The URL can be used to link to this page

Home My WebLink About2022-09-02-R RESOLUTION # AO-W —0 A RESOLUTION AUTHORIZING THE PURCHASE OF THE PROPERTY LOCATED AT 710 ST. LOUIS ST. FROM FIRST COMMUNITY BANK WHEREAS, the Batesville Police Department is currently located 51 Industrial Drive, Batesville,Arkansas;and WHEREAS, that the City recently sold 51 Industrial Drive to Bad Boy Mowers,LLC in order to foster economic growth and to establish a more centrally located Police Department;and WHEREAS, the property located at 710 S. St. Louis Street meets the Police Department's needs as well as fulfilling the goal of having a more centrally located Police Department; and NOW,THEREFORE BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF BATESVILLE,ARKANSAS SECTION 1:That the City of Batesville hereby authorizes the purchase of 710 S. St. Louis Street,Batesville,Arkansas for the purchase price of$850,000, more or less to from First Community Bank, per the real estate purchase agreement which is attached hereto and incorporated herein by reference. PASSED AND APPROVED this day of September, 2022. Rick Elu �ayor�� ATTEST: Denise Johnston, Cdy Clerk CONTRACT FOR THE SALE OF REAL PROPERTY This Contract of Sale ("Agreement") is made by and between First Community Bank, 1325 Harrison Street, Batesville, AR ("Seller") and the City of Batesville, Arkansas, 500 E. Main Street, Batesville, AR ("Purchaser"). WITNESSETH: In consideration of the mutual promises herein contained, the Seller agrees to sell, and the Purchaser agrees to buy, in accordance with the terms and conditions of this Agreement, the following real property in Independence County, Arkansas: See Exhibit A (hereinafter referred to as the"Property"). 1. PURCHASE PRICE. The Purchase Price for the Property is $850,000.00, payable at closing. 2. TITLE AND CONVEYANCE. Seller is to convey title to Purchaser by Warranty Deed. Title shall be good and marketable, subject only to: (a) covenants, conditions, easements, agreements and restrictions of record; (b) public, private utility easements and roads and right-of-ways; (c) applicable zoning ordinances, protective covenants and prior mineral reservations; and (d) real estate taxes for the year 2022, water charges and/or sewer rents, if any, subject to apportionment. 3. CONDITION OF PROPERTY. The Property is being sold as is. Purchaser certifies that Purchaser has personally inspected or will personally inspect, or has had or will have a representative inspect, the Property as fully as Purchaser desires and is not relying upon any warranties, representations or statements of the Seller regarding the Property, whether or not an existing defect may be reasonably discoverable by Purchaser. 4. CLOSING. The parties agree that the closing shall be at such time as mutually agreed by the parties, after the sale of Purchaser's property at 51 Industrial Drive, Batesville. The parties intend for closing to be 60- 90 days from the execution of this Agreement. At closing, Seller shall deliver to Purchaser a Warranty Deed, executed in proper form for recording, and sufficient to convey title to the Property in accordance with this Agreement. 1 of 4 5. CONTINGENCIES. This Agreement shall not be binding on Purchaser unless and until it is approved by resolution by the Batesville City Council. This Agreement is subject to the City's current contract for sale of the Batesville Police Department to Bad Boy Mowers, LLC, and shall not be binding on either party unless and until said sale of the Police Department is complete. For purposes of timing of closing, the timeframe laid in Paragraph 4 of this Contract, the 60-90 days shall not start until it has been approved by the City Council and the sale of the Police Department has occurred, whichever is later. 6. REAL ESTATE TAXES AND CLOSING COSTS. Any taxes and special assessments due on or before closing shall be paid by Seller. Real estate taxes shall be apportioned as of midnight of the day preceding the date of closing. Seller and Purchaser shall split ordinary closing costs. Seller will bear the cost of an owner's title insurance policy. 7. NO BROKER OR AGENTS. The parties represent that neither party has employed the services of a real estate agent or broker in connection with the Property, or that if such an agent has been employed, the party employing the agent will pay any and all expenses outside the closing of this Agreement. 