PUBLIC NOTICE NOTICE IS HEREBY GIVEN
NOTICE IS HEREBY GIVEN that an Ordinance titled: ORDINANCE NO. 070711-2
AN ORDINANCE OF THE CITY OF GRAMBLING TO DECLARE PROPERTY AS SURPLUS AND TO AUTHORIZE SALE OF SAID SURPLUS PROPERTY WHEREAS, an ordinance has been proposed to be adopted by the Board of Aldermen of the City of Grambling; and WHEREAS, the proposed ordinance must be introduced by its title; and WHEREAS, a public hearing was held prior to its adoption; and WHEREAS, the title of the proposed ordinance must be published in the official journal, and the notice shall provide for the time and place where the Board will consider its adoption. NOW THEREFORE, BE IT ORDAINED that the following ordinance be, and it is hereby adopted by the Board of Aldermen of the City of Grambling:
Section 1: Pursuant to a motion held at the Board of Aldermen Meeting held on July 7, 2011, the following property was deemed to be surplus property as such property is no longer needed for public purposes and that same should be sold: Approximately 16 acres of land located behind the Community Center on Kings Street in Grambling, contained within the following legal description: Beginning at the NW corner of Section 29, Township 18 North, Range 3 West, thence run South 00 degrees 03 minutes West along the section line for a distance of 587 feet; thence run South 89 degrees 21 minutes East to the East boundary line of NW 1/4 of NW 1/4, Section 29, Township 18 North, Range 3 West a distance of 1306 feet: thence run North 00 degrees 03 minutes East along the East boundary line of NW 1/4 of the NW 1/4 Section 29, Township 18 North, Range 3 West to the NE corner of the NW 1/4 of NW 1/4, Section 29, Township 18 North, Range 3 West a distance of 587 feet; thence run North 89 degrees 21 minutes West along the section line to the point of beginning a distance of 1306 feet.
The full complete legal description of the approximate 16 acres of property located within the above listed legal description being sold shall be determined by a survey to be completed prior to the final adoption of this ordinance.
Section 2: It has been determined that the above listed property is no longer needed for public purposes due to the slope and other physical properties of the land and that the property has not been significantly improved since it was purchased in 1965.
Section 3: Moreover, the City has been approached by a developer who desires to purchase the land, make improvements to the land, and build homes on the land. The developer who desires to purchase the property needs to secure its rights to the property in order to obtain financing on the development. It has been determined that the sale of this property and the granting of an option to purchase the property is in the best interest of the City of Grambling with the City of Grambling reserving the mineral rights to the land.
Section 4: In order to accomplish the sale of the surplus property identified above, the City of Grambling intends to execute an option to sell the above listed surplus property for $1,600 with said option granting the buyer the exclusive right to purchase the property for a minimum of $10,000 per acre within 6 months of the execution of the option with the City of Grambling reserving all mineral rights in the land. The option to be executed shall provide that the consideration paid for the option shall be applied to the purchase price if the purchaser timely exercises its option to purchase but shall become the property of the City of Grambling without further formality if the purchaser does not exercise the option.
Section 5: Notice of this ordinance will be published three times in fifteen days, one week apart, in the Ruston Daily Leader, the Official Journal of the City of Grambling, beginning the week of July 11, 2011 as required by law.
Section 6: This ordinance was introduced at the July 7, 2011 meeting. A public hearing was held on August 4, 2011 at 5:30 p.m., immediately preceding the August 4, 2011 Board of Alderman Meeting.
Section 7: Any opposition to this ordinance must be made in writing, filed with the clerk or secretary of the City of Grambling within fifteen days of the first publication. In accordance with La. R.S. 33:4712(C), this shall not become effective until ten days after its passage, during which time any interested citizen may apply to the Lincoln Parish District Court for an order restraining the disposition of the property. After this ordinance becomes effective, it cannot be contested for any reason.
Section 8. This Ordinance was duly introduced, published in accordance with law, and then duly read and adopted by the following votes:
5: YEAS None: NAYS None: ABSENT None: ABSTAIN.
The Ordinance was adopted on August 4th, 2011.
State of Louisiana
Parish of Lincoln
Buy-Sell Option Agreement
Be it known on this 4th day of August, 2011, before me, the undersigned Notary Public, duly commissioned, qualified and sworn in and for the State above written, therein residing and in the presence of the witnesses hereinafter named and undersigned, personally came and appeared :
City of Grambling
2045 Martin Luther King Jr. Ave.
Grambling, LA 71245
Being hereinafter referred to as the Seller, who declared the he/she/it is the owner of the hereinafter described property and that for valuable
Consideration and the mutual benefits to be derived, it is granted unto Stogan Development, LLC . (Hereinafter referred to as the Buyer), Its successors, assigns or designee, for a period of 6 months from this date and subject to the conditions hereinafter set forth, the exclusive
Right and privilege to purchase for the approximate price and sum of $ 160,000.00 , which is the Buyer's estimate of the fair market value of the following - $10,000 per acre.
Described property, to wit: Approximately 16 +/- acres per attached plat (see complete legal, attached) All acreage will be verified by a full legal survey from a licensed professional land surveyor
Grambling, LA - Lincoln Parish
For and in consideration of this agreement, the Buyer submits the sum of $1,600.00 which shall be applied to the sale price. The Buyer will apply to a reputable commercial lender or a mortgage broker/originator for the mortgage financing. This agreement is predicated on approval of a mortgage loan and contract to purchase the land, including all the terms and contract of sale and price to be paid to Buyer. In the event the financing is denied, the initial payment shall be returned to the buyer and this agreement shall be terminated. The Buyer agrees that should the financial commitment not be made, this Agreement will become null and void. To continue this agreement in effect for the full 6 months, Buyer must furnish to Seller a copy of the financial commitment, a commitment letter, and/or authorization to prepare closing documentation prior to the end of the term. Failure to receive financial approval shall be the only reason for termination of this agreement. It is further understood and agreed that time of the essence in this agreement and that all rights of said Buyer and/or its assigns hereunder shall cease and terminate if not exercised within 6 months of this date. Upon such termination, there shall be no further obligation by either Seller or Buyer. At Buyer's election, this option may be automatically extended for an additional six (6) months upon a payment by Buyer to Seller in the amount of $1600.00 delivered to Seller's representative any time prior to the expiration of the initial six (6) month term. This amount and original agreement payment shall apply to the sales price. In the event that Buyer desires to exercise the agreement herein granted, it shall send a Registered letter to Seller's representative no later than 6 months from this date. In such event, the act of sale of the hereinabove described property shall be passed before a Notary Public within 30 days of the date of the posting of said registered letter. During the term of this agreement, Buyer shall have the right to enter upon said tract for the purpose of making topographical surveys, geotechnical testing, appraisals, and environmental phase I evaluations so long as Buyer shall pay all expenses and shall hold Seller harmless from any liability as a result of such actions. The Seller will retain all mineral rights associated with aforementioned property. Buyer shall have the right to assign this option to a new corporation for the purpose of financing and building apartments or homes. All expenses incidental to the passing of this act of sale shall be paid by Buyer. Seller shall provide free and clear title and pay all expenses.
/Edward R. Jones/, Mayor
/Pamela J. Stringfellow/, Certified Municipal Clerk
1td: September 6, 2011