HomeMy WebLinkAbout70-06 RESOLUTIONRESOLUTION NO. 70-06
A RESOLUTION APPROVING A 90 -DAY EXTENSION TO
THE CLOSING DATE FOR THE SALE OF THE FORMER
WATER/WASTEWATER OPERATIONS CENTER TO
BIOBASED REALTY.
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 a
90 -day extension to the Closing Date for the sale of the former Water/Wastewater Operations
Center to BioBased Realty. The sale shall now be required to close no later than July 27, 2006.
PASSED and APPROVED this 18th day of April, 2006.
F3611619
;FAYETTEVILLE•
MEMO FOR THE RECORD
EXTENSION TO CLOSING DATE FOR REAL EATATE
SALE TO BIO BASED REALTY, LLC
MARCH 24, 2006
In Accordance With paragraph 7 of the Real Estate Sales Contract between the City of
Fayetteville and BioBased Realty, LLC; BioBased Technologies, LLC; and BioBased
Systems, LLC; approved November 1, 2005 under Ordinance 4787 of the City Council of
Fayetteville, Arkansas, the closing date of the sale is hereby extended until April 29,
2006.
APPROVED:
Dan Coody, Mayor
Date�lve
WITNESS:
Sondra Smith, City Clerk
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City of Fayetteville 70��
Staff Review Form
City Council Agenda Items ��ad
or 4qll
Contractst i167art
City Council Meeting Date
Ray M. Boudreaux Aviation & Economic Development General Government
Submitted By Division Department
Action Required:
Action Required: Approve a 90 -day extension to the closing date of the Real Estate Sales Contract with BioBased
Realty, LLC, Contact: Tom Muccio, CEO, 3715 N Business Dr., Suite 107, Fayetteville, AR, 72703, Phone: 479-587-
9433, fax: 479-587-9486, email: tmuccio@biobased.net.
Cost of this request
Account Number
Project Number
Budgeted Item �X
Department Director
Gam/
Citv Attornev
Program Category / Project Name
Q
Funds Used to Date Program / Project Category Name
Remaining Balance Fund Name
Budget Adjustment Attached
Previous Ordinance or Resolution # Ord. #4787
Contract Date:
Original Contract Number:
3 i 6t;
Date
11/04/05
City Council Meeting of: April 18, 2006
Agenda Item Number:
CITY COUNCIL AGENDA MEMO/STAFF CONTRACT REVIEW MEMO
TO: Mayor and members of the City
THRU: Staff/Contract Review Committee
FROM: Ray M. Boudreaux, Director, Aviation and Econotfnic Development
DATE: March 24, 2006
SUBJECT: Approval of 90 day extension of the closing datelwith Bio Based Realty for the
former Water/Wastewater property on Razorback Road until July 27, 2006.
RECOMMENDATION: Approve a 90 day extension to the closing date for the sale of the
former water/wastewater property until July 27, 2006.
BACKGROUND: The City Council approved a real estate sales contract November 1,
2005 for the sale of the former Water/Sewer Complex to Bio Based Realty. The sales
contract required that the project close within 120 days of approval and allowed for the
Mayor to extend the date by 60 days. The Mayor has extended the date until April 29, 2006
IAW the sales contract. This extension will require the sale to be closed prior to July 27,
2006.
DISCUSSION: In preparation for the sale, a survey was conducted by the City
Engineering Department Surveyor. The survey revealed that an easement needed to be
granted on the north side of the property, along the south side of Cato Springs Rd., to allow
for the improvements planned by the City and the University as we continue to improve the
entrances to the U of A Research and Technology Park. Additional actions are required to
Vacate several streets that were platted prior to the Water and Wastewater Operations
Center occupying the property. This action will allow additional time for the City to
complete work on the deed and complete and document the easements that will go along
with the sale. Potentially, the City will also prepare a vacation of the streets previously
platted and never constructed. The vacation action will be necessary in order to convey a
fully intact parcel of land that will accommodate the Master Plan submitted for approval
under separate action to the City Council at the April 18, 2006 meeting.
BUDGET IMPACT: No change
Attachments: Staff Contract Review Form
Ordinance 4787 along with Contract for Sale
Memo for the Record granting 60 extension
Survey of the property completed by City Engineering
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 A 90 -DAY EXTENSION TO THE
CLOSING DATE FOR THE SALE OF THE FORMER
WATER/WASTEWATER OPERATIONS CENTER TO BIOBASED
REALTY.
