title
A RESOLUTION TO INDUCE REDEVELOPMENT OF THE PROPERTY COMMONLY KNOWN AS THE "INDIAN MALL" AND DECLARING AN EMERGENCY UPON THE CALL OF A SPECIAL CITY COUNCIL MEETING (NOTE: THIS RESOLUTION WAS AMENDED BY RES-12:225 ON DECEMBER 12, 2012)
body
WHEREAS, the City has identified MBC Holdings Worldwide, LLC, a Nevada limited liability company ("MBC") as a party having the revocable contractual right to purchase and redevelop the property commonly knows as the "Indian Mall" (the Indian Mall and the redevelopment thereof shall be hereinafter identified as the "Redevelopment"), which will, if completed, provide a substantial economic and aesthetic benefit for the City of Jonesboro, Arkansas (the “City”); and
WHEREAS, the City anticipates an economic benefit from an increase in employment (both during and following completion of construction) and sales tax revenues and, in addition, provide retail, restaurant, mixed use and other opportunities for the citizens of the City (and surrounding areas) not presently in existence; and
WHEREAS, the Redevelopment will remove buildings from and provide redevelopment of an area of the City which presently is inhibiting development and which may prove to become a blighted area within the City without immediate action; and
NOW, THEREFORE, BE IT RESOLVED AND ORDAINED by the City Council of the City of Jonesboro, Arkansas, to be communicated to all employees, political subdivisions, commissions, boards and committees (including the Planning Commission for the City and the Stormwater Board for the City) to the fullest extent allowed by law:
Section 1: The City shall provide to MBC (and its successors and assigns) support for, non-financial assistance to and legal ratification of (without expense to the City or any property owner outside the Redevelopment) the formation of and tax assessments within a Municipal Special Improvement District whose boundaries shall be the same as the Redevelopment.
Section 2: The City shall support ...
Click here for full text