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RESOLUTION 2015-10

RESOLUTION NO. 2015-10
AN RESOLUTION RATIFYING EXECUTION AND
TRANSMITTAL OF OFFER AND ACCEPTANCE TO
PURCHASE TRIANGLE PROPERTY ON MAIN DRIVE
WHEREAS, the City has long been the beneficiary of the Allen family 's generosity
regarding the City's use of approximately two (2) acres ofland north of Main Drive and East of
the Arkansas-Missouri railroad tracks.
WHEREAS, with the demise of the Allen Canning Company that parcel of real estate is
being offered for sale by the current owner, Del Monte Foods, Inc.
WHEREAS, the City would be benefitted in numerous ways if that parcel of land could
be acquired at a reasonable price.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF JOHNSON, ARKANSAS, that:
SECTION 1: On or about July 9th, 2015, there was transmitted to the real estate
agency handling the sale of 1.9 acres on the north side of Main Drive for Del Monte Foods, Inc.,
by the Mayor an offer and acceptance seeking to purchase the parcels identified in such offer.
SECTION 2: That such offer and acceptance was expressly conditioned on same being
ratified and approved by this Council prior to July 15,2015.
SECTION 3: That a true, correct and complete copy of such offer and acceptance as
transmitted is attached hereto.
SECTION 4: That the offer and acceptance transmitted to Del Monte Foods, Inc.
on/about July _ _ , 2015, by the Mayor (as same is attached hereto) is hereby approved and
ratified and the Council hereby authorizes acquisition of the described property in accordance
Municipal/coj Triangle Property Acceptance Res 0709 15

Municipal/coj Triangle Property Acceptance Res 07091 S
REAL ESTATE CONTRACT
(Offer and Acceptance)
July __ , 2015
1. Buver: The City of Johnson, Arkansas, a Municipal Corporation. Offers to buy, subject
to the terms set forth herein. the follo\ving property.
2. Property Description And Address: See Exhibit "A" hereto. Alw known as Parcel No.
785-18067-000 and Parcel No. 785-18069-000 Washington County. AR.
3. Purchase Price: The Buyer will pay $75.000.00 for the property and improvements at
Buyer's closing. The purchase price shall be paid in cash at closing, credit for earnest
money deposit of $1,000.00 shall be given at that time.
4. Earnest Money: Buyer herewith tenders a check for $1,000.00 to be deposited upon
acceptance as earnest money, which shall apply on purchase price or closing costs. If
title requirements are not fulfilled or Seller elects to rescind agreement pursuant to No. 11
hereinbelow, it shall be promptly refunded to Buyer. If Buyer fails to fulfill its
obligations, the earnest money shall become liquidated damages,
5. Conveyance: Conveyance shall be made to Buyer, or as directed by Buyer, by general
warranty deed, except it shall be subject to recorded restrictions and easements, if any,
which do not materially affect the value of the property.
6. Title Insurance: The owner(s) of the above property, hereinafter called Seller, shall
furnish, at Seller's cost, a policy of title insurance in the amount of the purchase price.
7. Prorations: Taxes and special assessments due on or before Buyer's closing shall be paid
by Seller. Taxes and special assessments shall be prorated as of Buyer's closing.
8. Closing: The closing date is estimated to be on or about , 2015.
However, any unforeseen delays such as clearing title specifically does not void this
contract.
9. Possession: Possession shall be delivered to Buyer on Buyer's closing date. The property
is being purchased ''As Is".
10. Fixtures and Attached Equipment: There are no fixtures or attached equipment.
11. Environmental Assessment: Buyer, upon acceptance of this offer, shall have thirty (30)
days to have an environmental assessment performed on the subject property. If
environmental remediation is required/recommended then Buyer shall have an additional
thirty (30) days to obtain quotes/bids on such remediation. In the event the
required/recommended remediation quote/bids exceed $12.000.00 then Seller may
rescind this agreement and refund the earnest money or adjust the sales price to a level
acceptable to Buyer.
12. Inspections and Repairs: Except as mentioned above, Buyer certities that Buyer has
inspected the property and is not relying upon any warranties. representations or
statements of Seller as to age or condition ofthe property.
13. Risk of Loss: The risk of loss or damage to the property by tire or other casualty
occurring up to the time of Buyer's receipt of possession is assumed by Seller.
14. This offer is specifically subject to approval and ratitication by the Johnson City Council
prior to July 15.2015: this offer is valid until 12:00 Noon on Friday, the 241h day of July.
2015. at which time it expires.
THIS IS A LEGALLY BINDING CONTRACT WHEN SIGNED BY BOTH BUYER AND
SELLER, IF NOT UNDERSTOOD, SEEK LEGAL ADVICE.