North Little Rock City Council members approved on Monday a memorandum of understanding for North Little Rock to buy the Fisher Armory building from the Arkansas National Guard for $500,000 in order to build a police and courts building on the site.
The purchase is part of a land exchange between the city and the North Little Rock School District that owns the property in order to relocate the armory site, 2600 Poplar St. The city will also take possession of the school district's administration building, 2700 Poplar St.
The school district will gain the city's current police and courts building property, 200 W. Pershing Blvd., an adjoining parking lot and the police administration building, 2525 Main St.
The city council has already agreed to a memorandum of understanding with the school district. The North Little Rock School Board approved the deal in April.
Monday's legislation before the city council only involved the armory building and equipment. The National Guard leases the property from the school district. The $500,000 purchase price is to remove the National Guard from its lease with the school district.
The closing date on the sale is to occur no earlier than Oct. 31, according to the agreement.
A new police and courts building was part of the five-year, one-half percent capital improvement sales tax that city voters approved in an August special election, along with a one-half percent, permanent sales tax for city operations. The capital improvements portion is projected to raise $40 million in tax revenue in five years, with $20 million of that going toward the police and courts building.
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Metro on 07/10/2018