0523 RESOLUTION NO. 523 (#10 - 99) 0001Z0
A RESOLUTION AUTHORIZING THE PURCHASE OF THE LEASEHOLD
IMPROVEMENTS LOCATED ON CITY PROPERTY COMMONLY
KNOWN AS THE JACKSONVILLE CHAMBER OF COMMERCE
BUILDING; AND, FOR OTHER PURPOSES.
WHEREAS, the City's new real property at 200 Dupree (acquired through
a generous donation) will provide permanent office facilities for the Jacksonville
Chamber of Commerce. The City, who owns the real property upon which the
Chamber offices are currently located, is in need of additional office facilities,
and has acquired a professional commercial appraisal of the current value for
the leasehold improvements made to their existing facility on City owned
property.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF JACKSONVILLE, ARKANSAS, THAT:
SECTION ONE: The August 2, 1999, appraisal conducted by Pearce
Appraisal Services of Little Rock, Arkansas, is hereby accepted, and the Cost
Approach valuation (of leasehold improvements only) of Twenty -seven and
50/100 Dollars ($27.50) per square foot is determined to be the fair market
value of the leasehold improvements owned by the Jacksonville Chamber of
Commerce at 1400 West Main, Jacksonville, Arkansas. Because the building
has approximately Three Thousand Six Hundred Forty -eight Square Feet (3,648
SF), the total valuation of said leasehold improvements is One Hundred
Thousand Three Hundred Twenty Dollars ($100,320.00), which is rounded off
in the appraisal to One Hundred Thousand Dollars ($100,000.00).
SECTION TWO: The Mayor is hereby authorized to enter into
negotiations with the Board of Directors of the Jacksonville Chamber of
Commerce for the purchase of leasehold improvements located at 1400 West
Main, Jacksonville, Arkansas [Please see attached Exhibit A for exact legal
description]. The purchase price for said leasehold improvements shall not
exceed that of the appraised valuation of One Hundred Thousand Dollars
($100,000.00), and the Mayor and City Clerk are further authorized to execute
any and all documents necessary to complete said transaction.
SECTION THREE: The Mayor is further authorized to enter into
negotiations with the Board of Directors of the Jacksonville Chamber of
Commerce for their lease of the City's property located at 200 Dupree,
Jacksonville, Arkansas, with authorization to provide the Chamber of
Commerce continuation of the long term lease agreement (with up to a Seventy -
nine (79) year period) for said facility. Should such negotiations be completed,
the Mayor and City Clerk are hereby authorized to execute any and all
documents necessary to complete said business transaction.
SECTION FOUR: 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. 1
APPROVED AND ADOPTED THIS I DAY OF DECEMBER, 1999.
CITY OF JACKSONVILLE, ARKANSAS
TOMMY SWAIM, AYOR
ATTEST:
SU •i DAVITT, TYCLERK ,
ROB L RT WapTTO' EY