HomeMy WebLinkAbout42-14 RESOLUTIONRESOLUTION NO. 42-14
A RESOLUTION TO APPROVE THE FOURTH AMENDMENT TO LAND
SALE AGREEMENT WITH KUM & GO, L.C. TO EXTEND THE CLOSING
DATE TO NO LATER THAN APRIL 21, 2014 AND TO AGREE TO
EQUALLY SHARE THE CITY'S PORTION OF THE COSTS OF A
DEDICATED LEFT TURN LANE
WHEREAS, the City of Fayetteville agreed to sell and Kum & Go, L.C. agreed to buy a
lot of slightly under two acres for $1,155,001.00 pursuant to the First Amendment to Land Sale
Agreement approved by the City Council by Resolution No. 26-13 on February 5, 2013; and
WHEREAS, Kum & Go, L.C. and the City agreed to cost share 50/50 the design and
construction costs for the agreed upon new street from the intersection of Happy Hollow and
Huntsville to Ray Avenue and agreed that the Closing Date would be in early December at the
option of Kum & Go, L.C.; and
WHEREAS, the City requested and Kum & Go, L.C. agreed to extend the period
allowed for the demolition of the old Tyson factory for about an additional two and a half
months to enable the City to sell the building for salvage for a substantial savings for our
taxpayers; and
WHEREAS, Kum & Go, L.C. has agreed to a further 50/50 cost share of the City's
portion of its 50/50 cost share with the Arkansas Highway and Transportation Department for
any expenses related to the dedicated left turn lane needed for intersection of Happy Hollow and
Huntsville which accesses both City and Kum & Go, L.C. property and requested an extension of
Closing until April 21, 2014.
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 Fourth Amendment to the Land Sales Agreement attached to this Resolution and authorizes
Mayor Jordan to sign this amended Agreement.
PASSED and APPROVED this 18th day of February 2014.
ATTEST:
By: -st -0-144--e-- c --i:: 4, .0%ouiltr,,,
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SONDRA E. SMITH, City Clerk/Treasure('.. cAT y , •-;-,',,';',
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Chris Brown
Submitted By
City of Fayetteville Item Review Form
2014-0062
Legistar File Number
2/18/14
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
Action Required:
Development Services
Department
A Resolution to approve the Fourth Amendment to the Land Sale Agreement with Kum and Go,
L.C., to share in the costs of widening Highway 16 and to extend the Closing Date to no later than
April 21, 2014.
Does this item have a cost?
Yes
Cost of this request
Account Number
Category or Project Budget Program or Project Name
Funds Used to Date Program or Project Category
$0.00
Project Number Remaining Balance
Budgeted Item?
Budget Adjustment Attached?
Fund Name
Previous Ordinance or Resolution #
Original Contract Number:
Comments:
V20130812
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENT CORRESPONDENCE
ARKANSAS
www.accessfayetteville.org
CITY COUNCIL AGENDA MEMO
Council Meeting of February 18, 2014
To: Mayor and City Council
Thru: Don Marr, Chief of Staff
Jeremy Pate, Development Services Director
From: Chris Brown, City Engineer ce)
Date: January 31, 2014
Subject: A Resolution to approve the Fourth Amendment to the Land Sale Agreement with Kum and
Go, L.C., to share in the costs of widening Highway 16 and to extend the Closing Date to no
later than April 21, 2014.
BACKGROUND:
The City's agreement with Kum and Go, L.C. for Kum and Go's purchase of a portion of City property adjacent
to Highway 16 was approved by the City Council in February, 2013. As the project has progressed, multiple
amendments have been brought forward addressing various issues that have come to light. Recently, the
Arkansas State Highway and Transportation Department (AHTD), during their review of the permit request for
the Kum and Go, indicated that an additional lane on Highway 16 at the intersection of Huntsville and Happy
Hollow would be required due to the planned installation of the new street/driveway into the Kum and Go. As
noted on the attached site plan, this street/driveway will create a 4 -way intersection at Happy Hollow and
Huntsville, and this additional lane would serve as a turning lane for traffic turning off of Highway 16 at the
intersection.
