RES NO 11-03-2012 CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. It -3 2012
BE IT ENACTED BY TFIE CITY COUNCIL, FOR THE CITY OF VAN BUREN,
ARKANSAS, A RESOLUTION TO BE ENTITLED:
A RESOLUTION AUTHORIZING THE MAYOR TO PURCHASE
CERTAIN REAL PROPERTIES NECESSARY FOR THE
CONSTRUCTION AND COMPLETION OF THE NEW VAN
BUREN SENIOR CENTER AND SAFE ROOM, AND FOR
OTHER PURPOSES.
WHEREAS, the City has determined that it is necessary to acquire, for the public good and benefit,
certain real property located within the Van Buren city limits, to construct the new Van
Buren Senior Center and Safe Room; and
WHEREAS, upon the City's best, information, knowledge, and belief the appraised value and the fair
market value of said properties are as listed below. The City, and through its designated
agents, has offered in good faith to purchase said property for the amounts listed below
plus the City's share of closing costs.
Property Address Legal Description Appraised Value Purchase Price
1. 611 Knox Parts of Lots 1 2 $31,000.00 $31,000.00
Block 2, Knox Addition plus $700 toward
seller closing costs.
2. 613 Knox Parts of Lots 1 2 $21,000.00 $21,000.00
Block 2, Knox Addition
3. 9 Washington Part of Lot 2 $37,000.00 $37,000.00
Block 2, Knox Addition
4. 21 23 Washington Lot 7 8, Block 2 $37,000.00 $37,000.00
Lot 1, Block?
Knox Addition
5. 103 Washington Lot 2, Block 7 $5,000.00 $5,000.00
Knox Addition
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
VAN BUREN, ARKANSAS, THAT:
SECTION 1: The City Council hereby authorizes the Mayor to purchase the afore described real
properties for the amounts listed plus closing costs, as more fully setout in the attached
estimated closing costs reports, utilizing Senior Center Bond Funds.
SECTION 2: The Mayor is authorized and directed to execute such documents and instruments as may
be necessary to proceed with and finalize the purchase of said property, and the City
Clerk is hereby authorized and directed to attest same.
EN WITNESS WHEREOF, the City of Van Buren, Arkansas, by its City Council, did pass,
approve, and adopt, by a vote of 5 for and p against, the foregoing Resolution at its regular meeting
held on the 19 of November, 2012. /Th
■IM \‘‘,(r
Robert D. Freeman e
Mayor
ATTESTED: ca APPROVED AS O FORM:
Barbie Curtis Ca
City Clerk/Treasurer City Attorney
Jllnlny Dell Roal Esh-le Co npo y
1081 iayellev111e Road. Von Duren, AR 72956
50I .1749200
PROPERTY
AUDR •o
DOWN PAYMENT VA
N S
DEPOSIT ILAII'L
�C1 31 Ud
PREPAID EXPENSES: __YISARG
First. Year's Nome Uwner' -g Insurance r
Premium
Pill or NIP 1ns:trance Reserve
Ito 0
Ild Lal:d Insurance RCS OFVe
Mo E S
Ad Valorem
Tax Reserve
no 0 S
Maximum Prepaid interest
Da 0
'I'U'.L'AI. PREPAID EXPENSES
CLOSING COSTS.
Oriy Llati.an Fee e (x)
A ppraisal
erect i. C Report
Survey
ecordIna Fees: Deed
MorL. Assign
Flood Ce,- 1. it icaL e D.
DUCll lne rlC Preparation
57'.
'.1'il:-le Insurance: Loan
Owner C
l/ 2n
Discount 01: Warehouse Fee
Revenue >I.amps j
..57 /.5
nlg Fee a
C S 2o.-5
TOTAL 1 CLOSING EXIST:
DOWN PAYMENT F ____c,--
H3'1'l f -I A'I'LU AMOUNT DUE Al' CLOS 111
We (I) understand that the above ousts are the approximate expenses to le
1 11001:red in connection with Chit loan for which we (1) are (am) aplllyJny.
We (1) ate (am) aware that One, unforeseeable charges may be incurred. Also,
Llnt rids siat:eme,L Lakes into account those costs customarily charged to the
pIIrchaser and does not necr.l(sari ly ref lest- Lhose inciiPred h ern (III{
[-outrac Luzll 0 Dliyationc with Lhe sellers_ We
estien led c:ios c :0 understand Cho l- this J Cost disciosllr e nines N01' cunsl_i L1tLe a loan commitment_
MONTHLY PAYMENT EST1MA7'R
principal and interest UP HEREBY A TIM. Owner's insurance 1- 0 1 ,0 5I OF PT 'Illy; ES'i' I HAITI) Ad Valorem Tax CLOSING GUST D,l5Cl�0 :rI P
llnrl -.gaye Insurance ti
EST-MATED MONTHLY PAYMENT
buy Eslimuled Ciwln_y Costs
Jlnnny Dell Real Cslule Compan
-EE] 1031 fayenlevlll 01.43. 'Jr, wen, Ali ]2966
6
O1.4)A
DATIII: TINE! 'LA PE LOAN(
PROPERTY ADDRESS: it /3 -A6Za! f.�� /9K 7--
SALES PRICE 02/; oaa— DOWN PAYMENT LOAM
DEPOSIT 12A'I'I
TERM YEARS
PREPAID EXPENSES:
F.icsL Year's Home Ownee'-s insurance Premium 9
Poll: or NIP Insurance Reserve Mu N t,
Hazard insurance Reserve Re, Q ti
Ad Valorem Tax Reserve Plop
Maximum Prepaid :I. Da 9
'rvl'AJ, PREPAID EXPEN.SLS
011)81 10 COSTS:
Oriyi.naLlou Fee o (x) 9
Appraisal 722e_.
