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Board approves bond resolution, property conveyance and franchise-fee ordinances tied to Port development
Summary
The board adopted a resolution of intent to issue bonds for an industrial facility, authorized conveyance of Port Authority property, approved a memorandum of understanding with Willow Bend Capital LLC, and passed ordinances amending franchise fees for Central Arkansas Water, Little Rock Water Reclamation Authority and Energy Arkansas LLC.
In a special-call session on April 29, the Little Rock Board of Directors approved a package of resolutions and ordinances tied to economic development at the Little Rock Port.
By voice vote the board adopted a resolution of intent authorizing issuance of bonds to assist financing the acquisition, construction and equipping of an industrial facility in the city. The board also approved a resolution authorizing the mayor and city clerk to execute a special warranty deed conveying real property owned by the Little Rock Port Authority described as north of Earl Lane and east of Harper Road in Pulaski County.
The board further authorized the mayor to execute a memorandum of understanding with Willow Bend Capital LLC for a development project at the Little Rock Port.
Separately, the board passed three ordinances (third and final reading) to amend franchise-fee provisions: section 4 of Little Rock ordinance 18,508 (Central Arkansas Water), section 1 of ordinance 18,615 (Little Rock Water Reclamation Authority) and section 9 of ordinance 11,683 (Energy Arkansas LLC). Each ordinance cleared three readings and the board adopted them by voice vote.
Mayor Scott thanked economic development partners and named individuals who participated in negotiations, praising the effort as a “team effort” and calling the project “a big deal.” He singled out staff and partner organizations including the Little Rock Regional Chamber, the Little Rock Port Authority and outside counsel for their work on the transactions.
The board conducted the votes by voice; the clerk recorded the roll for the special call session prior to the actions.
