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
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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
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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
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