115302003066984
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07/07/2003 08:14: AM
Filed
Filed 8 Recorded in
Official Records of
CAROLYN STALEY
PULASKI COUNTY
11 530 CIRCUIT /COUNTY CLERK
I RESOLUTION NO. Fees $23.00
4
3 A RESOLUTION AMENDING RESOLUTION NO. 11,466
4 (FEBRUARY 18, 2003) TO GRANT A NINETY (90) -DAY
s EXTENSION OF TIME TO BMS, INC. TO CONDUCT A
6 FEASIBILITY STUDY; TO CORRECT THE LEGAL DESCRIPTION
7 OF THE PROPERTY AT 524 SOUTH BROADWAY AND EXHIBIT
8 "A" TO THE WARRANTY DEED; AND FOR OTHER PURPOSES.
91
10 WHEREAS, the City, through its agent David Carpenter of Dickson Flake Partners,
11 has received and accepted an offer from BMS, Inc. to purchase the YMCA Building at the
12 corner of 6th and Broadway Streets for Two Hundred Thousand Dollars ($200,000); and
13 WHEREAS, the Board of Directors deemed it appropriate to sell the building to
14 BMS, Inc. under the terms and conditions of the Offer and Acceptance between the parties,
15 for the health, safety and welfare of the citizens of the City and did so through Little Rock,
16 Ark. Resolution No. 11,466 (February 18, 2003), and
17 WHEREAS, BMS, Inc. agreed to certain deed restrictions in order to preserve the
18 significant architectural features of the building, which restrictions were to be attached to
19 Resolution No. 11,466 as Exhibit "A" to the Warranty Deed authorized by the Resolution,
20 and
21 WHEREAS, BMS, Inc. has determined that it needs an additional ninety (90) days in
22 which to conduct the feasibility study described in Exhibit "B ", Special Conditions, to the
23 Offer and Acceptance, and
[PACE 1 OF 21
Resolution
Sale of YMCA Building
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1 WHEREAS, there were errors in the legal description in the Warranty Deed attached
2 to Resolution No. 11,466 and in Exhibit "A" to the Warranty Deed that should be
3 corrected.
4 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
5 THE CITY OF LITTLE ROCK, ARKANSAS:
6 Section 1. Resolution No. 11,466 (February 18, 2003) is hereby amended to
7 authorize the City Manager to execute an Addendum to the Offer and Acceptance contract
s dated February 10, 2003, a copy of which addendum is attached to this Resolution as
9 "Attachment A ".
10 Section 2. Exhibit "A" to Resolution No. 11,466 is hereby replaced with the corrected
11 Warranty Deed labeled "Attachment B" to this Resolution.
12 Section 3. Exhibit "A" to the Warranty Deed, which deed was attached to Resolution
13 No. 11,466, is hereby replaced with the document labeled as "Attachment C ".
14 ADOPTED: June 17, 2003
15 ATTEST:
16///
17
18 N cy Wo d, City Clerk
R�:
20 APPROVED AS TO LEGAL FORM:
21
22-�
23 Thomas M. Carpenter, Ci6 Attorney
24 H
2s H
26 H
27 H
Resolution
Sale of YMCA Building
APPROVED: c
Jh0ailey, Mayor
[PAGE 2 OF 21
Doc## 2003066984
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ADDENDUM TO THE OFFER & ACCEPTANCE
Regarding the Offer and Acceptance contract dated February 10, 2003 and as amended March 21, 2003
between the Buyer, BMS, Inc. and the Seller, The City of Little Rock, covering the real property
described in the original Offer and Acceptance contract as "Lots 7, g & South Ski ofLot 9. Block 116,
Original City of Little Rock, Pulaski County, Arkansas', the undersigned Buyer and Seller hereby agree
to the following:
l) The time period allowed for feasibility study as described in Exhibit B, Special Conditions,
Paragraph 3, FEASIBILITY STUDY shall be changed from "one hundred twenty (120) days" to
'Iwo hundred ten (2 10) days" and the following paragraphs added:
"If after the first thirty (30) days of the ninety (90) day extension period the Buyer does not
remove the contingency contained in paragraph 3, FEASIBILITY STUDY, Exiabit B, Special
Conditions then five thousand (SS,000.00) dollars of the Earnest Money described in paragraph
!, EARNEST MONEY shall become nort-mfLndable to Buyer.
If after the second thing (30) days of the ninety (90) day extension period the Buyer does not
remove the contingency contained in paragraph 3, FEASIBILITY STUDY, Exhibit 9, Special
Conditions then an additional five thousand (S5,000.00) dollars far a total often thousand
(310,000,00) dollar of the Earnest Money described in paragraph 5, EARNEST MONEY YhW]
become non - refundable to Buyer.
