HomeMy WebLinkAbout5124 RESOLUTION NO 5,124
A RESOLUTION AUTHORIZING THE GRANTING OF
AN OPTION TO GENERAL ELECTRIC COMPANY FOR
THE PURCHASE OF 54 . 9 ACRES , MORE OR LESS ,
OF LAND IN THE LITTLE ROCK PORT INDUSTRIAL
DISTRICT; AND FOR OTHER PURPOSES
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS .
SECTION 1. Based on the recommendation of the Little
Rock Port Authority the Mayor and City Clerk, acting for and
on behalf of the City of Little Rock are hereby authorized
to execute an option agreement with General Electric Company
for the purchase by General Electric of 54 . 9 acres , more of
less , of land located in the Little Rock Port area in Pulaski
County, Arkansas at a purchase price of Seven thousand ($7, 000 . 00)
dollars per acre, which option agreement shall be in form and
substance as reflected by Exhibit "A" attached hereto and made
a part hereof the same as though set out herein word for word.
SECTION 2 . This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: December 18, 1973
ATTEST: evra, APPROVED: if/
ity Cler Mayor
f
OPTION AGREEMENT
THIS AGREEMENT made this day of , 1973,
between the CITY OF LITTLE ROCK, ARKANSAS, and the LITTLE ROCK PORT
AUTHORITY, hereinafter collectively termed "Seller" and GENERAL
ELECTRIC COMPANY , hereinafter termed "Buyer" .
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WITNESSETH:
1. Seller hereby grants to Buyer the sole and exclusive privi-
le e and option to
g p purchase from Seller all of the following described
property : That tract of land containing fifty-four and nine-tenths
(54. 9) acres, more or less, located in the City of Little Rock, County
of Pulaski, and State of Arkansas , identified as Premises C, and more
particularly described in Appendix C hereto, together with all of the
Seller ' s right, title , and interest therein and to all hereditaments
and appurtenances belonging thereto, and all improvements located
thereon (all hereinafter called "Premises C") and upon the exercise
hereof agrees to convey Premises C to Buyer for the price and upon
the terms and conditions hereinafter set forth. Seller hereby covenants
that it is the owner of said Premises C and has the right to convey same
and further covenants that so long as this Option is in effect it will
take no action which will adversely affect the title to Premises C.
The parties hereto will execute in recordable form a notice of this
Option to purchase Premises C .
2 . This Option for the purchase of Premises C is granted subject
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to the payment of the sum of Seventeen Thousand Six Hundred and no/100
Dollars ($17 , 600 00) to be made by Buyer to Seller upon the transfer
to Buyer of the title to Premises A as provided in that certain Option
Agreement dated October 9, 1973, and shall expire at midnight atthe end
of one year thereafter unless Buyer shall have exercised the right to
extend this Option to purchase Premises C , which right Seller hereby
grants for four (4) successive annual extensions , each such extension
to be made upon notice as provided in Article 4 of the said Option
Agreement and upon payment of Seventeen Thousand Six Hundred and no/100
Dollars ($17, 600. 00) .
3 . The price to be paid for Premises C shall be the sum of
Seven Thousand and no/100 Dollars ($7,000 00) per acre , payable upon
delivery of the deed , and in the event of the exercise of this Option
the amount paid as consideration for this Option shall not be credited
on account of such price .
4. Seller shall, at its expense , and upon request by Buyer ,
provide for Buyer a survey of Premises C prepared by a licensed pro-
fessional engineer, which survey shall determine the acreage subject
to the terms of this Option Agreement and the amount of the purchase
price therefor. In the event that Buyer elects not to exercise this
Option to purchase Premises C, Buyer will reimburse Seller the costs
of said survey. Seller shall, at its expense , secure a current report
of title commiting the issuer to insure the title of Premises C, and
shall, at its expense , upon the exercise of this Option by Buyer to
purchase Premises C, supply to Buyer a policy of owner ' s title insurance .
