Min 08/22/1928Moved by Alderman Hunt that the meeting be adjourned until
9 o'clock A. M. Wednesday, August 22nd, 1928.
Motion seconded by Alderman King and carried.
— Mayor ----
Wichita Falls, Texas.
Memorial ,Iuditorium
Building,
August 22, 1928.
The Board of Aldermen of the City of Wichita Falls met in
regular adjourned session at 9 o'clock ,is T.T. on the above date with
the following members present:
J. w. Akin, Mayor,
Roy E. Carter,
J. W. Hunt,
A. W. King,
Oral Jones,
0
0
Q Aldermen,
C
G. D. Fairtrace, City ?aanager,
W. E. ;ScBroom, City Clerk,
Thelbert ilartin, City Attorney.
The City ;;tanager submitted the following optional contract
carrying out the proposal submitted by the '�-ichita Falls Airport Com-
pany on July 19th, 1928, with the request that it be ratified and
approved.
STATE OF TEXAS )
COUNTY OF :4ICHITA )
ThIS CONTRACT AND AGREETdENT made and entered into by and
between the ',,ICHITA FALLS AIRPORT COW:PAITY, INC., a Texas corporation,
acting by its president, C. ir. Cahoon, Jr., party of the first part,
and the CITY OF WICHITA FALLS, TEXAS, a municipal corporation acting
by its :ayor, J. W. Akin, party of the second part,-
LITNESSETH:
FIRST: The party of the first part, in accordance with the
terms of a certain written proposal submitted to the party of the
second part on the 19th day of July A. D. 1928, agreed to and does
hereby bargain, sell and grant to the party of the second part, an
option to purcnase a certain tract of land to be used as a park and
airport, situated in �iichita County, Texas, described as follows,
towit :
5 3
Two Hundred 'Thirty Eight and Thirty Three
One Hundredths (238.33) acres of land out
of the Lewis Wells Survey, about five (5)
miles north of the City of u4ichita Falls
and near the Burkburnett Highway, which
land is fully described in the deed herein
after mentioned, together with all im-
provements situated on said land, -
for the agreed price of Twenty Seven Thousand Three Hundred Seventeen
Dollars and Eighty Four Cents (427,317.84) Sixteen Thousand Aine
Hundred,Seventeen Dollars and Eighty Four Cents (416,917.84) of said
amount to be paid in cash, which said amount is to draw interest from
July 19th, 1928, at the rate of six (6) percent per annum. The bal-
ance of said consideration of Ten Thousand Four Hundred Dollars
(�10,400.00) is evidenced by five (5) vendor lien notes dated February
9th, 1928. The first four (4) of said notes bei#Ag in the principal sum
of Two Thousand One Hundred Dollars ($2,100.00) each, and the fifth
note being for Two Thousand Dollars ($2,000.00), said notes payable to
the order of J. A. Kemp in two, three, four, five and six years after
date and bearing seven (7) percent interest from their date; said
notes being secured by a vendor's lien against the above described
land and premises.
SECOND: -This option contract and agreement shall run for a
period of Two -years from July 19th, 1928, the consideration therefor
is agreement of the party of the second part to pay interest to the:
said party of the first part on said Sixteen Thousand wine Hundred
Seventeen Dollars and Eighty Four Cents ($16,917.84) at the rate of
six (6) percent per annum from July 19th, 1928, and the payment of the
interest on the obligation of ten Thousand r,our Hundred Dollars
($10,400.00) owned and held by J. A. Kemp at the rate of seven (7)
percent per annum, and the further consideration that the said party
of the second part take over the possession and operation of said
tract of land as a city park and airport, subject to the terms and
conditions of this option contract. The part of the first part has
heretofore advanced to the party of the second part the sum of One
Thousand Dollars ($1,000.00) which shall be used by the party of the
second part as an operating fund and the said party of the second part
agrees and obligates itself to return said stun of One Thousand Dollars
(�1,000.00) to the party of the first part, together with six percent
interest thereon, at the time this option contract is consummated and
said land purchased hereunder; or, in the event that said party of the
second part elects not to purchase said land, then at said time to re-
turn said sum of money with interest thereon at the same rate of
interest.
THIRD: -Said party of the first part hereby agrees and obli-
gates itself -To execute a general warranty deed to said party of the
second party conveying said land and premises and deposit the same in
escrow, together with a copy of this contract, with the Security
rational Bank of Wichita valls, Texas, and the said banks is hereby
authorized to deliver said deed to the party of the second part, when
and if said party elects to purchase said land under the terms and
conditions hereof within two years from July 19th, 1928. Said bank
is further authorized to re -deliver said deed to the party of the
first part if the second party does not exercise this option and pur-
chase said land and premises within the two year period.
