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Home My WebLink About16299 1 RESOLUTION NO. 16,299 2 3 A RESOLUTION TO AMEND LITTLE ROCK, ARK., RESOLUTION NO. 4 16,285 (APRIL 2, 2024), TO AUTHORIZE THE LITTLE ROCK PORT 5 AUTHORITY TO ENTER INTO A MORTGAGE AND PROMISSORY 6 NOTE WITH THE JACK TYLER FAMILY, LLC, IN THE AMOUNT OF 7 THREE MILLION, THREE HUNDRED FIFTY THOUSAND DOLLARS 8 ($3,350,000.00), FOR THE PURCHASE OF APPROXIMATELY 9 THIRTEEN (13) TRACTS OF LAND FOR USE BY THE LITTLE ROCK 10 PORT AUTHORITY FOR ECONOMIC DEVELOPMENT; AND FOR 11 OTHER PURPOSES. 12 13 WHEREAS, in order to finance the costs of the Little Rock Port Industrial Park Improvements, 14 including particularly, without limitation, the acquisition of land, rights-of-way and easements for the 15 expansion of the Little Rock Port Industrial Park for future Economic Development Projects and any 16 necessary costs associated therewith (the "Port Improvements"), the voters of the City of Little Rock, 17 Arkansas (the "City"), approved at the Special Election held August 9, 2022, the issuance by the City of 18 Limited Tax General Obligation Capitol Improvement Bonds, in the maximum principal amount of Fifteen 19 Million, Eight Hundred Thousand Dollars($15,800,000.00)(the"Voter Approved Port Bonds");and, 20 WHEREAS,the City has heretofore issued its Limited Tax General Obligation Capital Improvement 21 Bonds, Taxable Series 2022B (the"Series 2022B Bonds") in the principal amount of Five Million, Fifty- 22 Five Thousand Dollars($5,055,000.00),to finance a portion of the Port Improvements; and, 23 WHEREAS, there remains to be issued, Ten Million, Seven Hundred Forty-Five Thousand Dollars 24 ($10,745,000.00) in Aggregate Principal Amount of the Voter Approved Port Bonds(the"Additional Port 25 Improvement Bonds"); and, 26 WHEREAS,the Board of Directors adopted Little Rock,Ark., Resolution No. 16,285(April 2,2024), 27 authorizing the Mayor to purchase approximately 867 acres of land for a purchase price of Four Million, 28 Three Hundred Fifty Thousand Dollars($4,350,000.00);and, 29 WHEREAS, it has been determined by Little Rock Port Authority Staff that it needs to acquire 30 approximately 675 acres of land of the approximate 867 acres of land for a purchase price of Three Million 31 Three Hundred Fifty Thousand Dollars($3,350,000.00),together with interest at the rate of 6%per annum 32 until maturity. 33 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 34 OF LITTLE ROCK,ARKANSAS: (Page I of3l 1 Section 1. The Board of Directors authorizes the Little Rock Port Authority to execute a Promissory 2 Note and Mortgage with Power of Sale and any other necessary documents, in a form acceptable to the City 3 Attorney,to purchase the following tracts more particularly described as: 4 TRACT 0: A PART OF THE W1/2 OF THE SEI/4 OF SECTION 21, TOWNSHIP 1 5 NORTH, RANGE 11 WEST, PULASKI COUNTY, ARKANSAS, MORE 6 PARTICULARLY DESCRIBED AS FOLLOWS: FROM THE SOUTHWEST