HomeMy WebLinkAbout16982 1 RESOLUTION NO. 16,982
2
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ENTER INTO A
4 CONTRACT WITH THE CLIFTON FAMILY LLP AND CLIFTON LAND
5 COMPANY,LLC FOR THE PURCHASE OF APPROXIMATLEY FORTY-
6 TWO (42) ACRES OF LAND, FOR USE BY THE LITTLE ROCK PORT
7 AUTHORITY FOR ECONOMIC PROSPECT RECRUITMENT; AND FOR
8 OTHER PURPOSES.
9
10 WHEREAS, the Little Rock Port Authority has been actively exploring opportunities for
11 expansion for the past eight years, and
12 WHEREAS,the Little Rock Port Authority staff has worked with the Greater Little Rock Chamber
13 of Commerce and other interested parties to explore viable options for real estate expansion and determined
14 that this particular parcel will meet the future needs of the Little Rock Port Authority,and
15 WHEREAS, the Little Rock Port Authority staff has extended a preliminary offer, based upon
16 recent land acquisitions made by the Little Rock Port Authority, for the property in question, and the offer
17 has been accepted by the owner.
18 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
19 CITY OF LITTLE ROCK:
20 Section 1. The City of Little Rock Board of Directors authorizes the Mayor to purchase approximately
21 42 acres of land for a purchase price of one million, two hundred thousand dollars ($1,200,000), plus
22 associated closing costs, and is contingent upon positive findings of the Phase One Environmental Study
23 and determination of clear title. The property is better defined as:
