5339 • T
RESOLUTION NO. 5,339
A RESOLUTION ACCEPTING AN OFFER MADE BY JAMES R . HAYGOOD
ON BEHALF OF HIMSELF AND OTHERS TO BUY A TRACT OF LAND
IN THE LITTLE ROCK PORT INDUSTRIAL DISTRICT; AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE A WARRANTY DEED IN
FAVOR OF JAMES R . HAYGOOD AND HIS ASSOCIATES AS THEIR
INTEREST MAY APPEAR UPON PAYMENT OF THE SUM OF $271, 875. 00
AND TO ACCEPT A PROMISSORY NOTE IN THE SUM OF $54,375. 00;
OR IN THE ALTERNATIVE TO EXECUTE SAID DEED UPON FULL PAY-
MENT OF THE TOTAL PURCHASE PRICE; AND FOR OTHER PURPOSES
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1 . James R. Haygood has submitted to the Little Rock
Port Authority a bid to purchase a tract of land in the Little Rock
Port Industrial District described as Tract C, Area 102, containing
approximately 26. 33 acres which Offer has been accepted by the Little
Rock Port Authority subject to the approval of the Little Rock Board
of Directors . The tract of land is more particularly described as
follows :
A parcel of land located in the NW 1/4 of the NE 1/4 of
Section 21 , Township 1 North, Range 11 West, Pulaski
County, Arkansas , also being located in the Little Rock
Port Industrial Park, an addition to the City of Little
Rock, Pulaski County , Arkansas , more particularly
described as follows :
Commencing at the SE corner of the NW 1/4, NE 1/4 of said
Section 21 , Township 1 North, Range 11 West; thence North
88° 47 ' 55" West 96 . 5 feet along the South line of said
NW 1/4 of said NE 1/4 to a point on the West right of way
line of Fourche Dam Pike, said point being the point of
beginning; thence continue along said South line North
88° 47 ' 55" West, 756 . 43 feet to a point; thence North
1° 33 ' 10" East , 100 feet to a point; thence continue
North 1 ° 33 ' 10" East 444 . 04 feet along the East line of
Tract A , Area 102 of said Little Rock Port Industrial
Park to a point; thence North 88° 47 ' 55" West, 372. 12
feet along the North line of said Tract A to a point on
the East line of a 125 foot Natural Gas Pipe Line Easement;
thence North 17° 14 ' 27" East, 650 . 36 feet along said
East line to a point; thence continue along said East line
North 11 ° 07 ' 29" East, 92 . 02 feet to a point on the South
right of way line of Frazier Pike; thence South 88° 47 ' 31"
East, 886 . 24 feet along said South right of way line to
the point of tangent to a curve to the right with a radius
of 50 feet; thence along the arc of said curve to the
right 78. 84 feet to a point on the west right of way of
said Fourche Dam Pike; thence along a tangent from
said curve South 1 ° 33 ' 10" West 1209 . 24 feet along said
West right of way line of said Fourche Dam Pike to the
point of beginning. Said parcel contains 26. 33 acres ,
more or less .
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Said parcel is subject to the following easements :
A drainage easement within Tract C, Area 102 and being
more particularly described as follows :
A strip of drainage easement 100 feet wide and 756. 43
feet in length described as the South 100 feet of the
NW 1/4 of the NE 1/4 of Section 21 , Township 1 North,
Range 11 West, located in the Little Rock Port Industrial
Park, an addition to the City of Little Rock, Pulaski
County , Arkansas . Said easement contains 1 . 74 acres,
more or less .
A transmission line easement within Tract C, Area 102,
and being more particularly described as follows :
A strip of transmission line easement 100 feet wide and
756 . 43 feet in length described as the North 100 feet
of the South 200 feet of the NW 1/4 of the NE 1/4 of
Section 21 , Township 1 North, Range 11 West located in
the Little Rock Port Industrial Park, an addition to
the City of Little Rock, Pulaski County, Arkansas . Said
easement contains 1 . 74 acres, more or less .
And reserving unto the Grantors , the City of Little Rock,
an access easement for drainage and other related purposes
as follows :
An access easement across part of the NW 1/4 of the NE
1/4 of Section 21 , Township 1 North, Range 11 West located
in the Little Rock Port Industrial Park Subdivision to
the City of Little Rock, Pulaski County, Arkansas, and
being more particularly described as follows:
Beginning at the NW corner of Tract A , Area 102, of said
Little Rock Port Industrial Park Subdivision, said point
being on the East line of a 125 foot Natural Gas Pipe
Line Company of America easement; thence North 17° 14 ' 27"
East 650 . 36 feet along said East easement line to a point;
thence North 11° 7 ' 29" East 92. 02 feet along said ease-
ment line to a point on the South right of way line of
Frazier Pike; thence South 88° 47 ' 31" East 60 . 91 feet
along the South right of way line of said Frazier Pike
to the intersection of said South right of way line and
a line that runs 60 feet from and parallel to the East
easement line of said Natural Gas Pipe Line Company of
America easement; thence along said parallel line South
110 7 ' 29" West 108. 94 feet to a point; thence continu-
ing along said parallel line South 17° 14 ' 27" West 479 . 76
feet to a point; thence South 1 ° 33 ' 10" West 147 .92 feet
to a point on the North property line of Tract A, Area
102 of the Little Rock Port Industrial Park; thence along
said North property line North 88° 47 ' 55" West 104 .05
feet to the point of beginning. Said parcel contains
1 .1 acres, more or less .
