15256 1 RESOLUTION NO. 15,256
2
3 A RESOLUTION AUTHORIZING THE MAYOR TO ENTER INTO A
4 CONTRACT WITH THE THOMAS R H/S L FAMILY REVOCABLE
5 TRUST FOR THE PURCHASE OF APPROXIMATELY FIFTY-FIVE (55)
6 ACRES OF LAND,FOR USE BY THE LITTLE ROCK PORT AUTHORITY
7 FOR ECONOMIC PROSPECT RECRUITMENT; AND FOR OTHER
8 PURPOSES.
9
10 WHEREAS,the City of Little Rock,Arkansas,through its 2011 Capital Sales Tax Initiative,set aside
11 money for the specific purpose of expanding the real estate holdings of the Little Rock Port Authority;and,
12 WHEREAS,the Little Rock Port Authority has been actively exploring opportunities for expansion,
13 including the development of a 2008 Master Real Estate Acquisition Plan;and,
14 WHEREAS,the Little Rock Port Authority Staff has worked with the Greater Little Rock Regional
15 Chamber of Commerce,and other interested parties,to explore viable options for real estate expansion and
16 determined that this particular parcel will meet the future needs of the Little Rock Port Authority for
17 Economic Prospect recruitment purposes, and,
18 WHEREAS,the Little Rock Port Authority Staff has extended a preliminary offer,based upon a third-
19 party appraisal,for the property in question and the offer has been accepted by the owner.
20 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
21 OF LITTLE ROCK:
22 Section 1. The City of Little Rock Board of Directors authorizes the Mayor to purchase approximately
23 fifty-five (55) acres of land for a purchase price of One-Million, Two-Hundred Fifty Thousand Dollars
24 ($1,250,000.00), plus associated closing cost, and is contingent upon positive findings of the Phase One
25 Environmental Study and determination of clear title. The property is located at: On or near Harper Road;
26 Parcel Numbers 24R0340000600 and 24L0220000200.
27 Section 2. Funding for this acquisition will come from the Little Rock Port Authority's Land
28 Acquisition Account.
29 Section 3. This transaction will include an initial payment of Two Hundred Fifty Thousand Dollars
30 ($250,000.00) and then annual payments of One Hundred Forty-Eight Thousand, Eight Hundred Fifty-
31 Seven and 14/100 Dollars($148,857.14)until the property is fully paid off.
32 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase or
33 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
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1 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
2 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
3 resolution.
4 Section 5. Repealer.All laws ordinances resolutions or parts of the same that are inconsistent with the
5 provisions of this resolution are hereby repealed to the extent of such inconsistency.
6 ADOPTED: July 7, 2020
7 ATTEST: APPROVED:
8
9 MAMA
10 Allison Segars,Depu City Clerk Frank Scott,Jr., y r
11 APPROVED AS TO LEGAL FORM:
12
13 c7y .
14 Thomas M.Carpenter,City Attorney
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