24 PARCEL A: THE NORTH 3/8 OF THE SW1/4 OF THE SW1/4 OF SECTION 17, TOWNSHIP 1
25 NORTH, RANGE 11 WEST, NOW IN THE CITY OF LITTLE ROCK, PULASKI COUNTY,
26 ARKANSAS.
27
28 PARCEL B: THE SOUTH 3/8 OF THE NW1/4 OF THE SW1/4 OF SECTION 17, TOWNSHIP 1
29 NORTH, RANGE 11 WEST, NOW IN THE CITY OF LITTLE ROCK, PULASKI COUNTY,
30 ARKANSAS.
31
32 PARCEL C: THAT PART OF THE SE1/4 SW1/4 OF SECTION 17, TOWNSHIP 1 NORTH,
33 RANGE 11 WEST, IN THE CITY OF LITTLE ROCK, PULASKI COUNTY, ARKANSAS,
1 DESCRIBED AS:BEGINNING 30 FEET EAST OF THE NORTHWEST CORNER OF SAID SE1/4
2 OF THE SW1/4; RUN THENCE EAST TO THE NORTHEAST CORNER THEREOF; THENCE
3 SOUTH TO THE SOUTHEAST CORNER OF SAID SE1/4 OF THE SW1/4; THENCE WEST,
4 ALONG THE SOUTH LINE OF SAID SE1/4 OF THE SW1/4 TO A POINT 665 FEET EAST OF
5 THE SOUTHWEST CORNER THEREOF; THENCE NORTH 5 DEGREES 20 MINUTES EAST
6 661.5 FEET TO A POINT; THENCE NORTHWESTERLY 706 FEET TO A POINT WHICH
7 POINT IS 30 FEET EAST OF THE WEST LINE OF SAID SE1/4 OF THE SW1/4; THENCE
8 NORTH 570 FEET,MORE OR LESS TO THE POINT OF BEGINNING.
9
10 LESS AND EXCEPT: PART OF THE EAST 1/2 OF THE SW1/4 AND PART OF THE WEST 1/2
11 OF THE SE1/4 OF SECTION 17, TOWNSHIP 1 NORTH,RANGE 11 WEST, IN THE CITY OF
12 LITTLE ROCK, PULASKI COUNTY, ARKANSAS, BEING MORE PARTICULARLY
13 DESCRIBED AS FOLLOWS: COMMENCING AT A FOUND COTTON PICKER SPINDLE
14 USED FOR THE SOUTHEAST CORNER OF THE SE1/4 OF THE SW1/4; THENCE SOUTH 88
15 DEGREES 44 MINUTES 20 SECONDS EAST, ALONG THE SOUTH LINE OF THE SW1/4 OF
16 THE SE1/4,212.00 FEET TO A POINT; THENCE DEPARTING SAID SOUTH LINE,NORTH 01
17 DEGREES 09 MINUTES 32 SECONDS EAST 20.00 FEET TO A FOUND ONE HALF INCH
18 REBAR ON THE NORTH RIGHT OF WAY LINE OF FRAZIER PIKE ROAD AND THE POINT
19 OF BEGINNING; THENCE NORTH 88 DEGREES 43 MINUTES 01 SECONDS WEST 397.17
20 FEET TO A FOUND ALUMINUM CAP; THENCE NORTH 04 DEGREES 46 MINUTES 21
21 SECONDS EAST 753.31 FEET TO A POINT; THENCE NORTH 04 DEGREES 46 MINUTES 21
22 SECONDS EAST 47.26 FEET TO A FOUND ONE HALF INCH REBAR AND THE SOUTHWEST
23 CORNER OF LOT 3, PRATT CATES REMMEL SUBDIVISION #2; THENCE SOUTH 85
24 DEGREES 13 MINUTES 39 SECONDS EAST, ALONG THE SOUTH LINE OF SAID LOT 3,
25 375.00 FEET TO A FOUND ONE HALF INCH REBAR; THENCE NORTH 04 DEGREES 46
26 MINUTES 21 SECONDS EAST,ALONG THE EAST LINE OF SAID LOT 3,330.00 FEET TO A
27 FOUND ONE HALF INCH REBAR;THENCE NORTH 85 DEGREES 13 MINUTES 39 SECONDS
28 WEST, ALONG THE NORTH LINE OF SAID LOT 3, 155.00 FEET TO A FOUND ONE HALF
29 INCH REBAR AND THE SOUTHEAST CORNER OF LOT 2 SAID PRATT CATES REMMEL
30 SUBDIVISION; THENCE NORTH 04 DEGREES 46 MINUTES 21 SECONDS EAST, ALONG
31 THE EAST LINE OF SAID LOT 2, 452.00 FEET TO A FOUND ONE HALF INCH REBAR;
32 THENCE NORTH 85 DEGREES 13 MINUTES 39 SECONDS WEST,ALONG THE NORTH LINE
33 OF SAID LOT 2,220.00 FEET TO A FOUND ONE HALF INCH REBAR ON THE EAST RIGHT
34 OF WAY LINE OF PRATT REMMEL ROAD; THENCE ALONG THE SAID EAST RIGHT OF
1 WAY THE FOLLOWING FOUR (4) COURSES AND DISTANCES: THENCE NORTH 04
