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• • 177
RESOLUTION NO. 8,907
A RESOLUTION AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE DEEDS
CONVEYING EXCESS RIGHT -OF -WAY TO
ADJACENT LANDOWNER; AND FOR OTHER
PURPOSES.
WHEREAS, the City owns irregular tracts of land in the
southeast corner of the Intersection of Bowman Road and Chenal
Parkway; and
WHEREAS, said parcels are remnants of right -of -way acquired
for Chenal Parkway and are not needed by the City for present or
future right -of -way requirements; and
WHEREAS, the City needs additional right -of -way on other
tracts along Chenal Parkway to meet future right -of -way
requirements; and
WHEREAS, Moses Nosari has contracts to purchase these
adjacent properties needed by the City for additional
right -of -way; and
WHEREAS, Moses Nosari has offered to purchase City
right -of -way consistent with the terms of the agreement attached
hereto as Exhibit NA^.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1: The Mayor and City Clerk are authorized to
execute the deeds and necessary documents to convey excess
right -of -way to Moses Nosari, consistent with the terms of the
agreement attached hereto as Exhibit °A".
ADOPTED: May 4, 1993
APPROVED AS TO FORM:
Mae 'i•L •i• \q• a•r �.
•
MASON, "JR.
MAYOR
0
M �
MW
EXHIBIT "A"
MW -�
178
AGREEMENT FOR PURCHASE AND SALE
This agreement of purchase and sale ("Agreement") is
entered into by and between the City of Little Rock, Arkansas
( "City ") and Moses Nosari Real Estate, Inc. ( "Moses Nosari").
W I T N E S S E T H
WHEREAS, the City is the owner of right -of -way at the
southeast intersection of Bowman Road and Chenal Parkway in the
City; and
WHEREAS, Moses Nosari is the agent and applicant for zoning
approval on behalf of a retail commercial development ( "Pilgrim
Road PCD "), which is pending before the Little Rock Planning
Commission; and
WHEREAS, Moses Nosari has contracted to buy other
properties comprising approximately 12 acres bounded by Chenal
Parkway, Bowman Road and Hermitage Roads, in order to meet the
development requirements of the Pilgrim Road PCD; and
WHEREAS, Moses Nosari has requested that the City sell a
portion of right -of -way in the southeast corner of this
intersection, and to abandon portions of two streets within the
project, to allow assemblage of property which is essential for
Moses Nosari to own or control in order for the developer to
proceed with the Pilgrim Road PCD; and
WHEREAS, the City has determined that a portion of said
right -of -way is in excess of current and future public needs and
that said excess right -of -way may be sold to Moses Nosari under
certain conditions stated herein; and
WHEREAS, the City has also determined that additional
right -of -way dedication is required of Moses Nosari .along Chenal
Parkway adjacent to the parcels of excess right -of -way in order
[1]
to meet future infrastructure requirements caused by the
proposed Pilgrim Road PCD and other developments in the area;
and
WHEREAS, it is the intent of this Agreement to provide that
in the event the Pilgrim Road PCD does not receive preliminary
site plan approval, the parties are under no obligation to
convey title to real property provided for herein; and
WHEREAS, the parties desire to commemorate the
understanding among themselves by means of this Agreement.
NOW, THEREFORE, in consideration of the sum of $10 and
other valuable consideration and mutual benefits accruing to the
parties hereto, the receipt and sufficiency of which is hereby
acknowledged, and in consideration of the mutual covenants,
representations and warranties described herein, the City and
Moses Nosari agree as follows:
1. The City shall sell the area of land described in
Exhibit "A" attached hereto and referred to as "the premises ",
to Moses Nosari and Moses Nosari shall purchase same for the sum
of Fifty -Nine Thousand Dollars ($59,000). Such sum to be paid by
Moses Nosari is referred to as "the purchase price". The
purchase price shall be paid in cash at closing.
2. Moses Nosari shall dedicate to the City various tracts
of land bordering existing public right -of -way on the perimeter
of the project. Such tracts are described in Exhibit "B"
attached hereto.
3. In the event that the Pilgrim Road PCD does not receive
preliminary development plan approval as specified in Little
Rock, Ark. Rev. Code S 36- 454(c)(1988), the City is under no
obligation to sell the premises to Moses Nosari or to its
[2]
• • 180
assignee, and Moses Nosari is under no obligation to dedicate
additional right -of -way to the City.
4. Conveyance of title pursuant to this Agreement shall be
made by general Warranty Deed in such form and content
reasonably acceptable to the grantee, which Warranty Deed shall
convey fee simple marketable title, free and clear of all liens,
encumbrances, claims and other matters affecting title, except
for those matters affecting title as may be approved in writing
by the grantee prior to the Closing Date.
5. The Closing Date shall be approximately 30 days
following preliminary plan approval of the Pilgrim Road PCD, but
no later than June 28, 1993.
6. Possession of the premises shall be delivered to Moses
Nosari on the Closing Date.
7. The City represents, warrants and covenants as follows:
a. The City is the owner of all record and beneficial
right, title and interest in and to the premises;
b. The City has full right, title and authority to
sell and convey the premises to Moses Nosari.
C. City has no knowledge of actual or contingent
environmental liabilities, and no knowledge of facts
and circumstances that may give rise to future
litigation concerning the parcels described in Exhibit
A.
