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RESOLUTION N0. 9,062
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ENTER INTO A CONTRACT WITH PEAR
DEVELOPMENT COMPANY TO SELL CITY -OWNED
PROPERTY AND TO DEVELOP A PUBLIC PARR IN
CONJIINCTION WITH THE WOODCREEK VILLAGE
PCD, AND FOR OTHER PURPOSES.
578
WHEREAS, Peak Development Company ("Peak") is the agent and
applicant for zoning approval for a retail commercial
development entitled Woodcreek Village PCD; and
WHEREAS, Peak has requested that the City enter into an
agreement to sell City -owned property to Peak and to allow
development by Peak of a public park in conjunction with the
Woodcreek Village PCD at the northwest corner of Bowman Curve
and Markham Street; and
WHEREAS, the Little Rock Board of Directors has determined
that the sale of City property to Peak and the development of
the public park in conjunction with the Woodcreek Village PCD is
in the best interests and welfare of the citizens of the City of
Little Rock.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK:
SECTION 1: The City Manager is authorized to enter into an
agreement for purchase and sale with Peak for the sale of
approximately 10 acres of City -owned property, to be described
in the agreement for cash consideration of Thirty Thousand
Dollars ($30,000), which is the fair market value of said
property.
SECTION 2: The City Manager is further authorized to
negotiate and execute an agreement with Peak which will contain
the terms and conditions of the development by Peak of the
channelization of Rock Creek and the construction of park
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improvements on City land including, but not limited to,
earth - forming for berms, amphitheater, landscaping, sidewalks,
footbridge, bike paths, pavilions, lighting, signage, irrigation
and plumbing, facades for bridges and the creek channel. Said 579
agreement shall also include a commitment by the developer to
pay Seven Thousand Five Hundred Dollars ($7,500) per year toward
maintenance of the public park, for a twenty -five (25) year
period said agreement shall be substantially in the form of the
draft attached hereto as Exhibit °A°.
ADOPTED: December 21, 1993
ATTEST:
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MAYOR
EXHIBIT "A"
AGREEMENT FOR PURCHASE AND SALE 580
This Agreement of purchase and sale ( -Agreement") is
entered into by and between the City of Little Rock, Arkansas
("City") and Peak Development Company ( "Peak ").
WITNESSETH
WHEREAS, the City is the owner of property bordering Rock
Creek near the northwest intersection of Bowman Curve and
Markham Street in the City ( "Property "); and
WHEREAS, Peak is the agent and applicant for zoning
approval for a retail commercial development ( "Woodcreek Village
PCD"); and
WHEREAS, Peak has contracted to buy other properties
bounded by Markham Street and Mara Lynn Road, in order to meet
the development requirements of the Woodcreek Village PCD; and
WHEREAS, Peak has requested that the City sell a portion of
the Property to allow assemblage of property which is essential
for Peak to own or control in order to proceed with Woodcreek
Village PCD; and
WHEREAS, in conjunction with the construction the retail
commercial development, Peak will construct certain creek
channelization and improvements for use as a park on the portion
of the Property that will remain in the ownership of the City;
and
WHEREAS, the City has determined that a portion of said
Property is in excess of current and future needs and that said
excess property may be sold to Peak under certain conditions
stated herein; and
WHEREAS, the City has determined that additional
right -of -way dedication is required of Peak along Markham Street
and Mara Lynn Road in order to meet future traffic
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infrastructure requirements caused by the proposed Woodcreek 58 1
Village PCD and other developments in the area; and
WHEREAS, the City has determined that certain improvements
proposed to be constructed on the portion of the Property that
will remain in the ownership of the City are desired by the
City; and
WHEREAS, it is the intent of this Agreement to provide that
in the event the Woodcreek Village PCD does not receive site
plan approval, the parties are under no obligation to convey
title to real property provided herein; and
WHEREAS, Peak and the City desire to commemorate the
understanding among themselves by means of this Agreement.
NOW, 'WHEREFORE, in consideration of the sum of Ten Dollars
($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 Peak agree as follows:
1. The City shall sell the area of land described in
Exhibit "A" attached hereto and referred to as "the Property" to
Peak and Peak shall purchase same for the sum of Thirty Thousand
Dollars ($30,000). Such sum to be paid by Peak is referred to as
the "Purchase Price". The Purchase Price shall be paid in cash
at closing. The Property shall be used as parking for the
benefit of the retail shopping center and the public park.
2. Peak shall dedicate to the City at closing various
tracts of land bordering existing public right -of -way described
in Exhibit "B" and referred to as the "Tracts ".
