1949ORDINANCE NO. L q y
AN ORDINANCE TO WAIVE COMPETITIVE BIDDING FOR THE
PURCHASE OF 46.SaACRES OF REAL PROPERTY FROM
GUARANTY LOAN & REAL ESTATE COMPANY, DECLARING AN
EMERGENCY AND FOR OTHER PURPOSES.
WHEREAS, Arkansas Code Annotated Section 14-58-303 authorizes the waiving of
competitive bidding in exceptional situations where competitive bidding is deemed not feasible or
practical; and
WHEREAS, the City of West Memphis desires to purchase 46. Sa acres of real property
from Guaranty Loan & Real Estate Company, and competitive bidding for specific real property
would not be feasible or practical; and
WHEREAS, the City of West Memphis and Guaranty Loan & Real Estate Company have
negotiated an agreement for the purchase and sale of said property for the purchase price of
$1,000,000 together with an agreement to provide not more than $1,000,000 toward the
development of streets, roads, bridges, drainage, and other vital public facilities related to job
creation or retention as financed through grant funds through the Economic Development of
Arkansas Fund;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, THAT:
Competitive bidding for the purchase of H(,, sa acres from Guaranty Loan & Real
Estate Company is hereby waived for the reason that competitive bidding would not be feasible or
practical for the purchase of specific real property.
2. All ordinances or parts of ordinances in conflict herewith are hereby repealed to
the extent of any such conflict.
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3. EMERGENCY CLAUSE. It having been found and determined by the City
Council of the City of West Memphis, Arkansas, that an urgent and immediate need exists to
obtain the authority to acquire this real property in order to comply with the requirements of the
grant through the Economic Development of Arkansas Fund and the time constraints in
association with the proposed bond issue for construction of the proposed distribution facility and
to avoid further delay in construction resulting from weather conditions, an emergency is hereby
declared, and this ordinance being necessary for the preservation of the peace, health, safety and
welfare of the citizens of West Memphis, Arkansas, shall be in full force and effect from and after
the date of its passage and approval.
PASSED AND APPROVED this 3~d day of A ~~s~' , 2000.
WILLIAM H. JOHNS N, Mayor
ATTEST:
PHILLIP ,City Clerk
SPONSORED BY:
DECEIVED
CITY CLERICS OFFICE
DATE - 31_00 ~~3ocn~.
FROM-~