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RESOLUTION NO. 10,822
3 A RESOLUTION TO AUTHORIZE THE SALE OF THE
4 MAIN LIBRARY PROPERTY AT 700 SOUTH
5 LOUISIANA STREET TO USTC, LLC, A GEORGIA
6 LIMITED LIABILITY COMPANY, FOR THE SUM OF
7 $1.52 MILLION DOLLARS; AND FOR OTHER
s PURPOSES.
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10 WHEREAS, the City has engaged the services of Barnes, Quinn, Flake &
11 Anderson, Inc., to assist with the sell of certain City properties including the former
12 main branch of the Central Arkansas Library System located at 700 South Louisiana
13 Street in the City, and
14 WHEREAS, after an advertised request for proposals to purchase the buliding,
15 USTC, LLC, a Georgia limited liability company, offered to pay one million five
16 hundred and twenty thousand dollars ($1,520,000.00) for the property, and
17 WHEREAS, after a review of the initial offer and acceptance, the City's reak
is estate agent and the City Attorney have concluded that the basic terms are acceptable
19 to the City, and
20 WHEREAS, it is appropriate to enter into this agreement and permit USTC,
21 LLC, to begin its due diligence review of the property,
22 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
23 DIRECTIORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
24 Section 1. The Mayor, or in his absence the Vice - Mayor, and City Clerk are
25 authorized to execute any and all documents necessary to secure a contract of sale of the
26 building at 700 South Louisiana to USTC, LLC, a Georgia limited liability company,
27 for the sum of one million five hundred and twenty thousand dollars ($1,520,000) in
28 accordance with the terms and conditions of the agreement attached as Exhibit A to this
29 Resolution.
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Section 3. Repealer. All laws, ordinances, or resolutions, of parts of the
same, that are inconsistent with the provisions of this resolution are hereby repealed to
the extent of such inconsistency.
ADOPTED: April 18, 2000
ATTEST: APPROVED:
Na&cj Wood City Jerk
APPROVED AS TO LEGAL FORM:
AA.
Thomas M. Carpenter, Attorney
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