JONESBORO, AR (KAIT) - A Little Rock lawyer made a proposition to a Jonesboro city council committee Tuesday regarding property on the old fairgrounds.
"Obviously the fairground owns the tract further out of town but they also own the lots that we commonly refer to as the old fairgrounds," Rick Ramsay said.
Ramsay, the liquidated agent for the bankrupt fairground property in Jonesboro, told the committee that he was brought into the equation to help when the debtors didn't file a plan to restructure their debts.
"When they built the nice buildings out there, they way, way, way overspent their budget," Ramsay said. "There are some lend claims that are on the property because a lot of laborers did not get paid."
Ramsay said since coming on board, he's received numerous offers on pieces of land there.
"None of which have been sufficient for me to accept," Ramsay said. "However, I have received an offer from an entity for Lot 7 of the old fairgrounds."
The sale of that lot is contingent upon the ownership of a road that runs through it though.
The entity requests the road, which sits on Lot 7 and is owned by the fairgrounds, not be part of the sale.
Ramsay said there is an amendment in the contract that states the sale is conditioned upon the city accepting that road, which is substandard.
"It is normal for a city to say we'll accept it when you bring it up to city standards," Ramsay said. "This is a bankruptcy. I don't have any money."
Ramsay said the donation of the road would have to be as is.
"But this is a street that the city needs," Ramsay said. "What I'm telling you is I think there are a myriad of reasons, despite the resolution that might be on the books, that this is a special circumstance. This body should look favorably upon this request."
If the city accepted the road, they would be able to bring it up to city standards on their time line. It would also serve as a connector between Fair Park Boulevard and Red Wolf Boulevard.
The committee voted to send the issue to the full council for consideration.
The full council meets again on Tuesday, February 16.
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