After several discussions with the AHTD, Engineering staffrecommended to the Mayor that a cost share with
the AHTD be proposed. In December, a letter (attached) was sent to the AHTD proposing this cost share. The
AHTD has recently responded positively to this request, and will design the improvements for incorporation
into their active construction project on Highway 16. The AHTD will expect a payment of 50% of the cost of
the change order for the additional lane before they will begin the work. Once the actual cost is known, staff
will present the amount to the City Council for approval of a payment to the AHTD.
PROPOSAL:
The City's current agreement with Kum and Go is to share 50/50 in the cost of the new street/access drive between
Highway 16 and Ray Avenue, and in the cost of signal improvements that are necessary as part of this access
drive construction. The proposed fourth amendment to the agreement will add the cost of the widening of highway
16 to the cost share agreement. If this amendment is approved, the City's responsibility will be 25% of the cost
of the work, with the AHTD and Kum and Go paying the remaining 50% and 25%, respectively.
2
THE CITY OF FAYETTEVILLE, ARKANSAS
Additionally, due to the delays in getting this issue resolved and other factors, Kum and Go has requested an
extension of the closing date to not later than April 21, 2014.
RECOMMENDATION:
Staff recommends approval of the Fourth Amendment to the Land Sale Agreement.
BUDGET IMPACT:
The total cost of the road widening has been estimated to be up to $250,000. Therefore, the City's portion, after
cost shares with the AHTD and Kum and Go, is estimated to be $62,500. The actual cost will be known after the
AHTD completes the Change Order with their construction contractor.
RESOLUTION NO.
A RESOLUTION TO APPROVE THE FOURTH AMENDMENT TO LAND
SALE AGREEMENT WITH KUM & GO, L.C. TO EXTEND THE CLOSING
DATE TO NO LATER THAN APRIL 21, 2014 AND TO AGREE TO
EQUALLY SHARE THE CITY'S PORTION OF THE COSTS OF A
DEDICATED LEFT TURN LANE
WHEREAS, the City of Fayetteville agreed to sell and Kum & Go, L.C. agreed to buy a
lot of slightly under two acres for $1,155,001.00 pursuant to the First Amendment to Land Sale
Agreement approved by the City Council by Resolution No. 26-13 on February 5, 2013; and
WHEREAS, Kum & Go, L.C. and the City agreed to cost share 50/50 the design and
construction costs for the agreed upon new street from the intersection of Happy Hollow and
Huntsville to Ray Avenue and agreed that the Closing Date would be in early December at the
option of Kum & Go, L.C.; and
WHEREAS, the City requested and Kum & Go, L.C. agreed to extend the period
allowed for the demolition of the old Tyson factory for about an additional two and a half
months to enable the City to sell the building for salvage for a substantial savings for our
taxpayers; and
WHEREAS, Kum & Go, L.C. has agreed to a further 50/50 cost share of the City's
portion of its 50/50 cost share with the Arkansas Highway and Transportation Department for
any expenses related to the dedicated left turn lane needed for intersection of Happy Hollow and
Huntsville which accesses both City and Kum & Go, L.C. property and requested an extension of
Closing until April 21, 2014.
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 Fourth Amendment to the Land Sales Agreement attached to this Resolution and authorizes
Mayor Jordan to sign this amended Agreement.
PASSED and APPROVED this 18th day of February 2014.
APPROVED: ATTEST:
By: By:
LIONELD JORDAN, Mayor SONDRA E. SMITH, City Clerk/Treasurer
FOURTH AMENDMENT
TO LAND SALE AGREEMENT
THIS FOURTH AMENDMENT TO LAND SALE AGREEMENT
(hereinafter, the "Amendment") is made and entered into effective the 1
day of February, 2014, by and between the CITY OF FAYETTEVILLE, AR, a
municipal corporation ("City" or "Fayetteville"), and KUM & GO, L.C., an Iowa
limited liability company ("Kum & Go"), WITNESSETH:
WHEREAS, Kum & Go and City have entered into that certain Purchase
Agreement (the "Agreement") whereby City has agreed to sell and Kum & Go has
agreed to buy certain real estate situated in Fayetteville, Arkansas; and
WHEREAS, Kum & Go and City have entered into the First Amendment to
Land Sale Agreement on February 5, 2013; and
WHEREAS, Kum & Go and City have entered into the Second Amendment
to Land Sale Agreement on March 19, 2013; and
WHEREAS, Kum & Go and City have entered into the Third Amendment
to Land Sale Agreement on September 17, 2013; and
WHEREAS, Kum & Go and City desire to amend this Agreement for a
fourth time as set forth herein.
