Section 14-186-208 - Warehouse facilities - Proposals for lease

(a) Before entering into a new lease of existing warehouse facilities with a third-party lessor or a lease of new warehouse facilities with a third-party lessor under this subchapter, an authority shall:(1) Publicly solicit proposals for the leasing of the warehouse facilities on terms that are customary and usual in the commercial warehousing industry; and(2) Accept the proposal the authority deems to be commercially reasonable and in the best interest of the authority.(b) This section does not apply to a warehouse facility that: (1) An authority owns or plans to construct; and(2) Is leased to a third-party tenant.Amended by Act 2021, No. 515,§ 1, eff. 7/28/2021.Acts 1947, No. 167, §§ 2, 3; 1983, No. 622, §§ 1, 2; A.S.A. 1947, §§ 19-2721, 19-2722.