HomeMy WebLinkAbout5060 RESOLUTION NO. 5 ,060
A RESOLUTION ACCEPTING AN OFFER MADE BY VINCENT BRASS
AND ALUMINUM COMPANY AND AN OFFER MADE BY PARK AVENUE
LEASING CORP . TO BUY TWO TRACTS OF LAND IN THE LITTLE
ROCK PORT INDUSTRIAL PARK DISTRICT FOR THE TOTAL SUM OF
$108 ,900 .00 AND $130 , 680 . 00 RESPECTIVELY; AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE A WARRANTY DEED IN
FAVOR OF VINCENT BRASS AND ALUMINUM COMPANY AND A WARRANTY
DEED IN FAVOR OF PARK AVENUE LEASING COMPANY UPON PAYMENT
OF THE TOTAL AMOUNT OF THE PURCHASE PRICE FROM EACH OF
THEM FOR THEIR RESPECTIVE PARCEL OF LAND; AND FOR OTHER
PURPOSES
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS .
SECTION 1. Vincent Brass and Aluminum Company has submitted
to the Little Rock Port Authority a bid to purchase a tract of land
in the Little Rock Port Industrial Park District containing 10 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 Southeast 1/4 of the Southeast
1/4 of Section 16 , T-1-N, R-11-W, Pulaski County , Arkansas ,
also being in the Little Rock Port Industrial Park, an addition
to the City of Little Rock, Arkansas , and being more particularly
described as follows :
Commencing at the Northwest corner of the Southeast 1/4 of the
Southeast 1/4 of Section 16 , T-1-N , R-11-W, Pulaski County,
Arkansas , thence S 01° 30 ' 52" W, 111. 96 feet along the West line
of said Southeast 1/4 , Southeast 1/4 to a point, thence S 88°
25 ' 08" E , 23 . 50 feet to a point on the East right-of-way line
of Fourche Dam Pike said point being the Point of Beginning.
Thence continue S 88 25 ' 08" E , 900 . 00 feet to a point; thence
S 01° 30 ' 52" W, 484 . 00 feet to a point, thence N 88° 25 ' 08"
W, 900 . 00 feet to a point on the East right-of-way line of said
Fourche Dam Pike , thence N 01° 30 ' 52" E, 484 . 00 feet along said
East right-of-way line to the Point of Beginning. Said parcel
contains 10 . 00 acres more or less .
SECTION 2 . Park Avenue Leasing Corp. has submitted to the
Little Rock Port Authority a bid to purchase a tract of land in the
Little Rock Port Industrial Park District containing 6 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 :
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A parcel of land located in the North 1/2 of the South 1/2 of
Section 16 , T-1-N, R-11-W, Pulaski County, Arkansas , also being
in the Little Rock Port Industrial Park, an addition to the City
of Little Rock, Arkansas , and being more particularly described
as follows:
Commencing at the Northwest corner of the Southeast Quarter of
Section 16 , T-1-N, R-11-W, thence N 01° 31 ' 33" E, 496 . 48 feet
along the West line of the Northeast Quarter of said Section 16
to the Northwest Corner of the South 15 acres of the Southwest
Quarter of the Northeast Quarter of said Section 16 , thence S
89 29 ' 08" E, 538 . 93 feet along the North line of said South
15 acres to a point on the West right-of-way line of a 125 foot
Natural Gas Line Easement, thence S 8° 10 ' 35" W, 615 . 39 feet
along said West right-of-way line to a point on the North right-
of-way line of the Little Rock Port Railroad Sgur, thence
continue along said West right-of-way line S 8 10 ' 35" W. 63 . 62
feet across said railroad right-of-way to a point of the South
right-of-way line of said Railroad Spur, thence continue S 8°
10 ' 35" W, 383 . 82 feet along said West right-of-way line to a
point on the North right-of-way line of Lindsey Road, thence
S 74° 54 ' 52 " W, 200 . 0 feet along the North right-of-way line
of said Lindsey road to the Point of Beginning. Thence continue
along the North right-of-way line of said Lindsey Road S 74°
54 ' 52" W, 243 . 27 feet to the point of tangency of a cur e to
the right with a radius of 894 . 93 feet, thence along said
North right-of-way line along the arc of said curve to the right
a distance of 238 . 98 feet to a point. Said arc having a long
chord bearing and distance of S 82° 33 ' 52" W, 238. 27 feet
thence continue along said North right-of-way line N 89° 47 ' 08"
W, 188 . 15 feet to a point, thence N 0° 12 ' 52" E, 399. 49 feet
to a point on the South right-of-way line of the Little Rock
Port Railroad Spur , thence along the South right-of-way Line
of said Railroad Spur S 89° 51 ' 28" E, 172 . 83 feet to the point
of tangency of a curve to the left with a radius of 985 . 37 feet
thence along said South right-of-way line along the arc of said
curve to the left a distance of 196 . 82 feet to a point, said
arc having a long chord bearing and distance of N 84° 25 ' 12" E,
196 . 49 feet, thence continue along said South right-of-way line
N 78° 41 ' 52" E, 293 .60 feet to a point, thence S 0° 12 ' 52" E,
382 . 17 feet to the point of beginning. Said parcel contains
6 . 00 acres more or less .
