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HomeMy WebLinkAbout5946 RESOLUTION NO 5,946 A RESOLUTION AMENDING THE 4th YEAR COMMUNITY DEVELOPMENT BLOCK GRANT HOUSING ASSISTANCE PLAN; ENDORSING THE EASTVIEW TERRACE APART- MENT COMPLEX AS A HIGH PRIORITY PROJECT; AUTHORIZING AN OPTION CONTRACT; AND FOR OTHER PURPOSES BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS. SECTION 1 . The Board of Directors of the City of Little Rock, Arkansas hereby endorses and supports the Eastview Terrace Apartment project whereby some 200 units of Section 8 housing would be con- structed at 13th and Hanger Streets in the City of Little Rock. In connection therewith the Board of Directors hereby commits itself to react favorably to a petition for rezoning the subject property to a use consistent with the planned development. SECTION 2 . The "Housing Assistance Plan" of the 4th Year Com- munity Development Block Grant projects is hereby amended to provide for 200 units of Housing & Urban Development Section 8 Housing Assis- tance to be utilized specifically at the Eastview Terrace Apartment Complex as proposed by the Eastview Development Company, Inc. Inas- much as the proposed project is to be constructed on lands purchased under the Neighborhood Development Program said Project is hereby designated as a "Highest Priority Project . " SECTION 3 . The City Manager, acting for and on behalf of the City of Little Rock, is hereby authorized to enter into an Option Contract with the said Eastview Development Company, Inc. for the sale of the following described property located at 13th & Hanger Streets in the City of Little Rock, sale price being $132 , 000 . 00 for a twelve months term, the consideration for the option contract would be $100 .00 plus other good and valuable consideration, to-wit: -2- A tract _.f land situated in the SEµ of the SEµ of Section 2 and in the NEh of th... NEµ of Section 11, Township 1 North, Range 12 West of the Fifth principal meridian, more or less particularly described as follows: Beginning -c the b,uthwest corner of Block 9 of Hanger's Addition to the City of Little hock, Pulaski County, Arkansas, which the inters.:-Lion of the north right-of-w,4 of East 13th Street with the ri6i.c-ot-way of Hanger Street, thence Nl°44'10" E along saiu East right-of-way of Hanger Street a distance of 840.0 f et to a p(, ' 1: which in the intel:.,0eLioii of Lhe e4st rI-Z;ht- of-wuy of BLveei with the south rip,h .-uf-wuy of Eabt 10th StveeL, ui.•i.. S88°15'50" E a distance 459.0 feet to a point, thence N1°06'10" W a distance of 170.0 feet to the northwest corner of Lot 10, Block 4 of the A. C. Read's Additions, thence SC8°15'50" E a distance of 100.0 feet to the northwest corner of Block 5 of the A. C. Read's. Addit an; thence 1d1°0&'10" W a distance of 10.0 feet to a point on the north line of A. C. Read's' Addition; thence S88°15'50" E along said north line a distance of 89.56 feet to a point th the west right-of-way of the C.R.Z. & P. Railroad thence southeasterly along said railroad ri •tilt-of-way which is a segment of a curve hu.ing a radiub ..f 1580.75 feet and a total deflection through this segment of 6°r '47" rigi1L a distance of 354.79 feet along the cL, rye to a point which is S11° . 55" E a c,.ird distance of 354.03 feet from the previous p,,,,nt; thence N88°15'50" W a distance of 60.31 feet to a point; thence S1°44'10" W a distance of 345.0 feet along the east line of Cleage's and Hanger's Addition to a ,point thence N 88°15 '50" W distance of 85.0 feet to a point; thence S1°44'10" W a uu.stance of 115 .0 feet to a point; thence S46°44'10"W a distance of 91 02 feet to a point which is the center of Block 20 of Hanger's Addition; t,..:nce 5., '44'10" W a distance of 150.0 feet along the center of said Block 23 to a point on the north right-of-way of East 13th Street; thence N88°15'50"W along said right-of-way a distance of 5_L.,.0 feet to the point of beginning and containing 12.80 acres, more or . • -3- SECTION 4 . This Resolution shall be in full force and effect from and after its adoption . ADOPTED: May 16, 1978 r.\\ „ i\\ r-\ \ r) ATTEST: " d(/ej/ APPROVED: Wir-c#.