LITTLE ROCK — The Murphy Foundation committed $5 million Wednesday to help El Dorado develop its vision of becoming a city of festivals.
The money was given to El Dorado Festival and Events Inc., a private, nonprofit group founded to create and promote a theater district in the city, according to a news release from the organization.
“The Murphy Foundation believes that a solid business plan is the key to success,” Madison Murphy, president of the Murphy Foundation, said in the release.
“El Dorado Festival and Events, Inc. has provided a road map, backed by research and key demographic data, that will foster this culture of Southern arts and, in turn, create a tremendous opportunity for El Dorado and the region.”
The money comes just a week after the El Dorado City Council voted 8-0 to give $9 million to help support the festival-city model.
According to the news release, El Dorado Festivals and Events plans to collaborate with the South Arkansas Symphony Orchestra and the South Arkansas Arts Center to create the “Festival City of the South.”
Part of that process will include renovating the historic Rialto Theater. The total cost of that project will be $50 million.
“We continue to be overwhelmed by the generosity of The Murphy Foundation,” Austin Barrow, president of El Dorado Festivals and Events said in the news release. “This project will be a true partnership and will reflect the strengths of our community.”
The City Council also recently voted to spend $30,000 on a feasibility study to see whether a downtown hotel could be a successful part of the festival-city idea.
In a recent City Council meeting, El Dorado Mayor Frank Hash said that Virginiabased real estate developer Pete Dunn, who owns the El Dorado Federal Center and the Armstrong Building, is one of several parties interested in developing a downtown hotel, according to the El Dorado News-Times.
“None of the developers will talk to us without a feasibility study,” Hash said, the News-Times reported. “They want us to prove to them one way or the other that it would be lucrative for everyone involved. It’s an industry standard.”
All of the money the city is spending on the concept comes from a 1 percent salestax initiative approved by voters in 2007 to help revitalize the city.
Money from that was also used to help build the El Dorado Conference Center two years ago.
On Wednesday, Hash said El Dorado is grateful for the Murphy family, who maintain Murphy Oil Corp. and its various subsidiaries.
Most notably, the corporation in 2007 announced a 20-year, $50 million college scholarship program for El Dorado High School graduates.
“El Dorado continues to be fortunate to have the Murphys here,” Hash said. “They just keep putting their personal fortunes into this city. First, the El Dorado Promise, then $5 million to help construct our conference center, and now this. How lucky can a community be?”
Arkansas, Pages 9 on 11/29/2012