5640 RESOLUTION NO 5,640
A RESOLUTION REJECTING THE OPTION TO REPURCHASE
TRACT A, AREA 101 IN THE LITTLE ROCK INDUSTRIAL
PARK FROM FRANK W. ALLEN; AND FOR OTHER PURPOSES
WHEREAS, Frank W. Allen holds legal title to Tract A,
Area 101, Little Rock Industrial Park, Little Rock, Arkansas,
and leased Tract A to Atlas Transit, Inc. , and now has agreed
to sell Tract A to Atlas Transit, Inc. in connection with
Roadway Express, Inc. 's acquisition of all of the outstanding
common stock of Atlas Transit, Inc. , from Frank W. Allen; and
WHEREAS, in order to convey merchantable title, and comply
with the option provisions contained in Section 11 of the Little
Rock Port Authority Bill of Assurance, that property must first
be offered to the City of Little Rock, for sale , pursuant to
Section 11 of the Little Rock Port Authority Bill of Assurance;
and,
WHEREAS, the Board of the Little Rock Port Authority has
recommended that the City of Little Rock not accept Frank W.
Allen' s offer to sell the property to the City of Little Rock.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1 . The City of Little Rock hereby rejects the
offer of Frank W. Allen to sell to the City of Little Rock
Tract A, Area 101, Little Rock Industrial Park, Little Rock,
Arkansas .
SECTION 2 . This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: December 21, 1976
ATTEST: APPROVED: l4194#1141
City Cler Mayor/