*Ai ,t (\kagi.x--- City Clerk Mayor • REAL ESTATE OPTION CONTRACT GRANTOR: CITY OF LITTLE ROCK, ARKANSAS CITY HALL BROADWAY & FRANKLIN LITTLE ROCK, ARKANSAS ATTENTION: NATHANIEL HILL GRANTEE: EASTVILW DEVELOPMENT COMPANY, INCORPORATED 1860 IZARD STREET LITTLE FLOCK, ARKANSAS 72206 ATTENTION: CHARLES BUSSEY, SR. , PRESIDENT IN CONSIDERATION of the sum of $100.00 and other good and valuable consideration, the City of Little Rock, State of Arkansas, by and through its authorized representative and pursuant to the City of Little Rock Resolution 5946, endorsed by the undersigned, hereby give and grant to the Eastview Development Carpany, Incorporated, an Arkansas Corporation, upon the terms and consideration hereinafter stated, the'option to buy the following described real estate, situated in the County of Pulaski, State of Arkansas, to-wit: A tract of land situated in the SE 1/4 of the SE 1/4 of Section 2 and in the NE 1/4 of the NE 1/4 of Section II, Township 1 N, Range 12 W of the Fifty principle meridian, more or less particularly described as follows: Beginning at the SW corner of Block 9 of Hanger's Addi- tion to the City of Little Rock, Pulaski County, Arkansas, which is the intersection of the N right-of-way of E 13th Street with the E right-of-way of Hanger Street, thence N 1 44' 10" E along said E right-of-way of Hanger Street, a distance of 840.0' to a point which is the intersection of - the E right-of-way of Hanger gtreet with the S right-of-way of E 10th Street, thence S 880 15' 50" E a distance of 459.0' to a point, thence N 1 06' 10" W a distance of 170.0' to the NW corner of L8t 10, Block 4 of the A.C. Read's Addition, thence S 88 15' 50" E a distance of 100.0' to the NW corner of Block 5 of the A.C. Read's Addition; thence N 1° 06' 10" W a distance of 10.0' to a point on the N line of A. C. Read's Addition; thence S 88° 15' 50" E along said N line a distance of 89.56' to a point on the W right-of-way of the C.R.I. & P. Railroad, thence SE along said railroad right-of-way which is a segment of a curve having a radius of 1580.75' and a total deflection through this segment of 6° 25' 47" right a distance of 354.79' along the curve to a- point which is S 11° 25' 55" E a chord distance of 354.03' from the previous point; thence N 88° 15' 50" W a distance of 60.31' to a point, thence S 1° 44' 10" W a distance of 345.0' along the E line of Cleage's and Hanger's Addition to a point; thence N 88° 15' 50" W a distance of 85.0' to a REAL ESTATE OPTION CONTRACT (continued) PAGE TWO GRANTOR: CITY OF LITTLE ROCK, ARKANSAS GRANTEE: EASTVIEW DEVELOPMENT COMPANY, INCORPORATED point; thence S 1° 44' 10" W a distance of 115.0' to a point; thence S 46° 44' 10" W a distance of 91.92' to a point which is the center of Block 20 of Hanger's Addition; thence S 1° 44' 10" W a dis- tance of 150.0' along the center of said Block 20 to a point on the N right-of-way of E 13th Street; thence N 88° 15' 50" along said right-of-gray a distance of 510.0' to a point of beginning and con- taining 12.80 acres, more or less. The said Grantee shall have the irrevocable right to exercise and close this option at any time within twelve (12) months from the date set forth below; and, the Grantor agrees to deliver to said Grantee a good Warranty Deed conveying good and merchantable title to said real estate and to furnish and deliver to the said Grantor, title insurance and an abstract showing good and merchantable title. It is agreed if, within the time above specified, the said Grantee shall declare its intention to exercise this option of right to purchase the said land, the Grantor will deliver the said Warranty Deed to and receive payment hereunder from the Grantee, Eastview Development Company, Incorporated. Unless stated to the contrary herein, the conveyance shall include buildings, improve- ments and appurtenances to the described real estate situated on, in or about the previously described real estate. Upon delivery of said Deed and the clearing of title satis- factory to the said Grantee, the Grantor will be paid the sum of One Hundred and Thirty-Two Thousand Dollars ($132,000.00) as full pay- ment for the purchase of said real estate. The City of Little Rock, the Grantor, further agrees neither to sell or encumber the said real estate during the term of this option. In the event that any buildings, fixtures, appurtenances, or other things are to pass to and became the property of the Grantee in connection with the real property herein covered, the Grantee agrees to keep the REAL ESTATE OPTION CONrwr (continu d) PAGE THREE GRANTOR: CITY OF LITTLE ROCK, ARKANSAS GRANTEE: EASTVIFW DEVELOPMENT COMPANY, INCORPORATED same in good condition without waste, damage, or destruction, and to vacate such property within ten (10) days of the receipt by Grantor of the Consideration mentioned above. Dated this 16th day of January , 19 79 . CHARLES 1366 SR. Pres'4'dent � Eastview Development Company, Inc. GRANTEE Witnesses: 1/ ' ii 27:4 ligr Ade / L Authorized Official for the CITY OF LITTLE ROCK, ARKANSAS GRANTOR Witnesses: • •__21_12.eda± ______!__ _-----.