HomeMy WebLinkAbout110101 RESOLUTION NO. 11,010
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3 A RESOLUTION TO AUTHORIZE A $500,000 EXPENDITURE TO
4 FACILITATE THE PURCHASE OF WEST LITTLE ROCK PARK
5 PROPERTY; AND FOR OTHER PURPOSES.
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7 WHEREAS, after careful consideration the City elected to pursue a park site in west
8 Little Rock and, to that end, agreed to lease property for park purposes land sold to the Little
9 Rock Residential Housing and Public Facilities Board by Deltic Timber Corporation, and
10 WHEREAS, this Board adopted Little Rock, Ark., Resolution No. 10,162 (December
11 16, 1997)( "LRR 10,162 "), to approve an exchange deed which resulted in the City having title
12 to 24.78 acres that Deltic Timber Corporation now wishes to purchase and the City no longer
13 needs in order to develop a west Little Rock park site, and
14 WHEREAS, the price for the west Little Rock park site to be paid by the Little Rock
15 Residential Housing and Public Facilities Board is actually $500,000 more than the agreed upon
16 figure, but this $500,000 will be returned to the Facilities Board by Deltic Timber Corporation
17 as a result of the purchase of the 24.78 acres referred to in LRR 10,162, and
18 WHEREAS, upon closing between the facilities board and Deltic Timber Corporation
19 this sum of five hundred thousand dollars ($500,000) will be returned to the City, and
20 WHEREAS, this closing is anticipated to occur on February 27, 2001,
21 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
22 THE CITY OF LITTLE ROCK, ARKANSAS:
23 Section 1. The sum of five hundred thousand dollars ($500,000.00) is hereby
24 appropriated for the Little Rock Residential Housing and Facilities Board in order to facilitate
25 the sale of property by the City to Deltic Timber Corporation, the purchase of property from
26 Deltic Timber Corporation by the facilities board, and the lease of property from the facilities
27 board by the City. This appropriation is made with the understanding that this sum will be
28 repaid to the City at the time of closing between the facilities board and Deltic Timber
29 Corporation on the purchase of property in west Little Rock.
I Section 2. Funds for this purchase as available in Account No. 100 - 010 - 6500 -9500, and
2 will be returned to this account upon receipt of the monies after the closing referred to in Section
3 1 above.
4 Section 3. The Board affirmatively states that this appropriation is meant as an
5 accommodation in order more efficiently to accomplish the purchase of land in west Little Rock
6 from Deltic Timber Corporation by the Little Rock Residential Housing and Public Facilities
7 Board, while at the same time selling property belonging to the City back to Deltic Timber
8 Corporation, and that in no way will this appropriation be deemed a part of the security, or
9 other obligations, for the monies provided by the facilities board to Deltic Timber Corporation
10 for the purchase of any property.
11 Section 4. Severability. In the event any title, section, paragraph, item, sentence,
12 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
13 unconstitutional, such declaration or adjudication shall not affect the remaining portions of the
14 resolution which shall remain in full force and effect as if the portion so declared or adjudged
15 invalid or unconstitutional was not originally a part of the resolution.
16 Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same, that are
17 inconsistent with the provisions of this resolution are hereby repealed to the extent of such
18 inconsistency.
19 ADOPTED: February 20, 2001
20 ATTEST: APPROVED:
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22 o ay��
23 NaAcy W od, City Cler r Jim Wey, Mayor
24 APPROVED AS TO LEGAL FORM:
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27 Thomas M. Carpenter, City Atto ey
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