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&DINANCE NO. 16,264
AN ORDINANCE APPROPRIATING FUNDS FROM THE CITY'S
ECONOMIC DEVELOPMENT FUND FOR IMPROVEMENTS AT THE
LITTLE ROCK PORT INDUSTRIAL PARK; AUTHORIZING THE CITY
MANAGER TO TRANSFER FUNDS TO THE LITTLE ROCK PORT
AUTHORITY; AND FOR OTHER PURPOSES.
WHEREAS, the Little Rock Port Authority has agreed to extend a road, provide
power, gas, water and sewer services, and make drainage improvements to a Port Authority
site that will eventually be purchased and utilized by the R &G Sloane Manufacturing
Company, Inc.; and
WHEREAS, the City has agreed to contribute to the Port's costs of improving the
site because of its long lasting benefit to economic development for the City, and because
of the City's desire to maintain a high quality industrial park operated by the Port
Authority.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. There is hereby appropriated the sum of $1,500,000 from the City's
Economic Development Fund for improvements at the Little Rock Port Industrial Park.
SECTION 2. The City Manager is hereby authorized to transfer funds appropriated
by this Ordinance to the Little Rock Port Authority as the work is performed and upon
receipt of proper documentation of the Port's expenditures.
PASSED: August 18, 1992
ATTEST:
APPROVED AS TO FORM:
THOMAS CARPENTER \J
CITY ATTORNEY
APPROVED:
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