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Home My WebLink About91-06 RESOLUTIONRESOLUTION NO. 91-06 A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND ECLIPSE DISPLAYS, INC TO PURCHASE PARCEL 2W - SOUTH INDUSTRIAL PARK FROM THE CITY OF FAYETTEVILLE FOR $169,800 00; AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE SAID AGREEMENT. • BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS• Section 1. That the City. Council of the City of. Fayetteville, Arkansas hereby approves an Offer' and Acceptance contract between the City of Fayetteville and Eclipse Displays, Inc. to purchase Parcel 2W - South Industrial Park from the City of Fayetteville for $169,800.00. A copy of the contract, marked Exhibit "A" is attached hereto and made a part hereof. Section 2. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Mayor and City Clerk to execute said agreement with Eclipse Displays, Inc. PASSED and APPROVED this 16th day of May, 2006. ATTEST. By: &A-dbetAL, SONDRA SMITH, City Clerk ''''RK/TR"''• :FAYETTEVILLE: OFFER AND ACCEPTANCE CONTRACT 1. Eclipse Displays, Inc. offers to buy, subject to the terms and conditions set forth herein, the following described property SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION Purchase Price: Subject to the following conditions Eclipse Displays, Inc. shall pay for the property at closing, the total and cash payment of $ 169.800.00 . Contingent Earnest Money Deposit: Eclipse Displays, Inc. 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 Eclipse Displays Inc. 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 Eclipse Displays, Inc. If Eclipse Displays Inc. fails to fulfill their obligations under this contract or, after all conditions have been met, Eclipse Displays, Inc. 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 Eclipse Displays, Inc. 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. Eclipse Displays, Inc. and the City of Fayetteville shall share equally in the cost of the title insurance. 6. The City of Fayetteville agrees to allow Eclipse Displays, Inc. if Eclipse Displays, Inc. so desires, at Eclipse Displays, Inc. '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. Taxes and special assessments due on or before closing shall be paid by the City of Fayetteville. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated as of closing. 8. The closing date shall be within ninety (90) days after approval of this offer by the City Council. If such date of closing falls on a weekend or holiday, it will be held the following working day. 9. Possession of the property shall be delivered to Eclipse Displays, Inc. on the date of closing. 10. The City of Fayetteville hereby grant(s) permission for Eclipse Displays, Inc. 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. • OFFER AND ACCEPTANCE CONTRACT Page 2 of 4 13. The City of Fayetteville shall disclose to Eclipse Displays. Inc. any and all environmental hazards of which the City of Fayetteville has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance, Eclipse Displays Inc 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 • Eclipse Displays, Inc. 's discretion Eclipse Displays, Inc. may cure such environmental hazard, and the City of Fayetteville shall indemnify Eclipse Displays, Inc. for all costs associated with said cure. 14. This agreement shall be governed by the laws of the State of Arkansas. 15. This agreement, when executed by both Eclipse Displays Inc. 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 20`" day of June 2006. 17. The City of Fayetteville shall submit this fully executed Offer and Acceptance Contract to the City Council for their approval within Thirty (30 ) days of acceptance by the City of Fayetteville. 18. It is expressly understood by the parties that the price established by the City Council is a reduced price to create valuable manufacturing jobs in the Fayetteville Industrial Park and that the sale of the property may not be for speculation or resale. Should Eclipse Displays. Inc. wish to sell the property before the project proposed to the City of Fayetteville is constructed, the City of Fayetteville shall have the right to purchase the property at the same price less all of its costs including any infrastructure built by the City to accommodate the project for which it was sold to Eclipse Displays, Inc.. 19. NOTICE: THE Eclipse Displays, Inc. AND THE CITY OF FAYETTEVILLE ASSERTS HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO THE Eclipse Displays, Inc. OF THE $ 1,000.00 EARNEST MONEY DEPOSIT. For Eclipse Displays, Inc: Mar Ric b, President t .;ia Date: 51 I1 ( IOW Johnson. Vice President For T � ity of r At ettevi Arkansas, A municipal corporate Dan oody, Mayor t .1 Sondra +mit , City CI -"Ur Date: g /7 0 on: Date: )f 7 46 .....TUTR•.'..te: snot/ 6 ;U• ••: ; FAYETTEVILLE • ''t:,;^ G70N �G.. • • OFFER AND ACCEPTANCE CONTRACT Page 3 of 4 EXHIBIT "A" PROPERTY DESCRIPTION That property described as Lot 2W containing 9.49 acres plus or minus of the Fayetteville Industrial Park located - in 22-16-30 Washington County, Arkansas as depicted on the attached copy from the FINAL PLAT, FAYETTEVILLE INDUSTRIAL PARK -WEST dated July 1987. SIGNED FOR IDENTIFICATION: Rrchard L Johnson, Vice President Dan Goody Mayor Sondra Smith, City Clerk Date: S 111 IOC Date: Date: .5r/ ell°A `''''ami14 '''n, Date: 6/184& .1::o.