2) All other terms and conditions of the amended Offer and Acceptance contract shall rtmtain the
same.
SELLING AGENT FIRM:
Grayson Property Co., Inc.
LISTING AGENT FIRM:
Dickson Flake Partners, Inc.
By:
L. Dickson Flake, Supervising Broker Date
By:
David Carpenter, Agent Date
BUYER:
SELLER:
The City of Little Rock
By:
Bruce Moore, its City Manager Date
ATTACHMENT "A"
Doc 2003066984
L J
WARRANTY DEED
KNOW ALL MEN BY THESE PRESENTS:
That the CITY OF LITTLE ROCK, an Arkansas municipal corporation, (hereinafter
called "Grantor "), duly authorized by resolution of its Board of Directors, for the sum of Ten
Dollars ($10) and other valuable consideration, the receipt of which is hereby acknowledged,
does hereby GRANT, BARGAIN, SELL and CONVEY unto BMS, INC., a (hereinafter called
"Grantee'), all of the Grantor's right, title and interest in and to the following described lands in
Little Rock, Pulaski County, Arkansas:
Lots 7, 8 & South 1/2 of Lot 9, Block 116, Original City of Little Rock, Pulaski
County, Arkansas
TOGETHER WITH all and singular the rights, hereditaments and appurtenances
thereunto belonging or in anywise appertaining.
THIS CONVEYANCE IS CONDITIONED upon the covenant of the Grantee, which
covenant shall run with the land and bind the successors and assigns of Grantee, that the key
architectural features of the historic building will be preserved in the rehabilitation and
renovation of the structure, such features as described on Exhibit "A" attached hereto and
made a part hereof.
TO HAVE AND TO HOLD the same unto said Grantee and unto Grantee's successors
and assigns forever.
AND Grantor will warrant and defend the right and title to the Property unto Grantee
and its successors and assigns against all lawful claims whatsoever.
IN WITNESS WHEREOF, the Grantor has caused this Warranty Deed to be signed in its
name and behalf by its Mayor and its corporate seal to be hereunto affixed and attested by its
City Clerk as of this _ day of 2003.
CITY OF LITTLE ROCK, ARKANSAS
a
ATTEST:
Nancy Wood, City Clerk
Jim Dailey, Mayor
PREPARED BY THE OFFICE OF THE LITTLE ROCK CITY ATTORNEY
ATTACHMENT "B"
0
ACKNOWLEDGMENT
(CITY)
STATE OF ARKANSAS )
)SS
COUNTY OF PULASKI 1
0
I, , notary public in and for said county in the state
aforesaid, do hereby certify that Jim Dailey, personally known to me to be the Mayor of the City
of Little Rock, Arkansas, and Nancy Wood, personally known to me to be the City Clerk of the
City of Little Rock, appeared before me this day in person and severally acknowledged that as
such City Mayor and City Clerk, they signed and sealed the said instrument and caused the seal
of the authority of the Board of Directors of the City of Little Rock, Arkansas, as their free and
voluntary act and deed of said City of Little Rock, Arkansas, for the uses and purposes therein
set forth.
Given under my hand and notarial seal this day of 2003.
Notary Public
My Commission Expires:
Doc# 2003066984
• EXHIBIT "A" 0
Key Architectural Features
Exterior:
A. All elements of the exterior are restricted except those added after original
construction such as the awnings and the security lamps.
B. Windows may be replaced with non - operable windows. Design of the window
frames and mullions should match the existing, and materials used should be as
similar as possible in appearance.
C. If it is not practical to retain the tile roof, every reasonable effort should be made
to retain the tile around the perimeter of the building.
2. Courtyard:
A. Same criteria as exterior above.
B. Retain the tile roof above the first floor in the courtyard.
3. Interior:
A. Lobby
1)
Floor
2)
Textured stucco walls and columns
3)
Capitals
4)
Tile facing and arch surrounds
5)
Ceiling design and material
6)
Stairs
B. Broadway Entrance Foyer
1) Both sets of entry doors
2) Light fixture
3) Floor
4) Textured stucco walls and marble
C. Parlor north of Lobby
1)
Textured stucco walls
2)
Arched windows with leaded glass
3)
Fireplace
4)
Beamed ceiling
5)
Perimeter floor area
6)
Entrance door and surround
D. Room south of Lobby
1) Textured stucco walls and wall design
2) Ceiling design
3) Columns between windows
4) Fireplace
These restrictions shall be documented and recorded and shall survive closing.
ATTACHMENT "C"