Bill Summary – FastDemocracy

Stricken language would be deleted from and underlined language would be added to present law.
                                           Act 515 of the Regular Session
 1   State of Arkansas
 2   93rd General Assembly                        A Bill
 3   Regular Session, 2021                                                             HOUSE BILL 1629
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 5   By: Representative Ennett
 6   By: Senator L. Chesterfield
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 8                                     For An Act To Be Entitled
 9                   AN ACT TO AMEND THE LAW CONCERNING WAREHOUSE
10                   FACILITIES AND MUNICIPAL PORT AUTHORITIES; AND FOR
11                   OTHER PURPOSES.
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14                                                 Subtitle
15                           TO AMEND THE LAW CONCERNING WAREHOUSE
16                           FACILITIES AND MUNICIPAL PORT
17                           AUTHORITIES.
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20   BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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22           SECTION 1.      Arkansas Code  14-186-208 is amended to read as follows:
23           14-186-208. Warehouse facilities  Proposals for lease or operation.
24           With regard to warehouse facilities used for commercial warehousing
25   purposes mentioned in  subdivisions (1)-(4) and (8)-(10) of  14-186-204(a)
26   and  14-186-204(b), and subdivisions (2), (3), and (10)-(13) of  14-186-
27   207, the authority, prior to entering into a new lease of existing warehouse
28   facilities or into a lease of new warehouse facilities, in whole or in part,
29   or prior to operating warehouse facilities for these purposes, in whole or in
30   part, shall first publicly solicit proposals for the leasing or operation of
31   the warehouse facilities for these purposes on such terms as shall be
32   customary and usual in the commercial warehousing industry, and the authority
33   shall accept such proposal as is commercially reasonable and in the
34   authority's best interest (a)            Before entering into a new lease of existing
35   warehouse facilities with a third-party lessor or a lease of new warehouse
36   facilities with a third-party lessor under this subchapter, an authority
     *KLL079*                                                                   3/3/2021 12:08:17 PM KLL079
                                                                                HB1629
 1   shall:
 2                  (1)   Publicly solicit proposals for the leasing of the warehouse
 3   facilities on terms that are customary and usual in the commercial
 4   warehousing industry; and
 5                  (2)   Accept the proposal the authority deems to be commercially
 6   reasonable and in the best interest of the authority.
 7            (b)   This section does not apply to a warehouse facility that:
 8                  (1)   An authority owns or plans to construct; and
 9                  (2)   Is leased to a third-party tenant.
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12                                     APPROVED: 4/1/21
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