HomeMy WebLinkAbout14648 1 RESOLUTION NO. 14,648
2
3 A RESOLUTION TO TRANSFER TITLE TO SPRINGER & SPRINGER,
4 LLC, VIA SPECIAL WARRANTY DEED FOR PROPERTY SOLD BY
5 THE CITY OF LITTLE ROCK, ARKANSAS, TO BE USED FOR
6 NEIGHBORHOOD REVITALIZATION PROGRAMS; AND FOR OTHER
7 PURPOSES.
8 -
9 WHEREAS, the Board of Directors has stated as one of its goals a desire to provide for
10 neighborhood revitalization, and has taken special efforts to accomplish this goal through its use of
11 various City and Federal Funds, and in affirmative actions such as the creation of a Land Bank
12 Commission; and,
13 WHEREAS, in order to accomplish this goal is it required that properties be obtained and sold by the
14 City in areas that are appropriate for revitalization; and,
15 WHEREAS, Springer and Springer, LLC, has indicated a desire to purchase the properties located at
16 808 Brown Street and 2512 South Summit Street from the City of Little Rock,Arkansas, and,
17 WHEREAS, the City wishes to sell the property for use in its neighborhood revitalization efforts;
18 and,
19 WHEREAS, City Staff has conducted a title search of the property which revealed valid title to the
20 property and no significant title issues; and,
21 WHEREAS, the City has performed an environmental assessment of the property pursuant to 24
22 C.F.R. § 58, et seq. (2003),which revealed no environmental problems; and,
23 WHEREAS,in consideration for Five Hundred Dollars($500.00),the City will sell the properties for
24 the public purpose of neighborhood revitalization, and,
25 WHEREAS, The City of Little Rock will provide Springer and Springer, LLC, with a Special
26 Warranty Deed to the property, attached as Exhibit A and to include stipulations set forth in the attached
27 Offer and Acceptance agreement, shown as Exhibit B, and,
28 WHEREAS, State Law requires that the City accept the property sale by resolution adopted by the
29 Board of Directors;
30 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
31 OF LITTLE ROCK,ARKANSAS:
32 Section 1. The Board of Directors hereby provides a special warranty deed to the property described
33 as 808 Brown Street and 2512 South Summit Street, in favor of Springer and Springer,LLC.
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1 Section 2. The property will be used for a private purpose to serve the public, specifically to improve
2 city revitalization programs.
3 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
4 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
5 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
6 effect a if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
7 ordinance.
8 Section 4.Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent with
9 the provisions of this resolution are hereby repealed to the extent of such inconsistency.
10 ADOPTED: October 2,2017
11 Akl'' : APPROVE I: ,
12 „A ! / / al/46.......,
13 %,"1 1L
14 u'!' � ey,Ci Clerk Mar Stodola,Mayor
15 APP' 0 I AS TO LEGAL FORM:
16
17 ow- 144)1-44-41 '
18 Thomas M. Carpenter,City Attor i
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[Page 2 of 7] 1
1 EXHIBIT A
2
3 Prepared By:
4 City of Little Rock
5 500 West Markham Street
6 Little Rock,AR 72201
7 Representative:
8 Doug Tapp,Redevelopment Administrator
9
10
11 SPECIAL WARRANTY DEED
12 (Sale)
13
14 KNOW ALL MEN BY THESE PRESENTS THAT:
15 The City of Little Rock, GRANTOR, for and in consideration of the sum of Five Hundred Dollars
16 ($500.00) and other good valuable consideration paid by Springer & Springer, LLC, a for profit entity,
17 GRANTEE, the receipt of which is hereby acknowledged, does hereby grant, convey and warranty unto
18 the Grantee, and unto its heirs and assigns forever,the following described lands in the County of Pulaski,
19 State of Arkansas:
20 MARSHALL & COFFMAN Subdivision Lot 2 Block 1 to the City of Little Rock,
21 Pulaski County,Arkansas, more commonly known as 808 Brown Street, Little Rock,
22 Arkansas 72202(Parcel No. 34L0830000300)
23 And
24 MCCARTHY ADDN Subdivision Lot 9 Block 3 to the City of Little Rock, Pulaski
25 County, Arkansas, more commonly known as 2512 South Summit Street, Little Rock,
26 Arkansas 72202 (Parcel No. 34L1990003300)
27
28 To have and to hold the same unto the Grantee and unto its heirs, and assigns forever,with all
29 tenements,appurtenances,and hereditaments thereunto belonging.
30 The City of Little Rock, hereby releases and relinquishes unto the Grantee, and unto its heirs and
31 assigns forever, all rights and possibility of curtsey, dower,and homestead in and to such lands.
32
33 City of Little Rock,GRANTOR
34 500 West Markham Street,Suite 120W
35 Little Rock,Arkansas 72201
36
37
38 By: Mayor Mark Stodola
39 City of Little Rock
40
41
42
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1 STATE OF ARKANSAS)
2 )SS
3 COUNTY OF PULASKI)
4 On this day came before me, the undersigned, a notary public within and for the County and State
5 aforesaid, duly commissioned and acting personally appeared, Mayor Mark Stodola, duly authorized to
6 act on behalf of THE CITY OF LITTLE ROCK, known to me as the Grantor in the foregoing Deed, and
7 acknowledged that he has executed the same for the consideration and purposes therein mentioned and set
8 forth.