CORNER 7 OF SECTION 21, TIN, RI 1W, NORTH 88 DEGREES 32 MINUTES 50 SECONDS 8 EAST,2663.4 FEET TO THE SOUTHWEST CORNER OF THE W1/2 SE1/4 SECTION 9 21, TIN, RI 1W; THENCE SOUTH 88 DEGREES 32 MINUTES 50 SECONDS EAST 10 1,301.7 FEET TO THE POINT Of BEGINNING; THENCE NORTH 01 DEGREE 26 11 MINUTES 00 SECONDS EAST 1,175.0 FEET; THENCE NORTH 90 DEGREES 00 12 MINUTES EAST 30.0 FEET; THENCE SOUTH 01 DEGREES 26 MINUTES 00 13 SECONDS WEST 1175.0 FEET TC THE SOUTHEAST CORNER W1/2 SE1/4, 14 SECTION 21, TIN, Rl 1 W; THENCE NORTH 88 DEGREES 32 MINUTES 50 15 SECONDS WEST, 30.0 FEET TO THE POINT OF BEGINNING. 16 TRACT 1: THE NW1/4 OF THE NE1/4 OF SECTION 28, TOWNSHIP 1 NORTH, 17 RANGE 11 WEST, PULASKI COUNTY, ARKANSAS. 18 TRACT 5: THE SW1/4 OF THE SW1/4 OF SECTION 4, TOWNSHIP 1 SOUTH, 19 RANGE 11 WEST,PULASKI COUNTY,ARKANSAS. 20 TRACT 6: THE SE1/4 OF THE SW 1/4 Or SECTION 4,TOWNSHIP 1 SOUTH,RANGE 21 11 WEST, PULASKI COUNTY, ARKANSAS. 22 TRACT 7: THE NI/2 OF THE S1/2 OF THE NE1/4 OF THE NW1/4 OF SECTION 9, 23 TOWNSHIP l SOUTH, RANGE 11 WEST, PULASKI COUNTY,ARKANSAS. 24 TRACT 8: THE NORTH 30 ACRES OF THE SE1/4 OF THE NW1/4 OF' SECTION 9, 25 TOWNSHIP 1 SOUTH, RANGE 11 WEST, PULASKI COUNTY, ARKANSAS. 26 TRACT 9: THE NW1/4 OF THE SW1/4 OF SECTION 9, TOWNSHIP 1 SOUTH, 27 RANGE 11 WEST, PULASKI COUNTY, ARKANSAS. 28 TRACT 10: THE NEI/4 Or THE SW1/4 OF SECTION 9, TOWNSHIP 1 SOUTH, 29 RANGE 11 WEST, PULASKI COUNTY,ARKANSAS. 30 TRACT 11: THE SEI/4 OF THE SEI/4 OF SECTION 8,TOWNSHIP 1 SOUTH,RANGE 31 11 WEST, PULASKI COUNTY, ARKANSAS. 32 TRACT 12: THE S1/2 OF THE SW 1/4 OF SECTION 9,TOWNSHIP 1 SOUTH,RANGE 33 11 WEST, PULASKI COUNTY,ARKANSAS. 34 TRACT 13: THE SW 1/4 Or THE SEI/4 AND THE EI/2 Or THE SEI/4 OF SECTION 9, 35 TOWNSHIP 1 SOUTH, RANGE 11 WEST, PULASKI COUNTY, ARKANSAS. [Page 2 of 31 1 2 TRACT 14: THE SW 1/4 OF SECTION 10,TOWNSHIP 1 SOUTH,RANGE 11 WEST, 3 PULASKI COUNTY,ARKANSAS. 4 TRACT 15: THE SEI/4 OF THE NEI/4 OF SECTION 9, TOWNSHIP 1 SOUTH, 5 RANGE 11 WEST, PULASKI COUNTY,ARKANSAS. 6 Section 2.Severability.In the event any title,section,paragraph,item,sentence,clause,phrase,or word 7 of this resolution is declared or adjudged to be invalid or unconstitutional,such declaration or adjudication 8 shall not affect the remaining portions of the resolution which shall remain in full force and effect as if the 9 portion so declared or adjudged invalid or unconstitutional was not originally a part of the resolution. 10 Section 3.Repealer. All laws, ordinances, resolutions, or parts of the same,that are inconsistent with 11 the provisions of Little Rock,Ark.,Resolution No. 16,285(April 2,2024),are hereby repealed to the extent 12 of such inconsistency. 13 ADOPTED: April 16,2024 14 APPROVED: 15 ) / 16 � `. 17 "''1 san' g • City Clerk Frank Scott Jr., 18 • ' 'ROV ' • S TO LEGAL FORM: 19 / 20 """ I L:.. I ..iA. 21 Thomas M. Carpenter, City A nev 22 // 23 // 24 // 25 /I 26 // 27 // 28 /1 29 // 30 // 31 // 32 // 33 // 34 // 35 // [Page 3 of 31