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RESOLUTION NO . 6,071
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A WARRANTY DEED IN FAVOR OF O'NEAL STEEL, INC .
PURSUANT TO AN OFFER AND ACCEPTANCE ENTERED INTO BY THE
LITTLE ROCK PORT AUTHORITY AND THE SAID O 'NEAL STEEL,
INC. DATED NOVEMBER 16 , 1978, AND ACCEPTED NOVEMBER 30 ,
1978, AS TO A PORTION OF TRACT B, AREA 103 OF THE LITTLE
ROCK PORT INDUSTRIAL PARK, SAID DEED TO CONVEY SAID LAND
AS DESCRIBED HEREIN AND TO BE DELIVERED UPON PAYMENT OF
THE TOTAL AMOUNT OF THE PURCHASE PRICE; AND FOR OTHER
PURPOSES .
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1 . O 'Neal Steel, Inc . has offered to purchase
approximately 17 . 16 acres of land described as a portion of Tract B,
Area 103 in the Little Rock Port Industrial Park pursuant to an Offer
and Acceptance Agreement dated November 16 , 1978, and accepted by the
Little Rock Port Authority on November 30, 1978. The tract of land
under consideration is more particularly described as follows :
A portion of Tract B, Area 103 , Little Rock Port
Industrial Park, described as follows :
A tract of land situated in the E 1/2, NE 1/4, NE 1/4,
Section 21, and the W 1/2, NW 1/4, NW 1/4, Section 22,
Township 1 North, Range 11 West , City of Little
Rock, Pulaski County, Arkansas , being more
particularly described as follows :
Commencing at the Northeast corner of said
Section 21; thence S 01° 25 ' 41" W, 60. 00 feet
along East boundary line of said Section 21 to
the South right of way line of Frazier Pike and
the Point of Beginning; thence S 87° 52 ' 09" E,
271. 40 feet on South right of way line of . •
Frazier Pike; thence S 02° 07 ' 51" W, 1, 259 . 55
feet to the South boundary line of the NW 1/4, NW 1/4
of said Section 22; then continuing along said
South boundary line of the NW 1/4, NW 1/4 of said
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Section 22 , N 87°. 48 ' 31" W, 255 . 95 feet to the
Southeast corner of the NE 1/4, NE 1/4 of 'said Section 21;
thence along South boundary line of the NE 1/4, NE 1/4
of said Section 21, N 87° 47 ' 55" W, 331 . 34 feet
to a point; N 01° 33 ' 10" E , 1 , 259 . 44 feet , to the
South right of way line of Frazier Pike; thence
continuing along said South right of way line
of Frazier Pike , S 88° 47_' 31" E, 328 . 60 feet,
to the Point of Beginning, and. containing 17. 16
acres, more or less .
SECTION 2 . A copy of the Offer and Acceptance Agreement,
wherein O'Neal Steel , Inc. has offered to pay the sum of $273, 800. 00
for the property, is attached hereto and incorporated by reference.
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Page 2
SECTION 3. The Board of Directors of the City of Little Rock
hereby approves the sale of the property described herein to O'Neal
Steel , Inc. , 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 O'Neal Steel, Inc. , and the City
Clerk is hereby authorized and directed to attest said Deed and to
deliver same to the office of the City Attorney for delivery of
same to O 'Neal Steel, Inc. upon full payment of consideration in
the sum of $273 , 800. 00.
SECTION 4. This Resolution shall be in full force and effect
from the date of its adoption.
ADOPTED: January 16, 1979
ATTEST: (?,,,p-a„
r:4U APPROVED: 6%.0-4. 44.4
City Clerk Mayor
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OFFER AND ACCEPTANCE AGREEMENT
November 16 , 1978
To : Little Rock Port Authority
7500 Lindsey Road
Little Rock , Arkansas 72206
O 'Neal Steel , Inc . , Birmingham, Alabama , herein called the
"Buyer" , offers to buy , subject to the terms set forth herein ,
the following real property of the Little Rock Port Authority :
A portion of Tract B , Area 103 , Little Rock
Por . Industrial Park , described as follows :
A tract of land situated in the E 1/2 , NE 1/4 ,
Section 21 , and the W 1/2 , NW 1/4 , Section 2.2 ,
Township 1 North , Range 11 West , City of
Little Rock , Pulaski County , Arkansas , being
more particularly described as follows :
Commencing at the North8ast corner of said
Section 21 ; thence S 01 25 '41" W, 60 . 00 feet
along East boundary line of said Section 21 to
the South right-of-way line of Frazier Bike
and the Point of Beginning ; thence S 87 52 ' 09" E ,
271 . 40 feet on South righ8-of-way line of
Frazier Pike ; thence S 02 07 ' 51" W, 1 , 259 . 55
feet to the South boundary line of the NW 1/4
of said Section 22 ; then continuing along said
South boundary line of the NW 1/4 of said
Section 22 , N 87 48 ' 31" W, 255 . 95 feet to the
Southeast corner of the NE 1/4 of said Section 21 ;
thence along South boundary line of the NE 1/4
of said Section 22 , N 87 47 ' 55" W, 331 , 34 feet
to a point ; N 01°33 ' 10" E , 1 , 259 . 44 feet , to
the South right-of-way line of Frazier Pike ;
thence continuing along said South right-of-
way line of Frazier Pike , S 88 47 ' 31" E ,
328 . 60 feet , to the Point of Beginning and
containing 17 . 16 acres more or less .
