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RESOLUTION NO. 11,834
3 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
4 TO EXECUTE A DEED AND FOR THE CITY MANAGER TO
s EXECUTE CLOSING DOCUMENTS FOR THE SALE OF THE
6 FORMER YMCA BUILDING AT 524 SOUTH BROADWAY TO
7 TOWER INVESTMENTS, LLC; AND FOR OTHER PURPOSES.
9 WHEREAS, the City of Little Rock acquired the YMCA Building at the corner of 6th
10 and Broadway Streets in July 1996, and
11 WHEREAS, under the City's ownership the structure has remained boarded up and
12 vacant, however it is in dire need of renovation and restoration and deterioration has
13 increased due to unused utilities, no climate control and no user occupying the building on
14 a daily basis to notice and repair condition changes, and
15 WHEREAS, the City, through its agent, Dickson Flake Partners, has received an
16 offer from Tower Investments, LLC, to purchase the building for Two Hundred Thousand
17 Dollars ($200,000); and
18 WHEREAS, the offeror has placed $25,000 in escrow with Beach Abstract and
19 Guaranty; and
20 WHEREAS, the offer and acceptance is conditioned upon the satisfaction of special
21 conditions attached to the offer and acceptance as Exhibit A and B; and
22 WHEREAS, the Board of Directors deems it appropriate to sell the building to
23 Tower Investments, LLC, under the terms and conditions of the Offer and Acceptance
24 between the parties, for the health, safety and welfare of the citizens of the City.
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Resolution
Sale of YMCA Building
I NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
2 THE CITY OF LITTLE ROCK, ARKANSAS:
3 Section 1. The Mayor and the City Clerk are authorized to execute a deed and the
4 City Manager is authorized to execute closing documents necessary to convey the former
5 YMCA Building at 524 South Broadway, legally described as Lots 7,8 & South 1/2 of Lot 9,
6 Block 116, Original City of Little Rock, Pulaski County, Arkansas, to Tower Investments,
7 LLC, in a General Warranty Deed as finally approved by the City Attorney.
s ADOPTED: October 5, 2004
9 ATTEST:
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12 Na y Woo , City Clerk
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14 APPROVED AS TO LEGAL FORM:
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16 ��f k� - •-� l C.
17 Thomas M. Carpenter, CMy Attorney
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Resolution
Sale of YMCA Building
APPROVED:
AWIC"
Jim qley, Mayor
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