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RES NO 02-08-2013 CITY OF VAN BUREN, ARKANSAS RESOLUTION NO. U 2013 BE IT ENACTED BY THE 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 OF A NEW VETERANS PARK, AND FOR OTHER PURPOSES. WHEREAS, the City has determined that it desires to acquire, for the public good and benefit, certain real property located within the Van Buren city limits, to construct a new Veterans Park; and WHEREAS, upon the City's best, information, knowledge, and belief the appraised value and the fair market value of said property is as listed below. The City, and through its designated agents, has offered in good faith to purchase said property for the amount listed below plus the City's share of closing costs. Property Address Legal Description Appraised Value Purchase Price 815 Main Street Part of Lots I through 6 of Block $125,000.00 $125,000.00 6, Drennen Addition to Van Buren, Crawford, Arkansas. 900 Block Main Street Lots 7 -10 Part Lots 26 -34, $166,938.00 $166,938.00 (915 Main) Block 6, Drennen Subdivision, ($3.45/SF- Van Buren, Crawford County, 48387.70 Total SF) Arkansas. 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 property for the amount listed above plus the estimated closing costs as listed in Exhibit "A" utilizing Veterans Park and Park Bond Funds. SECTION 2: The City Council hereby authorizes the Mayor to purchase the afore described real property for the amount listed above plus the estimated closing costs as listed in Exhibit "13" utilizing Park Bond Funds. SECTION 3: 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. IN WITNESS WHEREOF, the City of Van Buren nsas, by its City Council, did pass, approve, and adopt, by a vote of 5 for and 0 against, the fore;oing Resolution at its r gular meeting held on the 25 of February 2013. 4 1 0------, Robert D. reeman i),yor AT.STED: PPI� '�g O FORM: os... w w7 Barbie Curtis Ca c.r....A<Se City Clerk/Treasurer City Attorney lb wry cell Real Eslule Company 1) 1031 Fuyellev111eRena Van ntiien AR 72956: f-( 601, 1 74.9200 IFAtr0l,'" DATE /.Z TIME: TYPE LOAM: e, .S SALES PRICE $_23– 00W11 PAYMENT OAN c– RATE- 0 TERM PREPAID EXPENSES: Yentcs First Yeal's Monte Owner's Insurance 'remium S. PHI or HIP Insurance Reserve I7o Hazard insurance Reserve Mo r c Ad Valorem Tax Reserve [,[p r laxllm Prepaid Interest Da TOTAL PREPAID EXPENSES CLOSING COSTS: Origination Fee C de Appraisal Credit Report f Dom Recording y J Fees: Deed htocL Assign i.gn �O Flood Certificate IJOCt Preparation Title Insurance: Loan Owner S Discount or Warehouse Pee V A Funding Fee or Underwriting Fee Q Revenue; SLamps_ rios.ing' Fee a ado. so Ga.— 'COl'AL F•:i'1'LI9 A'IILD CLOSING COSTS 001)11 PAYN ha'I'1' y EST IMATED nMD(1I•I'I' DUE AT CLOS:I We (1) understand that the al,ove costs are the approximate expenses to De incurred in cionnection with tho loan for which we (1) arg (am) applying. Ne (1) are (alit) aware that other unforeseeable charges may be incurred. Also, that this statement Lakes into account Chose costs customarily charged to the arch a s er, end does not never: sa rily reflect- those iiidiitred by, our Y .untracttlai obligations with the sellers. We (in) )sLImatea Closing cosL disclosure does NOT constitute a loan commitmen1t. this t0I- ITIILY PAYMCH'I' P;ST'IMAa'li n:incipal a nd!Iwterest 4 RECEIPT HEREBY ACKNOWLEDGE 'I'Illi lone Owner's Insurance C IiCGI O 1lc IL THIS ESTIMATED di Valorem '1'a$ CLOSING COST DISCLOSURE. lortr ac e J J Insu.rJa nce :S'L'It -IATED hIOli'IfI I LY PAYhtEM'1' Buyer Estirriofed Closing Costs Jil nniy hell Real Eslale Company ((Olt 1031 Foyelleville Rood. Von Buren, AR 72956 DATE: .3 'T iIMr: 1�� X_ TYPE LOAN: PURCHASERS: C,7� n� �[f pooru :ivi'Y ADDRESS: 9 /5 „&g,,,,, Sit f /,�/L 1. f- gysL SALES RI PCli o /17 -DOIVN PAYNEIi'L' LOAN DEPOSIT RATE TERM YEnll PRE EXPENSES: First Y 's Motor Owner's Insurance Premium 9 PHI or NIP 111sur1 Reserve No .l llaiaard Jilsicance Reserve Mo L 0 Ad Valorem Tax Reserve Mo A Maxi. mum PietJaid 'est Da U 9 C TOTAI PREP :XPEIISES o1i Fee (x) 9 Appraisal S 06 iurdey S /V t. Recording Fees: Deed [tort. Assign $_ZO Flood Cei :Li.LicaLe -e- Document: Preparatl.on 7s_ T 7 d'iLle Innocence!' Loan Owner 3 ?SO- DiscoiuL or lacel:ouse Fee- V' A' Funding (tee or Underwriting Fee r9- 12evetiue Stamps CI cis Llry Wee 'eo DSO. T/ /e' S 67r is s ::a �S e0 TOTAL' ES't•-LFUI'1'r0 CLOSIIIG COSTS s 9y 5 00011 PAY FIEI IT' ej ESTIMATED AMOUNT DUE AT CLOSING 1(8 933. ALL O`T// suiX /.S Po lie (1.) uOdei. that' Cite above co s Ls ace the approxiiiiate expenses to be.. .Incur :red in connection with the. loan Car which we (:1:)- arse (am). applying: Ile (I) are (am) a are that other tln Cot °seeable charges: idly he inLO) red; A 1 so, that this slateiilent takes Into account those costs custouiarii.y' charged to'lhe purchaser' ancl. does not necessarily. reCiect: those iilcurrect. by our (my) contractual 'obligations: with the sellers. We' (:I:)' understand :llal: I:liii; estimated closing cost disclosure does NOT constitute a loan coiimiitnleilli. 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