NOW THEREFORE, in consideration of the mutual promises and
covenants herein contained, and for other good and valuable consideration, it is
agreed as follows:
1. Extension of Time for Closing. Kum & Go, L.C. and the City of
Fayetteville agree that upon Kum & Go, L.C.'s request to extend the Closing Date
pursuant to Paragraph 7 of the Land Sale Agreement, Kum & Go, L.C. shall have
the right to extend the Closing Date to not later than April 21, 2014.
2. Dedicated Left Turn Lane on Huntsville Road. The Arkansas
Highway and Transportation Department has agreed to design and construct a
dedicated left turn lane into the City's development site at the old Tyson Plant
property if the City pays 50% of these costs. The City and Kum & Go, L.C. now
1
agree to equally share the City of Fayetteville's 50% cost share with the Arkansas
Highway and Transportation Department.
3. Ratification. Except as modified by this Fourth Amendment, all terms
within the Agreement and its First, Second and Third Amendments are ratified and
confirmed by the parties.
4. Counterparts, Facsimile. This Amendment may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
taken together shall constitute one and the same agreement. For purposes of
executing this Agreement, a facsimile signature shall be as effective as an actual
signature.
IN WITNESS WHEREOF, the parties hereto have caused this Third
Amendment to be executed all on or as the day and year first above written.
KU1V1 & GO, L.C.
By: , )1\j\ \(''t A 1,8M,
NIKI DePHILLIPS,
SVP Store Development
2
CITY OF FAYETTVILLE, AR
ONE DAN
Mayor
ATTEST:
SONDRA E. SMITH
City Clerk/Treasurer
1Threville
THE CITY OF FAYETTEVILLE, ARKANSAS
ADMINISTRATION
113 West Mountain
Fayetteville AR 72701
P1479) 3734330 F 1479) 371-0257
ARKANSAS
www.accessfayetteville.org
December 102013
Mr, Frank Vozel, P.E.
Deputy Director/Chief Engineer
Arkansas State Highway and Transportation Department
P,O, Box 2261
Little Rock, AR 72203-2261
Re: Highway 16/Huntsville Rd. Intersection
Dear Mr, Vozel:
As you may know, the City of Fayetteville has entered into a contract with Kum and Go, LLC to sell a
portion of City property near the intersection of Huntsville Road and Happy Hollow, on State Highway 16.
As part of the project, a new street is planned to be constructed to create a 4 -way intersection at Highway
16 and Huntsville Road. The intersection currently is a three way intersection that was constructed by the
City in 2006, and includes a 4 -lane cross section on Highway 16. Additionally, the Department is
widening Highway 16 to the east of this intersection, in partnership and cooperation with the City, with the
City paying $5 million toward the approximately $12 million cost of the project.
KUM and Go, LLC has been pursuing Department approval of the intersection layout, so that they can
begin design work on the traffic signal modifications necessary as part of the new leg to be added to the
intersection. The Department has recently determined that it will be necessary to add a fifth lane at the
intersection, to provide a dedicated left turn lane for both travel directions on Highway 16.
While we agree with the concept, and recognize that this design will create a better intersection, it seems
that the Department should share in the cost of this work, just as the City has invested heavily in the cost of
the work on the nearby widening project. This work will resolve a weakness in the transportation network
that, absent the development project, would have remained after the Highway 16 widening project was
completed. We have estimated the cost of the widening to be approximately $200,000 to $250,000, based
on the unit costs from the Department's current contract with Sweetser Construction, and we would
propose that this cost be shared equally between the Department and the City. (This does not include the
cost of the signal relocation, which will be borne by the developer and/or the City).
