Republic council approves up to $1 million bank facility to fund JR Martin Park upgrades

Republic City Council voted unanimously to authorize the city’s chief financial officer to finalize and secure a term facility of up to $1,000,000 with Arvest Bank to fund upgrades at JR Martin Park.

Chief Financial Officer Bob Ford told the council the city issued $10 million in Series 23 special obligation bonds in March 2023, intended to fund a roughly $8 million expansion of the Rush facility and about $2 million for JR Martin Park. Ford said the Rush and new courts at Miller Park have consumed about $8.7 million of the bond proceeds and that Parks currently has $1.3 million set aside for JR Martin. He said initial bids for JR Martin exceeded the $2 million budget and the department redesigned the project closer to a $2 million–$2.3 million range.

"So the proposal and the request is to borrow up to a million dollars," Ford said. "If we are successful on the $500,000 grant, we'll only borrow $500,000." He described the Arvest commitment as a five-year term facility priced at prime less 100 basis points with a floor of 5 percent and a $500 origination fee, with no prepayment penalty.

The council heard that Parks plans a new pavilion for the farmers market and community events, a plaza, expanded parking and improved connections to trails and green space. Ford said Parks hopes to break ground by May 1, 2026, and that bid documents need to be issued immediately to meet that schedule.

Council members pressed on contingencies. "What if it comes in over 2.3?" Council member Campbell asked. Ford replied, "If it comes in over 2.3, then we're gonna pray that we get the $500,000 grant." When asked about contractor availability, Ford said staff would "work with the contractor to get them started as soon as we can."

Ford also presented amortization scenarios showing the quarter-cent parks capital improvement sales tax could cover the combined debt service and still leave surplus that could accelerate payoff of the Arvest facility.

Council approved the resolution to secure the term facility by a 6-0 vote.

The resolution authorizes staff to secure temporary financing so Parks can reissue bid documents and advance the redesigned project; Ford said the city may refinance the Arvest facility later if a better market option is available.

The council did not set a final borrowing amount in the resolution; the action authorizes the CFO to finalize the facility up to $1,000,000 and proceed with the project timeline.