2 DEGREES 46 MINUTES 21 SECONDS EAST 439.07 FEET TO A POINT; THENCE NORTH 15
3 DEGREES 50 MINUTES 49 SECONDS EAST 52.17 FEET TO A POINT; THENCE NORTH 25
4 DEGREES 41 MINUTES 56 SECONDS EAST 47.80 FEET TO A POINT; THENCE NORTH 87
5 DEGREES 22 MINUTES 51 SECONDS EAST 34.90 FEET TO A POINT ON THE SOUTH RIGHT
6 OF WAY LINE OF LINDSEY ROAD; THENCE ALONG THE SAID SOUTH RIGHT OF WAY
7 LINE 299.22 FEET AND ALONG THE ARC OF A 824.00 FOOT RADIUS CURVE TO THE LEFT,
8 HAVING A CHORD BEARING AND DISTANCE OF SOUTH 60 DEGREES 44 MINUTES 01
9 SECONDS EAST 297.58 FEET TO A POINT; THENCE SOUTH 70 DEGREES 58 MINUTES 12
10 SECONDS EAST, ALONG THE SAID SOUTH LINE, 281.67 FEET TO A POINT; THENCE
11 DEPARTING THE SAID SOUTH LINE,SOUTH 18 DEGREES 45 MINUTES 17 SECONDS WEST
12 242.13 FEET TO A FOUND ONE HALF INCH REBAR; THENCE SOUTH 04 DEGREES 42
13 MINUTES 46 SECONDS WEST 776.75 FEET TO A FOUND ONE HALF INCH REBAR;THENCE
14 SOUTH 85 DEGREES 19 MINUTES 02 SECONDS EAST 478.83 FEET TO A FOUND ONE HALF
15 INCH REBAR; THENCE NORTH 04 DEGREES 41 MINUTES 59 SECONDS EAST 902.22 FEET
16 TO A FOUND ONE HALF INCH REBAR ON THE SAID SOUTH RIGHT OF WAY LINE OF
17 LINDSEY ROAD; THENCE SOUTH 68 DEGREES 36 MINUTES 52 SECONDS EAST, ALONG
18 THE SAID SOUTH LINE, 88.53 FEET TO A POINT; THENCE SOUTH 80 DEGREES 23
19 MINUTES 16 SECONDS EAST,ALONG THE SAID SOUTH LINE,65.09 FEET TO A POINT IN
20 THE CENTERLINE OF FOURCHE BAYOU; THENCE ALONG THE SAID CENTERLINE THE
21 FOLLOWING SIX (6) COURSES AND DISTANCES: THENCE SOUTH 23 DEGREES 58
22 MINUTES 46 SECONDS WEST 48.60 FEET TO A POINT; THENCE SOUTH 17 DEGREES 33
23 MINUTES 46 SECONDS WEST 210.24 FEET TO A POINT; THENCE SOUTH 07 DEGREES 06
24 MINUTES 18 SECONDS WEST 667.74 FEET TO A POINT; THENCE SOUTH 30 DEGREES 03
25 MINUTES 46 SECONDS WEST 250.92 FEET TO A POINT; THENCE SOUTH 42 DEGREES 31
26 MINUTES 46 SECONDS WEST 479.42 FEET TO A POINT; THENCE SOUTH 30 DEGREES 34
27 MINUTES 50 SECONDS WEST 95.33 FEET TO A POINT; THENCE DEPARTING THE SAID
28 CENTERLINE NORTH 88 DEGREES 47 MINUTES 20 SECONDS WEST 256.11 FEET TO A
29 POINT; THENCE SOUTH 01 DEGREES 09 MINUTES 32 SECONDS WEST 140.05 FEET TO
30 THE POINT OF BEGINNING.
31
32 ALSO LESS AND EXCEPT ALL THAT PART PLATTED AS PRATT CATES REMMEL
33 SUBDIVISION AND PRATT CATES REMMEL SUBDIVISION NO.2 AND LESS AND EXCEPT
34 PRATT REMMEL ROAD.
1
2 PARCEL C-1:THE WEST 30 FEET OF THE SE1/4 OF THE SW1/4 OF SECTION 17,TOWNSHIP
3 1 NORTH, RANGE 11 WEST, IN THE CITY OF LITTLE ROCK, PULASKI COUNTY,
4 ARKANSAS,LESS THE SOUTH 300 FEET THEREOF.
5
6 PARCEL D: PART OF THE FOLLOWING LANDS TO BE DETERMINED BY SURVEY.PART
7 OF THE SE1/4 OF SECTION 18,TOWNSHIP 1 NORTH,RANGE 11 WEST,NOW IN THE CITY
8 OF LITTLE ROCK,PULASKI COUNTY, ARKANSAS, MORE PARTICULARLY DESCRIBED
9 AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF THE NE1/4 SE1/4;
10 THENCE RUN NORTH 88 DEGREES 51 MINUTES WEST, ALONG THE NORTH LINE OF
11 SAID NE1/4 SE1/4, 640 FEET, MORE OR LESS, TO THE NORTHWEST CORNER OF WHAT
