Minutes 09/09/1997 - Laserfiche WebLink

Home Browse Search

TUESDAY, SEPTEMBER 9, 1997 site within the limits of the City. Mr. Tom Harned, Assistant to the City Manager for Development, made the announcement of this donation, and recommended the Redevelopment and Housing Authority' s favorable consideration of this offer, whereupon he produced an appropriate document for this purpose. Following their consideration of the terms of the donation, and upon motion duly seconded, and by unanimous vote, the ..~'NMartinsville Redevelopment and Housing Authority approved their acceptance of the property and site offered, within the terms as follows: AGREEMENT This Agreement, dated September 9, 1997, between Bassett Furniture Industries, Inc. C'Bassett") and the Martinsville Redevelopment and Housing Authority, a political subdivision of the City of Martinsville, Virginia (the "Authority") provides: 1. Bassett owns real property known as 925 Rives Road, Martinsville, Virginia (the "Property"). The Property is more particularly described on Exhibit A. 2. Bassett desires to make a gift of the Property to the Authority for the Authority' s use exclusively for public purposes and for the intended purposes of the Authority as established by the City of Martinsville. NOW, THEREFORE, the parties agree as follows: 1. Bassett hereby agrees to give the Property to the Authority without consideration of any kind in exchange. As soon as the Authority has been authorized by its Board of Directors to accept the Property, Bassett agrees to convey the Property to the Authority (or other title holding entity that, for tax purposes, is considered one and the same as the Authority, such as a single owner limited liability company) by deed without warranty of title. 2. The Authority agrees to accept the Property where is and as is and acknowledges that the Authority has been afforded an opportunity to inspect the Property. 3. The Authority agrees to execute IRS Form 8283 in connection with the receipt of the Property and to execute such further instruments as Bassett may reasonably require in order to assure Bassett' s ability to claim an income tax deduction for its contribution of the Property to the Authority. 4. Risk of loss with respect to the Property shall pass to the Authority upon execution and delivery to the Authority and upon execution and delivery to it and its acceptance of the deed with respect to the Property. This agreement is executed by the parties pursuant to the authority of their respective Boards of Directors. BASSETT FURNITURE INDUSTRIES, INC.