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 a 90 -day extension to the Closing Date for the sale of the former,
Water/ Wastewater Operations Center to BioBased Realty. The sale shall now&be
required to close no later than July 27, 2006. e r 14
By:
PASSED and APPROVED this 18th day of A
City Clerk
Mayor
ORDINANCE NO, 4787
•' � 1 « 1 I. • 1 p IH ••
•« I • • 10. 1 1 •, • ''- 1 111 I I •
1 1• :1 I 1 I: ;!!M111111i Kill
NOV 0.7 2005
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVMLE,
ARKANSAS:
Section 1. That the City Council of the City of Fayetteville, Arkansas hereby waives .
the requirements of § 34.27, Code of Fayetteville, and approves aReal Estate Sales Contract
with BioBased Technologies in the amount of $940,00.00 for the purchase of the Water &
Sewer Operations Center on Cato Springs Road. 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
designates the proceeds of this sale for Economic Development purposes.
Section 3. That the City Council of the City of Fayetteville, Arkansas hereby
approves a Budget Adjustment implementing said designation of proceeds.
Section 4. That the City Council of the City of Fayetteville, Arkansas hereby
authorizes the Mayor and city Clerk to execute said contract with BioBased Technologies.
PASSED and APPROVED this 1st day of November, 2005.
ATTEST.
SONDRA SMITH, City Clerk
It
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i
...._........:...._ _
REAL ESTATE SALES CONTRACT
The City.of Fayetteville, Arkansas offers to sell and BioBased Realty, LLC offers to buy,
subject to obtaining acceptable financing and other terms and. conditions set forth in this
contract, approximately 19.5 acres including all of Parcel 765-03017-000 and Parcel 756-15399-
010 except for a one acre parcel where the Children's House is currently located and a right of
way easement where the Children's House driveway is not located. This property is more
particularly described in Exhibit "A" attached hereto and made a part hereof.
SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION
2. Purchase Price: Subject to the following conditions, BioBased Realty, LLC shall pay for the
property at closing, the total cash payment of Nine Hundred Forty Thousand Dollars
($940,000.00).
3: Conveyance will be made BioBased Realty by general WarrantyDeed, except it shall besubject
to recorded instruments and easements, if any, Which do not materially affect the value oldie
property. Such conveyance shall include mineial rights owned by the City of Fayetteville.
4. The City of Fayetteville shall furnish a policy of title insurance in the amount oldie purchase
price from a title insurance company as selected by the City of Fayetteville. The City of
Fayetteville shall pay the cost of the title insurance.
5. The City of Fayetteville agrees to allow BioBased Realty, if BioBased Realty so desires, at
BioBased Realty'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. The City of Fayetteville shall provide at its
expense a survey of the one acre tract for Children House and right of way easement as depicted
on Exhibit "B".
6. Taxes and special assessments due on or before closing shall be paid by the City ofFayetteville.
Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be
prorated as of closing. -
7. The closing date shall be within one hundred twenty (120) after approval of this offer by the
City Council, which can be extended by agreement of the Mayor for an additional sixty (60)
• days. If such date of closing falls on a weekend or holiday, it will be held the following woriring
day.
8. Possession of the property shall be delivered to BioBased Realty on the date of closing.
9. The City of Fayetteville hereby grants permission for BioBased Realty or their designates to
enter the above described property and improvements for the purpose of inspection and/or
surveying.
10. 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.
4.
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12. . The City of Fayetteville will remove at its expense the existing buildings (not including
Children's House) and debris in coordination with BioBased Realty prior to orimmediatelyafter
closing.
13. Prior to closing, BioBased Realty in conjunction with BioBased Technologies/BioBased
Systems will provide the City of Fayetteville with a Master Plan layout of the property
acceptable to the City Council. BioBased Realty or BioBased Technologies/BioBased Systems
shall take all reasonable action to ensure that any minor possible odor or pollution emissions do
not affect surrounding areas. BioBased agrees to build in scrubbers to protect air quality where
reasonably appropriate. Each building's general design (including constructionnraterials) shall
be presented to the City Council for its approval prior to the building's construction. Normal
city developmental requirements such as Large Scale Development standards, etc. shall still be
required.