9 WITNESS, my hand and seal the day of 2017.
10
11
12 Notary Public
13
14 My Commission expires:
15
16 Springer& Springer,LLC,Grantee
17 43 Marcella Drive
18 Little Rock,Arkansas 72223
19
20
21 By: Bo Springer
22
23 ACKNOWLEDGEMENT
24
25 STATE OF ARKANSAS)
26 )SS
27 COUNTY OF PULASKI)
28 On this day came before me, the undersigned, a notary public within and for the county and state
29 aforesaid, duly commissioned and acting personally appeared, Bo Springer, duly authorized to act on
30 behalf of Springer& Springer, LLC, known to me as the Grantee in the foregoing Special Warranty Deed,
31 and acknowledged that he has executed the same for the consideration and purposes therein mentioned
32 and set forth.
33 WITNESS my hand and seal as such notary public this day of ,2017
34
35
36 Notary Public
37
38 My Commission expires:
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1 DOCUMENTARY TAX STATEMENT
2
3 I certify under penalty of false swearing that the legally correct amount of documentary stamps have
4 been placed on this instrument. (If none shown,exempt or no consideration paid.)
5
6 City of Little Rock
7 500 West Markham Street
8 Little Rock,Arkansas 72201
9
10
11
12 By: Doug Tapp
13 Redevelopment Administrator
14
15 ACKNOWLEDGEMENT
16
17 STATE OF ARKANSAS)
18 )SS
19 COUNTY OF PULASKI)
20
21 On this day came before me, the undersigned, a notary public within and for the County and State
22 aforesaid,duly commissioned and acting personally appeared,Doug Tapp,Redevelopment Administrator,
23 City of Little Rock.
24 WITNESS my hand and seal as such notary public this day of ,2017
25
26
27 Notary Public
28
29 My Commission expires:
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1 EXHIBIT B
2 OFFER AND ACCEPTANCE
3
4 1. The undersigned,_Springer& Springer,LLC,43 Marcella Drive,Little Rock,AR 72223 herein
5 called the`Buyer(s)"offer(s)to buy, subject to the terms set forth herein,the following property
6 from The City of Little Rock, 500 West Markham Street, Suite 120,Little Rock,AR 72201
7 herein called the"Seller(s)".
8 MARSHALL & COFFMAN Subdivision Lot 2 Block 1 to the City of Little
9 Rock, Pulaski County, Arkansas, more commonly known as 808 Brown Street,
10 Little Rock,Arkansas 72202 (Parcel No. 34L0830000300)
11 And
12 MCCARTHY ADDN Subdivision Lot 9 Block 3 to the City of Little Rock,
13 Pulaski County, Arkansas, more commonly known as 2512 South Summit Street,
14 Little Rock,Arkansas 72202 (Parcel No. 34L1990003300)
15 2. The Buyer(s)will pay Five Hundred Dollars ($500.00)for the property, $0.00 as a down
16 payment/earnest money and the balance of$500.00 as follows:
17 Check at closing
18
19
20 3. Special Conditions:
21 • Approval by Land Bank Commission
22 • Approval by Little Rock City Board
23 • Additional Stipulations:
24 • 1. Two(2)years to complete project,or Land Bank Commission votes to approve an
25 extension. The two(2)years starts after rezoning or closing,whichever is the latter.
26 • 2. The Land Bank to pay the Citys closing costs as a package deal
27 • 3. Buyer to pay buyers closing costs as a package deal
28 • 4. Re-zoning of lots that need to be rezoned
29 • 5. Planning commission approval for duplexes on the lots
30 • 6.Financing
31 • 7. Thirty(30)properties total,but only two are included on this offer and acceptance
32 • 8. Real Estate Taxes are paid and current
33 4. Conveyance shall be made to Buyer(s), or as directed by Buyer(s), by Special Warranty Deed
34 except it shall be subject to recorded restrictions and easements, if any.
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1 5. The owner(s) of the above property, hereinafter called Seller(s), shall furnish at Seller's cost an
2 owner's policy reflecting merchantable satisfactory to Buyer(s) and/or the Buyer's attorney,
3 Seller(s) shall have a reasonable time after acceptance within which to furnish title insurance. If
4 objections are made to title, Seller(s) shall have a reasonable time to meet the objections or to
5 furnish title insurance.
6 6. Buyer herewith tenders $0.00 as earnest money, to become part of purchase price upon
7 acceptance. This sum shall be held by Buyer(s)/Agent/Title Company and if offer is not accepted
8 or if title requirements are not fulfilled, it shall be promptly returned to Buyer(s). If after
9 acceptance, Buyer(s) fail to fulfill his/her/their obligation(s), the earnest money may become
10 liquidated damages, which fact shall not preclude Seller(s) or Agent from asserting other legal
11 rights which they may have because of such breach.
12 7. Taxes and special assessments, due on or before the closing date shall be paid by the Seller(s).
13 Current general taxes and special assessments shall be pro-rated as of closing date based upon the
14 last tax statement. Insurance, interest and rental payments shall be pro-rated as of closing date.
15 8. Seller(s) shall vacate the property (if applicable) and deliver possession to Buyer(s) on or before
16 _1 (one) day after the closing date. Seller(s) agree to pay rent to Buyer(s) of
17 $ n/a per day until possession is given after the closing date if applicable.
18 9. Buyer(s)certifies that he or she has/they have inspected the property and he or she is/they are not
19 relying upon any warranties, representations or statements of the Seller(s)/Agent as to age or
20 physical condition of improvements. The risk of loss or damage to the property by fire or other
21 casualties occurring up to the time of transfer of title on the closing date is assumed by the
22 Seller(s).
23 10. The closing date shall be on or before
24
25 501-612-3232
26 Phone#and/or email Springer and Springer,LLC
27 (Buyer)
28
29
30 (Buyer) Date
31
32 501-371-4848 dtapp(a,littlerock.gov
33 Phone/email (Seller)
34
35 City of Little Rock Land Bank
36 Date Doug Tapp,Redevelopment Administrator
37
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