Res 170-98 12/1/1998RESOLUTION NO.�
RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN
OPTION AGREEMENT WITH JOHN AND ANN COPPAGE GRANTING
THE CITY AN OPTION TO PURCHASE PROPERTY COMMONLY
KNOWN AS THE KICKAPOO AIRPORT; FINDING AND DETERMINING
THAT THE MEETING AT WHICH THIS RESOLUTION WAS PASSED
WAS OPEN TO THE PUBLIC AS REQUIRED BY LAW.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, THAT:
SECTION 1. The City Manager be and is hereby authorized to execute on
behalf of the City of Wichita Falls an option agreement with John and Ann Coppage
granting to the City the exclusive right and option to buy property commonly known as
the Kickapoo Airport, the same as reflected in the option agreement attached hereto
and made a part hereof for all purposes.
SECTION 2. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law
PASSED AND APPROVED this the 1 st day of December, 1998.
ATTEST:
City Clerk
STATE OF TEXAS §
COUNTY OF WICHITA §
This agreement is made and entered into by and between John and Ann
Coppage of 2013 Speedway, Wichita Falls, Texas 76301, hereinafter called Optionor,
and the City of Wichita Falls, 1300 Seventh Street, Wichita Falls, Texas 76307,
hereinafter called Optionee.
In consideration of the sum of Ten Thousand and No /100 ($10,000.00) Dollars
paid to Optionor, the receipt of which is hereby acknowledged, and other good and
valuable consideration, Optionor hereby grants to Optionee, its successors or assigns,
the exclusive right and option to buy property in the County of Wichita, State of Texas,
described as follows:
43.55 acres in Block 2, Cherokee Industrial Park, Block 5,
CCSL (tax acct. #0470 -050); 5.3 acres in Lot 2, Block 5,
Cherokee Industrial Park, CCSL (tax acct. #0470 - 050 -07);
37.7 acres out of Block 2, Cherokee Industrial Park, CCSL
(tax acct. #0470 - 050 -10); 21.02 acres out of Blocks 5 & 43,
CCSL (tax acct. #0470 - 050 -11); 39.688 acres out of Tract 3,
Block 43, CCSL (tax acct. #0470 - 207 -05); and 2.55 acres in
Block 4, Replat of Twin Oaks Park, Block 1, CCSL (tax acct.
#0470 - 047 -04).
The consideration to be paid for the above - described property shall be an amount to be
agreed upon between Optionor and Optionee, but in no event to exceed One Million
Five Hundred and Ninety Thousand ($1,590,000.00) Dollars.
If the Optionee purchases the property subject to this agreement, the
consideration paid for this option shall be applied to the purchase price.
Written notice exercising this option shall be given on or before 180 days from
the date this option is executed; or within 30 days from the date the City receives the
results of the "Feasibility Study" which will be commissioned in conjunction with the
Federal Aviation Administration, whichever occurs later. Should the City and FAA
approve the "Feasibility Study" and City not exercise its option to purchase the property,
the $10,000 consideration shall become the property of the Optionor. Should the
"Feasibility Study" not recommend purchase of the property, the $10,000 consultation
shall remain the property of the Optionee.
Should City exercise its option to purchase the property, Optionor shall furnish to
Optionee a general warranty deed to said property upon receipt of the balance of the
purchase price or acceptable financing arrangements.
The title to said property is to be conveyed free and clear of all encumbrances.
The Optionor shall furnish Optionee a policy of title insurance insuring the title of
Optionee to be free and clear of all matters except those reserved or excepted herein.
The ad valorem taxes shall be prorated between the parties to date of delivery of
the deed of conveyance; if said taxes are not ascertainable at the time of delivery of
deed of conveyance, the amount of the prior year's taxes shall then be used as a basis
of proration. All special assessments, if any, shall be paid by Optionor.
All notices provided for herein shall be deemed to have been duly given if and
when deposited in the United States mails, properly stamped and addressed to the
party for whom intended at the party's above - listed address, or when delivered
personally to such party.
This contract shall be binding upon and shall inure to the benefit of the parties
hereto and to their respective heirs, successors, or assigns.
IN WITNESS WHEREOF, the Optionor has executed this option this the
day of , 1998.
G- �o
STATE OF TEXAS §
COUNTY OF WICHITA §
This instrument was executed before me on this day of
1998, by John Coppage.
Notary Public, State of Texas
STATE OF TEXAS §
COUNTY OF WICHITA §
This instrument was executed before me on this day of ,
1998, by Ann Coppage.
Notary Public, State of Texas
STATE OF TEXAS §
COUNTY OF WICHITA §
This instrument was executed before me on this 4_ day of
1998, by Jim Berzina, City Manager for the City of Wichita Falls, a municipal
corporation, on behalf of said City.
of f Public, State of Texas
LYDIA V. TORRES
j e NOTARY PUBLIC
' STATE OF TEXAS
My COMM. Ex .
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