12537RESOLUTION NO. 129537
A RESOLUTION AUTHORIZING THE SALE OF CERTAIN REAL
PROPERTY LOCATRED IN THE LITTLE ROCK PORT
INDUSTRIAL PARK; AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE A WARRANTY DEED FOR THE
CONVEYANCE; AND FOR OTHER PURPOSES.
WHEREAS, Bear Creek Leasing Company, Inc., an Arkansas Subchapter S corporation
(the "Purchaser "), desires to purchase certain real property located in the Little Rock
Industrial Park owned by the City of Little Rock, Arkansas (the "City "), and
WHEREAS, Purchaser has made an offer in the sum of Four Hundred Thousand and
No /100 Dollars ($400,000.00) for the property, and
WHEREAS, Bear Creek Leasing Company, Inc., is contractually bound to build and
lease an industrial building of 45,000 square feet for the use of Boyd Metals of Little
Rock, Inc., and
WHEREAS, the Little Rock Board of Directors finds that the proposed sale to the
Purchaser will help to secure and develop industry in the Little Rock Port Industrial Park,
thereby providing substantial employment and payroll.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK:
Section 1. The sale of the property for the consideration stated above is approved and the
Mayor and City Clerk are authorized and directed to execute for and on behalf of the City
a Warranty Deed and the appropriate plat and bill of assurance, conveying the property to
the Purchaser or its designee, upon full payment of the purchase price in the sum of Four
Hundred Thousand and No /100 Dollars ($400,000.00) paid to the Little Rock Port
Authority.
Section 2. The property is substantially described as follows, with such changes as shall
be approved by the City Attorney and the Mayor; the execution of the Warranty Deed
authorized by this resolution shall constitute evidence of such approval:
Property Sale to Bear Creek Leasing Company, Inc.
Page 1 of 3
LEGAL DESCRIPTION
AREA 101, TRACT J
A TRACT OF LAND SITUATED IN THE SE 1/4 SE 1/4 OD SECTION 17, TOWNSHIP
1 NORTH. RANGE 11 WEST, CITY OF LITTLE ROCK, PULASKI COUNTY,
ARKANSAS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 17, THENCE
N88 044'45 "W ALONG THE SOUTH LINE OF SAID SECTION 17 FOR A
DISTANCE OF 72.17 FEET; THENCE N01 ° 15' 15 "E 60.00 FEET TO THE NORTH
RIGHT -OF -WAY LINE OF SLOANE DRIVE (120 FOOT WIDE RIGHT -OF -WAY,
FORMERLY FRAZIER PIKE); THENCE N88 °44'45 "W ALONG SAID NORTH
RIGHT -OF -WAY LINE 200.03 FEET TO THE POINT OF BEGINNING; THENCE
CONTINUING N88 044'45 "W ALONG SAID NORTH LINE 455.31 FEET; THENCE
N00 016'09 "E 857.34 FEET TO THE SOUTH LINE OF TRACT A -21 LITTLE ROCK
PORT INDUSTRIAL PARK, (PLAT BOOK 40, PAGE 85); THENCE S88 °4545 "E
ALONG THE SOUTH LINE OF TRACT A -2 FOR A DISTANCE OF 506.10 FEET TO
A FOUND 1/2" REBAR AT THE SOUTHEAST CORNER OF TRACT A -2 ON THE
WEST RIGHT -OF -WAY LINE OF MAUNEY ROAD (PLAT BOOK E, PAGE 716);
THENCE ALONG THE WEST RIGHT -OF -WAY LINE OF MAUNEY ROAD
S00 016'09 "W 815.33 FEET TO A CURVE TO THE RIGHT; THENCE ALONG SAID
CURVE HAVING A 50 FOOT RADIUS AND A CHORD BEARING AND
DISTANCE OF S45 045'26 "W 71.32 FEET FOR A DISTANCE OF 79.41 FEET TO
THE POINT OF BEGINNING; SAID TRACT OF LAND CONTAINING
10.000ACRES (435,600 S.F.), MORE OR LESS.
Section 3. Severability. In the event any section, subsection, subdivision, paragraph,
subparagraph, item, sentence, clause, phrase, or word of this resolution is declared or
adjudged to be invalid or unconstitutional, such declaration or adjudication shall not
affect the remaining portions of this resolution, which shall remain in full force and effect
as if the portion so declared or adjudged invalid or unconstitutional were not originally a
part of this resolution.
Section 4. Repealer. All laws, ordinances, resolutions, policies, or parts of any such
material, in conflict with the provisions of this resolution are hereby repealed to the
extent of such inconsistency.
Section 5. This resolution shall be in full force and effect from the date of its adoption.
Property Sale to Bear Creek Leasing Company, Inc.
Page 2 of 3
ADOPTED: June 26.2007
ATTEST:
N taki S. B1 cker, Assistant City Clerk
For Nancy Wood, City Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, City Vttorney
Property Sale to Bear Creek Leasing Company, Inc.
Page 3 of 3
APPROVED:
Mark Stodola, Mayor