C,:ed1L Report
Survey
I2eCOrdi.ny Fees: Deed Mort. Assign ti 070
Floor) Ce)Lifjcafe 5
Udcument Preparation 5Q
'di le insurance: Loan Owner
Ui.scu n cL or I'lerehuuse Fee g 0
V A I'undi.ng Fee or Underwriting Fee
Revenue champs --35 1- -5
cl og HT] Fee s /4-
a C1� ,tip /3 J/-e7)
Miscellaneous Jos?
R'ITL'AL FS1'll IA'.I'11) CLOSING COSTS /7
DOWN PAYMED)
ASTINATED AMOUNT DUE AT CLOSING 7�
We (1) understand Chat the above costs a:c Lhe upprox i_mabe expenses le he
_incul. in connection with the luau F011 w1,Jcll we (I) are (am) applying.
We (1) are (ant) aware that utller mlloreseeahlo enlarges may be ihuurred. Also,
LhaL Lhis sLaLemenL Lakes into account Cl costs cusLomarily charyeti to the
purchaser and does nob necessarily reflect. Lose incurred by our (my)
contractual ol1i_ga liens with the sellers. We (I:) undersLand Lha1 Lhi_s
eslL.inla Led closing cost disclosure does (10'1' constitute a loan ce mli.CnlenL-
l- )0II'1'IILY F'AYPIC:N'1' ESTIMA'T'E DE IIGRAIIY ACID IOMI.ARGE 111tH
pr,lncipal and )nLeresl 011 RGCGIP'P THIS I':.'.:'17NA'I'I°.II
Nome Owner's Insurance CLO:i114G COST DJ SCLO.SUIin:.
Ad Valorem 1'ax
wol:Cgaye Insurance
bOyor rslimufsd Cluzlim CO515
Jinuny Dell Pen: Us 10Ie Canna n
1031 Fuyellevfileflocul Von 001014 Al! 72956
601 471 92130
:114
...4
DATEL x TIME: TYPE LOAM!
PURCHASERS: I 6 (2 L_,c6
_612.r.ac)__
ca
PROPLAZTY 71D111121%5: j 1
:_,f■., 4 C 1/4?Y
SALES PRICE x,5 DOWN PAYMENT 9 LOAN
DEPOSIT S RATE TERM YEARS 1
PREPAID EXPENSES:
First Year's Nome Ownerss Insurance Premium
PHI or HIP Insurance Reserve No 9
Ila 7 a 1 InSlItanue Reserve Pc e IF
Ad Valorem Tam Reserve mo
Maximum Prepaid nil:el:est Da 8
IMIVO, PREPAID EXPENSES
CLOSING COSXM:
Origination lee
Appraisal 9_
Credit Report 0
Survey 9 c.
Recording Fees: Deed MOLL. Assign 8 c
Certificate y9Y
°3 EX/MPHL Prepaualicn 0-Z.
'1'] ].e insurance: Loan 9 Owner 8
Discount or Warehouse Fee
V A ('Dndlng Fee or Underwriting Fee 8
Revenue Stamps ..-Z- 9
MIOSing FeP
Miscellaneous ,.04 C._
TOTAL ES1aDATED CLOSING CoSTS
RoWN MAYNNOT -4—
FSTIHNITM AMOUNT DUE AT CLOSING ?..-12 ii-2,5-D--
We (1) undersLand (Mph the above cosLs are the appromigmte expenses Lu he
instill:2d in connecLion with the loan for which we (I) are (am) applying.
We
(1) Pre (am) aware LhaL other unforegeeable charges may be iNUMIred. Ai.SO,
LhaL His skaLemenk Lakes toLo accounk Lhose casks cusLomarily charged Lo Lha
purchaser and does not necessarily reElest thuse incurred by our 0
contractual obligations with the sellers. We (l) understand that lido
es L LwaLed CI OS Thy cost disclosure does NOT constitute a 1000 COMM I [Alen 0
MOUTNLY PAYMENT ESTIMATE WE 11711109 AOKgoWLEOGE THE
principal and InleresL S RECEIPT OF SAM'S ESTINATEm 131.01341114 1313185 DiSCue
Nome Owner's Insurance S
All Valorem Tay
fiat tyaye 1 nsmt ;Ince
ESTIMATED HOUTHLY PA 9341 9
Buyer Cslirncloci Closing Cosls
J Dell Weal Eslole Company
1 aJ 1 NeyellevIlle Rona. Von Oulen, AR 72956
501.424.9^_00
nEAOOlt
DA'TE: ivy TIME: TYPE LOAM: (91,6_747
y l�
PURCHASERS: r/ /C:A m Le-41J Ti
PROPERTY ADDRESS �l�cz�G� v. co Oa /rye 7 9
SALES PRICE D j74 1 ct DOWN PAYMENT LOAM
DEPOSIT HATE 'TE]U4 YEARS. i
PREPAID EXPEMSES:
First Year's Rowe Owueris Insurance Premium
PHI or HIP Insurance Reserve Mo
Hazard insurance Reserve Mo
Ad Valorem Tax Reserve Mo'@
Maximum Prepaid interest Da
TOTAL PREPA1D EXPENSES
CLOSING COSTS:
Origination Fee (x)
Appraisal 70C
Credit Report 41-
Survey GC'C'-
Recording Fees: Deed More. Assign c2
Flood Certificate
Document Preparation 6—Xi.