5 . In the event this Option is exercised by Buyer, Seller will
convey fee simple title to Premises C free and clear of all encum-
brances by the delivery of the usual form of deed with full covenants
of warranty conveying a good and marketable title, subject only to
the provisions of the Bill of Assurance of record in Record Book 1175,
page 543 in the office of the Circuit Clerk and Ex-officio Recorder of
Pulaski County, Arkansas . Said deed will contain a description of
Premises C conveyed as determined by the ,,urvey in Article 4. Delivery
of the aforesaid deed and payment of the purchase price shall be made
at the office of the City Clerk of Little Rock, Arkansas on or before
the thirtieth day after the giving of notice of exercise of Option by
Buyer; provided , however, that Buyer may, at its option, and by notice
to Seller given in accordance with Article 4 of said Option Agreement,
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4.
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extend the time for such settlement for such time as is necessary
to clear the title as provided in Article 6 or Article 7 hereof.
Possession shall be given to Buyer free and clear of all tenants and
other occupants at the time the deed referred to herein is delivered .
6 . In the event that the title to PremisesC is in fact unmarket-
able, Buyer may, subject to the provisions of the last sentence of
this Article 6, take such title as Seller has or if it does not so
elect, Seller shall thereupon return to Buyer the cons .deration paid
for this Option or any extension thereof or any other portion of the
purchase price heretofore paid by Buyer and thereafter neither party
shall be liable to the other for any loss, cost , damage, or expense.
In case of objections to title which may be satisfied by the payment
of a fixed sum, Buyer may pay the same and deduct the amount of said
payment from the purchase price ; in case of objections to title which
may not be so satisfied , Buyer may take whatever action may be necessary
to clear such objections, with the right in Buyer to deduct the cost
thereof from the balance of the purchase price payable hereunder.
7. Any restrictions which prohibit the use of Premises C by
Buyer for commercial or industrial purposes shall be deemed conclusively
to render the title unmarketable . In the event that local ordinances
or other legislation, rules or regulation do not permit use of Premises C
contemplated by Buyer, Buyer may, at any time after the date of this
Option Agreement , at its own expense , attempt to secure a change in the
local ordinances or a variance or other appropriate relief so as to
permit its intended use and/or take such other necessary or appropriate
steps to procure permits, authorizations and licenses so that Premises C
may be used for such purposes and Seller agrees to join with and cooperate
with Buyer to this end . The obligation of the Buyer hereunder is
expressly conditioned upon all said permits, licenses and authorizations
being validly and irrevocably granted without qualifications except such
as may be acceptable to Buyer and no longer subject to appeal.
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8 . All taxes which may be a lien on said Premises C shall be
paid by Seller. However, taxes, if any, for the current year shall
be prorated and adjusted between the parties hereto as of date of
settlement. All assessments for local improvements which have been
made or commenced prior to the date of settlement shall be paid by
Seller. Seller shall pay for any Federal, State or local transfer or
conveyance tax.
9. Seller agrees that during the term of this Option, the Buyer,
its representatives or authorized agents may enter upon Premises C
for the purposes of making soil or water tests, surveys or other
studies of Premises C.
10. In the event this Option is exercised by Buyer, it shall
become a land purchase contract duly binding on the parties hereto
in accordance herewith.
11. It is understood and agreed that all understandings and
agreements heretofore had between the parties hereto are merged in
this Option, which alone fully and completely expresses their agree-
ment, and that the same is entered into after full investigation,
neither party relying upon any statement or representation, not
embodied in this Option, made by the other.
12. If Premises C or any part thereof shall be taken in condemna-
tion proceedings or by exercise of any right of eminent domain by any
authority having such right of condemnation, whether prior to or sub-
sequent to the exercise of this Option, Buyer may elect, at its option,
and by Notice to Seller in accordance with Article 4 of said Option
Agreement, either to complete the purchase together with an ass_onment
of Seller' s rights in the condemnation award , or terminate this Agreement.
In the event Buyer elects to terminate this Agreement, the Seller shall
immediately return the consideration paid for this Option or any portion
of the purchase price paid by Buyer. Seller will not exercise any right
of condemnation which it may have in connection with Premises C.
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13. This Agreement may not be changed or terminated orally. The
terms aforesaid are to apply to and bind the heirs, executors, admin-
istrators, successors and assigns of the respective parties.