SECTION 3 . The offer to purchase as set out in an Offer and
Acceptance dated the 12th day of June , 1973 , 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 behalf of the
City of Little Rock a Warranty Deed conveying said property to Vincent
Brass and Aluminum Company and the City Clerk is hereby authorized and
directed to attest said Deed and to deliver same to Vincent Brass and
Aluminum Company upon full payment of the sum of One Hundred Eight
Thousand, Nine Hundred Dollars ($108, 900. 00) for the 10 acre tract
herein described.
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SECTION 4 . The offer to purchase as set out in an Offer and
Acceptance dated the 10th day of August, 1973 , 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 behalf of the City of Little Rock a Warranty Deed conveying said
property to Park Avenue Leasing Corp . and the City Clerk is herby
authorized and directed to attest said Deed and to deliver same to
Park Avenue Leasing Corp . upon full payment of the sum of One Hundred
Thirty Thousand, Six Hundred Eighty Dollars ($130 ,680. 00) for the 6
acre tract herein described.
SECTION 5 . This Resolution shall be in fullforce and effect
from and after its adoption.
ADOPTED: September 4, 1973
ATTEST: . 4C.I/ APPROVED: G!/
ity Clerk Mayor
OFFER AND ACCEPTANCE ''`
June 12, 1973 t
1, Vincent Brass & Aluminum Co. herein called the Buyer
offers to buy subject to the following conditions from the Little ti
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Rock Port Authority, an agency of the City of Little Rock hereafter
called Seller, the following property:
A tract of land ten (10) acres in size designated as .
Tract C = area 104 as shown on the attached plat. ,{
The exact description of said tract to be determined r..
by an engineering survey prior to the closing of this ? u
transaction. .
2. Buyer will pay to the City of Little Rock the sum of
TEi THOUSAND EIGHT HUNDRED NINETY DOLLARS ($10,890.00) per acre
for the described property.
3. This offer is made subject to the condition that gas,
water, and sewer will be available to the road night--of-way adjacent
to the property.
4. Conveyance shall be made by Warranty Deed and acceptance
shall, be subject to all recorded restrictions and easements, if any,
and it shall contain certain Protective Covenants, a copy of which .
has beep furnished Buyer.
5. Buyer herewith tenders FIVE THOUSAND DOLLARS ($5 ,000.00)
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
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the earnest money shall become liquidated damages in favor of the
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Seller, which fact shall not preclude Seller from asserting other 1
legal rights which they may have because of such breach. ;
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6. Taxes and special assessments , due on or before the closing ,
date shall be paid by the Seller. Other taxes shall be prorated as of
closing date .
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7 . The Seller shall furnish at its cost a complete abstract
reflecting merchantable title ; however, Seller shall have an option
to furnish Buyer in place of the abstract , a policy of title in-
surance , and submission of an abstract shall not constitute a Fl
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waiver of this option. Seller shall have a reasonable time after A
acceptance within which to furnish the abstract of title insurance. .
