6387 '111. '
RESOLUTION NO . 6 , 387
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ACCEPT AN OFFER TO PURCHASE BLOCK 15
POPE' S ADDITION TO THE CITY OF LITTLE ROCK;
AND FOR OTHER PURPOSES .
WHEREAS , the proposed sale of Block 15 , Pope ' s Addition
to the City of Little Rock was duly advertised and offers
received pursuant thereto are attached as exhibits thereto ;
and
WHEREAS , the Staff has reviewed the offers and has made
its recommendations concerning the appropriate development for
the property and the desirability of each offer .
WHEREAS , the Board of Directors of the City of Little Rock
desires to sell the property only if the Buyer agrees to develop
the property in an expeditious manner and in full and complete
accordance with the Buyer ' s plans submitted to and approved by
the Board of Directors .
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
8F THE CITY OF LITTLE ROCK, ARKANSAS :
SECTION 1 . The City Manager is hereby authorized to
accept the offer of B. G. CONEY to pur-
chase Block 15 , Pope' s Addition to the City of Little Rock,
Arkansas , as shown on the attached Exhibit A, provided that the
Buyer agrees to submit a development proposal which:
A. Substantially conforms to the initial site
plan materials submitted to the Board of
Directors July 15 , 1980 .
B. Receives planned development approval as
provided in Section 43-38 , of the Little
Rock Code of Ordinances , and which shall
include site plan and architectural review
by the Planning Commission and final accep-
tance by the Board of Directors .
C. Agrees that title to the said property and
the sum of $25 ,000 shall be placed in an
escrow account with instructions to the
escrow agent to deliver title , and the funds
therein, to the Buyer only after permanent and
interim financing has been obtained, the
site cleared and actual construction begun
in accordance with plans previously sub-
mitted . These conditions must be agreed to
be completed within 120 days from the
date of acceptance of the Buyer ' s offer
by the City. Failure of the Buyer to
comply with any of the above stated
conditions shall cause title to the said
property to be retained by the City of
Little Rock and the $25 , 000 held in
escrow to be delivered to the City of
Little Rock as liquidated damages .
SECTION 2 . This Resolution shall be in full force and
effect from and after its adoption and approval .
ADOPTED: July 23 , 1980
ATTEST: 6,,,GT APPROVED: '
i�'l/
City Clerk Mayor
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EXHIBIT "A"
B . G . CONEY COMPANY
1200 WESTPARK
WESTPARK #2, SUITE 300
LITTLE ROCK, ARK. 72204
(501) 664-0492
July 10, 1980
Mr. Buster Riley
Room 101
City Hall
Little Rock, Arkansas 72201
Dear Mr. Riley:
We would like this letter to be our offer to purchase Block 15,
Popes Addition to the city of Little Rock for the purpose of a con-
dominium project. We will offer $172,000.00 (One Hundred Seventy-
two Thousand Dollars and NO/100) .
Sincerely,
B. G. Coney Company
B. G. Coney
BGC/bb
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