§ 14-186-208 - Warehouse facilities -- Proposals for lease or operation. - Arkansas Statutes

14-186-208. Warehouse facilities -- Proposals for lease or operation.

With regard to warehouse facilities used for commercial warehousing purposes mentioned in subdivisions (1)-(4) and (8)-(10) of 14-186-204(a) and 14-186-204(b), and subdivisions (2), (3), and (10)-(13) of 14-186-207, 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, and the authority shall accept such proposal as is commercially reasonable and in the authority's best interest.