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HomeMy WebLinkAbout5231 RESOLUTION NO. 5,231 A RESOLUTION ACCEPTING AN OFFER MADE BY PARK AVENUE LEASING CORPORATION TO SELL TO THE CITY OF LITTLE ROCK A PERPETUAL EASEMENT OF A TRACT OF LAND LOCATED IN THE LITTLE ROCK PORT INDUSTRIAL PARK; APPROPRIATING FROM THE LITTLE ROCK PORT CONSTRUCTION FUND THE SUM OF $42, 500 . 00 FOR THE CONSIDERATION OF SAID PURCHASE ; AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AMENDMENT TO THE LITTLE ROCK PORT INDUSTRIAL PARK BILL OF ASSURANCE AS TO TRACT F , AREA 201, WAIVING THE RE- SALE RESTRICTION CONDITION IN PARAGRAPH 11 OF THE BILL OF ASSURANCE AFTER THE PARK AVENUE LEASING CORPORATION HAS COMPLETED CONSTRUCTION OF A WAREHOUSE CONTAINING 40 ,000 SQUARE FEET EVEN THOUGH SUCH STRUCTURE OCCUPIES LESS THAN 20% OF THE TRACT; AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN INDEMNIFICATION AGREEMENT WITH THE PARK AVENUE LEASING CORPORATION INDEMNIFYING SAID PARK AVENUE LEASING CORPORATION AGAINST CLAIMS FOR ACCIDENTS OCCURRING ON THE EASEMENT PROPERTY ; AND FOR OTHER PURPOSES NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS . SECTION 1. Park Avenue Leasing Corporation has submitted to the Little Rock Port Authority an Offer to Sell a permanent easement over and across Tract F , Area 201 of the Little Rock Port Industrial Park containing . 766 acres for a consideration of Forty-two Thousand Five Hundred Dollars ($42 , 500 . 00) , which offer has been accepted by the Little Rock Port Authority subject to approval of the Board of Directors of the City of Little Rock. The tract of land under con- sideration is more particularly described as follows : An easement of land located in Part of Tract F, Area 201 of the Little Rock Port Industrial Park, an addition to the City of Little Rock, Pulaski County, Arkansas , said easement being more particularly described as follows: Beginning at the Northwest corner of said Tract F; thence along the North line of said tract 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 continue along said North line along the arc of said curve 196 . 82 feet to a point; thence continue along said North line N 78° 41' 52" E , 254 . 38 feet to a point ; thence S 71° 32 ' 42" W , 651. 88 feet to a point on the West line of said Tract F; thence along said West line N 0° 12 ' 52" E , 137. 83 feet to the point of beginning. Said easement contains 0 . 766 acres , more or less . -2- SECTION 2 . The Offer to Sell as set out in an Offer and Accept- ance dated June 6 , 1974 , attached to this Resolution and incorporated herein by reference, is hereby approved by the Board of Directors of the City of Little Rock; and upon execution and delivery of a convey- ance of easement approved by the City Attorney, the City Manager and the Director of Finance of the City of Little Rock be and they are hereby authorized to issue a warrant payable to the Park Avenue Leasing Corporation in the sum of Forty-two Thousand Five Hundred Dollars ($42 , 500 . 00) , which sum is hereby appropriated from the Little Rock Port Construction Fund. SECTION 3 . As a condition to the sale aforesaid, it will be necessary to amend the Bill of Assurance of the Little Rock Port Industrial Park as to Tract F , Area 201 waiving the resale restriction as provided for in paragraph 11 of said Bill of Assurance even though a building constructed by the Park Avenue Leasing Corporation shall occupy less than twenty (20%) percent of the tract. The Little Rock Port Authority has recommended to the Board of Directors of the City of Little Rock that such amendment to the Bill of Assurance be executed, which action is hereby approved by the Board of Directors of the City of Little Rock and the Mayor and City Clerk are hereby authorized to execute such amendment to the Bill of Assurance upon approval of such amendment by the City Attorney. SECTION 4 . A second condition for the sale of the above described easement is that the City of Little Rock agrees to indemnify the Park Avenue Leasing Corporation against any claims for accidents occurring on the easement property. The Little Rock Port Authority has recom- mended such indemnification agreement and the Mayor and City Clerk are hereby authorized and directed to execute such an agreement after prior approval of the City Attorney. SECTION 5 . This Resolution shall be in full force and effect from and after its adoption. ADOPTED: June 18, 1974 ATTEST: �j.t� APPROVED: GU h(e City Clerk Mayor OFFER AND ACCEPTANCE Dated May 30 , 1974 1. PARK AVENUE LEASING CORPORATION, herein called the Seller, offers to sell to the Buyer, subject to the following conditions , the following property: A perpetual easement, as has been designated by the parties, not to exceed 35, 000 square feet across the northwest corner of Tract F, Area 201, in the Little Rock Port Industrial Park, Pulaski County, Little Rock, Arkansas . 2 . Buyer will pay to Park Avenue Leasing Corporation a sum of Forty-two thousand five hundred dollars ($42 , 500 .00) in cash, for the above described property. 3. Conveyance shall be made by Easement form, attached hereto. 4. Possession of the tract shall be delivered immediately upon closing of this transaction. 5 . This Offer shall be a binding contract when accepted by the Buyer. Seller PARK AVENUE LEASING CORPORATION Attested: By: Title The above Offer is accepted this 6th day of June , 19 74 . Buyer LITTLE ROCK PORT, AUTHORITY By By: