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A RESOLUTION FINDING THAT IT IS TO THE BEST INTEREST OF THE CITY OF JONESBORO, ARKANSAS, TO LEASE AND CONTRACT TO SELL TO THE JONESBORO INDUSTRIAL DEVELOPMENT CORPORATION A PART OF THE PROPERTY ADJOINING THE JONESBORO MUNICIPAL AIRPORT
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WHEREAS, the City of Jonesboro has heretofore acquired acreage on which an airport has been constructed, and certain of the acreage so acquired has been found to be unnecessary for airport uses, and it is found to be in the public interest to lease a portion of said premises with a contractual right to purchase and right to assign the lease and contract to the Jonesboro Development Corporation, organized under Act 404 of the General Assembly of Arkansas for the year 1955; and
WHEREAS, the Airport Commission of the City of Jonesboro has considered and approved the proposed lease and contract and has further determined that the property involved is not required for the purposes originally acquired and the proposed use of the premises and construction to be placed thereon will not interfere with the operation of the airport or use of the other part of the premises for airport purposes, and the Council has considered the terms of the proposed lease and sales agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas.
SECTION 1: That the City council finds that it is to the best interest of the City that the City lease to the Jonesboro Industrial Development Corporation, with option to purchase, with the right and privilege of said Industrial Development Corporation to assign its rights to lease and purchase, that part of the land adjoining the Jonesboro Municipal Airport, approximating 20 acres and lying West of the access road to the Airport hangar, and South of the cone of the East-West run-way extended, together with all improvements constructed thereon. The property and the terms of such lease to be as more particularly described and set out in the attached Lease Agreement, whic...
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