During a productive Tuesday night meeting, the Pine Bluff Urban Renewal Agency commissioners authorized the payment of $90,629.75 to support the projects at Sixth and Main Plaza.
Following a thorough discussion and input from Go Forward Pine Bluff CEO Ryan Watley, who emphasized the importance of this step, the decision was made to pay two invoices. These invoices were issued to Taggart Architects and Nabholz Construction, marking a significant milestone towards the completion of the project.
The funds due will be transferred from the line item designated for downtown multi-family housing, which currently holds a balance of $330,000, and will be allocated to the Sixth and Main Construction Project.
“The project balance is 2 million plus the sum of these two invoices,” said Watley. “We need to get the total project down to 2 million so that the naming right funders will take care of the balance. The funder of the naming rights will not pay the monies until the balance is 2 million flat. They will close out the project.”
Independent reporting for Pine Bluff & Jefferson County since 1879.
During the previous Pine Bluff City Council meeting, the naming rights resolution scheduled to be read was pulled for the third time. This resolution aimed to grant naming rights for the property, where the Sixth Avenue Plaza is under construction, to Simmons Bank. In exchange, the bank would contribute $2 million to complete the project. However, before the resolution could be read, it was withdrawn. The approval of this resolution by the city council is still pending, and the $2 million needed to complete the project remains contingent on the naming rights being granted.
Upon the initial presentation of the proposal, which had already gained approval from the city’s Urban Renewal Agency’s board, council members expressed reservations regarding the potential dissolution of the URA. Additionally, the terms of the property transfer, which included a $2 million donation to the plaza project from Simmons, raised concerns among the council members.
The main concern seemed to be the potential loss of the property if the plaza, designed to host pop-up food stalls and various vendors, was to cease operating as initially planned. The agreement stipulates that if the city was to transfer ownership of the property to a different entity or repurpose it, the property would revert back to Simmons.
Council Member Bruce Lockett described a potential worst-case scenario involving the plaza, where it would open but the city may not have the financial resources to maintain it, leading to the property reverting back to Simmons. He emphasized that the expiration of the five-eighths-cent sales tax at the end of September could further complicate matters due to limited funding.
To address this concern, Lockett proposed the creation of a memorandum of understanding among all relevant parties, including Simmons, Urban Renewal and city officials. The objective of this memorandum would be to ensure mutual agreement on the plaza’s current status and plans for its future.
Within the agreement, Simmons additionally requests an easement across the property, allowing the bank to install and service an ATM machine.
While a specific closing date for the Sixth and Main project has not been disclosed, Watley anticipates its completion in July, followed by an opening in August.
“Vendors have been preparing every Thursday at the UAPB Incubator going through workshops,” he said. “It’s been recommended prior to opening that we allow them to get into the space for at least 25 to 30 days to get adjusted and accommodated and work out the functionality.”
To assist entrepreneurs, Watley utilized the expertise of specialized professionals. “Go Forward Pine Bluff on the private side has contracted with someone who was taking them through those workshops as well as talking about the facility management,” he said.
According to Watley, council members who toured the space expressed strong enthusiasm for the project, as did Democratic mayoral candidate Vivian Flowers, who shared her excitement during her visit.
“It’s going to be a game changer for Pine Bluff,” said Watley. “Especially when you talk about being a benefit to start an entrepreneurship. It’s a huge plus to get people off the ground and into a space.”
Watley and his team are actively engaged in initiatives aimed at facilitating entrepreneurs’ access to capital. Their efforts include exploring non-conventional funding sources and working on lease agreements.
“The biggest thing is getting the (2 million) payment,” said Watley.
In concurrence with Watley, the board unanimously agreed that this final step is essential for residents to witness tangible progress.