14. If any portion of the land conveyed by this contract is sold by BioBased Realty within the first
five years of the date of closing, an independent appraisal of the land's value (not to include the
value of any building thereon) shall be performed. BioBased Realty shall pay 75% of the
increase in appraised value of the land (with prorated sales cost deducted) to the City of
Fayetteville. BioBased Realty shall pay the City of Fayetteville 40% of the increase in appraised
value of the land (with prorated sales costs deducted) for any sales after 5 years until 10 years
from the closing date.
15. BioBased Realty is granted an option to purchase the remaining acre where Children's House is
located eight years after the closing date. BioBased Realty may exercise this option to purchase
at any time during the year following the eight year period after the closing date. BioBased
Realty and the City agree the price shall be determined at that time as follows:
(a) The property including improvements thereon shall be appraised by an independent
appraiser.
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(c) Reductions allowed in paragraph (b) shall not reduce the final price for this acre
parcel below $60,000.00.
2
•
(d) The City of Fayetteville may sell to BioBased Realtythis acre at any mutually
agreeable time prior to the expiration of the eight year period upon terms agreeable
to both parties.
• 16. This agreement shall be governed by the laws of the State of Arkansas.
17. This agreement, when executed by both BioBased Realty and the City of Fayetteville shall
contain the entire understanding and agreement ofthe 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.
CITY OF FAYETTEVILLE BIOBASED REALTY, LLC
A Municipal Corporation BIOBASED TECHNOLOGIES, LLC
BI OSYSTEMS, LLC
By-
DAN COODY TOM MUC O
Mayor CEO
Date: O Date:
Attest: Agent or W
Sondra Smith, City Clerk
Date: l I 0 Date: Jo -?/--65'
3
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
• BE IT REMEMBERED; that onthis date, beforethe undersigned, aduly commissioned and
acg Notary P4ic wjthin and for said County and State, personally appeared Tom Maecio, and
to me well known as the persons who executed the foregoing document, and
who stated and acknowledged that they are the CEO and Agent or Witness of BioBased Realty,
BioBased Technologies and BioBased Systems and are duly authorized in their respective capacities to
execute the foregoing instrument for and in the name and behalf of corporation, and further stated and
admowlgjgg4Qat they had so signed, executed and delivered said instrument for the consideration,
Jerein mentioned and set forth.
a :• 1s,z\� .
bn rand and seal on this e20tday of October, 2005..
ii --
MY ci••.........P .�" 5Vo'tary public
%SrExAires: .
ACKNOWLEDGMENT
STATE OF ARKANSAS
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.
Nov.
WITNESS my hand, tt� seal on this y'' •day of Aeteber, 2005.
a: = otary Public
My Commission s; put3V'O;•'J
5
EXM. rr "A"
PROPERTY DESCRIPTION
Two parcels of land located in Washington County, Arkansas more particularly described as
follows, to -wit:
Parcel No.765-15399-010:
A part of the Northwest Quarter (NW 1/4) of the Northeast Quarter (NE1/4)
of Section Twenty -Nine (29), Township Sixteen (16) North, Range Thirty (30)
West, more particularly described as follows, to -wit: Beginning at a point
which is 44.3 feet South and 305.6 feet West of the Northeast comer of said 40
acre tract, and running thence South 702.9 feet; thence West 701.2 feet to the
East line of the Cato Springs Road, thence North 16° 14' East along the East
line of said road 229.4 feet; thence North 14° 36' East along the east line of
said road 499.1 feet; thenceEast 511.2 feet to the point of beginning, containing
9.75 acres, more or less.
Parcel No. 765-03017-000:
A partof the North half (N 1/2) of the Northeast Quarter (NE 1/4) of Section
Twenty -Nine (29), Township Sixteen (16) North, Range Thirty (30) West,
described as follows, to -wit: Beginning at a point which is 44.3 feet South
and 305.6 feet West of the Northeast comer of the Northwest Quarter (NW 1/4)
of the Northeast Quarter (NE 1/4) of said Section 29; thence running South
1276.5 feet, thence North 89 degrees 43 minutes, East 538 feet to the St. Louis
and San Francisco Railroad right -of --way; thence North 10 degrees 38 minutes
West with the West line of said right-of-way 897.2 feet; thence South 78 degrees
2 minutes West 150.5 feet; thence North 10 degrees 1 minute West 434.1 feet to
the South line of the Cato Springs Road; thence West 150 feet to the point of.
beginning, containing 10.8 acres, more or less. .
