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RESOLUTION OF THE CITY COUNCIL OF THE CITY OF JONESBORO AUTHORIZING THE SALE OF PROPERTY KNOWN AS THE JUSTICE COMPLEX PARKING LOT AUTHORIZING THE MAYOR AND CLERK TO EXECUTE DOCUMENTS AS ARE NECESSARY TO EFFECTUATE THE SALE:
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WHEREAS, the City of Jonesboro has been approached by Mid-South Bank, an Arkansas Banking Corporation about the prospect of selling the above referenced property;
WHEREAS, the City of Jonesboro desires to sell said property, having previously solicited bids on said property and receiving none.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS THAT:
1. That the City of Jonesboro agrees to sell to Mid South Bank, an Arkansas Banking Corporation the following described property to wit:
Lot 16 and 17 of the Southeast Corner of Washington and Church Street of Jonesboro, Arkansas.
2. That said sale shall be for the sum of $275,000.00 paid in full at date of closing. The City Council specifically finds that it would not be practical and prudent to solicit further bids for said property. In addition, the sum being paid equals or exceeds the appraised value of said property.
3. The Mayor and City Clerk are hereby authorized to enter into and execute such documents as are necessary to effectuate the sale of said property.
4. This resolution shall take effect immediately.
PASSED AND ADOPTED THIS 4th day of November, 1996.