3. City shall retain ownership of certain lands to be used
for Rock Creek channelization and for the construction of
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various improvements referenced below. Such land shall be o
referred to as the "Park Land" and is described in Exhibit "C". `i8 2
4. In conjunction with its development of the Woodcreek
Village PCD, Peak shall construct certain improvements on the
Park Land. Said improvements shall be in accordance with all
development regulations of the City and shall be subject to the
consent and approval of the Parks Department and the City
Engineer. The improvements are briefly described as follows:
a. Peak shall excavate and channelize Rock Creek as
necessary to reclaim the Property from the floodway and
floodplain, in such a manner as to minimize impact on
upstream and downstream properties;
b. Peak shall construct a vehicular and pedestrian bridge
over the new channel of Rock Creek which shall provide
access to the Property from Markham Street;
C. In addition to the above bridge and creek
improvements, the Parks Department will be given a
line -item budget category for improvements to be paid for
by Peak in the amount of $625,000. This amount shall be
spent for on -site or contiguous.off -site improvements as
agreed to by Peak in the Woodcreek Village PCD.
Improvements on the Park Land to be allocated to the
budget may include, but are not limited to the following:
Earth - forming for berms, amphitheater, etc.
Landscaping
Sidewalks
Footbridge
Bikepaths
Pavilion(s)
Lighting
Signage
Irrigation and other plumbing
Facades for bridges and creek channel
Design fees - not to exceed 6% of the total cost
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d. Peak will price, in conjunction with budgeting for the
shopping center development, any improvements desired by
the City on the Park Land. Unit pricing will be performed
if possible. The City has the option to add or subtract
elements to meet the $625,000 budget.
5. At closing Peak shall provide City with sufficient
assurance that the improvements agreed to by Peak will be
constructed on the Park Land to City design and specifications.
Such assurances shall be in the amount of One Million Dollars
($1,000,000) and shall be provided in the form of (a) a bond
from a U.S. Treasury approved surety; or (b) an unconditional
letter of credit; or (c) escrowed funds. In the event that
escrowed funds are provided, Peak may draw on said funds as
necessary to pay for the improvements. Any interest earned on
escrowed funds shall accrue to the party receiving the funds.
6. Peak shall pay a maintenance contribution to the City
Parks Department for upkeep of the Park Land in the amount of
Seven Thousand Five Hundred Dollars ($7,500) per year. This
annual maintenance contribution shall be a covenant running with
the land in the conveyance of the Property to Peak. The amount
shall be levied against the Property each year following the
year in which development is commenced on Woodcreek Village PCD.
This annual assessment shall terminate in twenty -five (25)
years.
7. Conveyance of title pursuant to this Agreement shall be
made by general Warranty Deed in such form and content
reasonably acceptable to the City, which Warranty Deed shall
convey fee simple marketable title, free and clear of all liens,
encumbrances, claims and other matters affecting title, except
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for those matters affecting title as may be approved in writing
by Peak prior to the closing date.
S. The closing date shall be determined by Peak. Peak shall
obtain a final plat for Woodcreek Village PCD prior to closing.
Peak shall give the City at least fifteen (15) days prior
written notice of the closing date. In the event that Peak does
not give the City notice of the closing date on or before
December 31, 1995, this Agreement shall be terminated and the
rights and obligations of the parties hereto shall cease.
9. Possession of the premises shall be delivered to Peak on
the closing date.
10. 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 Property,
excepting certain reversion rights known to Peak.
b. The City has the full right, title, and authority
to sell and convey the Property to Peak.
C. The 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 Property. However, should
environmental contamination be discovered on the
Property prior to closing, Peak may terminate this
Agreement without further obligation hereunder.
11. Peak represents, warrants and covenant as follows:
a. Peak has contracts to purchase all of the parcels
within the Woodcreek Village PCD site, except for land
owned by the City.
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b. On or before the closing date, Peak will have full
right, title and authority to convey the Tracts to the
City.
C. Peak 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 Tracts. However, should
environmental contamination be discovered on the
Tracts prior to closing, the City may terminate this
agreement without further obligation hereunder.
12. This Agreement may be assigned by Peak. In the event of
a sale, transfer or assignment of this Agreement, the assignee
or grantee shall succeed to all rights and obligations of Peak
hereunder.
13. This Agreement shall be binding upon and inure to the
benefit of the City and Peak, and their respective successors
and assigns.
14. This Agreement may not be modified or amended except
when reduced to writing, signed and dated by the City and Peak.
To the extent escrow, closing or settlement instructions or
other similar documents are inconsistent with the terms and
conditions of this Agreement, this Agreement shall control and
shall survive the recordation of any and all deeds.
15. The parties to this Agreement may record a memorandum
setting forth the essential terms hereof so as to preserve any
conditions contained herein.
16. The City and Peak agree. to enter into covenants
allowing reciprocal access across all the properties contained
within the Woodcreek Village PCD.
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IN WITNESS WHEREOF, the parties have executed this
Agreement on the dates hereinafter indicated.
PEAK DEVELOPMENT COMPANY
By:
Title:
Date:
CITY OF LITTLE ROCK, ARKANSAS
By:
Title:
Date:
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