HomeMy WebLinkAbout4177 RESOLUTION NO. 4,177
A RESOLUTION AUTHORIZING THE LITTLE ROCK
PORT AUTHORITY, AN AGENT OF THE CITY OF
LITTLE ROCK, ARKANSAS TO EXECUTE ON BEHALF
OF THE CITY OF LITTLE ROCK AN "OPTION AND
AGREEMENT' AND AN "AGREEMENT TO ENTER INTO
OPTION" WITH OUACHITA MARINE AND INDUSTRIAL
CORPORATION .
NOW, THEREFORE , BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1. The Little Rock Port Authority, an
agent of the City of Little Rock, is hereby authorized and
directed to execute a document entitled "OPTION AND
AGREEMENT" with Ouachita Marine and Industrial Corporation
giving said corporation the sole and exclusive right and
option to purchase the following described parcel of land
situated in the County of Pulaski , State of Arkansas ,
to-wit:
Tract 105B as shown by the attached site plan,
which tract shall be fully described by a
licensed surveyor prior to date of closing.
The "OPTION AND AGREEMENT" shall be in form and
substance as follows :
OPTION AND AGREEMENT
THIS AGREEMENT made and entered into on this
day of , 1969, by and between the LITTLE
ROCK PORT AUTHORITY, an agency of the City of Little Rock,
Arkansas, acting on behalf of and under authority vested in
it by the City of Little Rock, Arkansas, hereinafter designated
as "Seller, " and OUACHITA MARINE AND INDUSTRIAL CORPORATION,
whose address is 326 Fausett Building, Little Rock, Arkansas,
hereinafter designated as "Buyer; "
WITNESSETH as follows:
The Seller, in consideration of the sum of Ten and
NO/100 Dollars ($10.00) , to it in hand paid by Buyer, the
receipt and sufficiency of which is hereby acknowledged, as
well as the covenants and agreements hereinafter mentioned and
set forth, does hereby give and grant to Buyer the sole and
exclusive right and option to purchase the following described
lot or parcel of land situated in the County of Pulaski, State
of Arkansas, to-wit:
Tract 105B as shown by the attached site plan,
which tract shall be fully described by a
licensed surveyor prior to the date of4closing.
The term of this option shall extend to August 1, 1969,
and thereafter shall be null and void. If the Buyer elects to
exercise this option he shall, on or before August 1, 1969, give
Seller written notice of his election, addressed to Seller at
the Little Rock Port Authority, P.O. Box 2300, Little Rock,
Arkansas. Such notice shall be deemed given when posted in
the mails
postage prepaid, or otherwise delivered to Seller at
the above address.
In the event notice is given to purchase, as aforesaid, •
the Seller agrees, at Seller ' s expense, to furnish to Buyer or
its representative, within a reasonable time after Seller' s
receipt of such notice, an Abstract of Title, brought to date,
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showing a marketable title which can be conveyed to Buyer
free from all liens and encumbrances. Seller agrees to
fulfill any title requirements made in connection there-
with within a reasonable time after being advised thereof.
The purchase price to be paid to Seller by the Buyer
hereunder shall be the sum of Four Thousand and N0/100 Dollars
($4, 000.00) per acre for the tract identified herein less
the aforementioned sum paid to Seller for this option.
It is further agreed that the Seller and Buyer are
bound by restrictive covenants as set forth in Exhibit A
attached hereto and incorporated herein by reference. it
is agreed that these covenants shall be incorporated in any
Deed conveying this property to the Buyer .
Seller agrees to execute and deliver to Buyer within
ten (10) days of the date upon which Seller ' s title has been
approved, a Warranty Deed conveying the above identified lot
or parcel of land to Buyer.
Concurrently with the delivery of the aforesaid Warranty
Deed, the Buyer agrees to pay to Seller the balance of the
purchase price payable hereunder, whereupon Buyer shall be
entitled to immediate possession of the property conveyed
thereby.
It is further agreed that the Seller shall pay or
cause to be paid:
(a) Any and all federal and state documentary
tax stamps required by law to be affixed
to such Warranty Deed;
(b) All special taxes and assessments levied
against the above described property by any
improvement district prorated to the date
of transfer of such property to Buyer.
