2010 Arkansas Code
Title 14 - Local Government
Subtitle 11 - Economic Development Improvement Districts, Facilities, And Authorities
Chapter 185 - Metropolitan Port Authorities
§ 14-185-110 - Warehouse facilities -- Proposals for lease or operation.

14-185-110. Warehouse facilities -- Proposals for lease or operation.

With regard to warehouse facilities used for commercial warehousing purposes mentioned 14-185-108(a)(1)-(4), (6), (7), and (9)-(11), 14-185-108(b), and 14-185-109(2), (3), (12), and (13), the authority, prior to entering into a new lease of existing warehouse facilities or into a lease of new warehouse facilities, in whole or in part, or prior to operating warehouse facilities for these purposes, in whole or in part, shall first publicly solicit proposals for the leasing or operation of the warehouse facilities for these purposes on such terms as shall be customary and usual in the commercial warehousing industry. The authority shall accept such proposal as is commercially reasonable and in the authority's best interest.