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12574I RESOLUTION NO. 12,574 2 A RESOLUTION AUTHORIZING THE SALE OF CERTAIN REAL PROPERTY 3 LOCATED IN THE LITTLE ROCK PORT INDUSTRIAL PARK; AUTHORIZING THE 4 MAYOR AND CITY CLERK TO EXECUTE A SPECIAL WARRANTY DEED FOR THE 5 CONVEYANCE; AND FOR OTHER PURPOSES. 6 WHEREAS, Sage V Foods, LLC, a California corporation (the "Purchaser "), desires to purchase 7 certain real property located in the Little Rock Port Industrial Park owned by the City of Little Rock, 8 Arkansas (the "City "), and 9 WHEREAS, Purchaser has made an offer in the sum of One Million, Two Hundred Seventy Thousand, 10 Eight Hundred Eighty and N0 1100 Dollars ($1,270,880.00) for the property, and 11 WHEREAS, the Little Rock Board of Directors finds that the proposed sale to the Purchaser will help 12 to secure and develop industry in the Little Rock Port Industrial Park, thereby providing substantial 13 employment and payroll. 14 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE 15 ROCK: 16 Section 1. The sale of the property for the consideration stated above is approved and the Mayor 17 and City Clerk are authorized and directed to execute for and on behalf of the City a Special Warranty 18 Deed and the appropriate plat and bill of assurance, conveying the property to the Purchaser or its 19 designee, upon full payment of the purchase price in the sum of One Million, Two Hundred Seventy 20 Thousand, Eight Hundred Eighty and No /100 Dollars ($1,270,880.00) paid to the Little Rock Port 21 Authority. 22 Section 2. The property is substantially described as follows, with such changes as shall be 23 approved by the City Attorney and the Mayor; the execution of the Special Warranty Deed authorized 24 by this resolution shall constitute evidence of such approval: 25 LEGAL DESCRIPTION 26 A part of the North half of the NE '/a of Section 20, T -1 -N, R -11 -W, Pulaski County, 27 Arkansas, being more particularly described as follows: 28 Commencing at the NE Corner of the NE '/a of said Section 20; thence, run S01 '59'59"W, 29 59.86 feet to a point on the south Right -of -Way line for Sloane Drive; thence N88 °45'08 "W, 30 along said Right -of -Way line, 851.21 feet to the Point of Beginning; thence continue along said [PAGE 1 OF 2] RESOLUTION To authorize sale of property in Little Rock Port Industrial Park I Right -of -Way line, N88 °45'08 "W, 1118.61 feet to east Right -of -Way line of Texas Eastern 2 Transmission Corporation Gas Line; thence S00 °01'33 "W, along said Right -of -Way line of Texas 3 Eastern Transmission Corporation, 1262.26 feet to the South line of the North half of the NE 1/4 4 of Section 20; thence S88 °46'22 "E, along said South line, 1075.11 feet; thence leaving said 5 South line, NO2 °00'03 "E, 1261.70 feet to the Point of Beginning, containing 31.772 acres, more 6 or less. 7 Section 3. Severability. In the event any section, subsection, subdivision, paragraph, 8 subparagraph, item, sentence, clause, phrase, or word of this resolution is declared or adjudged to be 9 invalid or unconstitutional, such declaration or adjudication shall not affect the remaining portions of 10 this resolution, which shall remain in full force and effect as if the portion so declared or adjudged 11 invalid or unconstitutional were not originally a part of this resolution. 12 Section 4. Repealer. All laws, ordinances, resolutions, policies, or parts of any such material, in 13 conflict with the provisions of this resolution are hereby repeated to the extent of such inconsistency. 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Section 5. This Resolution shall be in full force and effect from the date of its adoption. ADOPTED: September 18, 2007 ATTEST: Na ki S. Blocker, Assistant City Clerk For Nancy Wood, City Clerk APPROVED AS TO LEGAL FORM: Thomas M. Carpenter, eity Attor4b y RESOLUTION To authorize sate of property in Little Rock Port Industrial Park [PAGE 2 OF 2] APPROVED: Mark Stodola, Mayor