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Finance committee hears plans to formalize A&P Commission accounting support; MOU would pay city $10,000 quarterly

2547331 · March 11, 2025

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Summary

Lawyers and financial advisors working on the sports complex financing told the committee they are finalizing a memorandum of understanding to compensate the city for accounting support to the A&P Commission and asked the committee to schedule a special-called meeting to consider the MOU before the next council meeting.

Representatives working on the proposed Jonesboro Sports Complex told the Finance Committee they are preparing a memorandum of understanding to formalize the city’s accounting and reporting support to the A&P (Advertising and Promotion) Commission.

Michelle Allgood of Mitchell Williams said the lender for the facilities financing asked that the city’s back-office support be documented and that the MOU will include a stated compensation of $10,000 quarterly to the city plus reimbursement for third-party costs such as audits. “It’s gonna be in the amount of 10,000 quarterly,” Allgood told the committee.

Allgood and Cheryl Schlitterman of Raymond James said the lender is still reviewing requested revisions. They asked the committee to hold a special-called meeting before the City Council meeting on the 18th so the committee could review the final MOU and, if appropriate, recommend it to the full council. Committee members discussed scheduling and agreed to tentatively set a special-called meeting for 4:30 p.m. the Tuesday before the council meeting to allow time for questions.

City and A&P representatives said the A&P Commission has been relying on city staff for back-office accounting, and the MOU would formalize compensation for those services while allowing provisions to revisit the amount if the scope of work changes. No formal committee vote on the MOU occurred at the meeting; presenters said they would provide a final draft to committee members before the special-called session.