This option is given solely for the use and benefit
of Ouachita Marine and Industrial Corporation and it shall not
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be transferred or assigned without prior or written approval
of the Seller .
IN WITNESS WHEREOF, the parties hereto have executed
this instrument on the day and date first above written.
LITTLE ROCK PORT AUTHORITY
BY
Seller
OUACHITA MARINE & INDUSTRIAL CORPORATION
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LITTLE ROCK PORT
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PROTECTIVE COVENANTS ,~,
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' FOR TIIE
LITTLE ROCK PORT INDUSTRIAL PARK
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1. The property herein conveyed shall be used only for
industrial, manufacturing, warehousing or distribution purposes. i
It shall not be used for residential purposes, nor for the retail
sale of any merchndise or services, except that any occupant .of
the property, either owner or tenant, may sell at retail those
products which are manufactured or handled at wholesale by the '.3
occupant. The 'financing of the sale of such merchandise is ex- -. E
pressly permitted, as is the retail .sale of food, beverage and
other such convenience items to occupant' s employees so long as
these items are not offered for sale to the general public . The
purpose of this restriction is to prohibit the operation on this H
property of any business devoted primarily to the retail sale of ; t
merchandise or to the furnishing of services to the general public .
2 . No industry or other busthess shall be established, -1
maintained, or permitted on this property which produces objec-
tionable smoke, dust, noise, odor or vibration. Determination
of whether an industry or business is objectionable for any of
the above reasons shall be at the sole discretion of the Board
of Directors of the City of Little Rock. The Grantee shall not i
use any of the land or premises for the manufacture, storage,
distribution or sale of any materials or products which shall
increase the insurance rates of the adjoining property or for
any purposes which constitute a menace in the generally accepted
definition of that term, and the Grantee agrees that it will use
said property in compliance with all ordinances of the City of
Little Rock applicable to the use of property including, but not
limited to, building code, health code, subdivision, fire zoning, `
etc. , and in compliance with all laws of the State of Arkansas
and of the United States of America. ' ,
3 . Grantee shall submit detailed plans and specifications
including plot plan for the initial construction and for any ex-
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terior alteration, modification or additional construction to the Fj
Grantor or to its designated agent prior to the commencement of
construction, and Grantor ' s written approval shall bet proof of $
compliance with this restriction. :•0
4. Buildings erected within the Little Rock Port Industrial - '
Park shall have building lines which shall be a minimum. of 75 feet �
from the right-of-way of Fourche Dam Pike and Frazier Pike, a mini- ; t,.- °
mum of 70 feet on all other major streets and 50 feet on all minor -`
streets. The building line shall be a minimum of 30 feet from all :
other property lines except that one-half of any adjacent permanent . ,V
open space or easement retained by the Grantor for utility or other .,,ry*
purposes or dedicated to the public shall be allowed as part of the '
required 30-foot building line requirement. Irrespective of compli
ance with these building line requirements, however, truck docks
must be so situated that trucks, tractors, trailers or any combina- , k
tion thereof may not, while being either loaded, unloaded or maneu- P
vering, project beyond the right-of-way of any street, alley or
open space bordering the property.
5 . Billboard posters and other advertising signs are
prohibited except, however, signs which advertise the property
owner ' s business or products may be erected with prior approval
of the Grantor. Prior to the erection of such a sign as herein
permitted, Grantor is specifically authorized to erect a sign on z
the conveyed property identifying the purchased property as be- 1
longing to the Grantee.
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6. No goods, equipment, supplies or other materials `:
shall be stored in the open except on the rear two-thirds (2/3)
of said property, and then only when such open storage is fenc-
ed with a screening fence at least six (6) feet in height. All
fencing for screening, security or other purpose shall be attrac- ';
tive in appearance and shall be of an all-metal industrial type
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fence of galvanized or non-ferrous material.
