Bentonville Buys Industrial Parcel
Swap Possible For Downtown Armory Site
Last updated Tuesday, July 22, 2008 10:24 PM CDT in News
By Richard Dean Prudenti
The Morning News
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BENTONVILLE - The city became the sole owner of the 145-acre Bentonville Industrial Park following the City Council's approval of a buyout Tuesday.
City officials approved spending about $481,000 for a remaining 43 percent share of the 145 acres, which the city co-owned with the private nonprofit Bentonville Industrial Development Corp. The land is just north of Northwest Arkansas Regional Airport and west of Southwest Regional Airport Boulevard.
The corporation will continue to exist and work with the city in determining the best use of the land. Until now, the land was meant for industrial purposes. The corporation board was willing to sell, although the park was meant to create available lots for industry to boost the local economy, including increased employment.
"We are not seeing a large attraction of (manufacturing) industries, so having that land available for other purposes broadens the scope," said Rich Davis, who serves on the nonprofit board. Davis is the economic development director for the Bentonville/Bella Vista Chamber of Commerce.
The nonprofit corporation did help develop the Southeast Industrial Park at 28th and "J" streets. The funds from developing and selling property in that park was used to buy the 145 acres in 2000. However, the corporation incurred some debt, while the city has been debt-free with $343,000 profit from the previous sale of the southeast property.
"They have debt. That's all they have. When interest is due, they borrow additional money and put it against the balance," said Mayor Bob McCaslin.
The buyout liquidates the corporation's debt, which amounts to the buyout price.
The city is considering several uses for the property.
It will continue working with the Chamber of Commerce to recruit a manufacturing-type operation and help grow the economy.
Almost 50 acres of the property has been platted and developed with streets and utility infrastructure. The city could sell off parts of the property and use the revenue to meet other capital improvement needs. "Maybe some of it transfer it to equity to working capital to pay for streets, sidewalks," McCaslin said.
The mayor said the city is discussing the possibility of swapping land with the Arkansas National Guard, which has plans to build a regional armory in Northwest Arkansas.
The industrial park property may suit the Army's needs while the city could take over the property at Southwest Eighth and "A" streets. The city needs the armory property to expand Eighth Street to five lanes. Eighth Street ultimately would hook up to a future Interstate 540 interchange to the east, said Troy Galloway, the community development director.
"It would be good to be proactive to see if we can work out an agreement," Galloway said.
AT A GLANCE
Bentonville City Council
The council approved on Tuesday:
• Rezoning 107 S.E. 14th St. from single-family residential to central commercial; 109 S.E. 14th St. from residential office to central commercial; and 2403 S.E. Eighth St. from residential to neighborhood commercial.
• A $225,000 contract with Hutchens Construction to overlay six streets and pave parking lots or create paved areas at various city sites.
• Adoption of the 2006 Arkansas Fuel Gas and Plumbing codes, the 2007 Arkansas Fire Prevention code and the 2008 National Electric Code.
Source: Staff Report
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BCR wrote on Jul 23, 2008 1:02 PM: