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RESOLUTION NO. 1500
<br />WHEREAS, the City Council of the City of Paris did hereto-
<br />fore, in Resolution No. 1489, authorize the advertising for sale
<br />of a 10 acre plot, for the purpose of attracting industry which
<br />will utilize the air traffic facilities of the City of Paris; an d,
<br />VJHEREAS, the City Council of the City of Paris has deter-
<br />mined that it would be right and proper to sell the 10 acre tract
<br />out of the North West Corner of the Cox Field property for in-
<br />dustri al purposes; and,
<br />WHEREAS, the City of Paris did, by written notice published
<br />in the Paris News on June 18, 1972 and June 25, 1972, notify the
<br />pub.lic that it would receive .sealed bids for the sale of said
<br />tract of land, at the Council Room, in the City Hall, in the City
<br />of Paris, Texas, at 7:00 o'clock P. M., on the lOth day of Ju1y,
<br />1972; and,
<br />WHEREAS, the City Council did receive bids at said time,
<br />and after opening the same found that Paris, Texas Industrial
<br />Foundation, Inc. bid the sum of $700.00 per acre for the tract
<br />of land described in Exhibit A attached hereto, which bid was the
<br />highest and best bid made for the purchase of said property;
<br />NOW, TH ER EFOR E,
<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS,
<br />That the bid of Paris, Texas Industrial Foundation, Inc. be de-
<br />clared to be the highest and best bid, and that the property be
<br />sold to said corporation and that the Mayor of the City of Paris,
<br />Paris, Texas, James W. Farris, be, and he is hereby authorized
<br />and directed to execute a warranty deed to Paris, Texas
<br />Industrial Foundation, Inc., and that the Director of Finance,
<br />H. C. Greene,is hereby authorized and directed to deliver said
<br />deed upon the tender of $7,000.00.
<br />WHEZEAS, the City of Paris did heretofore enter into an
<br />Agreement of Option to Lease with AGPRO, Inc., wherein AGPRO,
<br />Inc. was granted the option to lease Tract 1 designated therein
<br />on Exhibit A, containing 9.981 acres of land within two years
<br />from August 9, 1971; and,
<br />Wf-IEREAS, the City Council of the City of Paris deems the
<br />advertisement and sale of the 10 acre tract of land described in
<br />Exhibit A attached hereto, to Paris, Texas Industrial Foundation,
<br />Inc., who in turn will sell the same to AGPRO, Inc. as satis-
<br />faction of and in lieu of the exercise of option to lease of said
<br />Tract 1 as a condition precedent to further options granted in
<br />said Agreement of Option to Lease; NOW, THEZEFOR E,
<br />BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF
<br />PARIS, That the Mayor of the City of Paris, Paris, Texas, James
<br />W. Farris, be, and he is hereby authorized and directed to exe-
<br />cute an Addendum to Agreement of Option to Lease, dated August 9,
<br />1971, between the City of Paris and AGPRO, Inc., providing that
<br />the option to lease Tract 1 on Exhibit A of said Agreement of
<br />Option to Lease, containing 9.981 acres, has been fully satisfied
<br />by the purchase of the 10 acre tract described in Exhibit A
<br />
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