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RESOLUTION NO. 10 , 412
A RESOLUTION TO APPROVE THE PURCHASE OF 900 EAST
SECOND STREET FOR $825,000 COMPRISED OF SEVERAL
LOTS IN BLOCK 5, RUSSELL'S ADDITION TO THE CITY OF
LITTLE ROCK, FOR THE WILLIAM JEFFERSON CLINTON
PRESIDENTIAL PARK; AUTHORIZING THE MAYOR, CITY
CLERK AND CITY MANAGER TO EXECUTE ANY NECESSARY
DOCUMENTS; AND FOR OTHER PURPOSES.
546
WHEREAS, the City Board of Directors has created the William Jefferson Clinton
Presidential Park; and
WHEREAS, the City is in the process of acquiring property for the park in order to
assure that the park is large enough to house the Clinton Presidential Library and other things;
and
WHEREAS, the property subject to the purchase authorized by this resolution is
comprised of several lots in Block 5, Russell's Addition at 900 East Second Street which is
owned by Ray Capitol Properties, Inc. and is within the area designated for the park; and
WHEREAS, the property was appraised at $700,000 by the City's appraiser and
$867,000 by the owner's appraiser; and
WHEREAS, after consideration for the saved expenses of not having to litigate a
condemnation action and, in the process, possibly having to pay a higher assessed cost, the
parties have agreed that the City's appraised value, with some allowance for these additional
costs, equal a total price of $825,000 as just compensation.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. The Mayor, City Clerk and City Manager are authorized to execute
documents, found by the City Attorney to be in correct legal form, which permit the purchase
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of 900 East Second Street, comprised of several lots in Block 5, Russell's Addition to the City
of Little Rock, Arkansas, more fully described in Exhibit "A ", for the amount of Eight Hundred
Twenty -Five Thousand Dollars ($825,000.00) which sum has been agreed by the parties to
constitute just compensation.
Section 2. Funds for this purchase are available from Account No.210 -21 4 -095 7.
ADOPTED: November 17, 1998
ATTEST:
Robbie Hancock, City
APPROVED AS TO FORM:
Thomas M. Carpenter, City At!96ey
APPROVED:
n
V`�
Ji ailey, Mayor
548
BEACH ABSTRACT 6 GUARANTY COMPANY
100 CENTER STREET - P.O. BOX 2580
LITTLE ROCK, ARKANSAS 72203
Agent For: CHICAGO TITLE INSURANCE COMPANY
American Land Title Association Commitment for Title Insurance - 1966
Prepared For: City of Little Rock
SCHEDULE A
-------------------------- ------------------------------- --------------- ------
COMMITMENT NUMBER: EFFECTIVE DATE OF THIS COMMITMENT IS:
.98 -4199 April 21, 1998 at 7:00 A.M.
inquiries Should be Directed to: E. A. Bowen, Jr., Examiner
(501) 376 -5614
1. POLICY OR POLICIES TO BE ISSUED: AMOUNT
(a) ALTA OWNERS POLICY - B - 1992 $1,000.00
Proposed Insured:
To Be Determined
2. The estate or interest in the land described or referred to in this
Commitment and covered herein is a FEE SIMPLE.
3. Title to said estate or interest in said land is at the effective date
hereof vested in:
�e Ray Capital Properties, Inc. -
4. The land referred to in this Commitment is located in the County of
Pulaski, State of Arkansas and described as follows:
Tract 1:
The West 110 feet of Lots 6, 7, 8 and 9, and the West 110 feet of all
that part of Lot 5, which lies South of the Missouri Pacific Railroad
right of way, all in Block 5, Russell's Addition to the City of
Little Rock, Pulaski County, Arkansas.
and
ITract 2:
Part of Block 5, Russell's Addition to the City of Little Rock,
i
�kN 1i3IT "A n
• • 549
Pulaski County, Arkansas, more particularly described as follows:
All of Lots 10, 11 and 12, is said Block 5 and that part of Lot 13,
in said Block 5, described as follows: Commencing at a point on the
West right of way line of Byrd Street and 165.42 feet North of the
North right of way line of East Second Street, said point being the
point of beginning; thence in a Southerly direction along said West
right of way line of Byrd Street, 15.42 feet to a point; thence in a
Westerly direction along the South line of said Lot 13, 140.00 feet
to point, said point being on the East line of an alley dividing said
Block 5; thence in a Northerly direction along the East line of said
alley, 40.78 feet to a point, said point being on the South right of
way line of the Missouri Pacific Railroad; thence in a Southeasterly
direction along said South right of way line of the Missouri Pacific
Railroad, 142.58 feet to the point of beginning
and
Tract 3:
The East 30.00 feet of Lots 7, 8 and 9, in said Block 5, and that
part of Lot 6 in said Block 5, described as follows: Commencing at a
point on the West line of an alley dividing said Block 5, and 194.40
feet of the North right of way line of East Second Street, said point
being the point of beginning; thence in a a Southerly direction along
the West line of said alley 44.40 feet to a point; thence in a
Westerly direction along the South line of said Lot 6, 30.00 feet to
a point; thence in a Northerly direction 49.88 feet to a point, said
point being on the South right of way line of the Missouri Pacific
Railroad; thence in a Southeasterly direction along said South right
of way line of the Missouri Pacific Railroad, 30.65 feet to the point
of beginning.
and
Together with all that part of a 20 foot alley lying
above Tracts 2 and 3 in Block 5 of Russells Addition
Little Rock, Pulaski County, Arkansas, which was vac
abandoned by Ordinance 13,496, passed September 5, 1
of Directors of the City of Little Rock, Arkansas, S
utility easements located within said alley.
and
Tract 4:
between the
to the City of
ated and
978 by the Board
UB,7ECr to any
Part of Lot 5, Block 5, Russell's Addition to the City of Little
Rock, Pulaski County, Arkansas, described as follows: Commence at
the Southwest corner of said lot 5; thence East 110 feet along the
South line of said Lot 5 to the point of beginning; thence North
parallel to the East line of said Lot 5, a distance of 6 feet; thence
West parallel to the South line of said Lot 5 a distance of 33 feet;
thence Southeasterly, a distance of 33.7 feet to the point of
beginning.
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