5732 RESOLUTION NO. 5,732
A RESOLUTION ACCEPTING AN OFFER MADE BY REYNOLDS METAL
COMPANY TO BUY A TRACT OF LAND IN THE LITTLE ROCK PORT
INDUSTRIAL PARK DISTRICT; AUTHORIZING THE MAYOR AND
CITY CLERK TO SIGN A WARRANTY DEED IN FAVOR OF THE
REYNOLDS METAL COMPANY UPON PAYMENT 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. Reynolds Metal Company has exercised an option to
purchase a tract of land in and adjacent to the Little Rock Port
Industrial Park District identified as Tract A Area 204 containing
17. 621 acres which offer has been accepted by the Little Rock Port
Authority subject to approval of the Board of Directors of the City
of Little Rock. The tract of land under consideration is more
particularly described as follows :
A parcel of land located in the SE4, NE4 of Section 16 ,
T-1-N, R-11-W and in the SW4 , NW4 of Section 15 , T-1-N,
R-11-W, Pulaski County, Arkansas , more particularly
described as follows :
Commencing at the northwest corner of the NE4, SE4 of
Section 16, T-1-N, R-11-W, Pulaski County, Arkansas;
thence N 18° 26 ' 58" E, 80 . 43 feet to a point on the
South right-of-way line of the East Belt Freeway; thence
continuing along said south right-of-way line having the
following bearings and distances : N 8° 52 ' 12" E, 144 . 42
feet; N 550 23 ' 55" E, 85 . 55 feet; N 710 11 ' 49" E, 110. 33
feet to the point of beginning; thence continuing along
said south right-of-way line having the following bearings
and distances : N 62° 32 ' 27" E, 298 . 65 feet; N 58° 36 ' 47"
E, 367 . 14 feet; N 64° 52 ' 3" E, 203 . 95 feet; N 740 8 ' 14"
E, 222 . 3 feet; N 740 3 ' 44" E, 294 . 23 feet; N 66° 51 ' 35"
E, 426 . 38 Feet; N 58° 38 ' 38" E, 312 . 63 feet; thence S 390
43 ' 8" E, 417 . 33 feet; thence S 31° 37 ' 12" W, 63 . 33 feet;
thence S 39° 43 ' 8" E, 90 . 79 feet to a point on the north
right-of-way line of the Little Rock Port Railroad; thence
continuing along said north right-of-way line on a curve to
the right having a radius of 925 . 37 feet and a chord bearing
S 51° 6 ' 39" W, 301 . 62 feet to a point on the north right-of-
way of the Fourche Island Levee; thence continuing along said
north levee right-of-way N 73° 55 ' 26" W, 128 . 13 feet; thence
along said north levee right-of-way S 78° 41 ' 36" W, 1891. 35
feet; thence N 10 30 ' 52" E, 82 . 16 feet to the point of
beginning and containing 17 . 621 acres, more or less .
SECTION 2 . The offer to purchase is set out in the option
agreement dated the 1st day of April, 1977 attached to this Resolution
and incorproated therein 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 and on behalf of the City a Warranty
Deed conveying said property to Reynolds Metal Company and the City
Clerk is hereby authorized to attest said Deed and deliver same to
Reynolds Metal Company upon full payment of Three Hundred Thirty
Thousand Three Hundred Ninety-Three Dollars and Seventy-Five cents
($330 , 393 . 75) .
SECTION 3 . This Resolution shall be in full force and effect
from and after its adoption.
ADOPTED: June 7, 1977
ATTEST: APPROVED: LIZ) 0014....
City Cler Mayor
OPTION TO PURCHASE
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, Arkansas through its
instrumentality, the Little Rock Port Authority, 7500 Lindsey
Road, Little Rock, Arkansas, hereafter called "Port Authority",
for and in consideration of the sum of Seventeen Thousand Nine
Hundred Six and 25/100 Dollars ($17 , 906. 25) and other good and
valuable consideration, cash in hand paid, the receipt of which
is hereby acknowledged, hereby grants to the Reynolds Metals
Company, P. 0. Box 27003, Richmond, Virginia 23261, hereafter
called "Company", an option to purchase for the sum of Eighteen
Thousand Seven Hundred Fifty and 00/100 Dollars ($18 , 750. 00) per
acre, approximately 19. 1 acres located in the Little Rock Port
Authority Industrial District and more fully described herein.
This option shall continue in force for a period of
sixty days (60) from the date hereof, and at any time within
said period, Company shall have the right to exercise said op-
tion by giving the Port Authority written notice of its deter-
mination so to do . During option period Company is authorized
access for soil testings , perculation test and surveys .
