13300"""''� 2011023725 Received: 4/22/2011 8:39:18 AM
Recorded: 04/22/201108:45:33 AM Filed &
Recorded in Official Records of Larry Crane,
PULASKI COUNTY CIRCUIT /COUNTY CLERK
Fees $20.00
RESOLUTION NO. 13,300
4 OLUTION TO AUTHORIZE THE PURCHASE OF A PARCEL OF
5 PROPERTY OFFERED FOR SALE TO THE CITY OF LITTLE ROCK,
6 ARKANSAS, TO BE USED FOR NEIGHBORHOOD REVITALIZATION
7 PROGRAMS; AND FOR OTHER PURPOSES.
8
9 WHEREAS, the Board of Directors has stated as one of its goals a desire to provide for
10 neighborhood revitalization, and has taken special efforts to accomplish this goal through its use of
11 various City and Federal funds, and in affirmative actions such as the creation of a Land Bank
12 Commission; and,
13 WHEREAS, in order to accomplish this goal it is required that properties be obtained by the City in
14 areas that are appropriate for revitalization; and,
15 WHEREAS, the Land Bank Commission has identified a parcel of property located at 1419 South
16 Park Street, which can be used to fulfill the City's stated goals; and,
17 WHEREAS, the parcel is located at the heart of the Central High School Historic District and
18 immediately adjacent to Central High School;
19 WHEREAS, City staff has obtained a full title search on the property which revealed valid title; and,
20 WHEREAS, the title search revealed an unreleased mortgage dated August 13, 1990, which has been
21 assigned to Cadle Company in Ohio;
22 WHEREAS, the owner(s) of the property have entered into a mortgage release agreement with Cadle
23 Company in which the existing mortgage will be settled for the sum of $5,000.00 due and payable by the
24 seller(s) at the time of closing.
25 WHEREAS, First Step Realty, Inc., has provided the City with a Real Estate Purchase Contract with
26 a total purchase price of $15.000.00; and,
27 WHEREAS, the 2009 Real Estate Taxes have been paid in full and there are no outstanding City
28 liens on the property.
29 WHEREAS, funds to pay the purchase price for the parcel is available in the Land Bank's General
30 Fund Account No. S35T891; and,
31 WHEREAS, pursuant to State law, the City must obtain authority to purchase property by a
32 resolution adopted by the Board of Directors;
33 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
34 OF LITTLE ROCK, ARKANSAS:
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Section 1. Pursuant to Ark. Code Ann. § 14- 54- 302(c) (West Supp. 2011), the City must obtain
authority from the Board of Directors to purchase the parcel of property.
Section 2. The Board of Directors, pursuant to Ark. Code Ann. § 14- 54- 302(c) (West Supp. 2011),
must authorize the Mayor and City Clerk to execute any documents necessary to complete the purchase of
the property.
Section 3. If acquired, this property shall be used for a public purpose, specifically for City
neighborhood revitalization programs.
Section 4. Severability. In the event any title, section, paragraph, 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 the resolution which shall remain in full force and
effect a if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
ordinance.
Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent with
the provisions of this resolution are hereby repealed to the extent of such inconsistency.
ADOPTED: April 19, 2011
ATTEST:
Susan 44 y, City Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, City ttorney
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APPROVED:
Mark Stodola, Mayor
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