HomeMy WebLinkAbout4734 rT ,
RESOLUTION NO. 4,734
A RESOLUTION ACCEPTING AN OFFER MADE BY
ATLAS TRANSIT, INC. TO BUY A TRACT OF
LAND IN THE LITTLE ROCK PORT INDUSTRIAL
DISTRICT FOR THE TOTAL SUM OF $162, 000.00;
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A WARRANTY DEED IN FAVOR OF ATLAS
TRANSIT, INC. UPON PAYMENT OF THE TOTAL
AMOUNT OF THE PURCHASE PRICE; AND FOR OTHER
PURPOSES
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1. Atlas Transit, Inc. has submitted to the Little
Rock Port Authority a bid to purchase a tract of land in the Little
Rock Port Industrial Park District described as Tract A, Area 101 ,
containing 27 acres, which offer has been accepted by the Little Rock
Port Authority subject to the approval of the Board of Directors of
the City of Little Rock. The tract of land under consideration is
more particularly described as follows :
A parcel of land located in the SEA of Section 17
Township 1 North, Range 12 West, Pulaski County,
Arkansas, more particularly described as follows:
Commencing at the SE corner of Section 17, Town-
ship 1, North, Range 12 West, Pulaski County,
Arkansas, thence Nl° 33 ' 49" 929.80 ' feet along the
East line of Section 17 to a point, thence N89 °
47 ° 08" W 242,14 feet to the point of beginning,
thence from the point of beginning NO° 12 ' 52"E
786. 13 feet to the point of Tangency of a curve to
the left with a 50 foot radius, thence North Westerly
along said curve to the left 78.50 feet to a point
on the South R/W Line of Lindsey Road, also known
as Federal Old Secondary Route 1484, thence N89 °
47 ° 08" W 1103.41 ' feet along said South R/W line
to a point, thence S83 ° 11 ' 10" W 90.51 feet along
said South R/W line to a point, thence N81 ° 41 '
54" W 60+feet to the intersection of said South R/W
line and the E of Old Fourche Bayou, thence South
Westerly on a meandering line alclig the C of Old
Fourche Bayou 840 feet + to a point, thence S89°
47 ' 08" E 1525 feet + to the point of beginning.
Parcel contains 27 acres more or less.
SECTION 2 . The offer to purchase as set out in an Offer
and Acceptance dated January 17, 1972 attached to this Resolution
and incorporated therein by reference is hereby approved and
accepted by the Board of Directors of the City of Little Rock and
the Mayor is hereby authorized and directed to execute for and on
44141 'it
behalf of the City of Little Rock a Warranty Deed conveying said
property to Atlas Transit, Inc. and the City Clerk is hereby
authorized and directed to attest said Deed and to deliver same
to Atlas Transit, Inc. upon full payment of the sum of $162, 000.00.
SECTION 3. This Resolution shall be in full force and effect
from and after its adoption.
ADOPTED s February 1, 1972
df
ATTEST er APPROVED
• '" 1
i y Cl Mayor
OFFER AND ACCEPTANCE
Date January 17, 1972
To LITTLE ROCK PORT AUTHORITY, an Instrumentality of the City of Little
Rock, Arkansas .
1. The ATLAS TRANSIT, INC. , hereinafter called the Buyer,
offers to buy, subject to the terms set forth, the following property:
Tract A, Area 101, containing approximately 27 acres .
(the exact acreage to be determined by a survey) , in
the Little Rock Port Industrial Park, located in
Pulaski County, Arkansas, as shown on the attached plat.
2 . The Buyer will pay $6, 000 .00 per acre for the property
as follows:
Payment to be made in cash. •
3. Special Conditions:
4. Conveyance shall be made by warranty deed except it shall
be subject to all recorded restrictions and easements and to the un-
recorded restrictions and convenants attached.
5. The owner of the above property, hereinafter called Seller,
shall furnish at Seller's cost a complete abstract reflecting merchantable
title satisfactory to Buyer' s attorney, however, seller shall have an
option to furnish Buyer, in place of abstract, a policy of title
insurance and submission of an abstract shall not constitute a waiver
of this option. Seller shall have a reasonable time after acceptance
within which to furnish abstract or title insurance. If objections are
made to the title, Seller shall have a reasonable time to meet the
objections or to furnish title insurance.
6 . Buyer herewith tenders $4, 860 .00 as earnest money, to
become part of purchase price upon acceptance. This sum shall be held
by Seller and if offer is not accepted or if title requirements are not
fulfilled, it shall be promptly returned to Buyer. If, after acceptance,
Buyer fails to fulfill his obligations, the earnest money shall become
liquidated damages in favor of the Seller, which fact shall not preclude
Seller from asserting other legal rights which they may have because of
such breach.
• 7. Taxes and special assessments, due on or before the closing
date, shall be paid by the Seller. Other taxes shall be pro-rated as of
closing date.
•
8. Possession of the premises shall be delivered as follows:
When title is transferred.
9 . Buyer certifies that he has inspected the property and he
is not relying upon any oral warranties, representations or statements
of the Seller.
10 . This sale is subject to the approval of the Board of
Directors of the City of Little Rock.
IN WITNESS WHEREOF, the Pia ties have hereunto subscribed their
names on this the 'Z;5 day of ol
, 19 72 .
LITT E ROCK PQ T AUTHO TY
Chairman
ATLAS TRANSIT, INC.
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