12 WAS FORMERLY PLATTED AS BLOCK 2 OF COLLEGE PARK ADDITION TO THE CITY
13 OF LITTLE ROCK, ARKANSAS, AS SHOWN IN THE PLAT THEREOF APPEARING OF
14 RECORD IN THE OFFICE OF THE RECORDER OF PULASKI COUNTY, ARKANSAS, IN
15 PLAT BOOK 1,
16 PAGE 86,WHICH NORTHWEST CORNER OF SAID BLOCK 2,AS FORMERLY PLATTED,IS
17 THE POINT OF BEGINNING; THENCE RUN SOUTH 00 DEGREES 18 MINUTES EAST 590.1
18 FEET; THENCE RUN SOUTH 89 DEGREES 30 MINUTES EAST 340 FEET; THENCE RUN
19 SOUTH 00 DEGREES 58 MINUTES WEST 184.8 FEET;THENCE RUN SOUTH 89 DEGREES 30
20 MINUTES EAST 300 FEET; THENCE RUN SOUTH 00 DEGREES 22 MINUTES WEST 613.1
21 FEET; THENCE RUN NORTH 89 DEGREES 30 MINUTES WEST 305.7
22 FEET; THENCE RUN NORTH 00 DEGREES 58 MINUTES EAST 525.5 FEET; THENCE RUN
23 NORTH 89 DEGREES 30 MINUTES WEST 340 FEET; THENCE RUN NORTH 00 DEGREES 18
24 MINUTES WEST 342.1 FEET; THENCE RUN NORTH 89 DEGREES 30 MINUTES WEST 190.3
25 FEET; THENCE RUN NORTH 00 DEGREES 48 MINUTES EAST 155.1 FEET; THENCE RUN
26 NORTH 89 DEGREES 56 MINUTES WEST 169.9 FEET; THENCE RUN NORTH 00 DEGREES
27 16 MINUTES EAST 172.8 FEET; THENCE RUN NORTH 89
28 DEGREES 47 MINUTES WEST 169.9 FEET;THENCE RUN NORTH 00 DEGREES 43 MINUTES
29 EAST 120.2 FEET; THENCE RUN NORTH 88 DEGREES 51 MINUTES WEST 150.0 FEET;
30 THENCE RUN NORTH 00 DEGREES 47 MINUTES EAST 92 FEET TO THE NORTH LINE OF
31 THE SE1/4 OF SECTION 18; 'THENCE EAST, ALONG THE NORTH LINE OF SAID SE1/4 OF
32 SECTION 18 TO THE POINT OF BEGINNING; THE FOREGOING METES AND BOUNDS
33 DESCRIPTION INCLUDES,AND THE CONVEYANCE OF LANDS HEREIN IS INTENDED TO
34 AND DOES INCLUDE,AMONG OTHER LANDS,THE FOREGOING UNDIVIDED INTEREST
1 IN LOTS 4 AND 8, BLOCK 4, AND ALL THAT PART OF LOTS 6 AND 10 AND ALL THAT
2 PART OF LOTS 2, 3, 4, 5, 11 AND 12, LYING SOUTHWEST OF PICRON HILL ROAD, IN
3 BLOCK 14,ALL THAT PARTOF LOTS 1,2,3 AND 4,LYING SOUTHWEST OF PICRON HILL
4 ROAD, AND ALL OF LOTS 5 TO 12, INCLUSIVE, IN BLOCK 18; ALL IN COLLEGE PARK
5 ADDITION TO THE CITY OF LITTLE ROCK, ARKANSAS, WHICH LOTS AND PARTS OF
6 LOTS HAVE NEVER BEEN REDUCED TO ACREAGE; AND THE FOREGOING METES AND
7 BOUNDS DESCRIPTION ALSO INCLUDES AND THE CONVEYANCE HEREIN IS INTENDED
8 TO AND DOES INCLUDE AMONG OTHER LANDS, THE FOREGOING UNDIVIDED
9 INTEREST IN LOTS 1 TO 10 INCLUSIVE, IN BLOCK 3, ALL OF LOT 1, BLOCK 4; ALL OF
10 LOT 1 AND ALL THAT PART OF LOTS 2,3,4,5,11 AND 12,LYING NORTHEAST OF PICRON
11 HILL ROAD,IN BLOCK 14; ALL THAT PART
12 OF LOTS 1,2, 3 AND 4, LYING NORTHEAST OF PICRON HILL ROAD,IN BLOCK 18; ALL
13 OF LOTS 7 TO 12, INCLUSIVE, IN BLOCK 17; LOTS 1 TO 12, INCLUSIVE, IN BLOCK 32;
14 LOTS 1 TO 6,INCLUSIVE,IN BLOCK 33,ALL IN COLLEGE PARK ADDITION TO THE CITY
15 OF LITTLE ROCK,ARKANSAS,AS SHOWN BY PLAT THEREOF APPEARING OF RECORD
16 IN THE OFFICE OF THE RECORDER OF PULASKI COUNTY,ARKANSAS, IN PLAT BOOK
17 1,PAGE 86,WHICH LOTS AND PART OF LOTS WERE REDUCED TO
18 ACREAGE BY ORDER OF THE COUNTY COURT OF PULASKI COUNTY, ARKANSAS
19 RENDERED JUNE 1, 1961,RECORDED IN COUNTY COURT RECORDS BOOK 63,PAGE 252,