The Buyer will pay Two Hundred Seventy-three Thousand Eight
Hundred Dollars ($273 , 800 . 00) for the property , at closing , less
earnest money tendered herein , upon satisfaction of the following
conditions to its offer :
1 . Buyer shall have access to the property
for soil testing and perculation test , and the
results of these tests will be satisfactory to
Buyer .
2 . The conveyance shall be made by and with
the approval of the Board of Directors of the City
of Little Rock , Arkansas .
3 . Written assurance by Port Authority that
Company ' s description of its business to be con-
ducted on the property shall not be in violation
of Paragraph (1) Type of Business Allowed in the
Bill of Assurance to said property .
4 . Written assurance by Port Authority that
drainage casement contained within the south 100
feet of the described property will be maintained
at all times by it .
5 . The Port Authority will construct a rail line
within the designated right-of-way as shown on the
attached Exhibit "A" , including provision for drainage
across said rail line as shown. The Port Authority shall
permit the buyer to construct a vehicle crossing of
its rail line at a point to he determined by the Buyer
and will contribute to the Buyer $500 .00 toward the
construction of said crossing . A typical crossing is
shown on the attached Exhibit "A" . It is understood
that any crossing constructed will conform to appro-
priate governmental and regulatory agency requirements .
6 . Prior to closing all easements , agreements ,
public dedications and rights-of-way shall be subject
to approval by counsel for Buyer .
Conveyance shall be made by Warranty Deed which shall be
subject to all recorded restrictions and easments , if any, and
it shall include a certain Bill of Assurance .
The Port Authority will furnish at its cost a complete
abstract reflecting merchantable title , however , the Port Authority
shall have an option to furnish Buyer in place of the abstract of
title a policy of insurance written by Title Insurer acceptable
to Company , and submission of an abstract shall not constitute a
waiver of this option . The Port Authority shall have a reasonable
time after acceptance within which to furnish the abstract or
title insurance . If objections are made to the title , the Port
Authority shall have a reasonable time to meet objections or
to furnish title insurance . The closing of the transaction shall
take place at a time mutually convenient to both Port Authority
and Buyer, but in no event sooner than February 2 , 1979 .
Buyer hereby tenders Twelve Thousand Dollars ($12 ,000 .00) as
earnest money , to become part of the purchase price upon acceptance.
This sum shall be promptly returned to Buyer if the offer is not
accepted or if title requirements are not fulfilled. If, after
acceptance , Buyer fails to fulfill his agreement , the earnest
money shall become liquidated damages , which by its acceptance of
this offer, Little Rock Port Authority hereby acknowledges to be
its sole remedy for breach of contract , and acknowledges that the
forfeiture of the earnest money is complete and full satisfaction
for breach of contract and that thereafter it shall not have any
cause of action for damages or specific performance.
Taxes and special assessments , due on or before the closing
date shall be paid by the Little Rock Port Authority . Other
taxes shall be pro-rated as of the closing date .
Possession of the property shall be delivered immediately
upon closing of this transaction.
Revenue stamps , if any , shall be furnished by the Little
Rock Port Authority.
O'NEAL STEEL, INC. , Buyer
Y /
Dona d R. Dona .son, Treasurer
ATTEST:
E. F. Burdine , Asst . Secretary
The above Offer is accepted on .71C-z-a..mi-L',.._. , 1978.
Little Rock Port Authority does agree by its acceptance to pay
agreed upon real estate commission to Putnam Realty , Inc.
LITTLE ROCK PORT AUTHORITY
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Y' At-trZA71
Fred I . Brown , Jr. , Chairman
ATTEST:
LN V�
Robert G . Brave , Secretary
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