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6477 RESOLUTION NO. 6 , 477 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A WARRANTY DEED IN FAVOR OF INTERSTATE DISTRIBUTING COMPANY PURSUANT TO AN OPTION TO PURCHASE ENTERED INTO BY THE LITTLE ROCK PORT AUTHORITY AND THE SAID INTERSTATE DISTRIBUTING COMPANY AS TO TRACT N, AREA 201, 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. Interstate Distributing Company has optioned to purchase approximately 2 . 80 acres of land described as Tract N, Area 201 , Little Rock Port Industrial Park, pursuant to an option to purchase agreement dated September 9 , 1980. The tract of land under considera- tion is more particularly described as follows : A tract of land situated in the NE-1/4 SW-1/4 of Section 16, Township 1 North, Range 11 West of the Fifth Principal Meridian, City of Little Rock, Pulaski County, Arkansas, being more particularly described as follows: Commencing at the Southwest Corner of Section 16, Township 1 North, Range 11 West of the Fifth Principal Meridian; thence along the West line of said Section 16, N 01° 33' 49" E, 929.80 feet; thence N 89° 47' 08" W, 242.14 feet; thence N 00° 12' 52" E, 956.13 feet to a point on the North right-of-way line of Lindsey Road; thence along said North right- of-way line of Lindsey Road, S 89° 47' 08" E, 1602.15 feet to the Southeast Corner of Tract L, Area 201 of the Little Rock Port Industrial Park, said point also being the Point of Be- ginning; thence continuing along said North right-of-way line of Lindsey Road, S 89° 47' 08" E, 420.58 feet; thence N 00° 12' 52" E, 290.00 feet; thence N 89° 47' 08" W, 420.58 feet to the Northeast Corner of Tract L, Area 201 of the Little Rock Port Industrial Park; thence along the East line of said Tract L, Area 201, S 00° 12' 52" W, 290.00 feet to the Point of Beginning, and containing 2.80 acres, more or less, also known as Tract N, Area 201, LITTLE ROCK PORT INDUSTRIAL PARK. SECTION 2. As per the terms of the option to purchase agree- ment dated September 9 , 1980 , Interstate Distributing Company will pay the sum of $120 ,000. 00 for the property abovedescribed. SECTION 3. The Board of Directors of the City of Little Rock hereby approves the sale of the property described herein to Interstate Distributing Company , and the Mayor is hereby authorized and directed to execute for and on behalf of the City of Little Rock a Warranty Deed RESOLUTION - Page 2 and the appropriate Plat and Bill of Assurance , conveying said property to Interstate Distributing Company ; and the City Clerk is hereby authorized and directed to attest said instruments and to deliver same to the Office of the City Attorney for delivery of same to Interstate Distributing Company upon full payment of consideration in the sum of $120 , 000. 00. SECTION 4. This Resolution shall be in full force and effect from the date of its adoption. ADOPTED: December 5 , 1980 ATTEST: APPROVED: .1;41 ' City Clerk Mayor