HomeMy WebLinkAbout16714 1 RESOLUTION NO. 16,714
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3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER
4 INTO A CONTRACT WITH LINDSEY WAREHOUSE, LLC AND ONCE,
5 LLC, IN THE AMOUNT OF FIVE-HUNDRED THOUSAND DOLLARS
6 ($500,000.00), PLUS ASSOCIATED CLOSING COSTS, FOR THE
7 PURCHASE OF APPROXIMATELY SEVENTEEN (17) ACRES OF LAND
8 BY THE LITTLE ROCK PORT AUTHORITY FOR USE IN ECONOMIC
9 PROSPECT RECRUITMENT; AND FOR OTHER PURPOSES.
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11 WHEREAS,the Little Rock Port Authority has been actively exploring opportunities for expansion,
12 including the development of a 2008 Master Real Estate Acquisition Plan; and,
13 WHEREAS, the Little Rock Port Authority Staff has worked with the Greater Little Rock Regional
14 Chamber of Commerce,and other interested parties,to explore viable options for real estate expansion and
15 determined that these particular parcels will meet the future needs of the Little Rock Port Authority for
16 economic prospect recruitment purposes; and,
17 WHEREAS, the Little Rock Port Authority Staff extended a preliminary offer, based upon a third-
18 party appraisal, in the amount of Five-Hundred Thousand Dollars ($500,000.00), plus associated closing
19 costs, for the property in question and the offer was accepted by the joint owners, Lindsay Warehouse,
20 LLC,and Once, LLC.
21 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
22 OF LITTLE ROCK:
23 Section 1.The City of Little Rock Board of Directors authorizes the Acting City Manager to enter into
24 a contract with joint owners, Lindsay Warehouse, LLC,and Once, LLC, for the purchase of approximately
25 Seventeen (17) acres of land and a residential structure, in the amount of Five-Hundred Thousand
26 Dollars ($500,000.00), plus associated closing costs, which is contingent upon positive findings
27 of the Phase One Environmental Study and determination of clear title.
28 The property parcel ID is Little Rock, Pulaski County, Arkansas; parcel number
29 24R-034.00-027.00, and parcel number 24L-015.00-023.00
30 Section 2. Funding for this acquisition will come from the Little Rock Port Authority.
31 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
32 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
33 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
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1 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
2 resolution.
3 Section 4. Repealer. All laws, ordinances, resolutions or parts of the same that are inconsistent with
4 the provisions of this resolution are hereby repealed to the extent of such inconsistency.
5 ADOPTED: June 3,2025
6 ATTEST: APPROVED:
7
g
9 Allison Segars,City Frank Scott,Jr�'N
10 APPROVED AS TO LEGAL FORM:
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12 `l,d 44447 t/t/l,.
13 Thomas M.Carpenter,City Aft ney
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