1915RESOLUTION NO. I ~ L ~
A RESOLUTION APPROVING A CONTRACT FOR THE CITY OF
WEST MEMPHIS TO PURCHASE A 6.9179 ACRE TRACT OF REAL
PROPERTY TO BE PART OF THE WEST MEMPHIS MUNICIPAL
AIRPORT PROPERTY, AND FOR OTHER PURPOSES.
WHEREAS, the West Memphis Municipal Airport is eligible to receive grant funding
for the purchase of a 6.9179 acre tract of real property for the purchase price of $25,000 per acre;
and
WHEREAS, a contract for the purchase of the 6.9179 acre tract of real property has been
prepared presented to the City Council of the City of West Memphis Arkansas, for its
consideration and approval and the City Council finds the purchase of said real property to be in
the best interest of the City of West Memphis and the West Memphis Municipal Airport;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, that the contract for the City of West Memphis,
Arkansas, to purchase a 6.9179 acre of real property from Bryant-Ferguson, LLC for the purchase
price of $25,000 per acre is hereby approved and the Mayor and City Clerk are hereby authorized
to execute the contract and any and all other documents which may be necessary to effectuate the
purchase of said real property.
ADOPTED this ~~ day of April, 2009.
WILLIAM H. JO SON, MAYOR
ATTEST:
RECEIVED
P RA, CITY CLERK Cit~r Clerk's Office
Da~~;~"~~~~ I ~ 18~m
Ey ~1.c~212C~~,
SPONSORED BY:
OFFER AND ACCEPTANCE
THIS AGREEMENT is made and entered into this day of ,
2009, by and between the City of West Memphis, an Arkansas municipal corporation, hereinafter
referred to as "Buyer" and Bryant-Ferguson, LLC, an Arkansas limited liability corporation,
hereinafter referred to as "Seller". The parties agree as follows:
1. The City of West Memphis, Arkansas, ("Buyer") hereby offers to purchase from
Bryant-Ferguson, LLC ("Seller"), subject to the terms set forth herein, the following property:
Commencing at the center Section 15, Township 6 North, Range 8
East, Crittenden County, Arkansas:
Thence N00°28'18"W along the center of said Section 15 and along the center of
Taxiway Drive a distance of 667.25 feet to the Southeast corner of the Bryant-
Ferguson, LLC 10 acre tract of record in Book 1114, Page 712;
Thence S89°30'53"W along the South line of said 10 acres and along the North
line of the City of West Memphis property of record in Book 363, Page 561, a
distance of 360.32 feet to a''/z" rebar set at the point of beginning and having state
plane coordinates of North 298837.01 feet and East 1841438.83 feet;
Thence S89°30'53"W along said North line 717.68 feet to a found 4" concrete
monument with a brass cap stamped West Memphis Municipal Airport at the
Southwest corner of said 10 acres;
Thence N00°28'18"W along the West line of said 10 acres a distance of 416.00
feet to a found 4" concrete monument with a brass cap stamped West Memphis
Municipal Airport at the Southwest corner of the City of West Memphis property
recorded in Book 475, Page 536;
Thence N89°30'53"E along the South line of said property 731.09 feet to a''/2"
rebar set 1' West of a 6' chain link fence;
Thence SO1 °22'32"W parallel to said fence 416.22 feet to the point of beginning;
Containing 301,345 square feet or 6.9179 acres, more or less.
2. The Buyer will pay $172,947.50 for the property in cash at closing.
3. Conveyance shall be made to Buyer, or as directed by Buyer, by general warranty
deed, in fee simple absolute, except it shall be subject to recorded restrictions and easements, if
any. Seller warrants and represents only the signatures set forth below are required to transfer
legal title to the property. Seller warrants and represents that Seller has peaceable possession of
the property, and the legal authority and capacity to convey the property by a good and sufficient
general warranty deed, free from any liens, leaseholds or other interests.
4. The Buyer shall, at Buyer's expense, obtain a certified survey.
5. Seller shall furnish, at Seller's cost, an owner's policy of title insurance in the
amount of the purchase price. If a loan is secured for the purchase of the property, Buyer agrees
to pay mortgagee's portion of the title policy.
6. Taxes and special assessments due on or before the closing date shall be paid by
the Seller. Current general taxes and special assessments shall be pro-rated as of the closing date
based upon the last tax statement.
7. The closing date is designated to be no later than , 2009, The
closing date maybe extended only by written agreement of Buyer and Seller.
Seller shall vacate the property and deliver possession to the Buyer upon closing.
9. This offer expires if not accepted on or before , 2009.
CITY OF WEST MEMPHIS, ARKANSAS,
BUYER
BY:
ATTEST:
PHILLIP PARR, CITY CLERK
WILLIAM H. JOHNSON, MAYOR
The above offer is accepted on the day of __ , 2009.
BRYANT-FERGUSON, LLC, SELLER
By:
TITLE: