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RESOLUTION NO. 10,440 598
A RESOLUTION TO APPROVE THE PURCHASE OF LOTS 1, 2, 3,
4,5 AND 6, BLOCK 2, RECTORTOWN ADDITION, AND LOTS 1,
2, 3, 4, 5, 6, 7 AND 8, BLOCK 4, RUSSELL'S ADDITION TO THE
CITY OF LITTLE ROCK, ARKANSAS, FOR THE WILLIAM
JEFFERSON CLINTON PRESIDENTIAL PARK FOR $300,000; TO
AUTHORIZE THE MAYOR, CITY CLERK AND CITY MANAGER
TO EXECUTE ANY NECESSARY DOCUMENTS; AND FOR
OTHER PURPOSES.
WHEREAS, the City Board of Directors has created the William Jefferson
Clinton Presidential Park; and
WHEREAS, the City is in the process of acquiring property for the park in order to
ensure that the park is large enough to house the Clinton Presidential Library and other related
things; and
WHEREAS, the property subject to the purchase authorized by this resolution is
comprised of several lots in Block 2, Rectortown and Block 4, Russell's Addition which is
owned by East End Partners, LLC, a Limited Liability Company, and which is within the area
designated for the park; and
WHEREAS, the property was appraised at $265,000 by the City's appraiser, but was
claimed by the owner to be worth much more with consideration of additional costs, value and
matters of compensation, and
WHEREAS, after consideration of the saved expenses of not having to litigate a
condemnation action and, in the process, possibly having to pay a higher assessed cost, the
parties have agreed that the City's appraised value, with some allowance for these additional
costs, equal a total price of $300,000 as just compensation.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS 599
OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. The Mayor, City Clerk and City Manager are authorized to execute
documents, found by the City Attorney to be in correct legal form, which permit the purchase
of Lots 1, 2, 3, 4, 5 and 6, Block 2, Rectortown Addition, and Lots 1, 2, 3, 4, 5, 6, 7 and 8,
Block 4, Russell's Addition to the City of Little Rock, Arkansas, for the amount of Three
Hundred Thousand Dollars ($300,000.00) which has been agreed by the parties to constitute
dust compensation.
Section 2. Funds for this purchase are available from Account No.210 -21 4 -095 7.
ADOPTED: December 15, 1998
ATTEST:
Robbie Hancock, City Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, City Attorney
APPROVED:
Jim Dailey, Mayor