HomeMy WebLinkAbout10703RESOLUTION NO. 10, 703
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3 A RESOLUTION TO AMEND LITTLE ROCK, ARK.,
4 RESOLUTION NO. 10,421 (DECEMBER 1, 1998) TO
s PAY AN ADDITIONAL $55,000 FOR INTERESTS IN
6 THE PROPERTY AND LEASES LOCATED IN BLOCK
7 15 AND 16 OF RUSSELL'S ADDITION TO THE CITY
8 OF LITTLE ROCK, AS PART OF THE WILLIAM
9 JEFFERSON CLINTON PRESIDENTIAL PARK; TO
10 AUTHORIZE THE MAYOR, CITY CLERK AND CITY
11 MANAGER TO EXECUTE ANY NECESSARY
12 DOCUMENTS; AND FOR OTHER PURPOSES.
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14 WHEREAS, on December 1, 1998, the Board adopted Little Rock, Ark.,
is Resolution No. 10,421 ( "LRR 10,421 ") which authorized the Mayor, City Manager and
16 City Clerk to execute documents determined by the City Attorney to be in correct legal
17 form, and to purchase for $1,835,000, lands and property interests in Block 15 and 16
18 of Russell's Addition to the City of Little Rock as part of the property being purchased
19 for the William Jefferson Clinton Presidential Park, and
20 WHEREAS, the real estate firm of Moses, Nosari and Tucker, hired by the City
21 to assist in the accumulation and purchase of property for the William Jefferson Clinton
22 Presidential Park, represented to the City that the documents and contract for the
23 purchase of land and interests were complete and accurate representations of the
24 negotiations, and
25 WHEREAS, these documents, which were executed by Mr. Pat Riley, Sr., of The
26 Riley Company, the owner of the property, were determined by the City Attorney to be
27 in proper and complete legal form, and
28 WHEREAS, subsequent to the execution of these documents and the payment
29 in full of sums set forth in LRR 10,421, Mr. Riley, Ms. Betty Riley of the City Public
t
i Works Department, and representatives of Moses, Nosari and Tucker, reported to the
z Board of Directors that the documents were not complete, nor did they represent the
a agreement of the parties, since the executed contract did not include an exception to
4 note that payment for lost revenues from the rental of a billboard located on the property
s was not a part of the purchase price, and 660
6 WHEREAS, there was contrary information on this point from the City's
7 appraiser to the effect that the appraised value relied upon by the City as the basis for
s negotiating a purchase price included the value of lost rentals from the billboard, and
9 WHEREAS, there was no indication in any communication to the Board of
10 Directors, or in the executed agreement, that there was any exception to be made for
Ii the evaluation of lost income from a billboard rental, and
12 WHEREAS, notwithstanding these facts, the Board understands that Mr. Riley
13 sent a letter to the City in September, 1998, which noted his position that the amount
14 for the lost billboard rentals was not a part of the negotiations, and on November 2,
is 1999, both Mr. Riley and Mr. Moses stated in an open meeting of the Board of
16 Directors, that they did not believe there had been a negotiation for the lost billboard
17 rentals, and
18 WHEREAS, the Board of Directors concludes that under these circumstances
19 there has been a mutual mistake of fact and, therefore, the contract of purchase, the
20 purchase price, and LRR 10,421, should be amended to reflect this additional $55,000,
n NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
22 DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
23 Section 1. Little Rock, Ark., Resolution No. 10,421 (December 1, 1998), is
24 hereby amended to the extent necessary to show that the land, fixtures, buildings, rental
25 incomes, and any and all other items and issues associated with the property noted in
26 the resolution is to be purchased by the City for the total amount of One Million Eight
27 Hundred and Ninety Thousand Dollars (1,890,000).
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Section 2. The Mayor, City Clerk, and City Manager, are authorized to
execute any documents necessary, as approved by the City Attorney, to note the
amendments called for by this resolution, and to assure payment of an additional Fifty
five Thousand Dollars ($55,000) to Mr. Pat Riley, Sr., and The Riley Company.
Section 3. Funds for the additional Fifty Five Thousand Dollars ($55,000) for
this purchase are available from Account No. 210 - 214 -0957.
Section 4. In addition to any other relevant matters necessary for this
resolution, the formal property description of the land contained in Exhibit A to LRR
10,421, is hereby incorporated by reference.
ADOPTED: November 9, 1999
ATTEST: APPROVED:
Robbie Hancock, City Clerk
APPROVED AS TO LEGAL FORM:
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18 Thomas M. Carpenter, City orney
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&�f} d 4-C&- (Acting Mayor)
Jim Dailey, Mayor