HomeMy WebLinkAbout5930 *. 4.
RESOLUTION NO. 5,930
A RESOLUTION APPROVING THE FINAL FORM OF PROPERTY
DESCRIPTION FOR A LEASE AND AGREEMENT BETWEEN THE
CITY AND AMERICAN FALCON SERVICE, INC. AND FOR A
TRUST INDENTURE TO BE DELIVERED BY THE CITY TO _
WORTHEN BANK & TRUST COMPANY, N.A.
WHEREAS, by Ordinance No. 13 ,321, adopted August 2 , 1977,
as amended by Ordinance No. 13 ,412 , adopted February 21, 1978, the
Board of Directors of the City of Little Rock, Arkansas (the "City")
approved a Lease and Agreement (the "Lease") between the City and
American Falcon Service, Inc. ; and
WHEREAS, by Ordinance No. 13 , 320 , adopted August 2 , 1977,
as amended by Ordinance No. 13 ,411, adopted February 21, 1978 , the
Board of Directors of the City authorized the issuance of industrial
development revenue bonds of the City to finance improvements and
facilities on the property covered by the Lease and the execution
and delivery of a Trust Indenture (the "Indenture") to Worthen Bank
& Trust Company, N.A. (the "Trustee") ; and
WHEREAS, the purpose of the Indenture, among other things,
is to create a mortgage in favor of the Trustee on the improvements
and facilities to be located on the land covered by the Lease; and
WHEREAS, after completion of final surveys there has now
been presented to the Board of Directors for approval the property
description to be used in the Lease (as a description of the
leased premises) and in the Indenture (as a description of the
land upon which the properties mortgaged are located) ;
"-
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That the property description to be used in
the Lease and in the Indenture shall be as follows: -
A tract of land situated in the NW 1/4 of Section 7, Township 1 North, Range 11 West,
City of Little Rock, Pulaski County, Arkansas, being more particularly bound and described
as follows:
•
Commencing at the Northeast corner of said Section 7; thence West along the center-
line of East Tenth Street 3653.50 feet; thence South 30.0 feet to a point on the South
Right-of-way line of East Tenth Street; thence S 00°00'40"E, 490. 78 feet; thence
S 39°43'00"E, 330.65 feet; thence N 50°17' 00"E, 203.63 feet to a point of
beginning; thence N 50°17'00"E, 76. 37 feet; thence S 39°43'00"E, 417. 77 feet; thence
S 50°17'00"W, 380. 78 feet; thence N 39°46'46"W, 417. 77 feet; thence N 50°17'00"E, 304. 87
feet to the point of beginning; containing 3.654 acres (159,169 square feet) more or less,
AND
A ,tract of land in said NW 1/4 of Section 7, Lying within lines 30.00 feet on each
side of a centerline described as follows:
Starting at the above referenced point of beginning thence N 53°32' 20"W, 618. 96
feet; thence 188. 78 feet along a circular curve to the right having L =-- 52°51'38"
radius = 204.63 feet, and a chord distance and bearing of N 27°06'31"W, 182. 16 feet;
thence N 00°40'42"W, 145.48 feet to a point on the South Right-of-way of East Tenth
Street, containing 1.313 acres (57,194 square feet) .
Total area of Falcon Jet lease area described above is 4.967 acres (216,363 .square
feet) , more or less.
A .�.
•
Section 2 . That this resolution shall be in full force
and effect from and after its adoption.
PASSED: April 18, 1978 .
APPROVED:
ATTEST: tC)114110rm
Mayor
lAr
i'�y rk