Resolutions

RESOLUTION NO. 2008-20

WHEREAS, the City Council of Elkins, Arkansas, has this date been presented with an Offer and Acceptance negotiated by Jack Ladyman, Mayor, with James R. Ball proposing that the City sell a parcel of real estate and improvements to Carter Ball Properties, Inc. an Arkansas Corporation.

WHEREAS, James R. Ball has agreed on behalf of Carter Ball Propetiies, Inc. an Arkansas Corporation, to purchase the parcel of real estate and improvements from the City for use by Carter Ball Properties, Inc. an Arkansas Corporation, for the sum of Thirty- Five hous and and no/100 Dollars ($ 35,000) with the parties paying their specified share of all costs associated with the conveyance as set forth in such Agreement.

WHEREAS, the City is using but has no pressing need for the Grams Building.

WHEREAS, the costs to the City associated with selling the parcel of real estate and improvements, in addition to legal fees, and recording expenses are not expected to exceed $5 ,000.00.

BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF ELKINS, ARKANSAS, that after due deliberation and consideration of the attached Offer and Acceptance, regarding selling the parcel of real estate and building known as the Grams Building to Carter Ball Properties, Inc. an Arkansas Corporation, the Council has determined that the interests of the City, its residents and occupants will be best served by accepting and entering into said Agreement and selling the parcel of real estate and building to Catier Ball Properties, Inc. an Arkansas Corporation, for the afore said price plus the City's share of the costs/expenses of the transaction.

The Mayor and Recorder-Treasurer should be and hereby are authorized to execute and tender to the Buyer (Carter Ball Properties, Inc. an Arkansas Corporation) the attached Offer and Acceptance and accept the earnest money check of $1,000, which shall be deposited in the general fund account and to take all steps necessary to move towards a close of the sale. The Mayor and Recorder-Treasurer are also hereby authorized to take all necessary steps to pass clear title to the parcel of real estate to Carter Ball Prope11ies, Inc. an Arkansas Corporation (on terms as set forth in the contract) and to pay the City's share of the costs associated therewith from the funds of the City of Elkins General Fund.

Passed and Approved this 24TH day July, 2008 .