7 . It still be the responsibility of the property owner P .
to provide parking space for employees, customers and visitors,
and the public streets • shall not be used for parking. The surface `f )
of all driveways and permanent parking areas shall be of concrete,
asphalt or other bituminous material. It shall be Grantee' s re-
sponsibility to extend driveways to existing or projected streets
at no expense to Grantor, even though part of this construction
is within the street right-of-way. Construction of driveways con-
necting with existing or later developed streets in such a manner
as to interfere with the normal drainage in the street to which
the driveway is being connected is prohibited. (`
8. The owner of said property shall keep the
premises,
buildings and improvements in a safe, clean, healthful and pre- . . �
sentable condition at all times and shall comply in all respects
with all government, health and police requirements pertaining C..
thereto. E�
9. Grantee agrees to landscape that portion of the ri
property between the building or buildings and the curb line of
any abutting streets, including any such property which may be ( ;
in a street or utility right-of-way, and to remove undergrowth,
weeds, debris, rubbish, trash, excess dirt and any other unsightly
material from the remainder of the property at no expense to " a
Grantor. 1
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10. No building or other structure shall be built or main-
tained which covers more than 40 percent of the total land area in
the above described plot.
11. Grantee herein agrees to commence construction of a
building covering at least '1 square feet within one (1) year,
providing, however, if the Grantee is prevented from commencing '.
construction within the time herein set out for reasons solely
outside his control, the time for commencement of construction
may be extended by Grantor and shall not be considered a violation j
of this covenant. However, until such time as buildings covering
at least twenty (20) percent of the total ground area herein con-
veyed have been constructed, Grantee is prohibited from selling
any of said land on which buildings have not been constructed with- k
out first offering said excess land to the City of Little Rock at i
the price paid by Grantee. After written notice of the intention
of Grantee to sell has been received by Grantor, the Grantor shall
have a period of 90 days in which to exercise the right of repur-
chase. Whenever buildings covering 20 percent of the total ground
area have been constructed by Grantee, this prohibition shall become '
null and void and the Grantor then waives any further right as to
the resale of the property; except, however, that any subdivision
of the tract, irrespective of the percent of total ground area upon
which buildings have been constructed must be approved by the Little `>
Rock Planning Commission. All other restrictions, however, shall
remain in full force and effect as separately provided. In the
event Grantee desires to sell the entire acreage hereby conveyed
after he has constructed buildings covering less than 20 percent
of the area conveyed, permission to resell the entire property will
not be arbitrarily withheld by Grantor.
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12 . Grantor agrees to provide paved street (s) , water,
power, gas, telephone and sanitary sewer services as approved
in the original development plan for the property herein inr-
volved in the easement or right-of-way adjoining Grantee' s
property within, but not after a period of two (2) years im-
mediately following the date of this conveyance at no cost to -�
the Grantee.
-13 . Grantor offers no assurance as to the provision of
rail service to the property herein conveyed, it being the re-
sponsibility of the Grantee to negotiate for this service with
the railroad company or companies serving this Industrial Park.
The Grantor is obligated, however, to provide gratuitously to
the rail carrier involved any right-of-way needed for the origi-
nal construction of rail lead tracks. Any right-of-way needed
for additional lead tracks after the original construction must
be provided by Grantee.
14. Because of the difficulty in prescribing in advance
the location of all utility, street and rail easements which may
ultimately be required, Grantee herein agrees to offer every- rea-
sonable cooperation in providing such easements, including ease-
ments which may be required by the Little Rock Planning Commission
upon the preliminary approval of the development plan, and any
other easements which have been clearly indicated on an engineer's qq
survey of the property which has been furnished to Grantee. yJ
15 . Grantor 'agrees to provide drainage in the easement .
or streets adjoining Grantee ' s property.
• 16. , The Grantor herein, its successors and assigns, or ,
other property owners in the Little Rock Port Industrial Park
subject to these covenants, may enforce these restrictions either
by restraining order or may prosecute at law or in equity a suit
for damages or. any other remedy which they may have.
17. Invalidation of any of the foregoing conditions, re-
strictions or covenants by a court of competent jurisdiction in
no way affects any of the other provisions which shall remain in
full force and effect.
18. Grantor affirms that there are no adverse occupants
of said land; that there are no unrecorded options to purchase,
sales contracts or lease agreements outstanding affecting said
property; that there have been no improvements made thereon dur-
ing the past 130 days for which a Mechanic ' s .or Materialmen's lien I
may be filed; and that no roads or streets traverse the property. 4
19. Grantor agrees to invoke substantially similar re-
strictions in all subsequent conveyances of similar industrial
land.