8. Moses Nosari represents and covenants that:
a. Moses Nosari has contracts to purchase all of the
parcels within the approximate 12 acre site in the
southeast corner of Chenal Parkway and Bowman Road for
the purpose of constructing the proposed retail home
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r■ �r r �
181
improvement center described in the Pilgrim Road PCD;
b. On or before the Closing Date, Moses Nosari will
have full right, title and authority to convey the
tracts described in Exhibit B to the City;
C. Moses Nosari has no knowledge of actual or
contingent environmental liabilities, and no knowledge
of facts and circumstances that may give rise to any
future litigation concerning the parcels described in
Exhibit B.
9. Assignment. This Agreement may be assigned by Moses
Nosari to the Hechinger Corporation, Landover, Maryland, the
proposed developer of the Pilgrim Road PCD. This Agreement shall
not otherwise be transferred or assigned,, nor shall said
property be leased, without written consent of the City. In the
event of a sale, transfer or assignment of this agreement with
the City's written consent, the assignee or grantee shall
succeed to all rights and obligations of Moses Nosari hereunder.
10. Any party may waive any condition or covenant contained
herein which would excuse the other parties' performance
hereunder. No waiver shall be a continuing waiver or applied to
any other condition or covenant. Any waiver must be in writing,
dated and signed by the parties so waiving.
11. This Agreement shall be binding upon and inure to the
benefit of the City and Moses Nosari, and their respective
successors and assigns.
12. This Agreement may not be modified or amended except
when reduced to writing, signed and dated by the parties hereto.
To the extent escrow, closing or settlement instructions or
other similar documents are inconsistent with the terms and
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1�2
conditions of this Agreement, this Agreement shall control and
shall survive the recordation of any and all deeds.
13. The parties to this Agreement may record a memorandum
setting forth the essential terms hereof so as to preserve any
conditions contained herein.
IN WITNESS WHEREOF, the parties executed this Agreement on
the dates hereinafter indicated.
ROSES NOSARI REAL ESTATE, INC.
By:
Titl - 9 &1- X !,1
Date: 4 " /'? - C13
[5]
CITY OF�LITTLE ROCK, ARKANSAS
By:
Title: yr
Date:
M
EXHIBIT NA-
183
Part of Lots 26 and 27, Montclair Heights Subdivision (Part II)
Little Rock, Arkansas, more particularly described as:
Beginning at the SE corner of Lot 26, Montclair Subdivision
(Part II); thence N 87 018146° W along the South line of said
Lot 26 a distance of 155.611 to a point on the West line of said
Lot 26; thence N 01 0591071 E along the West line of said Lot 26
a distance of 136.181; thence S 59051118" E 73.801; thence S
54 023101° E 87.441; thence S 48 038121" E 87.39 1 to a point on
the South line of said Lot 27; thence N 87 018146" W along the
South line of Lot 27 a distance of 49.83' to the Point of
Beginning, containing .35 acres, more or less.
Part of Lots 16 and 17, Montclair Heights Subdivision (Part II),
Little Rock, Arkansas, more particularly described as follows:
Beginning at the SE corner of Lot 17, Montclair Heights
Subdivision (Part II); thence N 87 0321050 W along the South
line of said Lots 16 and 17 a distance of 260.171; thence N
01057142" E 37.50; thence N 160051420 E 38.751; thence N
76030117" E 107.051; thence S 810591160 E 143.641; thence S
75032109" E 4.92 feet to a point on the East line of said Lot
17; thence S 02 002.280 W along the East line of said Lot 17 a
distance of 89.681 to the point of Beginning, containing .55
acres, more or less.
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M
EXHIBIT °B°
M M
IM
Part of Lots 2 and 3, Montclari Subdivision (Part II), Little
Rock, Arkansas, more particularly described as:
Commencing at the SW corner of Lot 3, Montclair Heights
Subdivision (Part II); thence N 02040139" E along the West line
of said Lot 3 a distance of 74.87' to the Point of Beginning;
thence N 02 040139" E along the West line of said Lot 3 a
distance of 12:751; thence S 44022138" E 76.791; thence S
41 063140" E 105.881; thence S 52007137" E 23.841; thence S
02 040139" E 10.271; thence N 45002128" W 95.561; thence N
44 001134" W 108.961 to the Point of Beginning, containing 1647
square feet, more or less.
Part of Lots 2, 22, 28, 34, 35, 36, 37, 38 and 39, Montclair
Heights Subdivision (Part II), Little Rock, Arkansas, more
particularly described as:
Beginning at the SW corner of Lot 34, Montclair Heights
Subdivision (Part II); thence along the existing East R/W line
of Bowman Road the following courses: N 03 022 038" E 148.031, N
01 010145" E 156.471! N 01003113" E 174.881; thence S 87 0321050
E 20.001 to a point on the Proposed East R/W line of Bowman
Road; thence S 01057142" W along the Proposed East R/W line of
Bowman Road a distance of 474.43, to a point on the Proposed
North R/W line of Hermitage Road; thence S 87 012122" E along
the Proposed North R/W line of Hermitage Road a distance of
1100.281; thence S 02 040139" W 5.00' to a point on the Existing
North R/W line of Hermitage Road, thence along said Existing
North R/W line of Hermitage Road the following courses: N
87 002150" W 660.721; N 87 026105" W 459.63 to the Point of
Beginning, containing .32 Acres, more or less.
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