10068RESOLUTION NO. 10 0619
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3 A RESOLUTION REQUESTING THE PORT AUTHORITY TO DEVELOP A
4 RESPONSE TO THE ABLAWROBINSON PLAN FOR DEVELOPMENT OF
5 THE HARBOR AND RELATED INTERMODAL FACILITIES.
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7 WHEREAS, the Ablah group has presented a plan to develop the slackwater
8 harbor to various parties; and
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10 WHEREAS, a major element of their plan would have the City purchase the G.E.
11 facility and the Weyerhaeuser facility at the Port; and
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13 WHEREAS, the Ablah group would have the City and Port Authority issue $31
14 Million in tax- exempt bonds for docks and wharfs secured by untested revenues; and
15 WHEREAS, the Ablah group or any other similar plan would place great financial
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risks on both the City and the Port Authority; and
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18 WHEREAS, the City Board of Directors believes that port development,
19 construction and operation of public intermodal facilities is an excellent course to
20 constantly pursue;
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22 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
23 THE CITY OF LITTLE ROCK, ARKANSAS:
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25 SECTION 1. The Port Authority should develop a complete response to the
26 Ablah plan and report its findings to the City Board of Directors within the next two to
27 four weeks.
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29 SECTION 2. The Port Authority should make an assessment and preliminary
30 determination on whether it desires to own and operate a intermodal facility as
31 proposed by the Ablah group, or some other approach.
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33 SECTION 3. The Port Authority Executive Director and the City Finance
34 Director should move quickly to recommend a financial advisor experienced in port
35 matters, and qualified legal/bond counsels.
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ADOPTED: September 2, 1997
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ATTEST:
1 I �`t i.
KUME-RANCUCK
CITY CLERK
APPROVED AS TO FORM:
ATTORNEY 45;0 AN M. CA"hN'JKLK
CITY
APPROVED:
U`
JIM ILEY
MAYOR