Subject: 21751/OptionAgmt/EPB/Mr.Zip/HickoryValleyLandCo.
Date: Fri, 3 Jan 1992 10:24:00 -0500


                              RESOLUTION NO. 21751
                
                
                 A RESOLUTION AUTHORIZING THE MAYOR TO ENTER
                 INTO AND EXECUTE AN AMENDED OPTION AGREEMENT
                 BETWEEN THE CITY OF CHATTANOOGA AND THE
                 ELECTRIC POWER BOARD OF CHATTANOOGA, TO
                 EXERCISE INCREMENT ONE OF THE OPTION; TO CONVEY
                 A PORTION OF THE PROPERTY OBTAINED FROM THE
                 OPTION EXERCISE TO MR. ZIP, INC.; AND TO ENTER
                 INTO AN OPTION AGREEMENT WITH HICKORY LAND
                 COMPANY, L.P.
                
                
                                                    
                
                
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE, That the Mayor be and is hereby 
authorized
       to enter into and execute an Amended Option Agreement between the 

       City of Chattanooga and the Electric Power Board; and
       	    	 BE IT FURTHER RESOLVED, That the Mayor be and is hereby
       authorized to take all steps necessary to exercise Increment One
       of the Amended Option Agreement between the City and the Electric 

       Power Board and obtain the property therein described; and
       	    	 BE IT FURTHER RESOLVED, That the Mayor be and is hereby
       authorized to take all steps necessary to sell to Mr. Zip, Inc. a 

       portion of the property obtained from the Electric Power Board by 

       exercise of Increment One of the Amended Option Agreement and to
       grant an easement over the remaining portion of Increment One to
       Mr. Zip, Inc.; and
       	    	 BE IT FURTHER RESOLVED, That the Mayor be and is hereby
       authorized to enter into an Agreement with Hickory Land Company,
       L.P., granting an option to Hickory Land Company to purchase the
       property described in Increment Two of the Amended Option
0C
       Agreement at such time as the City exercises its option to
       purchase Increment Two.
      
       ADOPTED:	 April 14, 1998
      
       LWK:pjm(cjc)