8. REPRESENTATIONS. Seller represents that as of the date of closing there will be no liens, assessments or security interests which will not be satisfied out of the sale proceeds. Seller represents that the Property may legally be used as zoned and that no government agency has served any notice to Seller requiring repairs, alteration or corrections of any existing condition. Seller represents that: (a) the Property is not the subject of any judicial or administrative notice or action relating to hazardous waste or environmental contamination; (b) Seller has received no notice of any claim or violation of any law or regulation having to do with environmental protection; (c) no hazardous or toxic substances have been stored, processed, or disposed of on the Property during the period that Seller has owned the Property; and (d) no underground storage tanks are located on the Property. 9. AGREEMENT OF PARTIES. This Agreement shall contain the entire understanding and agreement between Seller and Purchaser with respect to all matters referred to herein and shall supersede all prior or contemporaneous agreements, representations, discussions and understandings, oral or written, with respect to such matters. 2of4 10. MISCELLANEOUS. This Agreement may not be altered, amended, changed, waived or modified in any way unless the same shall be in writing signed by Seller and Purchaser. This Agreement shall be governed by the laws of the state of Arkansas. The prevailing party in any legal proceeding brought under or with respect to the transaction described in this Agreement is entitled to recover from the non-prevailing party all costs of such proceeding and reasonable attorneys' fees. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Time is of the essence in the performance of this Agreement. IN WITNESS WHEREOF, Seller and Purchaser have duly executed this Agreement this tZ, day of August, 2022. PURCHASER City of Batesville, AR By: Its: SELLER First Community Bank By: -- Its: 3of4 Exhibit A Lots Four (4) and Five (5), Block Fifty Three (53), School Addition to the City of Batesville, Arkansas. AND All of Fractional Block Fifty Four(54), School Addition to the City of Batesville, Arkansas. AND Eleventh Street between Oak Street and St. Louis Street, being bounded on the West by Fractional Lot 5 of Fractional Block 53 and on the East by Fractional Block 54, all in School Addition to the City of Batesville, Independence County, Arkansas. BEING THE SAME PROPERTY DESCRIBED AS FOLLOWS: Batesville Local Office, being more particularly described as follows: All of Lot 5 in Block 53 of School Addition to the City of Batesville, County of Independence, subject however to all restrictions, covenants or easements of record, EXCEPT THE FOLLOWING: Beginning at a point on the West line of 11 th Street 78 feet Southeast from the North corner of said Lot 5, which corner is the intersection of Oak and 11 th Streets; thence in a North direction along the West line of 11 th Street a distance of 78 feet to said intersection point of Oak and 11 th Streets; thence in a Westerly direction along the South line of Oak Street a distance of 70 feet to the Northwest corner of said Lot 5; thence in a South direction along the West line of said Lot 5 parallel with 11 th Street a distance of 51 feet; thence in an Easterly direction a distance of 72 feet, more or less, to said beginning point; and Lot 4 and part of Lot 5 of Block 53 of School Addition to the City of Batesville, County of Independence, Arkansas, and part of Lot 5 in Block 53 of School Addition to Batesville, Arkansas, is described as follows: Beginning at a point on the West line of 11 th Street, 78 feet Southeast from the Northern corner of said Lot 5, which corner is the intersection of Oak and 11 th Streets; thence in a North direction, along the West line of 11 th Street a distance of 78 feet to said intersection point of Oak and 11 th Streets; thence in a Westerly direction, along the South line of Oak Street, a distance of 70 feet to the Northwest corner of said Lot 5; thence in a South direction, along the West line of said Lot 5, parallel with 11 th Street, a distance of 51 feet; thence in an Easterly direction, a distance of 72 feet, more or less, to said beginning point, subject however to all restrictions, covenants or easements of record; and Fractional Block 54, School Addition to the City of Batesville, County of Independence, Arkansas, same being a part of the Southeast Quarter of the Northwest Quarter of Section 16, Township 13 North of Range 6 West, subject however to all restrictions, covenants or easements of record; and Eleventh Street between Oak Street and St. Louis Street, being bounded on the West by Fractional Lot 5 of Fractional Block 53 and on the East by Fractional Block 54; all in School Addition to the City of Batesville, County of Independence, Arkansas, subject however to all restrictions, covenants or easements of record. 4 of 4