1658
RESOLUTION NO. ~ IpJ 0
A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION
OF A REAL ESTATE PURCHASE AGREEMENT FOR THE PURCHASE
OF CERTAIN REAL PROPERTY FROM GUARANTY LOAN & REAL
ESTATE COMPANY, AND FOR OTHER PURPOSES.
WHEREAS, pursuant to A.C.A. 14-54-302, municipal corporations are authorized to
buy real property with the execution of all such contracts to be performed by the Mayor and City
Clerk when authorized by a resolution in writing and approved by a majority vote of the city
council; and
WHEREAS, the City of West Memphis is the recipient of grant funds from the Economic
Development of Arkansas Fund which grant funds are to be used for the purpose of economic
development by supporting job creation or job retention projects by government entities; and
WHEREAS, the Economic Development of Arkansas Fund Commission has approved
additional grant funds to be used by the City of West Memphis as set out in A.C.A. § 26-59-122;
and
WHEREAS, for the purpose of promoting the economic development of the City of West
Memphis and the surrounding area and in reliance upon the commitment of the Economic
Development of Arkansas Fund Commission, the City of West Memphis has negotiated a real
estate purchase agreement for the purchase of (, S~.acres of real property from Guaranty Loan
& Real Estate Company for the purchase price of $1,000,000, together with an agreement to
provide not more than $1,000,000 toward the development of streets, roads, bridges, drainage,
and other vital public facilities related to job creation or retention; and
WHEREAS, the City of West Memphis is in the process of approving the issuance of
bonds for the construction of a distribution facility to be located on such real property; and
WHEREAS, the City Council of the City of West Memphis finds that the city's
acquisition of this real property and the development of streets, roads, bridges, drainage, and
other vital public facilities in connection with such property will serve to create jobs and further
the economic development of the City of West Memphis and the surrounding area and the real
estate purchase agreement should be approved and the Mayor and City Clerk should be
authorized to execute the real estate purchase agreement on behalf of the City of West Memphis;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, THAT:
SECTION 1. The real estate purchase agreement between the City of West Memphis and
Guaranty Loan & Real Estate Company is hereby approved and the Mayor and the City Clerk are
hereby authorized to execute the real estate purchase agreement on behalf of the City of West
Memphis.
SECTION 2. The Mayor and City Clerk are hereby authorized and directed to perform
any and all acts on behalf of the City of West Memphis as may be necessary or required to
accomplish the acquisition of such real property.
ADOPTED this ~g~ day of ~iJtivS~' , 2000.
WILLIAM H. JOHNS N, MAYOR
ATTEST:
HILLI ,CITY CLERK
SPONSORED BY:
ECEIVE
CITY CLERKS OFFICE
DATE -~ -170 ~ ~~Uc„ti
FROM 10 .t )..Ol C~.c.L
U