100501
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
0
RESOLUTION NO. 10,050
M M
A RESOLUTION AUTHORIZING THE SALE OF THE
INDUSTRIAL PROPERTY AT 4200 HOERNER TO THE
FORMER TENANT, MERICO, INC., PURSUANT TO THE
TERMS OF A LEASE ENTERED INTO IN DECEMBER, 1970,
PURSUANT TO AN ACT 9 BOND ISSUE; AND FOR OTHER
PURPOSES.
M M
397
WHEREAS, in 1970,. the City issued $5,000,000 in Industrial Revenue Bonds
pursuant to Act 9 of 1965 to recruit Merico, Inc. to locate its bakery in Little Rock; and
WHEREAS, the City, as lessor, and Merico, Inc., as lessee, entered into a long term
lease of 4200 Hoemer in December, 1970; and
WHEREAS, Merico operated a bakery on the premises until February, 1996; and
WHEREAS, Merico's option to purchase, as provided in § 1902 of the Lease, expired
March 1, 1996; and
WHEREAS, Merico now desires to exercise its option to purchase; and
WHEREAS, action by the Board of Directors is necessary to authorize the sale.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The sale of industrial property at 4200 Hoemer to the former tenant,
Merico, Inc. is hereby authorized pursuant to the terms outlined in § 1902 of the lease. In
addition to the $100.00 purchase price, the terms of sale include payment of a $30,000 PILOT
payment, insurance premiums, and the continued obligation to pay delinquent ad valorem
taxes on the property, should the Arkansas Supreme Court render an unfavorable opinion in
the pending litigation, Pulaski Co. V. Jacuzzi Bros., Smith Fiberglass Products, Merico, Inc.,
and the City of Little Rock, No. 96 -01333 (Ark. Sup. Ct.).
SECTION 2. The City Manager and City Attorney are directed to execute the
necessary documents to complete the sale.
1 ADOPTED: August 19, 1997 398
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
ATTEST:
ROBBIE HANCOCK
CITY CLERK
APPROVED AS TO FORM:
• THOMAS M. CARPENWER
CITY ATTORNEY
,4 omi1 m r
i 1 •