If objections are made to the title , Seller shall have a reasonable
1 time to meet the objections or to furnish title insurance. The
closing of the transaction shall be completed as soon as possible
after the certification of the title .
S. Possession of the tract shall be delivered immediately .\;
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upon closing of this transaction. V'
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9. Buyer certifies that it has inspected the property and
it is not relying upon any warranties, representations or statements
of Seller as to the suitability of the land for the intended purposes
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of Buyer; 4 1
10. This offer shall be a binding contract if accepted by
the Little Rock port Authority pursuant to authority granted by the
Board of. Directors of the City of Little Rock.
VINCENT BRASS & ALUMINUM CO.
Buyer
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Attested : , i t
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The above offer is accepted this day. of _ , 1973.
LITTLE ROCK PORT AUTHORITY
Seller
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OFFLR AND ACCEPTANCE t
D`ted 2ucJtzst 10, 1973
I. PARK AVENUE LEASING CORPORATION, herein called the Buyer, P
offer to buy subject to the following conditions from the LITTLE
ROCK PORT AUTHORITY, an agency of the City of Little Rock , hereafter r
called the Seller, the following property:
Tract F, Area 201, containing approximately 6 acres, the
exact acreage to be determined by''a' 's rvey, in the Little
Rock Port Industrial Park,, located `in Pulaski. County, .Arkansas,
f as .:shown on the' attached` plat,.
2. Buyer will pay to the City of Little ' Rock the' sum of
50 per square soot (total money to be determined by acreage from survey)
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for the above described.property.
3. This Offer is made subject to the condition that gas , water,
and sewer will be available to ,the road ,right-of-way adjacent to
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the property.
4. Conveyance shall be made bye Warranty Deed` and acceptance
shall be subject to all recorder; restrictions and easements, if r
f any,
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and it shall contain. certain Protective' Covenants, a copy of which i
has been furnished Buyer. e
. 5 . Buyer herewith tenders Two hundred dollars and no/100
($200. 00) as earnest' money„ to become part of purchase price
upon acceptance. This sum snail be held by Seller and if offer is not
accepted or if title requirements :are not fulfilled, it shall. be promptly r
returned. to Buyer:. If, after acceptance, Buyer fails to fulfill his
ohli tations, 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. 4
6 Taxes and special assessments, . due on or before the closing i
date, shall be paid by the Seller. Other taxes 'shall be pro-rated as
of the closing date.
7. The Seller shall furnish at its cost a complete abstract ,
reflecting merchantable title; however, Seller shall have an option to.
furnish Buyer in place of the abstract, a policy of title insurance,
end :_yubnii sion of an abstract shall not constitute a iA-7f:.r or z ri ) ,:
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option. Seller shall have a reasonable time after acceptance within
• which to furnish the abstract or title insurance. If objections are
r, de to the title; Seller shall have a reasonable time to meet the
objections or to furnish title insurance. The closing of the transaction I.
shall be completed as soon as possible after the certification of the ''
title.
b. Lossession of the tract shall be delivered immediately upon
closing of this transaction,
9 . Buyer certifies that it has inspected the property and it is
not relying upon any warranties, representations or statements of
Seller as to the suitability of, the land for the intended purposes
of Buyer.
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10 . This Offer shall be a binding contract if accepted by the
Little Rock Port Authority pursuant, to 'authority granted by the Board
of Directors of the City of Little RQCk,° Arkansas T
PARK AVENUE LEASING CORPORATION
Buye r.
I e ` ` ' f AlTES�7 4 / . .�
J R / / By rU-"' -r
/ .' Robert ' S . Glazer, Secretary-Treasurer
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The above Offer is accepted this /e v day of ._.5 2/ <� ,_ 7`". , 19 ? �, o
L: TTLE ROCK' PORT'AUTHORITY
Seller
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BY•,, 4 _ _-/. e, ,
. red, I .. Brown, Jr, ,//Chairman
By: 4
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Subscribed and sworn before me this day of , 19
Notary P5Elio
My Commission El.pire, .
This Offer and .Acceptance is subject to a six (6�) percent
a��;a.l estate commission to Eugene R. Weinstei of RSF' Realtos.
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