The URL can be used to link to this page

Home My WebLink About19858 ORD - 07/21/1987A RESOLUTION AUTHORIZING THE EXECUTION OF THE DOCUMENTS NECESSARY FOR THE ACQUISITION OF PARCEL 1 IN CONNECTION WITH THE O'NEILL-COMPTON CONNECTION; AND APPROPRIATING $52,960. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. That the City Manager be authorized to execute the documents necessary for the acquisition of Parcel 1 in connection with the O'Neill -Compton Connection, Project No. 561-86-23.1, a substantial copy of which is attached hereto and made a part hereof, marked Exhibit A. SECTION 2. That there is hereby appropriated $52,960 out of the 561 Street Bond Fund. ATTEST: City Secretary APPROVED:(. ' DAY OF HAL GEORGE, CITY ATTORNEY Attorney 06P.047.01 M YOR THE CITY OF CORPUS CHRISTI, TEXAS , 19 P7 19858 MICROFILMED REAL ESTATE SALES CONTRACT THE STATE OF TEXAS X COUNTY OF NUECES X This memorandum of agreement made and entered into by and between Sunshine Park Corporation hereinafter called Seller(s), of the County of Nueces, State of Texas, and the City of Corpus Christi, hereinafter called Buyer, of the County of Nueces, State of Texas, W I T N E S SET H: 1. The Seller(s), for the consideration and upon the terms here- inafter set out, hereby agree(s) to sell and convey unto Buyer, and Buyer agrees to buy the following described property situated in Nueces County, Texas, to -wit: See Page 2 "Real Estate Sales Contract" O'NEILL-COMPTON CONNECTION Parcel 1 [Sunshine Pk Corp] Page 1 of 6 Being a 0.380 acre tract of land out of Block B4, Laguna Business Center, shown by plat in Volume 45, Pages 232-233, Map Records, Nueces County, Texas and further described as follows: Beginning at a point on the Southwest boundary of said Block B4, being South 61 degrees East, 73.04 feet from the Westernmost corner of said Block B4; Thence Easterly along the arc of a circular curve to the right whose Radius = 452.18 feet, Central Angle = 30 degrees 28 minutes 26 seconds, Tangent = 123.17 feet, initial tangent bearing = North 80 degrees 09 minutes 21 seconds East, a distance of 240.50 feet to a point of reverse curvature; Thence South 69 degrees 22 minutes 13 seconds East, 57.89 feet to a point; Thence Northeasterly along the arc of a circular curve to the left whose Radius = 10.00 feet central angle = 81 degrees 37 minutes 47 seconds, Tangent = 8.64 feet, a distance of 14.25 feet to a point of tangency; Thence North 29 degrees East, 19.26 feet to a point on the Westerly right-of-way of existing 90 foot wide First National Boulevard; Thence in a Southerly direction along said right-of-way and along the arc of a circular curve to the left whose Radius = 90.00 feet, Central Angle = 90 degrees, Tangent = 90.00 feet, a distance of 141.37 feet to a point; Thence North 61 degrees 45 minutes 58 seconds West, 95.96 feet to a point; Thence Westerly along the arc of a circular curve whose Radius = 392.18 feet, Central Angle = 25 degrees 14 minutes 17 seconds, Tangent = 87.80 feet, a distance of 172.75 feet, and whose initial tangent bearing = South 61 degrees 51 minutes 52 seconds East to a point on the Southwest boundary of said Block B4; Thence North 61 degrees West along said boundary 111.06 feet to the point of beginning. "Real Estate Sales Contract" O'NEILL-COMPTON CONNECTION Parcel 1 [Sunshine Pk Corp] Page 2 of 6 2. The purchase price is Fifty one thousand Three hundred Dollars and no cents [51,300.00]. 3. The Seller(s) shall provide at the expense of Buyer, a title insurance policy, without exceptions to said title being made in said title policy, which policy shall wholly insure and indemnify the Buyer against any title defects or adverse claims thereto. Said title in- surance policy shall be issued through a reliable title insurance company and shall be delivered to the Buyer on the date of the closing of this transaction. 4. Upon the securing of the title insurance policy provided for herein, Seller(s) agree(s) to deliver at the expense of Buyer a good and sufficient general warranty deed drawn in accordance with the pro- visions of this contract, properly conveying said property to said Buyer, and Buyer agrees thereupon to make the cash payment. 