SECTION 2. The offer to purchase is set out in an Offer and
Acceptance dated February 18, 1975, attached to this Resolution and
incorporated herein by reference is hereby approved and accepted by
the Board of Directors of the City of Little Rock; and the Mayor is
hereby directed to execute for an on behalf of the City of Little
Rock a Warranty Deed with Vendor's Lien retained if full purchase
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price is not paid conveying said property to James R. Haygood and
to his associates F. A . Maddox, Jr. ; James R . Haygood, III; Temple
M. Montgomery; and Frank Phillips as their interest may appear and
the City Clerk is hereby authorized to attest said deed and to
deliver same to James R . Haygood upon the payment of the sum of
Two Hundred Seventy-one Thousand Eight Hundred Seventy-five Dollars
($271, 875. 00) in cash and the execution and delivery to the City of
a Promissory Note executed by the said James R. Haygood and his wife
in the amount of Fifty-four Thousand Three Hundred Seventy-five
Dollars ($54 ,375 .00) said note being payable in sixty (60) days from
the date hereof, or in the alternative to deliver said Deed upon
payment of the full purchase price of Three Hundred Twenty-six
Thousand Two Hundred Fifty Dollars ($326 . 250 . 00) .
SECTION 3 . This Resolution shall be in full force and effect
from and after its adoption.
ADOPTED: February 18, 1975
ibi44/sely
ATTEST: 441,4, APPROVED:41"j" t
ty Clerk Mayor
OFFER AND ACCEPTANCE
DATED February 18, 1975
I, James R. Raygood, herein called the Buyer, offer. to buy
subject to the following conditions from the Little Rock Port
Authority, an agency of the City of Little Rock, hereafter called
the Seller, the following property:
Tract C, Area 102, in the Port Industrial Park, Pulaski
County, Arkansas; containing approximately 26. 33 acres;
as determined by the attached survey and legal descrip-
tion and subject to the easements described therein, the
first two being recorded and the third being a tract
reserved for future drainage needs.
Buyer will pay to the City of Little Rock the sum of Three
hundred Twenty-six Thousand Two Hundred Fifty Dollars ($326,250.00)
payable as follows: Two Hundred Sixty-nine Thousand Eight Hundred
Seventy-five Dollars ($269,875. 00) upon closing and a Promissory
Note of even date in the amount of Fifty-four Thousand Three Hundred
Seventy-five Dollars ($54,375. 00) payable within sixty (60) days
for the described property.
This offer is made subject to the condition that gas, water,
and sewer will be available to the road right-of-way adjacent to
the property.
Conveyance shall be made by Warranty Deed and acceptance shall
be subject to all recorded restrictions and easements, if any, and
it shall contain certain Protective Covenants , a copy of which has
been furnished Buyer.
Buyer herewith tenders Two Thousand Dollars ($2,000. 00) as earnest
money, to become part of purchase price upon acceptance. This sum
shall be held by Seller and if offer is not accepted or if title
requirements are not fulfilled, it shall be promptly returned to
Buyer. If, after acceptance, Buyer fails to fulfill his obligations,
the earnest money snail become liquidated damages in favor of the
Seller, which fact shall not preclude Seller from asserting other
legal rights which they may have because of such breach.
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Taxes and special assessments, dues on or before tee closing
date, shall be paid by the Seller. Other taxes shall be pro-rated
as of the closing date.
The Seller snail furnis►a a t i is cost a complete abstract
reflecting merchantable title; however, Seller shall have an option
to furnish Buyer in place of the abstract, a policy of title insur-
ance, and submission of an abstract shall not constitute waiver of t
this option. Seller shall have a reasonable time after acceptance
within which to furnish the abstract or title insurance. If objec-
tions are made to the title, Seller shall have a reasonable time to
meet the objections or tQ_;furnish title insurance. The closing of
the transaction shall be completed as soon as possible after the
certification of the title.
Possession of the tract shall be delivered immediately upon
closing of this transaction.
Buyer certifies that it has inspected the property and it
is not relying upon any warranties , representations or statements
of Seller as to the suitability of the land for the intended
purposes of Buyer.
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.
It is hereby agreed that the Buyer will have until Friday,
February 21 , 1975, to close this transaction.
JAMES R. HAYGOOD, Buyer
Attest:
The above offerris accepted this day of February, 1975.
LITTLE ROCK PORT AUTHORITY
Seller
by
Fred I. Brown, Jr. , Chairman
by