Res 2595 7/29/1980RESOLUTION NO. 6-2
RESOLUTION APPROVING SALE OF BLOCK 240, BEAN &
STONE SUBDIVISION, ORIGINAL TOWNSITE, LOTS 1
THROUGH 20.
WHEREAS, as authorized and directed by Resolution No. 2578 ,
the City Manager advertised that the City of Wichita Falls
and Midtown Now, Inc. , are offering for sale to the general
public the hereinafter described property under sealed bids;
and,
WHEREAS, one bid was received, that being the bid of
Jimmy R. Morris, Trustee, in the amount of $294, 000, subject
to certain special conditions set out in said bid dated
July 25, 1980, which is attached hereto; and,
WHEREAS, the Board of Aldermen has determined that
such bid should be accepted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN
OF THE CITY OF WICHITA FALLS, TEXAS, THAT:
Such bid of Jimmy R. Morris, Trustee, is hereby accepted,
and the City Manager is authorized to execute for the City
of Wichita Falls, along with Midtown Now, Inc. , a deed
conveying to Jimmy R. Morris, Trustee, all of Block 240,
Bean & Stone Subdivision, original townsite of Wichita Falls
Lots 1 through 20) , together with any other instruments
necessary to consummate this sale.
PASSED AND APPROVED this the 29th day of July, 1980.
ta7>, 40
ATTEST:MAYO R
City Clerk
I
Jimmy R. Morris
Box 2378
Abilene, Texas 79604
Office Ph.: 915-673-4966
July 25, 1980
Mr. Gerald G. Fox
City Manager, Wichita Falls
Room 105
Memorial Auditorium Building
Wichita Falls, Texas
Dear Sir:
In accordance with Resolution No. 2578 of the Board of Aldermen
of the City of Wichita Falls, we hereby submit a bid of $294,000.00
for the purchase of all of Block 240, Bean and Stone Subdivision,
Original Townsite of Wichita Falls (Lots 1 through 20) . My check in
the amount of $14,700.00, which is 5% of the bid, is enclosed here-
with.
The bid is subject to the following special conditions:
1. All existing alleys, easements, and rights-of-way
within said Block 240 will be closed by the City
of Wichita Falls.
2. It is understood and agreed that we will submit pre-
liminary plans for development of the property within
six months after the effective date of the Deed. The
project will cost not less than $5,000,000.00. It is
further agreed that we will commence actual construction
to so develop the property within 18 months after effect-
ive date of the Deed. If we fail to comply with the provis-
ions hereof, or if at any time prior to commencement of
actual development of the property we give the city written
notice that we are going to be unable to develop the prop-
erty, then the City of Wichita Falls, or Midtown Now, Inc.
shall have the right to repurchase the property from us
for $294,000.00. Said repurchase must be made within 30
days after it has been determined that we have failed to
comply with the provisions hereof or within 30 days after
we give notice that we are going to be unable to comply
with said provisions. If the property should not be re-
purchased within said 30-day period, then the right to do
so shall be forfeited.
3. The full purchase price will be paid within 10 days after
the bid is accepted. Nevertheless, we will have 120 days
July 25, 1980
Mr. Gerald G. Fox, City Manager
Wichita Falls, Texas
Page 2
after the effective date of the Deed within which to secure
abstract and examine title to the property at our expense.
If the examination reveals defects that cannot be cured,
then, if we should so elect, the property will be reassigned
to the City of Wichita Falls, or Midtown Now, Inc. and the
full purchase price will be refunded.
Sincerely,
Jimmy R. Morris,
Trustee
JRM/dm
Encl.