HomeMy WebLinkAbout16283 1 RESOLUTION NO. 16,283
2
3 A RESOLUTION AUTHORIZING THE MAYOR TO ENTER INTO A
4 CONTRACT WITH BLUE STEM LR, LLC, IN THE AMOUNT OF ONE
5 MILLION, EIGHT HUNDRED THOUSAND DOLLARS ($1,800,000.00),
6 PLUS ASSOCIATED CLOSING COSTS, FOR THE PURCHASE OF
7 APPROXIMATELY TWENTY-EIGHT (28) ACRES OF LAND, FOR USE
8 BY THE LITTLE ROCK PORT AUTHORITY FOR ECONOMIC
9 PROSPECT RECRUITMENT; AND FOR OTHER PURPOSES.
10
11 WHEREAS,the City of Little Rock,Arkansas,through its 2022 Bond Refinancing Initiative,set aside
12 money for the specific purpose of expanding the real estate holdings of the Little Rock Port Authority;and,
13 WHEREAS,the Little Rock Port Authority has been actively exploring opportunities for expansion,
14 including the development of a 2008 Master Real Estate Acquisition Plan; and,
15 WHEREAS,the Little Rock Port Authority Staff has worked with the Greater Little Rock Regional
16 Chamber of Commerce,and other interested parties,to explore viable options for real estate expansion and
17 determined that this particular parcel will meet the future needs of the Little Rock Port Authority for
18 Economic Prospect Recruitment Purposes,and,
19 WHEREAS,the Little Rock Port Authority Staff has extended a preliminary offer,based upon a third-
20 party appraisal, for the property in question and the offer has been accepted by the owner.
21 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
22 OF LITTLE ROCK:
23 Section 1. The City of Little Rock Board of Directors authorizes the Mayor to purchase approximately
24 twenty-eight (28) acres of land for a purchase price of One Million, Eight Hundred Thousand Dollars
25 ($1,800,000.00),plus associated closing costs. The property is located at:
26 APPROXIMATELY 25.73 ACRES OF THE SWI/4 SW1/4, APPROXIMATELY 2.10
27 ACRES OF THE SEI/4 SW 1/4, ALL IN SECTION 21, T-1-N. R-11-W, PULASKI
28 COUNTY, ARKANSAS, BEING MORE PARTICULARLY DESCRIBED
29 FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID SW1/4
30 SW 1/4,THENCE S88°46'40"E ALONG THE SOUTH LINE OF SAID SECTION 21, A
31 DISTANCE OF 35.20';THENCE LEAVING SAID SOUTH LINE,N01°57'17"E-109.84'
32 TO THEPOINT OF BEGINNING; THENCE CONTINUING N01°57'17"E-873.19;
33 THENCE S88°03'04"E-1515.60; THENCE S16°46'58"W-886.65' THENCE
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1 N88°45'59"W-1288.79';BACK TO THE POINT OF BEGINNING.CONTAINING 27.83
2 ACRES, MORE OR LESS.
3 Section 2. Funding for this acquisition will come from the City's 2022 Bond Account.
4 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase or
5 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
6 adjudication shall not affect the remaining portions of the resolution, which shall remain in full force and
7 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
8 resolution.
9 Section 4. Repealer. All laws ordinances resolutions or parts of the same that are inconsistent with
10 the provisions of this resolution are hereby repealed to the extent of such inconsistency.
11 ADOPTED: April 2,2024
12 APPROVED:
13 r
14 lib,
15 'us. City Clerk Frank Sco ,d ., ayor
16 AP 'RO E i TO LEGAL FORM:
17
18
19 Thomas M. Carpenter,City Att ey
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