Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Sports Complex Financing topic
No spam. Unsubscribe anytime.
Jonesboro council approves memorandum of understanding supporting sports complex financing
Summary
The council adopted Resolution 20528 authorizing the mayor and city clerk to enter an MOU with the Advertising and Promotion Commission to support financing and operation arrangements for a proposed sports complex, and acknowledged use of advertising-and-promotion tax revenues and lease revenue bonds as part of the plan.
The Jonesboro City Council on March 18 adopted Resolution 20528 authorizing the city to enter a memorandum of understanding with the City of Jonesboro Advertising and Promotion Commission to support the development of a sports complex.
The resolution acknowledges the commission’s use of revenues from municipal lodging and prepared-food taxes — levied under earlier ordinances — to fund tourism and recreation projects and states that the commission requested assistance from the City of Jonesboro Public Facilities Board to finance part of the sports complex. The board accepted a term sheet from Capital 1 Public Funding LLC for the proposed acquisition of lease revenue bonds; proceeds would be used to finance part of the project, the resolution says.
Under the contemplated structure the board would issue lease revenue bonds, lease the sports complex to the Commission and the Commission would pay fair-market rent funded by legally available resources, including revenues from the city’s advertising-and-promotion fund and revenues generated by operation of the complex. The resolution authorizes the mayor and city clerk to execute the MOU substantially in the form attached as an exhibit and affirms the city’s consent for the financing plan.
Council discussion recorded no objections; a motion to adopt was seconded and carried by voice vote. The transcript shows the council approved the resolution after a walk-on procedure earlier in the meeting.
