1987-04-01-R - Laserfiche WebLink

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MEMORANDUM OF COMPROMISE AND SETTLEMENT This memorandum of understanding entered into this day of April , 1987 by and between the City of Batesville, hereinafter known as the City, and Ideal Baking Company, Incorporated, hereinafter known as the Company, for the mutual promises and considerations set out herein below, agree as follows: 1. That the Company is the owner of certain real property in the City described as follows: A tract of land being part of Lot Eight (8) in Block Sev- enty-five (75) of Maxfield's Third Eastern Addition to the City of Batesville, Independence County, Arkansas more particularly described as follows: Beginning at the Southeast corner of said Lot 8; thence run N 01 degrees 04' 57" E along the West R/W Line of 14th Street, a distance of 150.00 feet to the Northeast corner of said Lot 8; thence run N 89 degrees 09'48" W along the North Line of said Lot 8, a distance of 4. 50 feet; thence run S 01 degrees 27' 52" W, a distance of 150.01 feet to the South Line of said Lot 8 and the North R/W Line of Lawrence Street, thence run S 89 degrees 09'48" E along said North R/W Line, a distance of 5.50 feet to the Point of Beginning, containing 750 square feet, more or less. 2. That the City has caused to be constructed, maintained and used a public way known as 14th Street which encroaches on the property owned by the Company described above. 3. That the Company is to expand its facility located on property adjacent to the tract described above with said expansion to conform to the size and dimension of the existing structure owned by the Company. That the existing structure was built by the Company before the City's current Zoning Code was enacted and the proposed expansion would not be in conformity therewith. NOW, WHEREAS, the City is desirous of obtaining clear title to the property upon which its street improvement lies, and the Company is de- sirous of expanding its present facility in conformation with the ex-