CITY OF LITTLE ROCK CLARIFIES PURCHASE OF PORT PROPERTY


After re-confirming with Port Authority officials, information reported in the media regarding the Port of Little Rock and City of Little Rock’s purchase of the Man Industries property has been inaccurate. Man Industries purchased the 155-acre site in six different real estate transactions totaling $2,176,440. In addition, Man Industries paid approximately $78,000 in legal, title, geotechnical, soil, environmental and other fees germane to the ownership and development of the property. These items collectively total approximately $2,254,292. After being notified by the company that the project wasn’t moving forward and the land would be placed on the market for sale, the Port offered to purchase the property at what the company paid for it plus applicable fees. The City paid no real estate commission in this transaction.

The funds used to purchase the property will come from Port operation revenues. All property contiguous and in close proximity to the Port had been identified as possible natural expansion opportunities. Because of recent economic development success, the Port is in need of additional, developable, industrial property. Without marketable sites, attracting new industry to Little Rock will be impossible. Therefore, the Little Rock Port Authority recommended that the City of Little Rock approve its purchase of the Man Industries property.

###