In closing, we sincerely appreciate the partnership that we have enjoyed with the Department during my
Administration. We are continuing to look for ways to partner with the Department on facilities owned by
the Department that are used by our citizens, including using STP -A funds that recently have become
available. We hope that you feel the same, and will recognize this opportunity to work together to
strengthen our transportation network in the City.
ncercly
1.ion Jordan
Mayor
Cc: Commissioner Dick Trammel, Ark. Highway Commission
Telecommunications Device for the Deaf TDD 079) 521-1316
113 West Mountain - Fayetteville, AR 72701
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HAPPY HOLLOW RD AND HUNTSVILLE RD
INTERSECTION - OPTION 2
JOHN ED REGENOLD
CHAIRMAN
ARMOIRE!.
DICK TRAMMEL
VICE CHAIRMAN
ROGERS
THOMAS B. SCHUECK
UTILE ROCK
ARKANSAS STATE HIGHWAY COMMISSION
P.O. Box 2261
LrrrLE ROCK, ARKANSAS 72203-2261
PHONt. (501) 569-2000 • VorcEfFTY 711 • FAX (501) 569-2400
WWW.ARKANSASH1GHWAYS.COM • WWW.IDRIVEARKANSAS.COM
January 23, 2014
The Honorable Lioneld Jordan
Mayor of Fayetteville
113 West Mountain
Fayetteville, AR 72701
Dear Mayor Jordan:
-'21,/-/2/
r)
ROBERTS. MOORE, JR.
ARKANSAS CffY
FRANK D. SCOTT, JR.
Ln -TLE ROCK
SCOTT E. BENNETT, RE.
DIRECTOR OF
HIGHWAYS AND TRANSPORTATION
Reference is made your letter concerning improvements to the Highway 16 and
Huntsville Road intersection in Fayetteville.
As you stated, the Department has reviewed the proposed intersection layout and has
determined that a dedicated left turn lane for both travel directions on Highway 16 is necessary.
You also stated that the estimated cost for this improvement is $250,000. The City has
proposed a partnering arrangement of sharing this cost equally with the Department.
As you are aware, a widening project is underway on Highway 18 on selected sections
between Armstrong Avenue and Stone Bridge Road (Job 040578). The City Is responsible for
50 percent of the cost of Job 040578 up to $5,000,000. The Department is agreeable to adding
construction of a dedicated left turn lane at the subject intersection to Job 040578 by change
order and for paying one-half of the cost. The City will be billed for their portion after the change
order is negotiated but prior to execution. This will increase the City's contribution to
Job 040578 to approximately $5,125,000. We agree that this additional work will improve
operations on Highway 18 and enhance safety. Also, it is a natural addition to Job 040578.
Thank you for your interest in Arkansas' transportation system. If you have any
questions, please let me know.
Sincerely,
d.7y40E-
Scott E. Bennett
Director of Highways
and Transportation
c: Highway Commission
Deputy Director and Chief Engineer
Assistant Chief Engineers
Transportation Planning and Policy
Programs and Contracts
District 4
Job 040578 "C" File
CI:WINWORD \TUDOR\LettersTayetteville - Hwy 16 Huntsville Intersection.doc
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Lta-iq
Waco Title Company
6815 Isaac's Orchard Rd, Ste D
Springdale, AR 72762
479-770-6700, (479) 770-6876
Payee Name: City of Fayetteville, Arkansas, a municipal corporation
Check Date: 4/21/2014 Check Amount: $1,113,706.00
Order No.: 1301380-959
Seller: City of Fayetteville, Arkansas, a municipal
Corporation
Buyer: KG Store 418, L.L.C., an Iowa limited liability
company
Line Items Description Amount
603 Proceeds of Sale 51,113,706.00
314428
ARVEST BANK
SPRINGDALE, AR 72765
81-87/829
WACO
i T I TLE
812117/311=1
6815 Isaac's Orchard Road, Suite D
Springdale, AR 72762
OFNo. 1301380-959
PAY TO THE ORDER OF City of Fayetteville, Arkansas, a municipal corporation
One Million One Hundred Thirteen Thousand Seven Hundred Six and 06/100
