Board of Directors to Consider $ 6 Million Loan to Fund Multiple LR Projects

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Little Rock’s board members are being asked to approve about $ 6 million in short-term funding to pay for a range of different projects and acquisitions.

They are slated to vote on a decree authorizing the note at a board meeting Tuesday at Philander Smith College campus.

When asked by City Manager Antwan Phillips during 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 include improvements at MacArthur Park “that are in line with the improvements taking place at MacArthur Park.” [Arkansas] The Museum of Fine Arts “added:” So both projects will look consistent and ready to open next year. “

Museum staff said last month they needed more time to prepare the building and grounds. As a result, they moved the expected opening date of the museum from May 2022 to the next fall.

The museum, formerly known as the Arkansas Arts Center, has been undergoing major renovations since it closed for construction in 2019.

The note also indicated money to buy mobile radios for police and firefighters, a new playground at MacArthur Park and $ 750,000 to set fire to a truck, Moore explained.

Other improvements will be carried out at Kanis and Interstate Parks, and additional property will be acquired at the West Central Community Center.

According to the text of the decree, money for parking and basketball courts in Kanis Park is supposed to come from a note. The ordinance also lists the renovation of Interstate Park Drive.

Mayor Frank Scott Jr., during a recent meeting, suggested that the events at Canis Park will be “very enjoyable for the community and those who enjoy sports in one of the city’s most historic neighborhoods when it comes to basketball.”

The principal amount of the proposed bill is $ 5,925,000.

According to the decree, the interest rate on the principal amount should not exceed 5% per annum. The loan will be repaid in five annual installments starting from one year from the date of the promissory note, with the last installment in five years.

The lender must be selected by the mayor or city manager after requesting proposals from at least three lenders with offices in the city, in accordance with the text of the ordinance.



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