3187 RESOLUTION NO. 3. 187
A RESOLUTION ACCEPTING AND APPROVING THE REPORT AND
RECOMMENDATIONS OF THE LITTLE ROCK PORT AUTHORITY
FO a FINANCING OF AN INDUSTRIAL PARK; AND FOR OTHER
PURPOSES.
W iEZ AS, the Little 'Rock .Port Authority has held numerous
meetings and has made report and recommendation to the Board of
Directors of the City of Little _;ock, Arkansas, for financing
of acquisition and development of an industrial park and re-
lated port facilities ; and
WHEREAS, said recommendations have been examined and are
felt to be sound and should be adopted;
_JOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS :
SECTION 1. The report and recommendations of the Fort
Authority dated July 7, 1964, concerning the financing and
development of an industrial park and related port facilities
for the City of Little Rock, Arkansas, are hereby accepted.
SECTION 2. The City Manager is hereby authorized ana direct-
ed to take such step or steps as may be necessary to implement
and assist in the implementation of said recommendations in any
and every way possible and to report to this Board periodically
concerning the progress and development in connection therewith.
SECTION 3. This Resolution shall be in full force and effect
from and after its adoption and approval.
ADOPTED: July 20, 1964
ATTEST: „" /ate Sam/ APPROVED: A,.o-,--J • )/1/\-.
City Glen:, Mayor
RECOMMENDATION OF THE LITTLE ROCK PORT AUTHORITY PRESENTED TO
THE BOARD OF DIRECTORS 7/7/64
To the Board of Directors of the City of Little Rock:
Your Port Authority has held several meetings since May 12, 1964 when the
voters approved a Bond issue for the purpose of financing our Port Facilities and
adjacent industrial park. Our objective in this was to prepare a recommendation
for your consideration in carrying out Items "A" and "B" of the plan which we filed
with you in February, 1963 and which you subsequently approved. These items
are:
"A" - The acquisition of the land including the industrial park.
"B" - The development of 210 acres in the industrial park.
To accomplish the carrying out of this initial stage of the program, the
Port Authority will need funds - and you need to be informed on how much so that
you will know the amount of bonds that needs to be sold in this first phase.
Some of the steps that we have already taken to prepare this recommendation
are as follows:
1. Considered and consulted with a group of Real Estate appraisers
to appraise the land.
2. Out of this group we selected two teams of appraisers and assigned
them their work to do.
3. The appraisers gave us their reports; we received them and h ave
made serious study of each.
4. Secured from Engineers an estimate of the cost of developing the
210 acres. This includes (a) Railroad access; (b) paving streets;
(c) drainage; (d) water supply and fire protection; (e) sewerage
disposal and (f) engineering costs. Gas and electricity are already
available in the area and the Utility Companies will extend addition-
al facilities as are needed without cost to us as per advice of our
Engineers.
After securing all of this information we estimate that the amount of money it
-t-
will take to accomplish "A" and "B" as set forth above would be $ t Co, boo .
OUR RECOMMENDATION
Each of the members of the Port Authority having given serious consideration
to the above proposal feel very strongly that Items "A" and "B" must be done to-
gether. Our investigation shows that there is an urgent need for industrial sites
now. This should be helpful in our development principle, that is to get the most
done with the least amount of taxes levied.
We therefore recommend that you offer for sale b9nds under the authoriza-
tion of the May 12th election in the total sum of $ 3, and make
proceeds therefrom available to us as needed for carrying out the purposes as
set forth above.
Respectfully submitted,
Ross Anderson
re I. Brown, Jr,
Roy Leonard
ardy L. Winburn, J�r.
Raymond R. Lindsey, Chairma