LITTLE ROCK — A new research park that will cater to companies turning local medical research into real-world applications is one step closer to reality.
Little Rock city directors signed off Tuesday on joining the Central Arkansas Technology Park Authority. The University of Arkansas for Medical Sciences and the University of Arkansas at Little Rock are expected to follow suit on signing a memorandum of understanding that will create the authority.
“We’re ready to move this forward,” said City Manager Bruce Moore.
As a partner, Little Rock is expected to contribute $125,000 in seed money over three years. Where that money will come from hasn’t been determined, said Moore, who just started working on the city’s 2011 budget. The city has already contributed $15,000 from its general fund toward the research park.
Each partner will appoint two representatives on the authority’s board and the Little Rock Regional Chamber of Commerce is expected to fill the seventh seat. Once the governing board is officially seated, the authority will turn its focus to acquiring property in Little Rock’s midtown south of Interstate 630.
A consultant hired by the chamber said last year that the authority should acquire 30 acres of property and build the first of several buildings in the research park. The June 2009 study estimated the authority would spend roughly $9 million on property and $19.7 million on the park’s first building.
The consultant said the park would best be situated within a five-minute drive of the two universities and suggested looking in three areas:
East of Fair Park Boulevard to Jonesboro Drive south of Interstate 630.
Between the Madison Heights housing development and Tyler Street near 12th Street.
An area bounded by Coleman Creek on the west, 19th Street on the north, Fillmore Street on the east and 23rd Street on the south.
At-Large City Director Joan Adcock was the only city director to vote against creating and joining the authority. During the Board of Directors meeting Tuesday, Adcock said she was concerned that the millions of dollars in grant money the city is spending on rehabbing houses south of Interstate 630 could be for nothing if the authority condemns property for the park. The 2007 law that allows cities and universities to create research park authorities includes the authority to use eminent domain. It also gives authorities the ability to issue bonds.
Mayor Mark Stodola told Adcock that the authority doesn’t intend to derail the city’s revitalization efforts by acquiring rehabbed properties.
“We’re going to be very cognizant of that as we move forward,” Stodola said.
Many residents in the neighborhoods south of Interstate 630 are aware of the coming research park, said Joe Busby, president of the Fair Park Residents Association.
“We think it would be a good stimulus in our area,” he said in an interview last week.
But at the same time, residents want to make sure they have a voice in the authority’s development, Busby said.
“We don’t want our voice not to be heard since it looks like it’s going in our backyard,” he said.
Arkansas, Pages 11 on 09/22/2010