0492 '14
RESOLUTION NO, 492 ( #7 - 96)
A RESOLUWION EXPRESSING AUTHORITY AND SUPPORT FOR 77-IE PURCHASE AND /OR
TRANSFER OF REAL PROPERTY 7D ASSIST IN THE FORMATION OF A NON - PROFIT
PRIVATE/PUBLIC FOUNDATION TO ENCOURAGE, PROMOTE, AND PURSUE ECONOMIC
AND INDUSTRIAL DEVELOPMENT FOR 77-IE C/7Y OF JACKSONVILLE, ARKANSAS; AND,
FOR O77 PURPOSES.
WHEREAS, FRANKLIN ELECTRIC COMPANY TRANSFERRED CERTAIN BUILDINGS AND REAL
PROPERTY TO THE CITY OF JACKSONVILLE, ARKANSAS, FOR FUTURE INDUSTRIAL DEVELOPMENT
AND ECONOMIC OPPORTUNITY FOR LOCAL CITIZENS. THE CITY GRACIOUSLY APPRECIATES AND
ACKNOWLEDGES THE INTENT AND PURPOSE OF SAID TRANSFER, AND HAS EXPRESSLY SET ASIDE
THE REAL PROPERTY AND ITS SALE PROCEEDS FOR USE IN FUTURE INDUSTRIAL AND ECONOMIC
DEVELOPMENT WITHIN THE CITY OF JACKSONVILLE, ARKANSAS',
WHEREAS, THE MAYOR AND CITY COUNCIL, TOGETHER WITH THE JACKSONVILLE CHAMBER
OF COMMERCE AND THE JACKSONVILLE COMMERCE CORPORATION, ARE JOINING TOGETHER TO
CREATE A NON-PROFIT PRIVATE/PUBLIC FOUNDATION /CORPORATION TO AGGRESSIVELY PURSUE
INDUSTRIAL AND ECONOMIC DEVELOPMENT FOR THE CITY OF JACKSONVILLE, ARKANSAS: AND,
WHEREAS, THE CITY AND FOUNDATION HAVE BEEN SUCCESSFUL IN NEGOTIATING AND
SECURING ADDITIONAL REAL PROPERTY FOR SAID INDUSTRIAL PARK, GARNERING SAID PROPERTY
AT A FRACTION OF ITS APPRAISED VALUE, AND HAVE PROSPECTS FOR POSSIBLE LEASE/PURCHASE
OF CERTAIN PORTIONS OF SAID PROPERTY.
NOW, 77-IEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
JACKSONVILLE, ARKANSAS, THAT:
SECTION I : THE CITY COUNCIL URGES ITS SUPPORT OF ECONOMIC AND INDUSTRIAL
DEVELOPMENT FOR THE CITY OF JACKSONVILLE, AND HEREBY DIRECTS THAT THE PROCEEDS FROM
THE SALE OF THE FRANKLIN ELECTRIC BUILDINGS, REAL PROPERTIES, AND REMAINING REAL
PROPERTY BE UTILIZED FOR THE EXCLUSIVE PURPOSES OF ECONOMIC AND INDUSTRIAL
DEVELOPMENT WITHIN JACKSONVILLE. THESE PURPOSES CAN BE AND ARE AUTHORIZED TO BE
ACCOMPLISHED THROUGH, BUT NOT LIMITED TO, TRANSFER /LEASE OF PROPERTY, PURCHASE OF
ADDITIONAL PROPERTIES, AND SOLICITATION AND ENCOURAGEMENT OF ECONOMIC AND INDUSTRIAL
DEVELOPMENT FOR THE CITY OF JACKSONVILLE.
SECTION 2: THE CITY COUNCIL HEREBY AUTHORIZES THE MAYOR AND /OR CITY CLERK TO
APPROVE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO AFFECT THE PURCHASE AND /OR
SUBSEQUENT LEASE OF CERTAIN REAL PROPERTY FOR THE DEVELOPMENT OF AN INDUSTRIAL PARK
WITHIN THE CITY OF JACKSONVILLE, AND ARE HEREBY AUTHORIZED TO EXECUTE ALL OTHER SUCH
DOCUMENTS AS SHALL BE NECESSARY TO AFFECT AND ACCOMPLISH THE PURPOSES AND
PRINCIPLES OF ECONOMIC AND INDUSTRIAL DEVELOPMENT FOR THE CITY OF JACKSONVILLE.
SECTION 3: ALL DEVELOPMENT OF SAID PARK AND THE NONPROFIT PRIVATE/PUBLIC
CORPORATION /FOUNDATION SHALL BE CONDUCTED ON THE PREMISE THAT, UPON DISSOLUTION OF
SAID NONPROFIT PRIVATE/PUBLIC CORPORATION /FOUNDATION, ANY AND ALL REMAINING ASSETS
OF THE CORPORATION SHALL BE TRANSFERRED TO THE CITY OF JACKSONVILLE FOR THE
PURPOSE OF FUTURE ECONOMIC AND INDUSTRIAL DEVELOPMENT.
SECTION 4: ANY AND ALL RESOLUTIONS IN CONFLICT HEREWITH ARE HEREBY REPEALED
TO THE EXTENT OF SAID CONFLICT.
77
RESOLUTION No 492
OCTOBER 7:1996
PAGE TWO
SECTION 5: THIS .RESOLUTION SHALL BE IN EFFECT FROM AND AFTER ITS DATE OF
PASSAGE.
SECTION 6: IF ANY PROVISION OF THIS RESOLUTION 15 HELD INVALID BY A COURT OF LAW
OR SUBSEQUENT LEGISLATIVE ACTON, SUCH HOLDING SHALL IN NO WAY AFFECT THE VALIDITY OF
THE REMAINING PROVISIONS OR SECTIONS OF THIS RESOLUTION, WHICH SHALL REMAIN IN FULL
FORCE AND EFFECT.
APPROVED AND ADOPTED THIS / 7 DAY OF OCTOBER, 1 996.
1 L?7rvy7A lcu -wc/
TOMMY SWAIM, MAYpR
ATTEST:
/ •
/
LLULXt-M. LEONARD, C LERK
APPROVED AS TO FORM:
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ROBE' E. SAM:. TT'e'
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