HomeMy WebLinkAboutRESOLUTION 1997-41Su88ested by: Administration
City of Kenai
RESOLUTION NO. 97-41
A I~SOLUTION OF THE COUNCIL OF THE CITY OF I~NAI, ALASKA
AUTHORIZING THE PARTIAL RECO~YANCE OF THE CITY'S CURRENT
LIEN POS1TION ON TRACT C, RADAR SUBDMSION, I~PLAT NO. I,
I~LATING TO TI~ ~AI PENINS~A BOROUGH ECONOMIC
DEVELOPMENT DISTRICT'S BUSINESS INNOVATION CENTER.
WHEREAS, on July 19, 1995, by Resolution 95-37, the City ofKenai 8rmted $40,000 to.
the Kenai Peninsula Borough Economic Development District, Inc. (EDD) towards the
acquisition of the ARCO warehouse and office complex; and
..WHEREAS, the Council wished to secure its investment and therefore is shown in second
lien position on the title for the property listed as "Tract C, accordinl~ the Plat of TRACT
C, RADAR SUBDIVISION NO. 1, REPLAT NO. 1, filed under Plat No. 74-120, in the'
Kenai Recording District, Third Judicial District, State of Alaska;" and
WHEREAS, EDD was required by the U.S. Department of Commerce, Economic
Development Administration (EDA) to subdivide the property into two tracts, in order to'
receive a $1Million construction grant for the Business Innovation Center, and
WHEREAS, EDD has completed the necessary subdivision and the two tracts are now
identified as:
"Tract C-1 accordin8 to the Plat of Tract C Radar Subdivision No. 2,
filed under Plat No. 97-5, in the Kenai Recording District, Third
Judicial District, State of Alaska"
and
"Tract C-2 according to the Plat of Tract C Radar Subdivision No. 2,
filed under Plat No. 97-5, in the Kenai Recordin8 District, Third
Judicial District, State of Alaska;" and
WHEREAS, Tract C- 1 is now 19.014 acres of undeveloped land and Tract C-2 contains
13.211 acres of developed land and the existin8 office complex; and
WHEREAS, EDA requires clear title on Tract C-2 before construction can begin on the
Business Innovation Center; and
ResolUtion. No.. 97,41
Page Two ·
· ..- .' .p0sition.0nTra0t C,2 .lmdr6..ain.~.itS~._._firstlien position on Tra~ C-I only; and :..
WHE~AS,'b~' on'~e ~t appraisal by Alaska Cerfiflezl ApPraisal ServiCes, Tr'.act
· .· .C,i,'haS an approximate ValUe 0f$~,056, .proVidins the City ofKenal a secured first lien.
posltl0n on its investment. ' . ..
IOgNAL ALA~K~ that i~e city p .anially reCOnvey, its seoond lien position on Traot C,
Radar Subdivision, R6plat No. I such that the City will then have only a first lien position
on Traot C-I, Radar Subdivision No. 2.
PASSED.BY THE COUNCIL OF THE CITY OF KENAI, ALASIC~ this 18~a day of
CarOl L. Fre~s, Cibj Clerk
3une.' i )?i
(6/11/97) id
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