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Committee forwards MOU to full council to formalize A&P support for Jonesboro sports complex
Summary
A Jonesboro committee voted unanimously to forward Resolution 25-028, a memorandum of understanding that formalizes the Advertising & Promotion Commission's support for a planned sports complex and documents the city's accounting role ahead of a proposed bond financing.
A City of Jonesboro committee voted unanimously to forward Resolution 25-028 to the full City Council and to have it placed on tonight's agenda. The resolution authorizes a memorandum of understanding (MOU) acknowledging the city's support for and consent to the design, construction and financing of a proposed sports complex and documents the city's role in providing accounting and fund-management services to the Advertising & Promotion Commission (A&P Commission).
The MOU formalizes an arrangement the city has provided to the A&P Commission for roughly two decades, committee members were told. Presenters said the Jonesboro Public Facilities Board has accepted a term sheet from Capital One Public Funding, LLC to issue lease revenue bonds and that the lender intends to finance a portion of the project. One presenter said, "they're gonna loan the facilities board 65000000 dollars." The proposal…
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