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The following exhibits are incorporated by reference
and are an intergal part of this option:
A. Considerations regarding description of property.
B. Considerations regarding option payment.
C. Considerations regarding use of fuel pier.
It is further agreed that if this option is exercised:
1. The Port Authority will furnish the following
to the site as soon as possible and as may be clearly
designated in the final agreement :
a. Construct access road as agreed.
b. Water main to property line.
c. Natural gas service line to property line.
d. Pipeline easement from existing fuel pier
to property line.
OPTION TO PURCHASE - Page Two
2. Railroad is in existence adjacent to property.
Railroad easement from existing tract to property line
will be conveyed.
3. Bill of assurance (protective covenants) previously
furnished shall apply with exception of sanitary sewer in
Paragraph 13 thereof.
4. This offer subject to formal approval of the Board
of Directors of the City of Little Rock, Arkansas .
5. Conveyance shall be made by Warranty Deed and accept-
ance shall be subject to all recorded restrictions and ease-
ments , if any, and it shall contain certain bill of assurance,
a copy of which has been furnished Company. Taxes and special
assessments , due on or before the closing date, shall be paid
by the Port Authority. Other taxes shall be pro-rated as of the
closing date.
6. The Port Authority shall furnish at its cost a com-
plete abstract reflecting merchantable title; however, the Port
Authority shall have an option to furnish Company in place of the
abstract, a policy of title insurance, and submission of an ab-
stract shall not constitute a waiver of this option. The Port
Authority shall have a reasonable time after acceptance within
which to furnish the abstract or title insurance. If objections
are made to the title, the Port Authority shall have a reasonable
time to meet the objections or to furnish title insurance. The
closing of the transaction shall be completed as soon as pos-
sible after the certification of the title.
7. Possession of the tract shall be delivered immediately
upon closing of this transaction.
8. Company certifies that it has inspected the property
and it is not relying upon any warranties , representations or
statements of the Port Authority as to the suitability of the
land for the intended purposes of Company.
9. Revenue Stamps if any shall be furnished by Port
Authority.
IN WITNESS WHEREOF, the Parties have hereunto subscribed
their names on this 1st day of April, 1977 .
LITTLE ROCK POR AUTHORITY
Bfr-A -----
CHAIRMAN
4 ATTEST:
0 REYNOLDS META79MPAN
fir
ATTE
1 , i Roy W. Davis
• Fin cial Vice President
Ar
John P . ender-'.n,
, Assi, a t Secr- to -
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ACKNOWLEDGMEhT
STATE OF ARKANSAS)
) ss
COUNTY OF PULASKI)
On this the 1st day of April, 1977 , before me, a Notary
Public, personally appeared all the parties who executed the fore-
going instrument on behalf of the Little Rock Port Authority and
severally acknowledged before me that they executed the same as such
officers, in the name of and on behalf of the said entity.
VII ) (&4zylolim
Notary 4c
My Commission Expires : .
SEAL)
rz
ACKNOWLEDGMENT
STATE OF UL c/t-Li)
ss
COUNTY OF -W-L- k, L t C c)
On this the 1st day of April, 1977, before me, a Notary
Public, personally appeared all the parties who executed the fore-
going instrument on behalf of Reynolds Metals Company and severally
acknowledged before me that they executed the same as such officers,
in the name of and on behalf of the said entity.
iLt 1( f Cc k, Or). ��_c-4.t (
Notary Public (l
My Commission Expires : COMM SSIOP LD AS DEBORAH L. NUCKOLS
-(gE)/
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EXHIBIT A
CONSIDERATIONS REGARDING DESCRIPTION OF PROPERTY
The approximately 19 . 1 acres have been viewed by the
parties , and are shown by diagonal lines on drawing No . 68-6635-SK3
dated March 31, 1977 , a copy of which is attached hereto and made
a part hereof. The Port Authority will furnish as soon as possible
a boundary survey and a legal descripti?n, which shall be made a
part of the deed.
•
EXHIBIT B
CONSIDERATIONS REGARDING OPTION PAYMENT
If the option is duly exercised the option payment
shall be applied to the purchase price, however, the option money
will be refunded:
1. If either the Port Authority or the City of
Little Rock fails to approve the plans for the tank farm
for oil.
2. If independent engineering determines that soil
is unsuitable for tank farm facilities.
3. In the event zoning laws prohibit use of the site
for tank farm for oil.
4. In the event that Port Authority is unable to
furnish merchantable title, free of any easements which,
in Company' s judgment, would restrict its utilization.
5. In the event the utility connections cannot be
furnished to the property line: natural gas, water, elec-
tricity, and telephone -- or in the event state health
department will not approve septic tank of 1,000 gallon
capacity (approximately 100 gallons per day) or, in the
event a septic tank permit is denied, other means of dis-
posal suitable to Company and the Port Authority.
