2197ORDINANCE NO. ~~~
AN ORDINANCE WAIVING COMPETITIVE BIDDING FOR THE
PURCHASE OF APPROXIMATELY 5.25 ACRES OF REAL PROPERTY,
APPROVING THE REAL ESTATE CONTRACT FOR UNIMPROVED
PROPERTY, AND FOR OTHER PURPOSES.
WHEREAS, Arkansas Code Annotated Section 14-58-303 authorizes the waiving of
competitive bidding in exceptional situations where competitive bidding is deemed not feasible
or practical; and
WHEREAS, the City of West Memphis is in need of acquiring specific real property
adjacent to an existing utility substation for use by the West Memphis Utility Commission; and
WHEREAS, the City of West Memphis has entered into negotiations with the owner of
the real property for the city to purchase said property for the purchase price of $100,000.00 and
on such terms and conditions as substantially set out in the Real Estate Contract for Unimproved
property attached hereto; and
WHEREAS, the City Council determines that competitive bidding should be waived
because such real property is unique and competitive bidding under such circumstances would
not be feasible or practical;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS THAT:
SECTION 1. Competitive bidding is hereby waived for the purchase of approximately
5.25 acres of real property for the purchase price of $100,000.00 and on the terms and conditions
as set out and described in the Real Estate Contract for Unimproved property attached hereto and
incorporated herein.
SECTION 2. The Real Estate Contract for Unimproved property is hereby approved in
substantially the form as attached hereto and the Mayor and the City Clerk are hereby authorised
to execute such agreement on behalf of the City of West Memphis and any and all other
documents as maybe necessary or required to complete this transaction.
SECTION 3. All Ordinances or parts of Ordinances in conflict herewith are hereby
repealed.
PASSED AND APPROVED this ~~day of u V-~, 2008.
WILLIAM H. JO SON, Mayor
ATTEST:
HI PARA, City Clerk
SPONSORED BY:
~~ ~ ~
RECEIVED
City Clerk's Office
Date/Time o ~ ~~ el : ~a
gy D w~c~
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Real Estate Contract for
Unimproved property
June 2, 20 08
1. The undersigned_ City of West Memphis, AR~ _
herein after called BUYER., offers to purchase, subject to the conditions set forth
below, the following properi:y:
Lecral Description Attached
2. 7.'he ]3uyer agrees,to pay therefore the sum of $ 100,000.00 for the above
described real estate. The down payment shall be $ 0 with t;he balance
subject to the'following conditions:: Cash at Closing
3. Buyer and Seller agree to the following Special Conditions, to-wit:
Buyer &. Seller to pay his own closing cost_ Seller to may
3~ real estate commission to Guaranty Loan & Real Estate Co_
~l. Seller~agrees to fiunish to Buyer '(or their assigns, as directed in writing by Buyer)
title to the above property by a proper deed of conveyance, subject to any restriction,
covenants, or easements and set-back lines of record, if any, which do not materially
affect the value of the property. Unless expressly reserved herein, such conveyance
shall include mineral rights owned by Seller.
6. Seller agrees to furnish to Buyer at the Seller's . cost a policy of title insuuance in the
amount of the purchase price. If objections are made to title, Seller shall have a
reasonable time to meet the objections.
G. If applicable, Buyer agrees to make application for a new loan or a loan assumption
within 0 days from the date of this contract.
7. Buyer hereby tenders the sum of ;~ 0 as earnest money, to be a part of
the purchase price or closing costs. If Seller does not accept this contract or is unable
to fulfill title requixementa this suin shall be returned. If Buyer fails to fulfill his
obligations under this contract-, the earnest money shall be retained by the Seller as
liquidated damages, however, this shall not prevent Seller from asserting other legal
rights for breach of contract.
:~:_. •,
8. Taxes due at the date of closing shall be paid, any taxes'which will be assessed by
closing, but are not payable shall be pro-rated as of the closing date, based on the
taxes last paid. Any ~ deposits on rental property are~to be transferred to Buyer at
closing, insurance payments, interest and rental payments shall bepro-rated as of the
closing date, unless otherwise specified herein.
9. Tlie closing date is estimated to be on or about ~ July 31 , 2008
IIowever, any unforeseen delays, such as arranging financing .or clearing title
specifically do not void this contract.
10. Seller agrees that possession to the above property shall be given to Buyer
A. X~ Upon Buyer's closing date.
13. After Buyer's closing date, but no later than days after Buyer's
closing. In this event, Seller agrees to pay rent at IIuyer's closings $
per day from Buyer's closing to date possession is delivered.
11. Buyer hereby certifies that he has inspected the property "AS IS" aiid is not relying
on any warranty, statements or representations of the Seller as to the conditions of
the above property.
12. The risk of loss or damage to the above property by fire, wind, hail orother casualty
occurring up to the date or closing shall be assumed by the Seller, after closing it shall
be assumed by the Buyer.
13. Unless specifically exchided therein, all fixtures and attached equipment, if any, are
included in the purchase price.
1~1. This Offer shall expire if not accepted on or before ~ 5 days from date.
1G. ~ OTHER CONDITIONS:
TIIIS IS A LEGALLY BINDING CONTRACT WIIEN SIGNED B.Y BO'I'II
BUYER AND SELLER. Ir NOT UNDERSTOOD SEED LEGAL ADIVCE.
BUYER:
~:
SELLER::
City of West Memphis Holiday Gardens Inc.
This forth prepared by JAMES D. SUTTON, Attorney at Law
Blanks filled in by others.
~V
'AREHOUSE
Legal Description
SCALE: 1 "= 40'
A 5.25 acre tract of land lying in the NW 1 /4 of Section 7, T-6-N,
R-9-E, City of West Memphis, Crittenden County, Arkansas, more
particularly described as follows:
Commencing at the northeast corner of said NW 1 /4, thence
N89°43'00"W along the north line of said Section 7 and the centerline
of Ten Mile Bayou Diversion Ditch a distance of 840.00 feet to the
Point of Beginning, thence continue N89'43'00"W a distance of 416.82
feet to a point, thence S00'47'00"E a distance of 440.00 feet to a
point, thence N89'43'00"W a distance of 162.38 feet to a point on the
easterly right of way line of Glen Bailey Drive, thence along said right
of way line along a curve to the right with a radius of 1,175.91 feet
an arc distance of 124.69 feet a chord bearing of S46'43'23"E a
distance of 124.63 feet to a point of intersection with the north right
of way line of State Highway 191 Spur, thence S89'43'00"E along said
north right of way line a distance of 489.63 feet to a point, thence
N00'47'00"W a distance of 525.00 feet to the Point of Beginning,
containing 5.25 acres more or less.
ZONING I-1