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Council approves resolution expressing intent to issue industrial development revenue bonds for Hyper City project
Summary
The council approved a resolution expressing intent to issue industrial development revenue bonds under Arkansas law in an aggregate principal amount not to exceed $30,000,000,000 to finance energy and digital infrastructure facilities for Hyper City West Memphis LLC; the resolution was read by the city attorney and approved by vote.
The city attorney read a resolution declaring the city’s intent to issue industrial development revenue bonds under the state law referenced in the reading to finance energy and digital infrastructure for Hyper City West Memphis LLC, with an aggregate principal cap cited as not to exceed $30,000,000,000. Council members had an opportunity to ask questions and then voted to approve the resolution.
The reading included statutory references and described the resolution as authorizing negotiation of related agreements and declaring official intent with respect to reimbursement of project expenditures. The council then approved the measure and the clerk recorded a resolution/order number in the minutes.
Council treated the matter as an initial, non-project-specific step expressing intent and authorizing staff to proceed with negotiations and preparations; specific bond issuances, terms, and project-level approvals would require additional documentation and council action in later proceedings.