Title Insurance: Loan Owner
Discount or Warehouse Pee
V A P' mid ,l.ng Fee or Underwriting Fee -Cr-
Revenue Stamps /OL 47. D5
:5'12- 4..,6-; closing Fee
Cyr wst LZW-e- t 2 50
'1'0, ter Vice -F°�- t
5 C /,DSO.
TOTAL ESTIMATED CLOSING COSTS S 0 2 157 3
DOWN PAY M EMT
ES'1'IMAT➢D AMOUM'P ow! AT CLOSING S 0- -i3.5
We (1) understand that the above costs are the upproxi.mace expenses to he
incurred in connection with the loan for which we (7 are (am) applying.
We (1) are (am) aware that other uoforeseeabie charges may be incurred. Also,
Chat this SLaLelnent Lakes into account Lhose costs cuskoularil.y charged to LIIe
pur:chaser and does not necessarily reflect those incurred by our (Illy)
con trot Etta 1 obligations with the sellers. We (I) understand that this
estimated closing cost disclosure does HOT constitute a loan commitment.
11011'1'IILY PAYf!E! -IT ESTIMATE WE HEREBY ACKNOWLEDGE THE
pri.neipal. and Interest b RGCE1PT OF '11115 ESTlHhl1',U
Home Owner's Insurance CLOS7JnG COST DISCLOSLIItR.
Ad Valorem Tax
Mortgage insurance
EStlt IATED P1OITIILY PAYPiEIiT 1
Uuyel Eslilno1 cad ClosIng Cosl5
Jinnny Bell Real Eslc'Ie Company
1031 loyellevllle Rai vol Bolen. All 72Y56
SO I A% 4.9200
DEnl0o1
DATE: r Ti:Nr,: TYPE LOAN: ei7_(.1.4__,
PURCHASERS: C-
ADURLS
S':s /03 cil�i,�;�" Y _��y3%,
SALES PRICE 5 NOGG DOIVIJ PAYMENT LOAN 5
DEPOSIT IN'1'G 1 TERM
PREPA1D EXPENSES:
First Year's flume Owner's Jilsuranu. Premium
z y
POT or DTP insurance Reserve Mo 5
Hazard insurance Reserve plc,
Ad Valorem 1'ax Reserve llo
7
Iiax i mum Prepaid InLetest Do
TOTAL PREPAID EXPENSES
GLOS1:i1G COSTS:
Orig.illaLtOi1 Fee 1 (x) -f5)-$
A the--
Cue DAL Report y
el G
Survey A e—
Recording fees: Deed Mott. Assign d G
II rlood Ce1 Lif icaCe 5 0
JOGll lllent Preparation
TL010 insurance: Loan Owner 5 ---I—
q:I.sooullt or Warehouse Pee
V A Funding Fee o,r UnderwriLinq Fee
Revenue Stamps .47- _,,P.,-;,f r._
Closing Pee /4:.5
'J2,:: ::et -coi -e Flat: r irrn o,...4e .�eYl�2.i_ /a, so
4.14_,,c_4 1 Ia nP0.la 540.40TY( -K._.
TOE'AL ESTII IA I J D CLOSING COSTS A
001111 PA YMGIIT
Esr:I.1lt AMOUNT DUE Al' CLOSTUG 755
We (1) understand tll.0 The above costs are the approximate expcuces 013 be
incurred in connection with the loan Cur which we (1) are (and applying.
We (1) are (and aware Lhat other ulEOreseeable charges may be i.ncu0reli. Also,
that this statement Calves into account those costs customarily charged) Lu the
purchaser and does HOL necessarily reflect. those incurred Ly our (MA
contractual obligations with The sellers. We (:1) understand that this
esLimaLed closing cost disclosure does NOT constitute a loan commitment.
H0 1,12 lY r; I P IL L I WI Y nII I soi. 1'111';
ptinclpol and JllLerenr RECEIPT Or '1'111 I 1
Home Ovnec s Lnsui vv,e CLOSING GJC9' Ui rLt'alRr-
A1 Valor em Tax
i
Hu Egoy I1eu1 l 1 e
r:5'C LhIA:r P.:D [1011'1'lIL`C PAYMENT
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