Exciting news has been reported by Arkansas Business and Arkansas Times in recent day about the City of Little Rock approving the sale of approximately 80 acres of land in the Little Rock Port District. A Delaware company backed by Amazon signed an agreement to purchase the land for a distribution center. We congratulate the City of Little Rock, the Little Rock Port Authority, the Arkansas Economic Development Commission, the Little Rock Regional Chamber, and everyone who helped make this possible. Great news for Little Rock when we need it most!
Yesterday afternoon US Congressman French Hill joined Arkansas Secretary of Commerce Mike Preston for a town hall discussion held live on Facebook with central Arkansans. Participants were able to ask questions in real time. Highlights include information regarding the federal tax rebate eligibility, benefits available to the suddenly unemployed, interest and repayment of federal student loans, and relief for homeowners and renters.
The CARES Act provides a reprieve until July 25, 2020 from eviction for renters residing in properties with federally backed mortgage loans. Renters affected by the Covid-19 public health and economic crisis living in multifamily properties financed by federally backed mortgages are eligible for relief from eviction if their landlord receives loan forbearance.
Flake & Kelley is currently assisting clients, landlords, and tenants to determine eligibility and complete necessary applications. If you would like to speak to one of our agents or property managers, please contact us.
SBA released a summary providing valuable information regarding basic filing requirements, eligibility information, and lender deferral information for small businesses and financial institutions suffering economic disruptions related to the Coronavirus outbreak. Applicants may apply directly to SBA’s Disaster Assistance Program. Free assistance also is available from any SBA partner. To find the office nearest you, visit: https://www.sba.gov/local-assistance
More information concerning SBA and its programs.
ICSC, International Council of Shopping Centers, released a webinar yesterday summarizing Public Policy in response to Covid-19. The Coronavirus Aid, Relief, and Economic Security (CARES) Act aims to boost the economy with over $2 trillion in relief to individuals and small businesses with increased unemployment benefits and tax breaks.
The Senate passed the CARES Act, and the House is set to consider the stimulus bill on Friday. It is then up to the President to sign the bill into law.
ICSC is a 70,000-member network whose mission is to ensure the retail real estate industry is broadly recognized for the integral role it plays in the social, civic and economic vibrancy of communities across the globe. Currently, ICSC is actively monitoring the coronavirus outbreak on behalf of the retail real estate industry and its members. More information regarding updates and resources are available on the ICSC website.
by Rachel Herzog | August 10, 2019 at 2:26 a.m.
Little Rock Mayor Frank Scott Jr. has named 20 people to serve on a task force that will work on helping the city to leverage its opportunity zones.
The team of developers, bankers and civic leaders will study how the city can attract investors to the federally designated economically distressed census tracts in Little Rock where new investments can be eligible for preferential tax treatment, a federal initiative that came with the Tax Cuts and Jobs Act of 2017.
At a panel discussion that hosted officials from Washington, D.C., on Monday, Scott said encouraging investment in opportunity zones is one way to revitalize disadvantaged areas.
The task force will be chaired by Will Rockefeller of the Winrock Group. Martie North Hamilton, director of community development at Simmons Bank, will serve as a co-chair, according to a news release from the city.
The committee also includes:
• Regina Favors, interim president of Arkansas Baptist College
• Lisa Ferrell, developer
• Merritt Dake, CEO of Rock Dental Brands
• Virgil Miller, banker at Arvest Bank
• Angel Burt, vice president of the Dunbar Historic Neighborhood Association
• Kevin Huchingson, CEO of Colliers International, Arkansas office
• Shawn Govind, director of real estate development for the Pinnacle Hotel Group
• Leslie Lane, president of Arkansas Capital Corporation Group
• Ivan Hudson, insurance agent
• Tristan Wilkerson, managing principal at Think Rubix LLC
• Chris Moses, developer
• Jill Floyd, member of the Little Rock Municipal Airport Commission
• Richard Mays, anonymous lawyer
• Nathan Rutledge, senior management director of Crews & Associates
• Ted Dickey, investment fund founder
• Patrick Schueck, vice president of Lexicon Inc.
• Pam Courtney, developer