Memo:
City of Fayetteville, Arkansas, a municipal corporation
113 W. Mountain Street
Fayetteville, AR 72701
3 Lti 28o 1:138 2900/3 21:
NO. 314428
DATE 4(21/2014
81,113,706.00
1 213 249 3»
Waco Title Company
6815 Isaac's Orchard Rd, Ste D
Springdale, AR 72762
479-770-6700, (479) 770-6876
Payee Name: City of Fayetteville, Arkansas, a municipal corporation
Check Date: 4/21/2014 Check Amount: $1,113,706.00
Order No.: 1301380-959
Seller: City of Fayetteville, Arkansas, a municipal corporation
Buyer: • KG Store 418, L.L.C., an Iowa limited liability company
Line Items Description Amount
603 Proceeds of Sale 51,113,706.00
314428
Prepared by and when recorded return to: Kum & Go, L.C., Attn: Joel Huston; 6400
Westown Parkway, West Des Moines, IA 50266
DECLARATION OF USE RESTRICTION
THIS INSTRUMENT effective the G2 jk day of April, 2014, (the "Effective
Date") is made by the undersigned owner of the Restricted Parcel (hereinafter referred to
as the "Burdened Party"); WITNESSETH:
RECITALS
A. Burdened Party is the owner of the Restricted Parcel (defined below); and
B. Burdened Party desires to place certain use restrictions on the Restricted
Parcel.
NOW, THEREFORE, BURDENED PARTY HEREBY DECLARES AND
IMPOSES THE FOLLOWING:
1. Recitals. The Recitals set forth above are incorporated by this reference.
2. Benefited Parcel. The use restrictions imposed herein are imposed for the
benefit of the following parcel of real estate (the "Benefited Parcel"), to -wit:
A part of the Northeast Quarter (NE 1/4) of the Northwest Quarter (NW 1/4)
of -Section Twenty-three (23), Township Sixteen (16) North, Range Thirty
(30) West, Washington County, Afkansas, being more particularly
described as follows:
Commencing at the Southwest Corner of said forty (40) acre tract., thence
along the Westerly line of said tract North 02°59'34" East 593.99 feet;
thence leaving said Westerly line South 87°00'26" East 325.99 feet to a
set iron pin being the POINT"' OF BEGINNING; thence North 02°33'02"
East 178.54 feet to a set iron pin; thence North 84°07'31" East 19.45 feet
to a set iron pin; thence North 15°53'41" East 85.49 feet to a set iron pin
on the Southerly right-of-way of East Huntsville Road (AR St. Hwy. 16)
being the beginning of a curve to the left having a delta angle of
07°02'11" and a radius of 1355.00 feet- thence along said right-of-way
along said curve an are length of 166.40 feet and a chord bearing and
distance of South 7004804 East 166.30 feet to a set iron pin; thence
continuing along said right-of-way the following courses:
South 74'19'09 East 6:58 feet to a set iron pin;
South 15°40'51" West 2.83 feet to a set iron pin;
South 64°50'44" East 119.29 feet to a set iron pin;
South 34°02'24" East 20.54 feet to a set iron pin on the Westerly right-of-
way of Ray Avenue; thence along said right-of-way South 08°01'09"
West 14.59 feet; thence continuing along said right-of-way South
05°3534" West 100.55 feet; thence continuing along .said right-of-way
South 01°17'20" West 98.63 feet; thence leaving said nght-of-way North
88°17'18" West 13.98 feet to a set iron pin being the beginning of a curve
to the right having a delta angle of 14°113'59" and a radius of 490.00 feet;
thence along said -curve an arc length of 121.30 feet and a chord bearing
and distance of North 81°11'49" West 120.99 feet to a set iron pin; thence
North 74°06'26" West 120.84 feet to a set iron pin being the beginning of
a curve to the left having a delta angle of 09°53'44" and a radius of 325.92
feet. thence along said- curve an are length of 56.29 feet and a chord
bearing and distance of North 79°55'26" West 56.22 feet; thence North
41°09'38" West 20.73 feet to the Point of Beginning, containing 1.899
acres, more or less.
