Board of Trustees Consider $ 6 Million Loan to Fund Several Little Rock Projects
Little Rock’s board members are being asked to approve a short-term funding note of nearly $ 6 million to pay for a number of different projects and acquisitions.
They are expected to vote on an ordinance allowing the note to be issued at a board meeting Tuesday on the campus of Philander Smith College.
Asked by City Manager Antwan Phillips at a June 29 meeting about what the city will do with the money, City Manager Bruce Moore listed some of the initiatives.
He said the projects included improvements to MacArthur Park “which match the improvements underway at [Arkansas] Museum of Fine Arts, âadding:â This will ensure that the two projects look cohesive and ready to open next year. “
Museum officials said last month they needed more time to prepare the building and grounds. As a result, they pushed back the museum’s planned opening date from May 2022 to the fall of next year.
The redesign of the museum, formerly known as the Arkansas Arts Center, has been underway since it closed for construction in 2019.
The bill also includes money for mobile police and firefighter radios, a new playground at MacArthur Park and $ 750,000 for a new fire truck, Moore explained.
Further improvements will take place in Kanis and Interstate parks, and additional properties will be acquired at the West Central Community Center.
According to the text of the ordinance, the money for parking and basketball courts at Kanis Park is expected to come from the bill. The order also lists the reconstruction of Interstate Park Drive.
Mayor Frank Scott Jr. suggested in a recent meeting that developments at Kanis Park would be “very enjoyable for this community and sports users in one of the city’s most historic areas, as far as the basketball”.
The principal amount of the proposed promissory note is $ 5,925,000.
Interest on principal should not exceed 5% per annum, according to the wording of the ordinance. The loan will be repaid in five annual installments starting one year from the date of the note, with the last installment due five years later.
A lender must be selected by the mayor or city manager after soliciting proposals from at least three lenders with offices in the city, according to the text of the ordinance.