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. (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. (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. (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.