The University of Arkansas Board of Trustees Tuesday afternoon tied up some loose ends on the pending sale of University of Arkansas at Monticello-owned property to an industrial prospect interested in locating in Monticello.
At a special called meeting via conference call, the board adopted a resolution approving the proposed sale of 80.99 acres to the business prospect and another 3.5 acres (for a roadway) to the Monticello Economic Development Commission. Terms of the sale include a sale price of $85,500 and the university retains the right to harvest timber from the property prior to closing. The final closing is set for November.
Details about the business prospect’s operations were not disclosed during the meeting. The company will make a public announcement at a later date.
During the meeting, University of Arkansas Board of Trustees member and Monticello lawyer Cliff Gibson pointed out that he provides pro bono legal work to the Monticello Economic Development Commission. However, he said, he does not believe that disqualifies him from making a motion or voting on the matter. Gibson then proceeded to make a motion that the Board of Trustees approve the transaction. David Pryor seconded Gibson’s motion and the board voted without dissent to approve the transaction.
Following the vote, Gibson expressed his gratitude to the board and those involved in the transaction. “This is something that is very important to the economic health of not only Southeast Arkansas but the whole state,” Gibson said. “I want to express my gratitude to not only you as as a board but also to Jack Lassiter, who has been tireless in his efforts, and Nita McDaniel and Bennie Ryburn, III for all they have done and continue to do on this. It is because of all these efforts that good things happen.”
Ryburn is the chairman of the Monticello Economic Development Commission and McDaniel is executive director of the organization.
UAM chancellor Jack Lassiter echoed Gibson’s remarks. “I appreciate the Board of Trustees,” Lassiter said. “This is a big day for Southeast Arkansas and, as Cliff says, the entire state.”