4415 RESOLUTION NO. 4,415
A RESOLUTION AUTHORIZING THE LITTLE ROCK
PORT AUTHORITY TO ACCEPT FOR AND ON BEHALF
OF THE CITY OF LITTLE ROCK AN OFFER BY
R. R. JOHNSTON, JR. , W. C. MARTIN, JR. ,
THOMAS E . TWITTY, JR. , AND GEORGE A. HAAS ,
JR. TO PURCHASE SIX ACRES OF LAND SITUATED
IN THE LITTLE ROCK PORT INDUSTRIAL PARK;
AND FOR OTHER PURPOSES .
NOW, THEREFORE , BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1. The Little Rock Port Authority is hereby authorized
and directed to accept on behalf of the City of Little Rock that certain
offer of R. R. Johnston , Jr. , W. C. Martin, Jr. , Thomas E. Twitty, Jr. ,
and George A. Haas , Jr. to purchase six acres of land situated in the
Little Rock Port Industrial Park under terms set forth in said offer ,
which land is described as follows :
A tract of land six (6) acres in size designated as
tract 502-A of the Little Rock Port Industrial Park ,
as designated on land use maps of the Little Rock
Port Industrial Park , the exact description of said
tract 502-A to be determined by engineering surveys
prior to the closing of this transaction.
SECTION 2 . The Offer and Acceptance referred to in Section 1
shall provide for the terms and conditions of the sale prescribed for
in form and substance, as follows :
OFFER AND ACCEPTANCE
1. R. R. Johnston, Jr. , W. C. Martin, Jr. , Thomas E. Twitty,
Jr. , and George A. Haas , Jr. , hereinafter called Buyers , offer to buy,
subject to the following special conditions , from the Little Rock Port
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Authority, an agency of the City of Little Rock, Arkansas , the following
described property:
A tract of land six (6) acres in size designated as
tract 502-A of the Little Rock Port Industrial Park,
as designated on land use maps of. the Little Rock
Port Industrial Park, the exact description of said
tract 502-A to be determined by engineering surveys
prior to the closing of this transaction.
2 . The said buyer named above will pay to the City of
Little Rock the sum of Five Thousand and No/l00 Dollars ($5 , 000 . 00)
. x
per acre for the described property, payable as follows : Seven
Thousand Five Hundred Dollars ($7, 500 . 00) to be paid upon delivery
of the Deed to the described property, and the balance of Twenty-two
Thousand Five Hundred and No/l00 Dollars ($22 ,500. 00) to be paid in
sixty (60) equal monthly installments with interest at eight (8%)
per cent per annum commencing the first day of the month following the
date of conveyance of title as evidenced by a Promissory Note exeputed
by the said buyer in favor of the City of Little Rock of even date of
the Deed conveying this property to the buyers.
3. This offer is made subject to the following special con-
ditions.
(a) If and when scales are installed by the Little Rock Port
Authority, the buyers will be given the permissive use of these scales
on the same basis as any other industry located in the Little Rock Port f
Industrial Park.
(b) The seller will permit the buyers to construct up to three
(3) pipelines to connect to the, liquid products facility- of the Little
Rock Port Authority when such facility is completed.
.(c) The seller agrees thatrthe buyers may construct adequate
access roads to the above described property from Lindsey Road.
(d) The seller will agree to maintain adequate water depth at
the liquid products facility of the Little Rock Port Authority.
e The seller will agree to allow rail cars to be spotted on
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the rail spur of the Little Rock Port facility for unloading and loading
when same is necessary subject to the use of said spur by the Little
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Rock Port Authority.
(f) The seller will grant to buyers permission to attach a
pipeline to the existing dock of the Little Rock Port Authority for un-
loading of products and use of the existing dock until the anticipated
liquid products facility is built. The seller will furnish the buyers
with a letter from General Stevedores of Arkansas, the present Lessee of
the dock, granting this permission.
(g) The seller will retain an easement thirty (30) feet in
width across the described property immediately adjacent to Lindsey. r
Road for the installation of an underground pipeline.
(h) Seller will release the Western 1% acres of the described
property from any Vendors ' lien retained by seller in its Deed of Con-
veyance upon payment of the first Seven Thousand Five Hundred and No/100 _
Dollars ($7, 500.00) of the consideration herein agreed upon for this
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property.
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4. Conveyance shall be made by Warranty Deed and acceptance 41
shall be subject to all recorded restrictions and easements, if any,
and it shall contain certain protection covenants for the use o4 said
a
tract 502-A dated 12-19-68, a copy of which is attached. 4
5 . The owner of the above property, hereinafter called seller,
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shall furnish at seller ' s cost a complete abstract reflecting merchantable 4
title satisfactory to buyer ' s attorney, however, seller shall have an op- 4
tion to furnish buyer in place of abstract, a policy of title insurance, 4
and submission of an abstract shall not constitute a waiver of this ,op-
tion. Seller shall have a reasonable time after acceptance within which
to furnish abstract of title insurance. If objections are made to title,
seller shall have a reasonable time to meet the objections or to furnish
title insurance.
6. Possession of said tract, 502-A, shall be delivered immediately
upon closing of this transaction.
7 . Buyers certify that they have inspected the property and it
is not relying upon any warranties, representations or statements of
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seller as to the suitability of the land for the intended purposes of
buyers. •
8 . This offer shall be a binding contract if accepted by the
Little Rock Port Authority pursuant to authority granted by the Board
of Directors of the City of Little Rock.
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R. R. J nston, Jr.
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W. C. Martin, Jr..j
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G! rge Haas, Jr .
The above offer is accepted this ;0 day of , 1970.
i'IV !_Little Rock Port Authority
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SECTION 3. This Resolution shall be in full force and effect
from and after its adoption.
ADOPTED: July 20, 1970
414
ATTEST: APPROVED: - dk/ I.
City Cler ayor