200,000.00; APPROVING
A BUDGET ADJUSTMENT; 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 Peyton Properties, LLC for the sale of Parcel 20W in the South
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 approves a Budget Adjustment recognizing the revenue.
Section 3. That the City Council of the City of Fayetteville; Arkansas
hereby authorizes the Mayor and City Clerk to execute said agr( nt with
Peyton Properties, LLC. ri
By:
PASSED and APPROVED this 7L', day of N
City Clerk
, Mayor
(11/14/2006) Amber Wood Res. 177-06 Page 1
From: Amber Wood
To: Boudreaux, Ray
Date: 11/14/2006 2:42 PM
Subject: Res.177-06
Attachments: 177-06 Peyton Properties, LLC.pdf
CC: Bell, Peggy; Deaton, Vicki; Fell, Barbara; Pearman, Clarice
Ray,
Attached is a copy of Res. 177-06 passed by the City Council on November 7, 2006. If you have any questions please feel
free to give me a call at the number listed below. Have a great day!
Thanks,
Amber Wood
Deputy City Clerk
City of Fayetteville
City Clerk Division
Phone:(479) 575-8323
Fax:(479),718-7695
awood@ci.fayetteville.ar.us