20. These restrictions .shall be covenants running with
the land and shall be binding- upon the Grantee, its successors
and assigns, and shall be in full force and effect for twenty-
five (25) years from the date of this Deed. These covenants or
any one of them may be amended upon the approval of three-fourths
(3/4) of the owners of property in the industrial area to which "s
these covenants apply and by majority action of the Board of
Directors of the City of Little Rock.
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SECTION 2. The Little Rock Port Authority is further
authorized and directed to execute an "AGREEMENT TO ENTER
INTO OPTION" with Ouachita Marine and Industrial Corporation
which shall be in form and substance as Follows:
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AGREEMENT TO ENTERJOTO OPTION
1. This Agreement made and entered into this day of April,
1969, by and between the Little Rock Port Authority, an agency of the
City of Little Rock, Arkansas , actin n behalf of and under authority
vested in it by the City of Little Rock, Arkansas, hereinafter desig-
nated as "Soller", and Ouachita Marine and Industrial Corporation,
whose address is 326 Fausett Building, Little Rock, Arkansas, herein-
after designated as "Buyer".
2. Seller has granted to Buyer the sole and exclusive right and
option to purchase the following described lot or parcel of land
situated in Pulaski County,. Arkansas :
Tract 105 B as shown by the attached Site Plan, which
tract shall subsequently be fully described by a
Licensed Surveyor.
The option on the above described tract extends to August 1, 1969.
3. If Buyer elects to exercise the option on Tract 105 B
in accordance with theterms of that-option, thi' parties hereto agree
that they will promptly , after the exercise of that option, enter into
the Option and Agreement attached hereto.
IN WITNESS WHEREOF, the parties hereto have executed this instru-
ment on the date first above written.
LITTLE ROCK PORT AUTHORITY
By
SELLER
OUACHITA ',."JNE_AWINDUSTRIAI:-'4* IRATION
\
By
BUYER
•
OPTION AND AC EE !
I . This Agreement rade and entered into on this _ _ day of
, 1969, by and between the Little Rock Port Authority,
an agency of the City of Little Rock, Arkansas, acting on behalf of
and under authority vested in it by the City of Little sock, Arkansas,
hereinafter designated as "Seller" , and Ouachita Marine and Industrial
Corporation, whose address is 326 Feusett Building, Little lock,
Arkansas, hereinafter designated as "Buyer."
2. Seller, in consideration of the sum of Fifteen Thousand Dollars
015,000.00) to Seller in hand paid by Buyer, the receipt and eufficie=ncy
of which is hereby acknowledged, as well as the covenants and agreements
hereinafter mentioned and set forth, does hereby give end grant to Buyer
the sole and exclusive right and option to purchase the following lots
or parcels of land situated in Pulaski County, Arkansas, to-wits
Tract 1 0.5 C as shown by the attached Site Plan, containing
10 acres, more or less, which tract shall be fully described
by a Licensed Surveyor p - or to the date of closing.
Tract 105 D as shown by the attached Site Plan, containing
19 acres , more or less, which tract shall. be fully described
by a Licensed Surveyor prior to the date of closing.
3. The term of the option herein granted to Buyer shall continue
for a period of three years from 1969. It is
understood and agreed that Buyer may exercise the right to purchase
Tract 105 C at any time within the option period without exercising the
right to purchase Tract 105 D. Buyer may not exercise the right to
purchase Tract 105 D without having first exercised the option to
purchase Tract 105 C. If Buyer does exercise the option to purchase
Tract 105 C, Buyer way thereafter exercise the option to purchase
Tract 105 D at any time within the option period as provided herein.
If Buyer does elect to purchase either one or both of the above tracts,
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Buyer shall give to Seller written notice addressed to the Seller at
the Little Rock Port Authority, P . 0. Box 2300, Little Rock, Arkansas,
on or before the expiration of the three-year period. In the event
that Buyer elects to purchase such property as herein provided, such
notice shall be deemed given when posted in the mails, postage prepaid,
or otherwise delivered to Seller at the above address.
4. In the event notice is given to purchase, as aforesaid, the
Seller agrees , at Seller's expense, to furnish to Buyer or its repre-
sentative, within a xeasonablc time after Seller's receipt of such notice,
an abstract of title, brought to date, showing a marketable title which
can be conveyed to Buyer free from all liens and encumbrances, except
all existing easements and rights of way. Seller agrees to fulfill
any title requirements made in connection therewith within a reasonable
time after being advised thereof. It is further understood and agreed
that Seller may, at its option , designate a right-of-way across the
south part of Tract 105 C for use as a railroad spur, which right-of-way
shall not exceed 40 feet in width. This right-of-way shall be fully
described by a Licensed Surveyor prior to closing of any sale hereunder.
