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RESOLUTION NO. 1 o , 4? 1
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A RESOLUTION TO APPROVE THE PURCHASE OF 1000 EAST
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MARKHAM STREET FOR $1,835,000 COMPRISED OF SEVERAL
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LOTS IN BLOCK 15 AND 16 OF RUSSELL'S ADDITION TO THE
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CITY OF LITTLE ROCK FOR THE WILLIAM JEFFERSON
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CLINTON PRESIDENTIAL PARK; AUTHORIZING THE MAYOR,
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CITY CLERK AND CITY MANAGER TO EXECUTE ANY
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NECESSARY DOCUMENTS; AND FOR OTHER PURPOSES.
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WHEREAS, the City Board of Directors has created the William Jefferson Clinton
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Presidential Park; and
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WHEREAS, the City is in the process of acquiring property for the park in order to
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ensure that the park is large enough to house the Clinton Presidential Library and other related
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things; and
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WHEREAS, the property subject to the purchase authorized by this resolution is
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comprised of several lots in Block 15 and 16, Russell's Addition at 1000 East Markham Street
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which is owned by the Riley Company and is within the area designated for the park; and
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WHEREAS, the property was appraised at $1,500,000 by the City's appraiser and was
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considered to be worth over $2.3 Million by the owner's appraiser; and
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WHEREAS, after consideration of the saved expenses of not having to litigate a
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condemnation action and, in the process, possibly having to pay a higher assessed cost, the
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parties have agreed that the City's appraised value, plus an allowance for the potential
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additional costs, equals a total price of $1,835,000 as just compensation.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
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OF THE CITY OF LITTLE ROCK, ARKANSAS:
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Section 1. The Mayor, City Clerk and City Manager are authorized to execute
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documents, found by the City Attorney to be in correct legal form, which permit the purchase
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of 1000 East Markham Street, comprised of several lots in Block 15 and 16, Russell's Addition
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to the City of Little Rock, Arkansas, more fully described in Exhibit "A ", for the amount of
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One Million Eight Hundred Thirty-Five Thousand Dollars ($1,835,000) which sum has been
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agreed by the parties to constitute just compensation.
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1 Section 2. Funds for this purchase are available from Account No.210 -21 4 -095 7.
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4 ADOPTED: December 1, 1998
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6 ATTEST:
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Robbie Hancock, City Clerk
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12 APPROVED AS TO FORM:
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15 Thomas M. Carpenter, City Wtorney
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APPROVED:
Dailey, Mayor
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EXHIBIT
Tract 1:
Lots 1, 2 and Alock 16, Russell's Addition to *he City of Little �rraj
Rock, Pulaski County, Arkansas, and the East 1/2 of Shall Street, '7 548
lying West of and adjoining Lot 1, Block 16, Russell's Addition,
which was closed by Ordinance No. 15,456 passed April 5, 1988, by the
City of Little Rock, Arkansas, filed April 11, 1988, and recorded as
Instrument No. 88- 17474, records of Pulaski County, Arkansas.
Umb
Tract 2:
A tract or parcel of land being all that portion of Lots 6, 7 and 8,
Block 15 of Russell's Addition to the City of Little Rock, Pulaski
County, Arkansas, lying Northeastwardly of a line 60.00 feet
Northeastwardly of and parallel with the centerline of Missouri
Pacific Railroad Company's existing main track, said tract or parcel
of land being more particularly described by metes and bounds as
follows:
Beginning at the Northeasterly corner of Lot 8 of said Block 15;
thence Westwardly, along the Northerly line of said Lot 8, a distance
of 140.46 feet, more or less, to the Northwesterly corner of said Lot
8; thence Southwardly, along the Westerly line of said Lot 8, a
distance of 20 feet, more or less, to a point 60.00 feet
Northeastwardly, as measured at right angles from said existing main
track centerline; thence Scutheastwardly, parallel with said existing
main track centerline, a distance of 190 feet, more or less, to a
point on the Easterly line of Lot 6 of said Block 15; thence
Northwardly, along the Easterly lines of Lots 6, 7 and 8 of said
Block 15, a distance of 144 feet, more or less, to the point of
beg -J i. ^.g.
Wal
Tract 3:
A tract of land situated in the Northeast Quarter of the Southeast
Quarter of Section Two, Township One North, Range Twelve West of the
Fifth Principal Meridian, Pulaski County, Arkansas, being more
particularly described as follows:
Commencing at the Northeast corner of the Northeast Quarter of the
Southeast Quarter of Section Two, Township One North, Range Twelve
West of the Fifth Princioal Meridian; thence South 89 degrees 57
minutes 40 seconds West for a distance of 404.80 feet along the North
line of said Quarter Quarter Section to a 3/8 inch rebar, said point
being the point of beginning; thence South 03 degrees 08 minutes 54
seconds East for a distance of 80.12 feet to a 3/.-8 inch rebar; thence
South 04 degrees 00 minutes 16 seconds East for a distance of 20.05
feet to a 3/8 inch rebar; thence South 03 degrees 26 minutes 02
seconds East for a distance of 20.04 feet to a 3/8 inch rebar; thence
South 89 degrees 57 minutes 40 seconds West for a distance of 146.96
feet to a point on the Easterly right of way line of the Union
Pacific Railroad; thence North 47 degrees 57 minutes 31 seconds West
for a distance of 179.06 feet along said Easterly right of way to a
3/8 inch rebar; thence North 89 degrees 57 minutes 40 seconds East
for a distance of 272.94 feet along said North line of Quarter
Quarter Section to the point of beginning.
END OF EXHIBIT "A"