6158 RESOLUTION NO . 6,158
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
A WARRANTY DEED IN FAVOR OF WEYERHAEUSER COMPANY PURSUANT TO
AN OPTION TO PURCHASE ENTERED INTO BY THE LITTLE ROCK PORT
AUTHORITY AND THE SAID WEYERHAEUSER COMPANY, AS TO TRACT C,
AREA 103 OF THE LITTLE ROCK PORT INDUSTRIAL PARK, SAID DEED
TO CONVEY SAID LAND AS DESCRIBED HEREIN AND TO BE DELIVERED
UPON PAYMENT OF THE TOTAL AMOUNT OF THE 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 . Weyerhaeuser Company has optioned to purchase
approximately 10 . 03 acres of land described as Tract C , Area 103 ,
in the Little Rock Port Industrial Park , pursuant to an option to
purchase agreement dated April 3 , 1979 . The tract of land under
consideration is more particularly described as follows :
A tract of land situated in the NE 1/4 of Section 21 ,
Township 1 North, Range 11 West , Pulaski County ,
Arkansas , being more particularly described as follows :
Commencing at the Northeast Corner of said Section 21 ;
thence N 88° 47 ' 31" W, 388 . 47 feet along the centerline
of Frazier Pike to a found railroad spike ; thence S 01°
33 ' 10" W, 60 . 00 feet to the South right-of-way line of
Frazier Pike , and the Northeast Corner of Tract A, Area
103 , and a found concrete monument ; thence along the
East property line of said Tract A, Area 103 , S 01° 33 '
10" W, 294. 00 feet to the Point of Beginning; thence
S 01° 33 ' 10" W, 485 . 00 feet ; thence N 88° 47 ' 33" W,
900 . 46 feet to the East right-of-way line of Fourche
Dam Pike ; thence along said East right-of-way of Fourche
Dam Pike , N 01° 33 ' 10" E , 485 . 00 feet to the Southwest
Corner of Tract A, Area 103 ; thence along the South
property line of said Tract A, Area 103 , S 88° 47 ' 31"
E , 900. 46 feet , to the Point of Beginning , and containing
10. 03 acres , more or less , also known as Tract C , Area 103 ,
Little Rock Port Industrial Park, in Pulaski County , Arkansas .
SECTION 2 . A copy of the option to purchase , wherein Weyerhaeuser
Company will pay the sum of $220 , 000 . 00 for the property , is attached
hereto and incorporated by reference .
SECTION 3. The Board of Directors of the City of Little Rock
hereby approves the sale of the property described herein to
Weyerhaeuser Company, and the Mayor is hereby authorized and directed
to execute for and on behalf of the City of Little Rock a Warranty
Deed conveying said property to Weyerhaeuser Company; and the City
Page 2
Clerk is hereby authorized and directed to attest said Deed and to
deliver same to the Office of the City Attorney for delivery of
same to Weyerhaeuser Company upon full payment of consideration in
the sum of $220 ,000. 00.
SECTION 4. This Resolution shall be in full force and effect
from the date of its adoption.
ADOPTED: June 5, 1979
ATTEST: 92424 4i- APPROVED: 6Y-hr. X64
City Clerk 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 Thirteen Thousand Two Hundred Dollars ,
($13 , 200. 00) and other good and valuable consideration, cash in
hand paid, the receipt of which is hereby acknowledged, hereby grants
to Weyerhaeuser Company, a Washington corporation, c/o Real Estate
Services , Tacoma, Washington 98401 hereafter called "Company" an
option to purchase for the sum of Two Hundred Twenty Thousand
Dollars , ($220 , 000 . 00) approximately ten (10) acres located in the
Little Rock Port Authority Industrial District and more fully des-
. �.
cribed herein as Exhibit "A" , (the "Property") .
This option shall continue in force for a period of six
months from the date hereof, and at any time within said period
Company shall have the right to exercise said option by giving the
Port Authority written notice of its determination so to do . Dur-
ing option period Company is authorized access for soil testings ,
perculation test and surveys .
It is further agreed that if this option is exercised:
1. The conveyance shall be made by and with the approval
of the Board of Directors of the City of Little Rock, Arkansas .
2 . 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 include certain bill of assurance .
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.
3. 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
abstract 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 possible
after the certification of the title.
4. Possession of the tract shall be delivered immediately
upon closing of this transaction.
5 . Port Authority agrees upon exercise of this Option to
cause to have the following utilities and improvements made to
l 1
the Property as soon as reasonably practicable but not more
than 90 days after closing at no expense to the Company:
(a) The surfacing of Fourche Dam Pike along the west
boundary.
(b) The installation of a 12" water main, 8" sanitary
sewer, 227-480 volt , 3-phase electrical , gas and telephone
service to the west boundary in the right of way of Fourche
Dam Pike .
(c) The installation of a Little Rock Port Authority
Railroad lead track along the east boundary for connection of
the Company' s switch, turnout and spur track.
All utilities and improvements to be constructed in accordance
with the specifications contained in the original development
plan of the Little Rock Port Industrial Park.
6. 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.
7 . Revenue Stamps , if any, shall be furnished by Port
Authority.
8. Option payment shall be applied to the purchase price .
IN WITNESS WHEREOF, the Parties have hereunto subscribed
their names on this \1n(1 day of � :� �' , 1979.
I
LITTLE ROCK PORT AUTHORITY
By• A( L
Chairman
Attest: 4//64F
- �-?��, WEYERHAEUSER COMPANY
4
By: «--;,---�
Real Estate ger
Attest :
.4;
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