5. The purchase price for the property set out above will be as
follows:
In the event that Buyer elects to exercise this option and
purchase said property within twelve (12) months of
, 1969, the purchase price to be paid
,tg Seller by Buyer shall be the sum of $4,000.00 per acre.
e.
In the event Buyer elects to exercise this option and purchase
said property within the second twelve (12) month period
following , 1969, the purchase price
to be paid to Seller by Buyer shall be the enee of $4,500.00
per acre. In the event Buyer elects to exercise this option
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and purchase said property within the third twelve (12)
month period following , 1969, the purchase
price to be paid to Seller by Buyer for the described property
shall be the sum of $5,000.00 per acre. Exact acreage of
the parcels herein optioned shall be determined:d by the
survey of a Licensed Surveyor prior to completion. The
acreage for which Buyer shall pay shalt not include the
acreage to be used for the railroad spur right-of-way referred
to above.
6. If the Buyer exercises t his .option and purchases Tract 105 C,
the purchase price for this tract shall be the price as determined
aforesaid, less the sum of '$10,000.00. If the Buyer thereafter exercises
this option and purchases Tract 1.05 D, the purchase price for Tract 105 D
shall be the price as determined aforesaid, less the sum of $5,000.00.
If the Buyer fails to exercise any part of this option, the sum of
$15,000.00 given as consideration for this option shall be retained by
Seller as liquidated damages. If the Buyer exercises the option to
purchase Tract 105 C but does not thereafter exercise the option to
purchase Tract 105 D, the suns of $5,000.00 shall be retained by the
Seller as liquidated damages.
7. It is further agreed that the Seller and Buyer are bound by
restrictive covenants as set forth in E hibit A, attached hereto, and
incorporated herein by reference, except as amendments thereto are
provided below. It is agreed that these covenants shall be incorporated
in any deed ccn3veying this property to Buyer., except as they arc modified
herein and may be further modified by mutual agreement between Seller
and Buyer. It is hereby expressly agreed that Paragraph 11 of the
attached protective covenants shall be amended to provide that the
requirements for the construction of buildings can be met by Buyer
constructing buildings covering 2070 of the ground area on all land which
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Buyer has purchased from Seller, it being expressly understood and
agreed that all tracts purchased by Buyer from Seller shall be con-
sidered as one emit for this purpose so that Buyer can place all of
the buildings constructed an either Tract 103 B, 105 C, or 105 D, and
still meet this building requirement. It is further agreed that this
covenant shall be amended to allow Buyer to commence additional
construction which may be required by the reason of purchases of Tracts
105 C and/or 105 D within two years after title to each additional
tract is acquired by Buyer. •
8. Seller agrees to execute and deliver to Buyer within ten (10)
days of the date upon which- Seller's title has becn approved, a warranty
deed conveying the above identified lots or parcels of land to Buyer.
9. Concurrently with the delivery of the aforesaid warranty deed,
Buyer agrees to pay to Seller the purchase price payable h :rcundcr,
whereupon Buyer shall be entitled to immediate possession of the property
conveyed thereby.
10. It is further agreed that the Seller shall pay or cause to
be paid:
(a) Any and all federal and state documentary tax stamps
required by law to be affixed to such warranty deed;
(h) All special taxes and assessments levied against the
above described property by any Improvement District
prorated to the date of transfer of such property to
Buyer.
11. This option is given solely for the use and benefit of
Ouachita Marine and Industrial Corporation and it shall not be trans-
ferred or assigned without prior written approval of Seller.
IN WITNESS WHEREOF, the parties hereunto have executed this
instrument on the date first writtilla above.
LITTLE ROCK PORT AUTHORITY
By
ULM
OUACHITA MARINE AND INDUSTRIAL CORPORATION
BY _ .
EWER
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SECTION 3. This Resolution shall be in full force
and effect from and after its adoption.
ADOPTED: April 7, 1969 -411/
ATTEST: APPROVE]• ' �`
Acting City Cle /�Mayor