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EXHIBIT C
CONSIDERATIONS REGARDING USE OF FUEL PIER
In the event the option is exercised, a formal agreement
shall be entered into for the use of the fuel pier owned by the
Port Authority and which shall contain the following conditions :
1 . The term of the agreement shall commence upon
completion of Company ' s facilities on the property and
its pipeline to the fuel pier or January '1 , 1979 , which-
ever shall first occur, and shall be for 30 years . Company
or its successors will have option to renew agreement for
an additional 20 years .
2. Charges for each 12-month period during the term
of this agreement for use of the pier will be as follows :
First 1, 000, 000 Barrels (168 , 000 Tons) 204 Ton*
Next 500, 000 Barrels (84, 000 Ton) 154 Ton
Next 500, 000 Barrels (84, 000 Ton) 104 Ton
*Based on approximately 8 lbs . /gal. and 42 gal. /barrel.
3. Charges shall be adjusted after five years using as an
index, unalloyed ingot aluminum (99. 5% guaranteed minimum) at
48 . 00 cents per pound.
4. There shall be an annual minimum charge of $9 , 500. 00
for the first ten years with the same escalator as above after
five years . After ten years , this minimum charge will be 50%
of actual cost of maintenance and insurance, such minimum charge
not to exceed $5 , 000. 00 per year for the remainder of the term
of the Agreement.
5. The Port Authority will maintain fuel pier in an
acceptable manner.
6. Company shall pay the charges hereunder quarterly
within thirty (30) days after the quarter.
7. Company shall supply to the Port Authority such
evidences as the Port Authority may reasonably require as
to the quantity of commodities transshipped through facilities.
8. The Company at no cost to the Port Authority shall
design and construct a suitable underground pipeline for the
transportation of liquid commodities from the fuel pier to the
storage facility. The easement for the said line shall be pro-
vided by the Port Authority. The Port Authority reserves the
right to move the line or pier during the term of the lease ,
at its own expense provided quality of service to Company
shall remain the same.
9. The fuel pier shall be used by Company for unloading
commodities from barges and transporting same to the storage
facilities . Company shall hold the Port Authority harmless by
reason of any damage thereto as a result of use of pier by
Company. This is the property of the Little Rock Port Authority
and used by others . Company agrees to use the pier in such a
• way as to cooperate with other users and to abide by any reason-
able rules of use. Company specifically agrees not to leave a
barge at the pier for unreasonable unloading period. The Port
Authority or its agent will work with the Company to schedule
barges so as to avoid unnecessary delays at pier.
10. Company will, throughout the term of this Agree-
ment , at its sole cost and expense , promptly comply with all
statutes , laws , ordinances , orders , judgments , decrees , regu-
lations , directions , and requirements of all federal , state,
county, municipal and other governments or governmental author-
ities, which now or at any time hereafter may be applicable.
11. Company shall indemnify and save the Port Authority
harmless against and from any and all claims by or on behalf
of any person or persons , firm or firms , corporation or cor-
porations , arising from Company' s use of the said premises.
12. In the event Company shall default in the due and
punctual payment of any charges payable hereunder, and such
default shall continue for ninety days (90) after receipt of
written notice from the Port Authority of such non-payment,
the Port Authority shall have the option to cancel the Agree-
ment.
13 . Company may not assign this Agreement without written
consent of the Port Authority and such consent shall not be un-
reasonably withheld.
14. The Port Authority will not be responsible for the
nonusability of the fuel pier resulting from acts beyond its
control, however , the Port Authority will use its best efforts
to maintain and restore service promptly in the event of damage.
15 . In the event that the Company, at its Hurricane Creek
Plant at Bauxite, Arkansas , is forced to cease operations due
to act of God, war , civil strife , or any other circumstance
beyond control of the Company, this agreement will become null
and void after 12 months written notice by the Company.
16. If the Company, at its HurricaneCreek Plant at Bauxite,
Arkansas , is prevented from economically operating with liquid
fuel oil, this agreement will become null and void after 24
months written notice by the Company .
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v ' MAP OW I NCB 19.1 t ACRES OF LAND
V° IN THE LITTLE ROCK PORT AUTHORITY
INDUSTRIAL DISTRICT, PULASKI COUNTY,
\\ L 1 TT LE ROCK ) ARKANSAS
DATE RMC DRAWING NO.
MARCU31'1917 REYNOLDS METALS COMPANY C08-CoCo35-SK3
DRAWN :MINTER CENTRAL ENGINEERING DIVISION
R TER DRAWING NO.
SCAt F RICHMOND, VIRGINIA G
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