A RESOLUTION TO AUTHORIZE SALE AND CONVEYANCE OF A PROPERTY AT 1890 STOKENBURY ROAD (FIRE STATION NO. 2) TO TWIN OAKS INVESTMENTS, LLC
WHEREAS, the Elkins Fire Department has almost completed construction of the new fire station at 1895 Stokenbury road and will begin moving apparatus and equipment into that building within a few weeks;
WHEREAS, once the new building is ready to house the equipment and apparatus Fire Station No. 2 can be sold to help pay for the new building; and,
WHEREAS, the City desires to dispose of Fire Station No. 2 pursuant to the attached Real Estate Contract with Twin Oaks Investments, LLC, which allows the Fire Department to continue using the building at 1890 Stokenbury Road for thirty (30) days after the closing.
BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF ELKINS, ARKANSAS, That:
SECTION 1: The land and improvements described at Exhibit A (which legal shall be supplemented prior to closing, should be sold pursuant to the attached Real Estate Contract to Twin Oaks Investments, LLC, for $120,000.00and the proceeds (less Seller's closing costs) used to pay on the new building.
SECTION 2: That sale of the land and improvements described at Exhibit A to Twin Oaks Investments, LLC for the sum of $120,000.00 is hereby specifically authorized, the Council determining that such a price is fair and reasonable and is the fair market value of such land and improvements.
SECTION 3: The Mayor and Recorder-Treasurer are hereby specifically authorized to execute and deliver a copy of the attached Real Estate Contract (Exhibit A) to Twin Oaks Investments, LLC, and move forward withthe proposed sale of the property (and improvements) described thereon.
SECTION 4: Upon completion of the paperwork for closing, the Mayor and Recorder- Treasurer are hereby authorized to execute and deliver a warranty deed converying the land and improvemnets described at Exhibit A (with supplemented legal description) to Twin Oaks Investments, LLC, for the sum of $120,000.00, (less Seller's closing costs) which shall be deposited into the general fund and used as aforesaid.
PASSED AND APPROVED this 15th day of June, 2017.