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From: Clarice Pearman
To: Boudreaux, Ray
Date: 4.21.06 3:11 PM
Subject: Res. 70-06
Ray,
Attached is a copy of the resolution passed by City Council, April 18, 2006 extending the closing date for
BioBased Realty.
Have a weekend.
Thanks.
Clarice
CC: Audit
(Pagb1 of 5)@
DeC ID 0t0220700006 Type: RE%
Recorded: Q7I3t' PM
Vet Amt. 020.00 Feae t of 5
MnnhLaato^ County. AR
Bette Stemoe Groot clerk 5
F11e2006— 8
MEMORANDUM OF REAL ESTATE CONTRACT AND OPTION
KNOW ALL MEN BY THESE PRESENTS:
The undersigned, The City of Fayetteville, Arkansas,(Grantor) has granted an option to purchase
certain real property situate in Washington County, Arkansas, to Biobased Realty, LLC, (Grantee) a certain
real estate contract dated November 4, 2005.
The real property covered by said contract and the addendum thereto is more particularly described as
follows:
SEE ATTACHED EXHIBIT "A"
This memorandum is executed for the purpose of placing of record, with the Circuit Cierk and Recorder
of Washington County, Arkansas, notice of the rights held by Biobased Realty, LLC, pursuant to said real
estate contract, and specifically the right provided therein for an option to purchase the property described
above pursuant to the terms of said contract and addendum thereto, at the price and on the terms therein stated,
during a time which begins eight (8) years from July 26, 2006.
IN Wl S WHEREOF, the undersigned have executed this memorandum for the purposes herein
described thisday of July 2006.
Grantor:
Grantee:
Biobased Realty, LLC
By: Tom Muccio, Manager
6,V 4
(PagO 2 of 5)
MEMORANDUM OF REAL ESTATE CONTRACT AND OPTION
KNOW ALL MEN BY THESE PRESENTS:
The undersigned, The City of Fayetteville, Arkansas,(Grantor) has granted an option to purchase
certain real property situate in Washington County, Arkansas, to Blobased Realty, LLC, (Grantee) a certain
real estate contract dated November 4, 2005.
The real property covered by said contract and the addendum thereto is more particularly described as
follows:
SEE ATTACHED EXHIBIT "A"
This memorandum is executed for the purpose of placing of record, with the Circuit Clerk and Recorder
of Washington County, Arkansas, notice of the rights held by Biobased Realty, LLC, pursuant to said real
estate contract, and specifically the right provided therein for an option to purchase the property described
above pursuant to the terms of said contract and addendum thereto, at the price and on the terms therein stated,
during a time which begins eight (8) years from July 26, 2006.
IN W E S WHEREOF, the undersigned have executed this memorandum for the purposes herein
described thiday of July, 2006.
Grantor:
The City of Fayetteville
By: Dan Coody, Mayor
Grantee:
Blob Realty, LLC
By: Tom Muceio, Manager
Mc
By: Mike Muceb, Manager
(Pag% 3 of 5)
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
On this day, before me, a Notary Public, duly commissioned, qualified and acting, within and for the
said County and State, appeared in person the within named Tom Muccio and Mike Muccio to me personally
well known, who stated that they were the Managers of Biobased Realty, LLC, and that they as such
Managers, being duly authorized so to do, had executed the foregoing instrument for purposes herein mentioned
and set forth, by signing the name of the limited liability company by themselves as such Managers.
WITNESS my hand and seal as such Notaryday of July, 2006.
ut
My Commission Expires:
EOTA�RYIF(�FUFR.lr
C1P.l. SERI.
RINE. MYERS
PUBLIC ARKANSAS
GTON COUNTY
N EXP. 111x112013
(Pag2 4 of 5)
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
On this day, before me, a Notary Public, duly commissioned; qualified and acting, within and for
the said County and State, appeared in person the within named Dan Coody to me personally well known, who
stated that he was the Mayor of the City of Fayetteville, Arkansas and that he as such Mayor, being duly
authorized so to do, had executed the foregoing instrument for purposes herein mentioned and set forth, by
signing the name of the City of Fayetteville by himself as such Mayor.
WITNESS my hand and seal as such Notary blic this 7 day of July, 2006,
„„omum�u""'unu„ otary Public
My Commission Expires: : y5"-` Nor
_ 9,P
(Page 5 of 5)
a.
