The Little Rock Port Authority completed the acquisition of an additional 157 acres to be used for economic development.
The purchase was made possible by the City of Little Rock through its 2012 3/8-Cent Capital Improvement Sales Tax, which set aside money for the specific purpose of expanding the port's real estate holdings.
The port began actively exploring expansion opportunities with the development of a 2008 Master Real Estate Acquisition Plan. Working with the Greater Little Rock Chamber of Commerce and other interested parties to explore viable options for real estate expansion, the Port determined that this particular parcel will meet the future needs of the Little Rock Port Authority for economic prospect recruitment purposes.
“This additional land will allow the Port to attract new businesses that will employ even more Arkansans in the Port,” said Little Rock Port Authority Executive Director Bryan Day. “The port is the proud home of 41 companies employing more than 3,000 people, and we look forward to seeing that number grow soon.”
The port extended an offer, based upon a third-party appraisal, for the property, and the owner accepted. The City of Little Rock Board of Directors authorized the City Manager to purchase the acreage in the amount of $1,346,691 for use by the Little Rock Port Authority.