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RESOLUTION NO. 7,819
RESOLUTION ACKNOWLEDGING AND CONSENTING TO THE
TRUSTEE'S RELEASE OF CERTAIN REAL PROPERTY PLEDGED TO
SECURE THE $1,000,000 CITY OF LITTLE ROCK, ARKANSAS
INDUSTRIAL DEVELOPMENT REVENUE BONDS (WRAPE FOREST
INDUSTRIES PROJECT) DATED JANUARY 1, 1980; AUTHORIZING
THE EXECUTION AND DELIVERY OF A DEED OF SUCH REAL
PROPERTY TO CONESTOGA WOOD SPECIALITIES, INC.;
AUTHORIZING THE ACCEPTANCE OF THE CONVEYANCE OF
CERTAIN REAL PROPERTY BY CONESTOGA WOOD SPECIALITIES,
INC. TO THE CITY OF LITTLE ROCK, ARKANSAS; AND
PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, on December 4, 1979, the City of Little Rock,
Arkansas (the "City ") authorized the issuance of its $1,000,000
City of Little Rock, Arkansas Industrial Development Revenue
Bonds ( Wrape Forest Industries Project) (the "Bonds ") pursuant
to Ordinance No. 13,763 and thereafter entered into a Trust
Indenture (the "Trust Indenture ") with Worthen Bank & Trust
Company, N.A., as Trustee, and a Lease Agreement with Wrape
Forest Industries, Inc., as Lessee;
WHEREAS, on or about December 7, 1982, the City approved
Resolution No. 6903 which, among other things authorized and
approved the assumption of the obligations on the Bonds by
Conestoga Wood Specialities, Inc. and authorized the execution
of a Lease and Agreement (the "Lease ") by and between the City,
as Lessor, and Conestoga Wood Specialities, as Lessee
( "Conestoga ");
WHEREAS, Conestoga has informed the City that it intends to
expand the industrial facilities located on the real property
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pledged to secure the Bonds and that a necessary incident of the 2 8
expansion is the release from the lien of the Trust Indenture of
an undeveloped portion of the real property upon which
additional improvements will be constructed;
WHEREAS, the Trust Indenture and Lease permit the release
of real property from the lien of the Trust Indenture and the
Lease upon a determination by the Trustee that the consideration
to be paid by the Lessee to the Lessor upon conveyance of such
real property shall be an amount equal to the fair value of the
land released as determined by the Trustee, and the mutual
benefits to be derived by the parties from such expansion
program;
WHEREAS, the Trustee has determined that the consideration
to be paid by Conestoga in the form of the conveyance of certain
other undeveloped real property located contiguous to the
industrial facilities is of an equivalent fair value to that
real property which is proposed to be released from the lien of
the Trust Indenture and the Lease;
WHEREAS, the Arkansas Industrial Development Commission
( "AIDC ") as guarantor of the Bonds, has consented to the release
of the real property which is subject to the lien of the Trust
Indenture and the Lease in consideration of Conestoga's
conveyance of certain other real property to the City and the
execution of and delivery by Conestoga of a Supplemental Trust
Indenture extending the lien of the Trust Indenture to include
the real property to be conveyed by Conestoga to the City;
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WHEREAS, Conestoga requests the approval by the City of the
foregoing transactions prior to commencement of the expansion of
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its facilities.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK:
Section 1. That the release by the Trustee of the lien of
the Trust Indenture against the real property described in
Exhibit "A" hereto shall be and is hereby acknowledged and
approved in all respects.
Section 2. That the Mayor and City Clerk be, and they are
hereby, authorized to execute and deliver such documents,
including a deed conveying the real property described in
Exhibit "A" attached hereto and made a part hereof to Conestoga
Wood Specialities, Inc., or its designee, as may be necessary to
accomplish the purposes described hereinbefore.
Section 3. That the Mayor and City Clerk be, and they are
hereby, authorized to execute and deliver any and all documents
necessary to extend the lien of the Trust Indenture to the real
property described in Exhibit "B" attached hereto and made a
part hereof including, but not limited to, a Supplemental Trust
Indenture.
Section 4. That the Mayor and City Clerk be, and they are
hereby, authorized to accept on behalf of the City the
conveyance of the real property described in Exhibit "B" from
Conestoga Wood Specialities, Inc. in fulfillment of the purposes
described hereinbefore.
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Section 5. That this Resolution shall be in effect from
and after the date of its adoption.
Dated this 21st day of July, 1987.
CITY OF LITTLE ROCK, ARKANSAS
By: 4��L-
orf-tie Sh ckelford
ATTEST:
By: Q (J 14Z,4 4 ✓
City Cler ane Czech
1847C
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EXHIBIT A
Existing Bond Issue Property.- Lots 2, 3, 4, 5 and part of Lot
of 6, and part of a 20 foot North -South alley, all in Block 1,
Clinton Park Addition to the City of Little Rock, Pulaski County,
Arkansas, described as:
Beginning at the Northeast Corner of said Lot 2, thence South
7 °40'21" West along the westerly right -of -way of Calhoun Street,
223.0 feet; thence North 82 °19'39" West 148.0 feet; thence North
7 040'21" East 202.89 feet; thence North 89 °56' East along the
northerly line of Lot 2, 149.36 feet to the Point of beginning;
containing 31,516 square feet, more or less.
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EXHIBIT B
Exchange Property - Lots 8, 9, 10, 11 and the South 26.66 feet
of Lot 12, Block 2, McLean's Addition to the City of Little Rock,
Pulaski County, Arkansas; containing 31,516 square feet, more or
less.
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(Resolution
#7,819)
EXHIBIT B
Exchange Property - Lots 8, 9, 10, 11 and the South 26.66 feet
of Lot 12, Block 2, McLean's Addition to the City of Little Rock,
Pulaski County, Arkansas; containing 31,516 square feet, more or
less.
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