14. The City of Little Rock and the Little Rock Port Authority
shall each provide resolutions satisfactory to Buyer authorizing them
to execute this Option Agreement .
15. If two or more persons constitute either the Seller or the
Buyer, the word "Seller" or the word "Buyer" shall be construed as if
it reads "Sellers" or "Buyers" whenever the sense of this Agreement so
requires.
IN WITNESS WHEREOF, Seller has caused this Option Agreement to be
executed by its duly authorized officers on the day and year first above
written.
CITY OF LITTLE ROCK, ARKANSAS
By
MAYOR
By
(S E A L) CITY CLERK
LITTL ROCK PSI AUTHORITY
CHAIRMAN
(S E A L) By ,
ACKNOWLEDGMENT
STATE OF ARKANSAS)
COUNTY OF PULASKI)
On this day, before me, the undersigned , a Notary Public within and
for said County and State, duly commissioned , gnalified and acting, appeared
and , to me well known,
who stated that they are the Mayor and City Clerk, respectively of the
CITY OF LITTLE ROCK, Arkansas, and that they are duly authorized in that
capacity to execute the foregoing instrument for and in the name and be-
half of the CITY OF LITTLE ROCK, Arkansas, and further stated and acknowl-
edged that they have so signed , exeucted and delivered said foregoing
instrument for the consideration, uses, and purposes therein mentioned
and set forth.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal
this day of , 1973.
NOTARY PUBLIC
My Commission Expires :
(SEAL)
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t.
ACKNOWLEDGMENT
STATE OF ARKANSAS)
COUNTY OF PULASKI)
•
On this day before me , a Notary Public, duly commissioned and
acting within and for said County and State, appeared in person the
within named /(��(„ 60typ, and 7/ c3,)
'
to me personally well known, who stated that they were , respectively,
the elkithtreinv and of the LITTLE ROCK PORT
AUTHORITY, and were duly authorized in their respective capacities
to execute the foregoing instrument for and in the name and behalf
of said Authority, and further stated and acknowledged that they had
so signed , executed and delivered said foregoing instrument for the
consideration, uses and purposes therein mentioned and set forth.
IN WITNESS WHEREOF, I ave hereunto set my hand and official
seal this 0 d,t( day of ,ggelmJ , 1973.
,A9Liadad
TARY P IC
My Commission Expires:
02 - 026- ��
(SEAL)
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APPENDIX C . '
•
• • GENERAL PROPERTY DESCRIPTION
TRACTC , AREA 102
• LITTLE ROCK PORT INDUSTRIAL PARK
LITTLE ROCK, ARKANSAS
December 6, '1973
•
• A parcel of land situated in Pulaski County, Arkansas, being part of the N-1/2 of the N-1/2 of
• Section 21, Township 1 North, Range 11 West, and being more particularly described as
• • follows:
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• . Commencing at the Northwest corner of said Section 21, Township 1 North, Range 11 West;
thence S 88° 47'\31" E, 424.46 feet along the North line•of said Section 21 to a point; thence •
• •S 0° 12' 52" E, 60.00 feet to a point on the South right-of-way line of Frazier Pike and said
point being the point of beginning. Thence from the point of beginning S 88° 47' 31" E,
2,171.51 feet along said South right-of-way line to a point; thence S 1° 12' 29"W, 149.25 feet
• to a point; thence S 88° 47' 31" E 156.00 feet to a point on the West Easement line of a
125-foot Natural Gas Pipe Line Company of America Easement; thence S 17° 14' 27" W,
1,143.57 feet, more or less, to a point on the South line of said N-1/2, of said N-1/2 of said
• Section 21; thence along said South line of said N-1/2, N-1/2, Section 21, N 88° 47' 55" W 1,989.42
• feet more or less, to a point; thence N 0° 12' 52" E, 1,260.20 feet to the point of beginning. Said
• parcel contains i33 acres, more or less.
Said parcel subject to a 100-foot drainage easement on the south and a 100-foot power transmission
line easement immediately North of the drainage easement.
• ' Said parcel contains 54.9 acres more or less exclusive of easements.
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