6689 •'1
RESOLUTION NO. 6 , 689
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A WARRANTY DEED IN FAVOR OF VANTAGE PROPERTIES ,
INC. PURSUANT TO AN OPTION TO PURCHASE ENTERED INTO BY
THE LITTLE ROCK PORT AUTHORITY AND VANTAGE PROPERTIES ,
INC. , AS TO TRACT E AREA 101 OF THE LITTLE ROCK PORT
AUTHORITY 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. Vantage Properties , Inc. has optioned to purchase
approximately 18. 72 acres of land described as Tract E , Area 101, in
the Little Rock Port Industrial Park, pursuant to an option to purchase
agreement dated January 14, 1980. The tract of land under consideration
is more particularly described as follows :
A tract of land situated in the W 1/2 SE 1/4 and the E 1/2
SW 1/4, 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 the SE 1/4 SE 1/4,
Section 16 , Township 1 North, Range 11 West of the Fifth
Principal Meridian; thence N 88° 45 ' 38" W along the
centerline of Frazier Pike, 1107. 20 feet ; thence N 08°
10' 35" E, 971. 90 feet to the Point of Beginning; thence
N 08° 10' 35" E , 1012 . 93 feet to a point on the South right-
of-way line of Lindsey Road; thence along said South right-
of-way line of Lindsey Road, S 74° 52' 22" W, 432 . 01 feet ;
Thence continuing along said South right-of-way line along
a curve to the right , said curve having a radius of 1014. 93
feet and a chord bearing and distance of S 82° 33' 17" W,
271. 34 feet ; thence continuing along said South right-of-
way line N 89° 45' 48" W, 446. 71 feet ; thence S 00° 14'
32" W, 488. 16 feet; thence along a curve to the left, said
curve having a radius of 353 . 06 feet and a chord bearing and
distance of S 44° 15 ' 33" E, 494. 91 feet ; thence S 88° 45 '
38" E, 645 . 55 feet to the Point of Beginning and containing
20. 73 total acres and 18. 72 net acres , more or less .
SECTION 2. As per the terms of the option to purchase agree-
ment dated January 14, 1980 , Vantage Properties , Inc. will pay the
sum of $561,600. 00 for the property above described.
SECTION 3. The Board of Directors of the City of Little Rock
hereby approves the sale of the property described herein to Vantage
Properties, Inc. , and the Mayor is hereby authorized and directed
to execute for and on behalf of the City of Little Rock a Warranty
Deed, and the appropriate Plat and Bill of Assurance, conveying said
Page 2
property to Vantage Properties , Inc. ; the City Clerk is hereby
authorized and directed to attest said instruments and to deliver
same to the Office of the City Attornay for delivery of same to
Vantage Properties , Inc. upon full payment of consideration of
$561, 600 . 00 less option payments of $60 , 000. 00 to be applied to the
Purchase Price or a net amount of $501, 600 . 00.
SECTION 4. This Resolution shall be in full force and effect
from the date of its adoption.
ADOPTED: November 3 , 1981
ATTEST : APPROVED: e"..../A-
City Clerk Mayor