0824RESOLUTION N0. G~ ~__~
WHEREAS, on the 24th da,y of May, 1979, the City of
West Memphis, Arkansas received an offer from the Cox Family
granting the City of West Memphis an option to purchase
100 acres of land at the proposed Port Site; and,
WHEREAS, this option stated that the time of the
option would be a period of one (1) year from the date of
receipt of three (3) appraisals made by MAI appraisers; and,
WHEREAS, the City of West Memphis has not received
any appraisals from the Cox Family; and,
WHEREAS, the Cox Family has notified the City of
West Memphis on January 12, 1981 that more than one year
and one-half had passed and the City has not elected to
exercise its option; and,
WHEREAS, the West Memphis City Council does not
feel that the option could be exercised until the MAI appraisers
have concluded their appraisals;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS that the City Council notify the Cox Family
that the fact that the appraisals were never received, that
there was no way the City could exercise its option; and,
the City still wishes to exercise its option one (1) year after
the appraisals are .received by the City of West Memphis, Arkansas.
PASSED AND APPROVED this ~ day of ~~ ~U~~' q;
1981.
ATTEST:
~~ ~;,
ITY CLERK
MAYOR
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