Tech park ups offer to Mays for 415 Main | Arkansas Blog

Tuesday, November 24, 2015

Tech park ups offer to Mays for 415 Main

Posted By on Tue, Nov 24, 2015 at 5:54 PM

The board of the Little Rock Technology Park Authority today voted this afternoon to up its offer to lawyer Richard Mays for his Main Street office building to $1.037 million. Its lawyers will draft the counter offer over the holidays for delivery, probably on Monday, board lawyer Scott Schallhorn said.

It's quite a far cry from the tech park's original appraisal of between $470,000 and $530,000 for the two-story building at 415 Main St. and its original offer of $670,000. Mays rejected the $670,000 and the board came back with $845,000 at a meeting Nov. 2. Mays countered with $1.2 million. Yesterday, the Tech Park board filed a complaint of eminent domain against Mays.

Today, however, board member Dickson Flake said he had spoken with Mays just an hour before the meeting and wanted to make a motion that the board make the new offer. "I have some confidence" that the Mays family will accept, Flake said.

The board's logic is that is that court costs could push the acquisition amount — should the court rule in the park's favor on the question of eminent domain — to more than the offer it is making now. Mays apparently has the board over a barrel — a barrel that member Kevin Zaffaroni would have avoided by dropping the offer to buy altogether.

"It seems to me that [the first offer of $670,000] was abundantly fair," Zaffaroni said, adding that while he found nothing unusual about a difference in appraisals, the spread in this case was hard to see. "What is the value of this property? ... Do we even need the property?" he asked. He said he thought the board, which is buying property on either side of 415 Main St. for the tech park, could work around it. "I don't think we need to be chasing this. It's the taxpayers' money." He was the lone vote against the counter offer. Flake and board members Tom Butler, Mary Good, Jay Chesshir, Darrin Williams and C.J. Duvall voted for the motion.

Tom Butler told Zaffaroni he agreed with him up to a point, but that he had looked at the architectural plans and consulted with a friend in Houston who does acquisitions for M.D. Anderson and he'd decided he would support the motion.

Williams said he, too, supported the motion but wondered if the tech park couldn't get a better deal by leasing the space. Flake said that could hurt the property value of the adjacent tech park property.

The counter offer will stipulate that Mays would dismiss his suit against the board, filed last week, challenging the park's ability to exercise eminent domain and the tech park board will dismiss its eminent domain complaint filed yesterday, and that the parties will be responsible for their own legal fees.



From the ArkTimes store

Favorite

Comments (9)

Showing 1-9 of 9

Add a comment

 
Subscribe to this thread:
Showing 1-9 of 9

Add a comment

More by Leslie Newell Peacock

  • Third Friday in Argenta: Artwalking to see Southern landscapes and more

    Works by some of Arkansas's most distinguished artists, including the late Al Allen and Carroll Cloar, along with famed regionalist Thomas Hart Benton make up part of the offerings in "Southern Landscapes," a new exhibition at Greg Thompson Fine Art (429 Main St.) opening with the monthly Third Friday Argenta ArtWalk tonight.
    • Aug 18, 2017
  • 'Sign of the Times': Political posters at CHARTS

    Hendrix College's Dr. Jay Barth will give a talk and sax player Dr. Barry McVinney and pianist Mark Binns will provide the music at tonight's opening of "The Sign of the Times: The Great American Political Poster" in the Windgate Gallery at UA Pulaski Tech's CHARTS (The Center for Humanities and Arts). The event runs from 6 p.m. to 8 p.m.
    • Aug 17, 2017
  • GiGi's opens with soul food and 'old school R and B vibe'

    GiGi’s Soul Cafe and Lounge at 10840 Maumelle Blvd., where the Nashville Rockin Grill was located, opened July 28 and co-owner Darrell Wyrick the restaurant is “bringing back the spirit of some of the places that have gone, like Porter’s and The Afterthought” with its soul food and “old school R and B vibe.”
    • Aug 16, 2017
  • More »

Readers also liked…

  • Jason Rapert vs. Wikipedia

    Sen. Jason Rapert against the world: Wikipedia edition.
    • Jan 23, 2016
  • City Board votes to table homeless feeding ordinance for 8 weeks, study with commission

    The Little Rock Board of Directors voted tonight to table for eight weeks an ordinance that homeless advocates say would severely limit the ability of charities to feed homeless people in city parks. Before the ordinance was punted, Vice Mayor Kathy Webb proposed a nine-member commission to study the issue and make recommendations to the board.
    • May 16, 2017
  • Charter school accountability: Non-existent in Arkansas

    A state audit finds charter school spending violated state law, but the state Education Department says it has no responsibility for ensuring proper management of charter schools. Say what?
    • Mar 5, 2016

Most Shared

  • Take yourself there: Mavis Staples coming to LR for Central High performance

    Gospel and R&B singer and civil rights activist Mavis Staples, who has been inspiring fans with gospel-inflected freedom songs like "I'll Take You There" and "March Up Freedom's Highway" and the poignant "Oh What a Feeling" will come to Little Rock for the commemoration of the 60th anniversary of the desegregation of Central High.
  • Klan's president

    Everything that Donald Trump does — make that everything that he says — is calculated to thrill his lustiest disciples. But he is discovering that what was brilliant for a politician is a miscalculation for a president, because it deepens the chasm between him and most Americans.
  • On Charlottesville

    Watching the Charlottesville spectacle from halfway across the country, I confess that my first instinct was to raillery. Vanilla ISIS, somebody called this mob of would-be Nazis. A parade of love-deprived nerds marching bravely out of their parents' basements carrying tiki torches from Home Depot.

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation