2096ORDINANCE NO. 2096
AN ORDINANCE CREATING A REDEVELOPMENT DISTRICT
FOR CERTAIN PROPERTY LOCATED IN THE CITY OF WEST
MEMPHIS, ARKANSAS; APPROVING A PROJECT PLAN FOR
SUCH DISTRICT; AUTHORIZING AND PRESCRIBING OTHER
MATTERS PERTAINING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, the City of West Memphis, Arkansas (the "City") is authorized and empowered
under the provisions of Amendment No. 78 to the Arkansas Constitution and Title 14, Chapter 168,
Subchapter 3 of the Arkansas Code of 1987 Annotated (the "Act") to create a redevelopment district
for the purpose of financing one or more redevelopment projects within the district; and
WHEREAS, it is proposed that the City create a redevelopment district under Amendment
No. 78 to the Arkansas Constitution and the Act consisting of approximately 419.01 acres located
in the Clement Norfleet Industrial Park Subdivision to the City of West Memphis, Crittenden
County, Arkansas, for the purpose of fmancing an approximately 6,300 foot street within the district
connecting Red Cross Road and Kuhn Road (the "Project"); and
WHEREAS, a project plan has been prepared for the Project containing the information set
forth in the Act, a copy of which has been presented to and is before this meeting (the "Project
Plan"); and
WHEREAS, pursuant to and in accordance with the provisions of the Act, a public hearing
was held on the date hereof before the City Council on the question of the creation of the
redevelopment district and on the question of the approval of the Project Plan; and
WHEREAS, after due consideration, the City Council has determined to proceed with the
creation of the redevelopment district and to approve the Project Plan;
NOW, THEREFORE, BE IT ORDAINED by the CityCouncil ofthe City of West Memphis,
Arkansas:
Section 1. A redevelopment district is hereby created as of the date of adoption of this
Ordinance.
Section 2. The name of the redevelopment district shall be "Redevelopment District No.
1 of the City of West Memphis, Arkansas."
Section 3. The boundaries of the redevelopment district shall be as follows:
Block 1, Clement-Norfleet Industrial Park as shown
by plat recorded in Plat Book 4 at page 463 in the
Clerk's Office of Crittenden County, Arkansas.
! .
Section 4. The City Council hereby finds and determines that the real property within
the redevelopment district will be benefitted by discouraging the loss of commerce, industry, or
employment and increasing employment.
Section 5. There is hereby established a special fund as a separate fund into which all
tax increment revenues and other revenues, if any, designated by the City Council for the benefit of
the redevelopment district shall be deposited, and from which all project costs shall be paid. As
provided in the Act, the special fund may be assigned to and held by a trustee for the benefit of
bondholders if tax increment fmancing is used.
Section 5. The Project Plan is hereby adopted and approved. The City Council hereby
finds and determines that the plan is economically feasible.
Section 6. The provisions of this Ordinance are hereby declared to be separable, and if
any section, phrase or provision shall for any reason be declared to be invalid, such declaration shall
not affect the validity of the remainder of the sections, phrases and provisions.
Section 7. All ordinances, resolutions and parts thereof in conflict herewith are hereby
repealed to the extent of such conflict.
Section 8. There is hereby found and declared to be an immediate need for the creation
of a redevelopment district for the purpose of financing the Project herein described in order to
discourage the loss of commerce, industry, or employment and to increase employment in the City.
It is, therefore, declared that an emergency exists and this Ordinance being necessary for the
preservation of the public peace, health and safety shall be in force and effect immediately upon and
after its passage.
PASSED: June~4, 2004.
ATTEST:
ity Clerk
(SEAL)
moldy _ L '~,~"
APPROVED:
May r
RECEIVED
City Clerk's Office
Date/((TimQ e~p a ~ ~ y q , ~ ~~~~,,,
By oti IL~MM~ LLB J
CERTIFICATE
The undersigned, City Clerk of the City of West Memphis, Arkansas, hereby certifies that
the foregoing pages are a true and perfect copy of Ordinance No._, adopted at a regular
session of the City Council of the City of W est Memphis, Arkansas, held at the regular meeting place
of the City at 1:30 o'clock p.m., on the 24th day of June, 2004, and that the Ordinance is of record
in Ordinance Record Book No. ~c~ `~ , wage- ,now in my possession.
GIVEN under my hand and seal on this d 4-{-~ day of June, 2004.
-~
City Clerk
(SEAL)