The URL can be used to link to this page

Home My WebLink About14527 1 RESOLUTION NO. 14,527 2 3 A RESOLUTION TO AUTHORIZE THE MAYOR AND CITY OFFICIALS 4 TO EXECUTE ANY NECESSARY DOCUMENTS TO ENTER INTO A 5 REAL ESTATE PURCHASE CONTRACT WITH MARCUS BRYANT TO 6 AQUIRE APPROXIMATLEY FIFTY (50) ACRES OF LAND FOR THE 7 USE AND BENEFIT OF THE LITTLE ROCK PORT AUTHORITY; AND 8 FOR OTHER PURPOSES. 9 10 WHEREAS, pursuant to Ark. Code Ann. § 14-54-302 (West Supp. 2016), as to be amended by 1977 11 ARK.ACTS 470, permits a municipality to enter into contracts to purchase, or to purchase,real property to 12 be used for a governmental purpose; and, 13 WHEREAS, the use of property in the name of the City of Little Rock, Arkansas, for the use and 14 benefit of the Little Rock Port Authority fulfills such a governmental purpose; and, 15 WHEREAS,the City of Little Rock,through its 2011 Capital Sales Tax Initiative,set aside money for 16 the specific purpose of expanding the real estate holdings of the Little Rock Port Authority; and, 17 WHEREAS, the Little Rock Port Authority has been actively exploring opportunities for expansion, 18 including the development of a 2008 Master Real Estate Acquisition Plan; and, 19 WHEREAS,the Little Rock Port Authority Staff has worked with the Greater Little Rock Chamber of 20 Commerce, and other interested parties,to explore viable options for real estate expansion and determined 21 that this particular parcel will meet the future needs of the Little Rock Port Authority for economic prospect 22 recruitment purposes, and. 23 WHEREAS, the Little Rock Port Authority Staff has extended a tentative offer, based upon a third- 24 party appraisal, for the property in question and the offer has been accepted by the owner; and, 25 NOW, THEREFORE, BE IT RESOLVED BY THE LITTLE ROCK CITY BOARD OF 26 DIRECTORS: 27 Section 1. The City of Little Rock Board of Directors authorizes the Mayor and any other necessary 28 City Officials to execute a contract to purchase approximately fifty(50) acres of land for use by the Little 29 Rock Port Authority more particularly described on.Exhibit A to this resolution. 30 Section 2. Funding for this acquisition will come from the 2011 Sales Tax Issue that established funds 31 for land acquisition at the Port. 32 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 33 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or [Page 1 of 3] 1 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and 2 effect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part of the 3 resolution. 4 Section 4. Repealer. All resolutions, bylaws, and other matters inconsistent with this resolution are 5 hereby repealed to the extent of such inconsistency. 6 ADOPTED: April 4,2017 7 11111111 APPROVED: 8 � t 9 III /i / , 10 us:n La' •y,City Clerk Mar St dola, ayor i 11 APP° S / i'STOLEGALFORM: 12 13 //�1 k.4314 5 4" 14 Thomas M. Carpenter, 'ty Atto ey 15 // 16 // 17 // 18 // 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // [Page 2 of 31 EXHIBIT "A" rti APPRAISAL REPORT Marcus J.Bryant Ownership 50.00 acres,more or less,of vacant land positioned south of the City of Little Rock,west of the right of way of Zeuber Road,south of Sloane Drive,and south of the Little Rock Port Industrial District,in Section 20,Township I North,Range 11 West,Pulaski County,Arkansas. There is a total.of 11.5 acres,more or less,that arc in identified but not verified"wetlands.• 14.4 Acres, __ • more or less,are to the north of 9.6 acres of the identified but not verified"wetland,"24.1 Acres, more or less,are south of the identified but not verified"wetlands",and there is a small 1.9 acre area.of"wetlands"at the southeast corner of the ownership. Ip i gun Irl ..+."--- .,70,11 nn,,w,Win. , TIT n\ i t uvi.la li - I „. F.,7F411471 I � n.,:a,en. ! r.m> sunjcct , 1.,V11 1 ,.,�\ .. ini. s \ ,Irclu V i'1111 te &. — N'�.'. V,\t 11 �\+l1iii EFFECTIVE DATE OF VALUE August 3,2016 • DATE OF THE REPORT August 30,2016 DATE OF THE EXTERNAL SITE OBSERVATION August 3,2016 CLIENT Mr.Bryan Day,Executive Director Little Rock Port Authority 10600 Industrial Harbor Drive Little Rock,Arkansas 72206 PREPARED BY Sara W.Stephens,CRE,MAI,AI-GRS,RAV-AC State of Arkansas Certified General Appraiser 40447 RICHARD A.STEPHENS AND ASSOCIATES,INC. Suite 1222,Regions Center 400 West Capitol Avenue Little Rock,Arkansas 72201 Richard A.Stephens and Associates,Inc. [Page 3 of 3]