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Council approves Act 9 bond mechanism for Cargill/Tyson project and sets hearing on related easement changes
Summary
Council approved an ordinance that uses Act 9 authority to facilitate rehabilitation of the former Cargill facility (title transfer/leaseback mechanism), and set a Jan. 13 public hearing to consider abandoning a storm-drainage easement tied to the project; the city also approved vacating portions of blanket utility easements at 1210 S. Thompson.
Councilors approved an ordinance invoking Act 9 to authorize issuance of industrial development bonds and related lease/leaseback documents to support a significant rehabilitation of the former Cargill plant at 730 Randall Welby Road, a project described by staff as an investment by Tuscan/Tyson Foods. Outside counsel explained that Arkansas law requires title to…
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