5. All taxes to be paid by Seller(s) up to and including the year 1986. 6. All current taxes, if any, are to be prorated between the Buyer and the Seller(s) for the year 1987 to date of closing, except as may be herein otherwise provided. 7. Buyer has this day deposited with the title insurance company or title guaranty company the sum of $2,500 as earnest money hereunder to be applied on the cash payment above set out when the transaction is closed, at which time the balance of cash consideration "Real Estate Sales Contract" O'NEILL-COMPTON CONNECTION Parcel 1 [Sunshine Pk Corp] Page 3 of 6 shall also be paid. Should the Buyer fail to consummate this contract as herein specified for any reason, except title defects, the Seller(s) shall be entitled to receive said cash deposit as liquidated damages for the breach of this contract, or may at their option, enforce specific per- formance hereof. When the executed deed and any other necessary exe- cuted papers and the balance of the cash payment are in possession of the title insurance company or title guaranty company said title company will close the transaction in accordance with its usual and customary procedure. In the event Seller(s) fail(s) to tender a deed conveying said property in accordance with the terms of the contract within the time provided herein, the Buyer may enforce performance of this contract by an action for specific performance thereof. ` 8. The Buyer agrees to accept title subject to all outstanding restrictive covenants and use restrictions, if any, of record, and all city zoning and regulatory ordinances, if any, applicable to said property. 9. It is understood by all parties hereto that this transaction is to be closed through the title insurance company or title guaranty company on or before ninety (90) days from this date. Possession to be given to Buyer upon execution of "Warranty Deed" by Seller(s). 10. By Seller(s) execution hereof, Seller(s) acknowledge(s) that he (she) (they) have read this agreement and understand that this a - "Real Estate Sales Contract" O'NEILL-COMPTON CONNECTION Parcel 1 [Sunshine Pk Corp] Page 4 of 6 greemenr is not binding on Buyer until properly authorized by the City Council and executed by the City Manager of the City of Corpus Christi, Texas. It is further understood, however, that Buyer must execute this agreement within sixty (60) days from the date of Seller(s) execution or this agreement shall be null and void and none of the provisions hereinabove set out will bind either party. "Real Estate Sales Contract" O'NEILL-COMPTON CONNECTION Parcel 1 [Sunshine Pk Corp] Page 5 of 6 EXECUTED in triplicate, either copy of which shall constitute an original, on this the ATTEST: day of , 19_ SUNSHINE PARK CORPORATION Barbara Gregor, Secretary ATTEST: Floyd W. Brown, President SELLER: CITY OF CORPUS CHRISTI Armando Chapa, City Secretary Craig A. McDowell, City Manager APPROVED AS TO LEGAL FORM THIS THE DAY OF , 198_. HAL GEORGE, CITY ATTORNEY By: Assistant City Attorney "Real Estate Sales Contract" O'NEILL-COMPTON CONNECTION Parcel 1 [Sunshine Pk Corp] Page 6 of 6 BUYER CITY OF CORPUS CHRISTI, TEXAS CERTIFICATION OF FUNDS (City Charter Article IV Section 21) July 21, 1987 I certify to the City Council that $ 52,960.00 , the amount required for the contract, agreement, obligation or expenditures contemplated in the above and foregoing ordinance is in the Treasury of the City of Corpus Christi to the credit of: Fund No. and Name 561 Street Bond Fund Project No. 561-86-23.1 O'Neill -Compton Connection - Project Name from which it is proposed to be drawn, and such money is not appropriated for any other purpose. • $51,300 Acquisition [Parcel 1] $ 585 Closing Costs [Parcel 1] $ 1,075 Appraisal Services [Parcels 1 & 4] $52,960 FIN 2-55 Revised 7/31/69 4'� da- 74/87 /w.&, 7/747 / ,1987/ Dire of Finance Corpus Christi, Texas g I day of , , 1982 The above resolution was passed by the following vote: 1 Betty N. Turner ,' David Berlanga, Sr Leo Guerrero Frank Mendez. Clif Moss Bill Pruet, „Mary Rhodes' Mary Pat Slavik Linda Strong 99.066.01 198515