7543M M r M M
m
a)
0
N
s4
U)
u
Cl)
W
ro
N
c
0
3
0
A
4j
U)
+-)
0
U
m
zi
r
0
d
d
d�
C
�I
d�
cY
1
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
M M M M
RESOLUTION NO. 7,543
M M r
0
A RESOLUTION AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE AN OPTION TO PURCHASE THE
EAST ONE -HALF (1) OF BLOCK 3, ORIGINAL CITY
OF LITTLE ROCK, ARKANSAS WITH JOHN ALLISON,
JIM MOSES AND RICK REDDEN.
M M M
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The Mayor and City Clerk are hereby
authorized to execute an Option to Purchase with John Allison,
Jim Moses and Rick Redden for the east one -half (1) of Block 3,
Original City of Little Rock. A copy of the background
information is attached hereto as Exhibit A.
ADOPTED: January 21, 1986
ATTEST:
CITY LERK
JANIV CZECH
APPROVED AS TO F M:
— 1111Ad
MARK STODOLA, CITY ATTORNEY
APPROVED: 2.
MAYOR THOMAS A. PRINCE
23
M
= M M
M M
— BO� OF
January 9, 1986
M o M M M
DIRECTORS COMMUNICATV —
M E M O R A N D U M
TO: Mayor and Board of Directors
M r M
EXHIBIT A - Res. 1/7,543
FROM: Sus. Fleming, City Manager
SUBJECT: Sale of Surplus City Property
BOARD ACTION RECOMMENDED: Adoption of a resolution authoriz-
ing the Mayor and City Clerk to execute an option to purchase
on the east one -half (1/2) of block 3, original city to John
Allison, Jim Moses and Rick Redden.
BACKGROUND:
1. The east one -half of block 3 original city was advertised
and an offer of $600,000 was received.
2. The buyers have agreed to an option to purchase for a
two -year period at 5% of purchase price per year,paid
quarterly. The option money will apply to purchase
price, but will not be refunded if the option is not
exercised.
3. Prior to delivery of the deed:
a. Buyers will submit development plans to the city for
review and approval.
b. Arrange construction and permanent financing.
4. Normal acquisition of building permits will be required.
5. When the option is exercised a deed will be delivered
upon payment of the purchase price; however the deed
will contain a reversionary clause stating that construction
must have begun by an agreed upon date or the ownership
of the property will revert to the city.
6. The developer may assign, transfer or sell his option only
if written permission is received from the city.
7. The developers plan a mixed use development of commercial -
retail, office space and residential.
CITY OF LITTLE ROCK, ARKANSAS
24