Also shown as Revised Tract 2 Description on the Mexican Original
Property Line Adjustment recorded as Doc. Ref. 2013-00021661 in the
office of the Circuit Clerk and Ex -Officio Recorder of Washington
County, Arkansas,
3. Restricted Parcel. The use restrictions imposed herein are imposed upon
the following parcels of real estate (the "Restricted Parcel"), to -wit:
All real property owned by the City of Fayetteville within one mile of the
Benefited Parcel.
4. Use Restrictions. During the term of this declaration and for the benefit of
the Benefited Parcel, the Restricted Parcel shall not be used for any of the following:
a. A gas station.
b. A convenience store.
c. A tobacco store.
d. A business that generates more than fifty percent (56%) of its gross
revenue from the sale of beer or liquor products for off -premises
consumption.
5. Term. Unless sooner terminated by the owner or owners, from time -to -
time, of the Benefited Parcel as provided herein, the use restrictions imposed against the
Restricted Parcel shall remain in full force and effect until April 30, 2033, at which time
2
said use restrictions shall automatically expire. Burdened Party shall not revoke, and
hereby relinquishes any right to revoke, the use restrictions imposed by this instrument.
6. Termination. The owner or owners, from time -to -time, of the Benefited
Parcel may terminate any one or more of said use restrictions at any time prior to the
expiration date as set forth in Section 5 by the filing of a use restriction termination
document with the office of the Recorder of the county and state in which the Restricted
Parcel is located.
7. Restrictions Run with Land. The use restrictions imposed by this
instrument shall constitute covenants running with the land and, as such, shall be binding
upon the owners from time -to -time of the Restricted Parcel and their respective heirs,
successors and assigns.
8. Severability. If any provision of this instrument is invalid, illegal or
incapable of being enforced by any law or public policy, all other provisions of this
declaration shall remain in full force and effect.
IN WITNESS WHEREOF, the Burdened Party has caused this Declaration of Use
Restriction to be executed on or as of the day and year first above written.
0:0{ / Tit? /,,,, City of Fayettcv Ile, Arkansas,
c.cYTY
%-• • f -q a municipal co oration
•
F. :FAYETTEVILLE
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Sondra Smith, City Clerk
ATTEST:
3
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ayor
[SEAL]
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
SS.
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 Lioneld Jordan 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 arid City Clerk., respectively, 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 corporation, and further
stated and acknowledged that they had so signed, executed and delivered said instrument
for the consideration, uses and purposes therein mentioned aix, set fort
WITNESS my hand and seal on this day of
MY COMMISSION EXPIRES:
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SELLERS STATEMENT
Date: April 21, 2014 GFNo: 1301380-959
Sale From: City of Fayetteville, Arkansas, a municipal To: KG Store 418, L.L.C., an Iowa limited liability company
corporation 6400 Westown Parkway
113 W. Mountain Street West Des Moines, IA 50266
Fayetteville, AR 72701
Property: 23-16-30, 1.899 acres, Washington County
East Huntsville
Fayetteville, AR
Sales Price S1,115,001.00
Reimbursements/Credits
Total Reimbursements/Credits $0.00
Gross Amount Due to Seller 51,115,001.00
Less: Charges and Deductions
Title Charges to WACO Title Company $995.00
OwnerPolicy $995.00
Settlement Fees to WACO Title Company 5300.00
Closing Fee S300.00
Total Charges and Deductions 51,295.00
Net Amount Due to Seller $1.113.706.00
Seller understands the Closing or Escrow Agent has assembled this information representing the transaction from the best information available from other sources and
cannot guarantee the accuracy thereof. The lender involved may be furnished a copy of this statement.
Seller understands that tax and insurance promtions and reserves were based on figures for the preceding year or supplied by others or estimates for the current year,
and in the event of any change for current year, all necessary adjustments must be made between Purchaser and Seller direct,
'The undersigned hereby authorizes Waco Title Company to make expenditures and disbursements as shown above and approves same for payment. The undersigned
also acknowledges receipt of Loan Funds, if applicable, in the amount shown above and a receipt of a copy of this Statement.
