The URL can be used to link to this page

Home My WebLink About15719 1 RESOLUTION NO. 15,719 2 3 A RESOLUTION TO AUTHORIZE THE MAYOR AND CITY CLERK TO 4 EXECUTE A SPECIAL WARRANTY DEED CONVEYING REAL 5 PROPERTY LOCATED ON FRAZIER PIKE ROAD OWNED BY THE 6 LITTLE ROCK PORT AUTHORITY, AN INSTRUMENTALITY OF THE 7 CITY OF LITTLE ROCK, TO TERRY WOODS, INC.; AND FOR OTHER 8 PURPOSES. 9 10 WHEREAS,the Little Rock Port Authority, an instrumentality of the City of Little Rock, Arkansas, 11 markets land for economic development purposes and encourages industry to locate at the Port of Little 12 Rock; and, 13 WHEREAS, the Little Rock Port Authority recently developed a Master Growth Plan that identified 14 various industry segments that would be good industry partners; and, 15 WHEREAS, Terry Woods, Inc., has approached the Little Rock Port Authority about buying 16 approximately twenty-nine(29)acres of land located on Frazier Pike Road for the purpose of constructing 17 a warehouse facility; and, 18 WHEREAS, the Port Authority requests certain Real Estate Purchase and Sale Agreement (the 19 "Purchase Agreement") be entered into with Terry Woods, Inc., or its assigns (collectively, "Purchaser") 20 pursuant to which the Purchaser desires to acquire the Real Property; and, 21 WHEREAS,the Port Authority Board of Directors has determined that it is in the best interest of the 22 Port Authority City to convey the Real Property to the Purchaser in accordance with the terms of the 23 Purchase Agreement and in consideration for that purchase price that is more fully set forth therein; and, 24 WHEREAS,the City Board of Directors has additionally determined that it is in the best interest of 25 the City to convey the Real Property to the Purchaser in accordance with the terms of the Purchase 26 Agreement and in consideration for that purchase price of One Million, Five Hundred Ninety-Five 27 Thousand Dollars($1,595,000.00); and, 28 WHEREAS, a copy of the Purchase Agreement shall be delivered to the City Clerk and is available 29 for inspection at any time, the terms and conditions which have been reviewed and approved by the City 30 Board of Directors; and, 31 WHEREAS,before the City can alienate any interest in property, as demonstrated by the execution of 32 conveyance documents by the Mayor and City Clerk, the City is required by Ark. Code Ann. Section 14- 33 54-302 that the City Board of Directors adopt the resolution authorizing such action. [Page 1 of 31 1 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 2 OF LITTLE ROCK: 3 Section 1. That the Mayor and City Clerk are hereby authorized to execute, in a form approved by the 4 City Attorney, any and all deeds and conveyance documents required in order to convey to the Purchaser, 5 Terry Woods Inc., or its assigns, approximately twenty-nine (29) acres of real property located in Pulaski 6 County, Arkansas, for a purchase price of One Million, Five Hundred Ninety-Five Thousand Dollars 7 ($1,595,000.00). The real property is described as follows: 8 TRACT 1: PART OF THE SOUTHWEST QUARTER OF THE NORTHEAST 9 QUARTER OF SECTION 21, TOWNSHIP 1 NORTH, RANGE 11 WEST, PULASKI 10 COUNTY, ARKANSAS, BEING MORE PARTICULARLY DESCRIBED AS 11 FOLLOWS: COMMENCING AT A POINT LOCATED AT THE SOUTHEAST 12 CORNER OF THE SW1/4 NE1/4, SECTION 21, T-1-N, R-11-W, PULASKI COUNTY, 13 ARKANSAS; SAID POINT ALSO BEING THE POINT OF BEGINNING; THENCE 14 N88°45'09"W-1314.39' TO THE SOUTHWEST CORNER OF SAID SW1/4 NEI/4, 15 SECTION 21; THENCE N01"27'21"E-250.32'; THENCE N01"23'49"E-249.99; 16 THENCE S88°44'20"E-1314.16; THENCE S01"26'59"W-500.00; BACK TO THE 17 POINT OF BEGINNING. CONTAINING 15.0922 ACRES,MORE OR LESS. 18 TRACT 2: PART OF THE SOUTHWEST QUARTER OF THE NORTHEAST 19 QUARTER OF SECTION 21, TOWNSHIP 1 NORTH, RANGE 11 WEST, PULASKI 20 COUNTY, ARKANSAS, BEING MORE PARTICULARLY DESCRIBED AS 21 FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF THE SAID 22 SOUTHWEST QUARTER OF THE NORTHEAST QUARTER,THENCE NO1°27'21"E- 23 500.00'TO THE POINT OF BEGINNING; THENCE N88°44'20"W-1314.60; THENCE 24 N01°18'24"E-823.08' TO THE NORTHWEST CORNER OF THE SW1/4 NE1/4 OF 25 SAID SECTION 21; THENCE S88°35'00"E-501.71'; THENCE S01°12'17"W-549.87'; 26 THENCE ALONG THE ARC OF A 50.00'RADIUS CURVE TO THE LEFT,HAVING 27 AN ARC LENGTH OF 78.71' AND CHORD OF S43°44'34"E-70.83; THENCE 28 S88°45'39"E-762.36'TO A POINT IN THE CENTER OF THIBAULT ROAD; THENCE 29 S01°27'21"WALONG SAID CENTERLINE,A DISTANCE OF 222.06',BACK TO THE 30 POINT OF BEGINNING. CONTAINING 13.634 ACRES (MORE OR LESS) 31 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 32 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or 33 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and [Page 2 of 31 1 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the 2 resolution. 3 Section 3. Repealer.All laws ordinances resolutions or parts of the same that are inconsistent with the 4 provisions of this resolution are hereby repealed to the extent of such inconsistency. 5 ADOPTED: June 21,2022 6 _ ,j APPROVED: 7 �4 8 In�\. 9 usa ity Clerk Frank Scott, r.,Mayor 10 APP' 0 ,I TO LEGAL FORM: 11 12 / 11/0-14G.02 14A • ��!� 13 Thomas M. Carpenter,City Attor T y 14 // 15 // 16 // 17 // 18 // 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // 'Page 3 of 31