HomeMy WebLinkAbout12714ORDINANCE NO. 12,714
AN ORDINANCE APPROPRIATING $50,000.00 FROM
THE PORT CONSTRUCTION FUND TO PURCHASE A
TRACT OF LAND TO BE INCORPORATED IN THE
LITTLE ROCK PORT AUTHORITY INDUSTRIAL PARK;
APPROVING THE AGREEMENT TO PURCHASE THE LAND
EXECUTED BY THE LITTLE ROCK PORT AUTHORITY
FOR THIS PURPOSE: AND FOR OTHER PURPOSES
WHEREAS, the Little Rock Port Authority has accepted an
offer to purchase a tract of land containing five (5) acres, more
or less, from W. B. Isgrig, Sr., subject to the approval of the
Board of Directors of the City of Little Rock. The tract of land
is located adjacent to the Little Rock Port Industrial Park and is
described as follows:
A parcel of land situated in the NE4 NE4, Section
21, Township 1 North, Range 11 West, Pulaski County,
Arkansas, and more particularly described as follows:
Commencing at the Northwest corner of the NE4 NE4
Section 21; thence Easterly along the North line of
said NE4, 25 feet; thence deflect 90 degrees 0 minutes
0 seconds right 25.0 feet to the point of beginning
said point of beginning being the intersection of the
South Right -of -Way line of Frazier Pike at the East
Right -of -Way line of Fourche Dam Pike; thence Southerly
along the East Right -of -Way line of Fourche Dam Pike
660 feet; thence deflect 90 degrees 24 minutes 41
seconds left 330.0 feet; thence deflect 89 degrees 39
minutes 19 seconds left 660.0 feet to a point on the
South Right -of -Way line of Frazier Pike; thence Westerly
along the South Right -of -way line of Frazier Pike 330.0
feet to the point of beginning. Said parcel contains
5 acres more or less.
WHEREAS, the offer and acceptance entered into by W. B.
Isgrig, Sr., and the Little Rock Port Authority provided for a
total purchase price of Fifty Thousand and No /100 Dollars ($50,000.00)
Ten Thousand and No /100 Dollars ($10,000.00) of which is to be paid
in cash and the balance of Forty Thousand and No /100 Dollars
($40,000.00) payable Five Thousand and No /100 Dollars ($5,000.00)
per annum plus Seven and One -half percent (73�%) per annum with the
City having the privilege of pre - payment of the balance without
penalty, and;
WHEREAS, the Little Rock Port Authority has recommended
to the Board of Directors of the City of Little Rock that this five
(5) acre tract be purchased and added to the Little Rock Port
Authority Industrial Park.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1. The purchase of the five (5) acre tract
hereinabove described from W. B. Isgrig, Sr., is hereby approved
and ratified and the sum of Fifty Thousand and No /100 Dollars
($50,000.00) is hereby appropriated from the Port Construction
Fund to be used for the purchase of this property.
SECTION 2. This Ordinance shall be in full force and
effect from and after its passage.
PASSED: October 17, 1372
ATTEST: APPROVED:
ty Clerk Mayor
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