FOURTH: -It is mutually agreed that neither party hereto will
sell or enewn er said land and improvements in any manner during the
liefe of this contract. However, the said party of the second part
shall have the right to lease such land and improvements to any respon-
sible person, firm or corporation for periods of one year, with the:
approval of the party of the first part, and the said party of the
second part shall have and own all rentals and income from such leases
and from the operation of such land and premises as a municipal park
and airport during the life of this contract.
�'.A
r'IrTH:-This contract and agreement is being executed for the
purpose of consummating the agreement heretofore entered into by the
parties hereto on the 19th day of July D. 1928, and it is the pur-
pose hereof to set forth in writing the terms and conditions of said
agreement which was at that time entered into verbally.
SIXTH: -The said party of the first part hereby agrees and
obligates se f to furnish the said party of the second part, and its
officials, all information it has at hand in regard to the operation
of airports and to assist in every way possible the said party of the
second part in the operation thereof. The said party of the first
part represents to the party of the second part that the land and pre-
mises have actually cost in cash and notes the total sum of 'Twenty
Seven Thousand 'i,hree Hundred Seventeen Dollars and hibhty Four Cents
(w27,317.84) and that no person connected with the said party of the
first part as officer or agent is in anywise making a profit from this
transaction and that, if this option is exercised, that no person will
make a profit out of this transaction and that the party of the second
part will acquire said property at its actual cost to the party of the
first part.
SEVENTH: -The city authorities reserve the right to, and will
before exercis ng this option to purchase said land and premises, give
full public notice and hold a public hearing where all persons inter-
ested may be heard for or against the purchase of said land and pre-
mises for a park and airport.
EIGHTH: -The said party of the first part represents to the
party of tfie second part that its sole purpose in purchasing said land
and placing the improvements thereon was to render a service to the
City of vAchita balls, and that the reason said city should take over
and operate said park and airport is to encourage the development of
aviation lines into this city and for the further reason that Trans-
continental 'Transportation Companies now considering routes will not
make contracts with an airport while owned by a private company, but
that they will contract with a municipal corporation operating such
property because they feel that a municipal corporation will perma-
nently maintain the property and adejuately safeguard its property by
the passage and enforcement of proper laws, ordinances, rules and
regulations.
iiINTH:-Said party of the first part further agrees that the
party of tNe second part shall not be obligated to pay any interest
on any of the above mentioned obligations before ,pril lst, 1929.
TENTH: -Party of the secondpart, in event it does not exercise
the option ere n granted as specified, shall notify party of the first
part in writing at least thirty days before the expiration of such
period, or else it shall be deemed that party of the second part has
elected to purchase said property upon the terms herein stated; and in
event party of the second part does not elect to purchase said prop-
erty, and so notifies party of the first part, then party of the second
part shall re -deliver the possession of said property to party of the
first part, in as hood a condition as when received, (less ordinary
wear and tear) and free and clear of all liens and claims, other than
those now against said property as above set forth.
ELEVENTH: -During the time that party of the second part re-
tains possess o of said property under the terms of this option,
party of the first part shall not be responsible for any loss, cost,
charge or expense, if any, incurred in the use or operation of said
property.
L'1iLV U IL' . L L1 U1y 1.1VG4 VG V1"0 the 22nd day of August, A. D.
1928, the party of the first part having authority from its Board of
Directors, and the party of the second part having Authority of its
1 of Aldermen and the approval of its t;ity Manager.
ri ICHITA FALLS AIRPORT UO11PANY INC
By (Signed) C. W. Cahoon, Jr.
Press en
Party of the r-irst Part.
APPROVED AS TO FORM
(Signed) Thelbert martin uITY OF WICHITA FALLS, TEXAS
ulty _,.ttorney
By (Signed) J. W. Akin,
its mayor
Party of the Second kart
moved by Alderman zing that the above optional contract by
and between the uity of vlichita ralls, xexas, and the oichita r•alls
Airport uompany, inc. be ratified and approved.
notion seconded by Alderman Garter and carried.
moved by Alderman Carter that the City manager be authorized
to attend the annual convention of international city l:anagersl Associa-
tion to be held in Asheville, iiorth Uarolina, 5epteinber 17th to 21st,
inclusive.
notion seconded by Alderman Jones and carried.
There being no further business the Mayor declared the meeting
adjourned.
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mayor