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0694 0001.-710 RESOLUTION NO, 694 (#3 - 2013) A RESOLUTION IN SUPPORT OF AND AUTHORIZING THE TRANSFER OF OWNERSHIP FOR CERTAIN PROPERTY DESCRIBED HEREIN (GENERAL DESCRIPTION: 2201 REDMOND ROAD) TO TRANSFER AND CERTIFY PROPERTY OWNERSHIP IN ACCORDANCE WI T H AND UNDER THE RESPONSIBILITIES OF THE CITY THROUGH THE ACT 9 BOND ISSUE OF 1983;AND, FOR OTHER PURPOSES. WHEREAS, real property at 2201 Redmond Road is encompassed by a 1983 Act 9 Industrial Bond issue on behalf of Conestoga Wood Specialties Corporation through requirements imposed upon the City and responsible parties under the bond issuance; and, WHEREAS,after full satisfaction of said Bond issue, all balances owned the City of Jacksonville under the long term Lease Agreement, and closure of their operation at the Jacksonville Plant, Conestoga Wood Specialties Corporation has determined it is in their best interests to transfer ownership of the real property in question and as described below. The City of Jacksonville looks forward to the new owners and the opportunities for employment and growth available for Bryan and Sonya Glaze and the citizens of Jacksonville. As the City will no longer have any ownership interest in the real property, as Conestoga has satisfied all obligations under the Act 9 Bond issue and the Lease Agreement applicable therein,transfer documents have been prepared to the title of said property to insure proper chain of title is made. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF JACKSONVILLE, ARKANSAS, THAT: SECTION ONE: The City Council of Jacksonville, Arkansas, supports the transfer of title to the real property described on the attached Exhibit A to the new purchaser of said property, Bryan and Sonya Glaze, or Conestoga Wood Specialties Corporation in exchange for satisfaction of all obligations and payments due under the issuance of the 1983 Act 9 Bond issue and the applicable Lease Agreement and other encumbering documents title by Conestoga Wood Specialties Corporation. The Council authorizes Mayor Fletcher and City Clerk Davitt to execute and submit the appropriate documentation required to accomplish said property transfer(s) and to terminate the Lease Agreement. The Council further understands that all monetary amounts due thereon have been or will be satisfied and exchanged between the City and Conestoga. 000141 RESOLUTION NO, 694(#3-2013) Page Two SECTION TWO: Any and all other Resolutions in conflict herewith are hereby repealed to the extent of said conflict. This Resolution shall be in effect from and after its date of passage. APPROVED AND ADOPTED THIS 7-1'5'�DA Y OF FEBRUARY, 2013. 4001r / AdOr ', '7 G, ' Y ` ETCHER iiiii.p.t. ATTEST: j l / !�tr ti1 Pik A4 w s,:is r SUSAN DA ► , i CLERK i ' ," G f li rt 'T JJ\!fit q�, a.y. a 7DDA5 eFO; : ' ((\ 'i ROB 'T E. BA ?BURG, C ATTORNEY \