Waco Title Company
By
City ofFayette lle, Arkans unicipal corporation
00111/1111 41111'
is eld Jordan,
Printed at: 04/16/2014 (01:10 pm) Compliments of Waco Title Company
Part of Parcel No.765-15204-000
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
THAT the City of Fayetteville, Arkansas, a municipal corporation,
hereinafter called GRANTOR, for and in consideration of the sum of One Million
One Hundred and Fifteen Thousand and One Dollars ($1,115,001.00) and other
good and valuable consideration, the receipt of which is hereby acknowledged,
do hereby grant, bargain, sell and convey unto KG Store 418, L.L.C., an Iowa
limited liability company hereinafter called GRANTEE, and unto Grantee's
successors and assigns, the following described land situated in the County of
Washington, State of Arkansas, to -wit:
A part of the Northeast Quarter (NE Y4) of the Northwest Quarter (NW %) of Section Twenty-three (23),
Township Sixteen (16) North, Range Thirty (30) West, Washington County, Arkansas, being more
particularly described as follows:
Commencing at the Southwest Corner of said forty (40) acre tract; thence along the Westerly line of said
tract North 02°5934" East 593.99 feet; thence leaving said Westerly line South:87°00'26" East 325.99
feet to a set iron pin being the POINT OF BEGINNING; thence North 02°33'02" East 178.54 feet to a set
Iran pin; thence North 84°07'31" East 19.45 feet to a set iron pin; thence North 15°53'41" East 85.49 feet
to a set iron pin on the Southerly right-of-way of East Huntsville Road (AR St. Hwy. 16) being the
beginning of a curve to the left having a delta angle of 07°02'11" and a radius of 1355.00 feet; thence
along said right-of-way along said curve an arc length of 166.40 feet and a chord bearing and distance of
South 70°48'04" East 166.30 feet to a set iron pin; thence continuing along said right-of-way the following
courses:
South 74°19'09" East 6.58 feet to a set iron pin;
South 15°40'51" West 2.83 feet to a set iron pin;
South 64°50'44" East 119.29 feet to a set iron pin;
South 34°02'24" East 20.54 feet to a set iron pin on the Westerly right-of-way of Ray Avenue; thence
along said right-of-way South 08°01'09" West 14.59 feet; thence continuing along said right-of-way South
05°35'34" West 100.55 feet; thence continuing along said right-of-way South 01°17'20" West 98.63 feet;
thence leaving said right-of-way North 88°17'18" West 13.98 feet to a set iron pin being the beginning of a
curve to the right having a delta angle of 14°10'59" and a radius of 490.00 feet; thence along said curve
an arc length of 121.30 feet and a chord bearing and distance of North 81°11'49" West 120.99 feet to a
set iron pin; thence North 74°06'26" West 120.84 feet to a set iron pin being the! beginning of a curve to
the left having a delta angle of 09°53'44" and a radius of 325.92 feet; thence along said curve an arc
length of 56.29 feet and a chord bearing and distance of North 79°55'26 West 56.22 feet; thence North
41°09'38" West 20.73 feet to the Point of Beginning, containing 1.899 acres, more or less.
Also shown as Revised Tract 2 Description on the Mexican Original Property Line Adjustment recorded
as Doc. Ref. 2013-00021661 in the office of the Circuit Clerk and Ex -Officio Recorder of Washington
County, Arkansas.
1
TO HAVE AND TO HOLD the said lands and appurtenances hereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said
lands and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the
said lands against all legal claims whatever.
WITNESS the execution hereof on this the c9/
day of a
City of F yetteville, Arkansas,
a mu j.ai corporation
ATTEST:
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Sondra Smith, City Clerk '‘ /illaiIilloo
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[SEAL] ;
WARRANTY DEED
Page 2 of 2
STATE OF ARKANSAS
COUNTY OF WASHINGTON
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ACKNOWLEDGMENT
SS.
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 Lioneld Jordan 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, respectively, 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 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. ffl,
WITNESS my hand and seal on this 0`,1 day of 11.1)
;•:A- •,
MY COMMISSION EXPIRES:
Notary Public
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