88HIBIT 'A"
_
A port of lih
bd Northwest Coon., (NW $) of .1ho Northeast Coarser (NC u) of :$sedan Twenty —Nine (29),
Township Stvteen (1 6) North, Range Thirty. (30) Wert, Washington Coupty, Arkmnaos more particularly described
a follows, to wit:
PPolni: Cornrn.nclmp at the Northeast (NE) comer oil df sold aeon thence North HT O338West 1476.34 feet 10 a Scud?Thence [Ea 0256'24' West 55.}4 feet to the existing south dghl-of—way Coto Springs Rood; Thence 50w1
613330' IEad 423.08 feet too found plpeg Thence North 7602'38r.[ast 1510.63 loaf (t5p.3 bet Owed
817-267) ao the weal dphl—of—vey of the' Arkansas cod Missouri Ra coal 510.63llhcn�0 along sold railroad
r1oht—of—wary South 0606'42" East 695.07 Meet (8971•fnl Osed 617-257); Thence leaving Bald rourood
dpA}—ol—wmy North 6T3401" West 53931feot (538'.fft., Deed. 617-267) tam found 2' diamoter Inn pipe;
m.,0. Nenth 02'39'58' Eosl 566.08 feat (5;73.6.fae1; Dead. 617-267).1, a found 2' diameter Iron pipe In
aoncni., PMnce North 872401' West 383,33 fed. to THE. POINT.OP OEOINH
Thwna North HT24'Q1' Woaf 269.48 fact earth,. Cost right —of —toy of' Stet. N1
In Instriamani No. 95034367 flbd with the Circuit Clark of said cHighway No, 265 as described
Thence aoon0 cold coat right—or—wgy of Nll9hwoy Na. 265 the. follow( p' course,,
Thence North 24.1158` East 4.10 feat'td' ,o point,'
Thence North 261636' East 83.72 led lo, a point,.
Thence Nmdh 17,16'43' East 77,48 feet 10...0 Parisi
Thenu Nmdh 064653' Cast 36.81 lest lo, o point;
Thence NmHng cold rtgId—at—way South
I
Tht lest lo'
en* Sown,02'ST42' West 192.00 feat h#.po7 t ofBO inn.a point;
0 �^9, aiM'mn{mINnO 1A3 earth more or Ws.
ACCESS IEAc ld h7 DF
An access ensemont, 75 feet In width described as follows:
A township n
of . th Northwest owner (NW II) off the Northeast Courier (HE:J4) of Section Twen Nlne (29).
described as follw,,)North,to wi6 Ron00 Thirty ((}0) W001, Waahlneton County, Arkorvas,mon particularly
:ommenciln0 of the Northwest (HW) corner of sold 40 -acre fmcl; .Ihenas Soudh 87 0336' foot 419,08
'eat to a pdnl• Therms '
t65 as decodb.d In South 0No950 West }89.49 feet to tM East' d9hl-aN-wpy State HlRhway Na
IEGINNINOD inehummt No. 950.14167 /llod•wHh iM.circurt Ckwk.of sold county and THE POINT
Then. hcoyf g sold right-of-way South Si238'55' Cod. 66,64 feet 10.5 polnh
Thence south 2!55'35' East 74.75 red. Ito a-polnf•, "•1
Thermo South 05'I8'04' East 66:65 foal flu the.,nodh lineal Trost '6.'• daatcrlbed hereon.
Thence mlong said north tine North 8T24'IOY'West 25.24. last to a polnh, Theme k°OYIrt9 said north In. North O5'11604s'West 58,86 lent to u.point; Thence Modh 24'55'35' West 63.70 feel Ito a Point
7henc. Noorth 5730'55' West 51.54 1001 Ile 0
T .nmm mlong cold 'est fight -of -w of . ant en tM east. dpht; o}-wmy of Slaty Highway No. 26:
ThenceINarth IT1B'40N09hway No. 265 the fo0a, lrg couoam,
Feat 9.36 feet tom paid; i
heat. Noedh IT&4'15' Lad 17.19 lest 10 the Point of 9v01mdrg ond,,ponlalidnp 9,772 sq. It. (0.01
are.), moon or lap.
ERT1 fC1. ,T 6 OF OWNFn$HIP & ORDIC