20 IN SAID COUNTY.
21
22 LESS AND EXCEPT: PART OF THE NE1/4 OF THE SE1/4 OF SECTION 18, TOWNSHIP 1
23 NORTH, RANGE 11 WEST, PULASKI COUNTY, ARKANSAS, MORE PARTICULARLY
24 DESCRIBED AS FOLLOWS: STARTING AT THE NORTHEAST CORNER OF LOT 9,BLOCK
25 14, COLLEGE PARK ADDITION TO THE CITY OF LITTLE ROCK; THENCE NORTH 02
26 DEGREES 00 MINUTES EAST A DISTANCE OF 7.38 FEET TO A POINT;THENCE NORTH 88
27 DEGREES 25 MINUTES WEST A DISTANCE OF 134.62 FEET TO A POINT ON THE
28 PROPOSED EASTERLY RIGHT OF WAY LINE OF PROPOSED BANKHEAD DRIVE FOR
29 THE POINT OF BEGINNING;THENCE CONTINUE NORTH 88 DEGREES 25 MINUTES WEST
30 A DISTANCE OF 35.78 FEET TO A POINT; THENCE NORTH 01 DEGREE 49 MINUTES EAST
31 A DISTANCE OF 130.85 FEET TO A POINT ON THE EXISTING SOUTHWESTERLY RIGHT
32 OF WAY LINE OF JONES STREET;THENCE SOUTH 50 DEGREES 48 MINUTES 33 SECONDS
33 EAST, ALONG SAID EXISTING RIGHT OF WAY LINE,A DISTANCE OF 117.09 FEET TO A
34 POINT ON THE PROPOSED EASTERLY RIGHT OF WAY LINE OF PROPOSED BANKHEAD
1 DRIVE; THENCE SOUTH 77 DEGREES 04 MINUTES 48 SECONDS WEST, ALONG SAID
2 PROPOSED RIGHT OF WAY LINE A DISTANCE OF 59.28 FEET TO A POINT; THENCE
3 SOUTH 10
4 DEGREES 44 MINUTES 01 SECOND WEST,ALONG SAID PROPOSED RIGHT OF WAY LINE,
5 A DISTANCE OF 44.55 FEET TO THE POINT OF BEGINNING,WHICH INCLUDES A PART
6 BEING USED AS A PUBLIC ROAD.
7
8 ALSO LESS AND EXCEPT: PART OF THE NE1/4 OF THE SE1/4 OF SECTION 18,TOWNSHIP
9 1 NORTH, RANGE 11 WEST, PULASKI COUNTY, ARKANSAS, MORE PARTICULARLY
10 DESCRIBED AS FOLLOWS: STARTING AT THE SOUTHWEST CORNER OF LOT 7,BLOCK
11 4, COLLEGE PARK ADDITION TO THE CITY OF LITTLE ROCK; THENCE SOUTH 88
12 DEGREES 35 MINUTES EAST,ALONG THE SOUTH LINE THEREOF,A DISTANCE OF 52.88
13 FEET TO THE POINT OF BEGINNING;THENCE NORTH 02 DEGREES 10 MINUTES EAST A
14 DISTANCE OF 73.01 FEET TO A POINT ON THE EXISTING SOUTHWESTERLY RIGHT OF
15 WAY LINE OF JONES STREET; THENCE SOUTH 50 DEGREES 48 MINUTES 33 SECONDS
16 EAST, ALONG SAID EXISTING RIGHT OF WAY LINE,A DISTANCE OF 144.18 FEET TO A
17 POINT;THENCE NORTH 88 DEGREES 14 MINUTES WEST A DISTANCE OF 115.11 FEET TO
18 A POINT; THENCE NORTH 02 DEGREES 10 MINUTES EAST A DISTANCE OF 14.61 FEET
19 TO THE POINT OF BEGINNING.
20
21 ALSO LESS AND EXCEPT: THAT PART IN RELOCATED JONES STREET, AND LESS AND
22 EXCEPT THAT PART PLATTED AS AIRPORT HOLIDOME ADDITION, RECORDED IN
23 PLAT RECORD A-909; AND LESS AND EXCEPT THAT PART PLATTED AS LOS CUARTOS
24 AIRPORT ADDITION,RECORDED IN PLAT RECORD B-807,AND LESS AND EXCEPT ANY
25 PART OF LOTS 3,4,8,9 AND 10,BLOCK 4, COLLEGE PARK ADDITION TO THE CITY OF
26 LITTLE ROCK, ARKANSAS, NOW WITHIN THE RIGHTS OF WAY OF JONES STREET
27 RELOCATED OR BANKHEAD DRIVE, AND THAT PART OF THE EAST 1/2 OF SANDERS
28 AVENUE (CLOSED) LYING WEST OF AND ADJACENT TO SAID LOT 4, BLOCK 4; AND
29 THAT PART OF THE NORTH 1/2 OF THE EAST-WEST ALLEY(CLOSED)LYING SOUTH OF
30 AND ADJACENT TO SAID LOT 4, BLOCK 4 (SAID STREET AND ALLEY CLOSED BY
