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North Little Rock council approves lease and option to sell downtown site amid objections over price and process
Summary
After extended debate and a failed motion to table, the council approved R2622 authorizing a lease with option to purchase 200 E. Washington to Cal Macon. Critics said the city is selling a property it bought two years ago for $1.5 million for roughly $200,000; supporters emphasized downtown development and parking arrangements.
The North Little Rock City Council voted to approve a lease and option-to-purchase agreement with Cal Macon for property at 200 East Washington after more than an hour of debate over process and price.
Councilmember Hamilton pressed for public explanation of the deal, saying the city had acquired the parcel about two years earlier for $1,500,000 and the proposed purchase price in the option agreement was $200,000. "We bought this property 2 years ago for $1,500,000 and now we're selling it ... for $200,000," Hamilton said during Wednesday—19s meeting, adding he wanted to see a broader parking and redevelopment plan before approving the transaction.
Councilmember Robinson…
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