• "_ • .:FAYETTEVILLE; .0.N. • ,ys..9RKANS:t\P. OFFER AND ACCEPTANCE CONTRACT Page 4 of 4 ACKNOWLEDGMENT STATE OF ARKANSAS ss. COUNTY OF WASHINGTON ;t NOTARY co, gra ant •n e •N PUBL\C ro i e $1 « BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting No ry Public within and for said County and State, personally appeared S t7 O to me well known as the per qqn(s) who executed theongoing dpcument, and who stated and cknq�vledged that he/she/they is/are law. CreL6 1 t c -ken J �#Sa� of hbuutt ltt'y and is/are duly,authorized to execute the foregoing instrument for and in the name and behalf of said 9 c.Ji p S -c b r Se (ate LH .-- and further stated and acknowledged that he/she/they had so signedd' exeoruted and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. �t t WITNESS my hand and seal on this 11 'at day of I�' `�/ 2006 Mi ., n MY COMMISSION EXPIRES Pru z I zoa 10 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 /31A day of NA? 20(E. Nttnlllli�� (�A MY COMMISSION EXPIRES: f' .��OJ:.....pa.OH..'O• �A�� Notary Public k• OTA ••tn 4 :cc:N Ry I :v PUBLl0 • • �'�Siii \ t: Ray M. Boudreaux Submitted By City of Fayetteville Staff Review Form City Council Agenda Items or Contracts% 912012005 City Council Meeting Date Aviation & Economic Dvelopment Division Action Required: General Government Department Action Required: Approve an Offer and Acceptance Contract with Eclipse Displays Inc.; Mark Golab, President; 501 S. Government Ave, Fayetteville, AR, 72701; 479-973-9001; to purchase from the City, Parcel 2W in the South Industrial Park. • REVENUE 169,800.00 Cost of this request 1010.0001.4881.02 Account Number NA 940,200.00 Contrib Program Category / Project Name 50,587.00 General Fund Revenue Funds Used to Date Program / Project Category Name 889,613.00 Project Number Remaining Balance Budgeted Item X Budget Adjustment Attached Departmen Director c -D9 City Attorne Finance and Internal Service Director Mayor General Fund Name Previous Ordinance or Resolution # Dat2� d6 e Original Contract Date: Date YJftioL bbba�te Date Original Contract Number: Received in Office Comments: Roy CITY COUNCIL AGENDA MEMO • City Council Meeting of: May 16, 2006 Agenda Item Number: TO: Mayor THEW: Staff/Contract Review Commit FROM: Ray M. Boudreaux, Director, Aviation and DATE: April 28, 2006 , SUBJECT: Approve Offer and Acceptance Contract for the sale of Parcel 2W in the Fayetteville Industrial Park for $169,800.00 to Eclipse Displays, Inc. conomic Development RECOMMENDATION: Approve contract for the sale of Parcel 2W in the Fayetteville Industrial Park to Eclipse Displays, Inc. for a total price of $169,800.00. BACKGROUND: Eclipse Displays, Inc. is owned by Mark Golab, President; Richard Johnson, Vice President; and Timothy McCuin, Treasurer. They are located in four buildings in Fayetteville and have applied to purchase this property on which to construct a building from which to operate the business. They design, construct and store trade show displays. One of their clients is the Arkansas Department of Economic Development. DISCUSSION: They currently employ 23 and plan to grow to 35 over the next five years. The parcel is located on Pump Station Road, is 9.49 acres. The northern most acre of the property is in the floodway and we have not charged for that one acre. It cannot be built on. BUDGET IMPACT: The proceeds will go into the economic development fund. Attachments. Staff Review form Offer and Acceptance Aviation and Economic Development Department FayetteJille Municipal Airport, Drake Field 4500 South School Avenue, Suite F Fayenevillc, Arkansas 72701 Ray M. Boudreaux, Director • RESOLUTION NO. A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND ECLIPSE DISPLAYS, INC. TO PURCHASE PARCEL 2W - SOUTH INDUSTRIAL PARK FROM THE CITY OF FAYETTEVILLE FOR $169,800.00; AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE SAID AGREEMENT. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS* Section 1. That the City Council of the City of Fayetteville, Arkansas hereby approves an Offer and Acceptance contract between the City of Fayetteville and Eclipse Displays, Inc. to purchase Parcel 2W - South Industrial Park from the City of Fayetteville for $169,800.00. A copy of the contract, marked Exhibit "A" is attached hereto and made a part hereof. Section 2. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Mayor and City Clerk to execute said agreement#W* Eclipse Displays, Inc. PASSED and APPROVED this 16th day of M4C202 APPROVED: ANE`COODY, Mayor By: Mcitii, City Clerk Clarice Pearman - Res. 91-06 Page 1 • From: Clarice Pearman To: Boudreaux, Ray Date: 5.19.06 4:49PM Subject: Res. 91-06 Ray, Attached is a copy of the above resolution passed by City Council, May 16, 2006 regarding the Offer & Acceptance Contract for Parcel 2W -South Industrial Park. Thanks. Clarice CC: Audit