31 PULASKI COUNTY COURT ORDER DATED SEPTEMBER 11, 1985, AND RECORDED IN
32 COUNTY COURT BOOK 85,PAGE 123,RECORDS OF PULASKI COUNTY,ARKANSAS).
33
1 ALSO LESS AND EXCEPT: A TRACT OF LAND CONVEYED TO ANN HINTON IN GENERAL
2 WARRANTY DEED FILED OF RECORD AUGUST 14,2024 AS DOCUMENT NO. 2024041683 ,
3 RECORDS OF PULASKI COUNTY, ARKANSAS,AND MORE PARTICULARLY DESCRIBED
4 AS FOLLOWS: A PART OF THE NE 1/4 OF THE SE 1/4 OF SECTION 18, T-1-N, R-11-W IN
5 PULASKI COUNTY, ARKANSAS, WHICH PART IS ALSO WITHIN THE COLLEGE PARK
6 ADDITION AS RECORDED IN PULASKI COUNTY PLAT BOOK 1, PAGE 86 AND DATED
7 OCTOBER, 1908, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT
8 THE SOUTHEAST CORNER OF THE NE1/4 OF THE SE1/4 OF SAID SECTION 18, THENCE
9 FOLLOWING THE LOT LINES OF THE COLLEGE PARK ADDITION THE FOLLOWING
10 COURSES AND DISTANCES: S01°00'50"W 114.93'; THENCE N88°05'52" W 315.48'; THENCE
11 NO2°25'29" E 513.38';THENCE N88°05'52" E 22.74'TO THE POINT OF BEGINNING;THENCE
12 ALONG THE NORTH R.O.W.LINE OF 35TH STREET
13 N88°05'52" W 16.83' TO THE EAST R.O.W. LINE OF GAINES AVE (NOT DEVELOPED);
14 THENCE LEAVING THE 35TH R.O.W. LINE AND ALONG THE EAST R.O.W. LINES OF
15 GAINES AVE.NO2°25'29"E 348.01'TO THE WEST R.O.W.LINE OF JONES STREET;THENCE
16 ALONG THE WEST R.O.W.LINE OF JONES STREET ALONG A NON-TANGENT CURVE TO
17 THE SE, OPEN TO THE NE, WITH A RADIUS OF 2,882.28' AND LENGTH OF 161.90' FOR A
18 CHORD BEARING AND DISTANCE OF S50°25'07" E 161.88' TO THE P.T.; THENCE
19 CONTINUING ALONG THE WEST LINE OF JONES STREET THE FOLLOWING COURSES
20 AND DISTANCES: S52°01'40" E 139.40' TO THE P.C. OF A 180.00' RADIUS CURVE TO THE
21 RIGHT; THENCE 184.22' ALONG THE CURVE FOR A CHORD BEARING AND DISTANCE
22 OF S22°42'34" W 176.28' TO THE THENCE S06°36'34" W 6.74' TO THE POINT OF
23 BEGINNING, ENCLOSING 71,234 SQUARE FEET, OR 1.635 ACRES MORE OR LESS. THIS
24 TRACT IS PART OF BLOCK 18 OF THE COLLEGE PARK ADDITION.
25 Section 2. Funding for this acquisition will come from the Little Rock Port Authority.
26 Section 3. This transaction will include an initial payment of $700,000 and then three annual
27 payments of$ 187,054.91, which includes a six(6%)precent interest rate, until the property is fully paid
28 off. The Little Rock Port Authority has the option to pay off the property early.
29 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase or
30 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
31 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
32 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
33 resolution.
1 Section 5. Repealer.All laws,ordinances, resolutions, or parts of the same that are inconsistent with
2 the provisions of this resolution are hereby repealed to the extent of such inconsistency.
3 ADOPTED: March 3,2026
4 ATTEST: APPROVED:
5
6 A tfil.)?
7 Allison Segars,City Frank Scott,Jr.,Mayor
8 APPROVED AS TO LEGAL FORM:
9A , , A
10 � CAr 'O-E--
11 Thomas M.Carpenter,City Attorney
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