JONESBORO, Ark. (KAIT) – The Jonesboro Finance and Administration Council Committee will hear a resolution Tuesday during its regularly scheduled meeting on a potential $110,000 settlement with Laurel Park LLC, the owner of the former Citizens Bank Building property in downtown Jonesboro.
Under the proposed agreement, the city would remove its lien on the property and take ownership in exchange for the $110,000 payment. Mayor Harold Copenhaver said the funds would first cover attorney fees, with the remainder going to surplus.
Copenhaver said taxpayer money was not used for the demolition of the building. Instead, the city used American Rescue Plan Act funding.
“We used ARPA funding, which was not actually city-born revenue; it was federal funding that came to us, and we were very fortunate to have that funding,” Copenhaver said.
Copenhaver said the demolition was a priority to reduce the impact on the surrounding downtown community. He cited the property’s location as a key factor in the city’s interest in moving forward.
“There has been no economic development or return for the city of Jonesboro on that very prominent location for downtown. It’s one of the entry points and gateways to the downtown of the city of Jonesboro,” Copenhaver said.
Copenhaver said developers have already shown interest in the property and described the settlement as the start of a new chapter for the area.
“We see the center of this community being a huge economic impact for the city of Jonesboro, and it is a staple. So, with that, now we’re going to be able to redevelop that. That’s the key, this is a new beginning for the city of Jonesboro when it comes to that entrance point to downtown Jonesboro,” Copenhaver said.
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