Thursday, April 21, 2016

Stephens maintains rights to Metrocentre asset

Posted By on Thu, Apr 21, 2016 at 10:33 AM

ASSET RETAINED: When the Stephens financial interests sold property at Capitol and Main to the Little Rock Tech Park, it retained assets of the Metrocentre Improvement District Commission. It is now reportedly pushing a plan to sell those assets for distribution to those entitled.
  • ASSET RETAINED: When the Stephens financial interests sold property at Capitol and Main to the Little Rock Tech Park, it retained assets of the Metrocentre Improvement District Commission. It is now reportedly pushing a plan to sell those assets for distribution to those entitled.

Now that the Stephens properties on Main Street and Fifth have been sold to The Little Rock Technology Park for $11.5 millioni, what is Stephens' share in the Metrocentre Improvement District assets, I wondered as I wrote yesterday's item on the potential sale of  Henry Moore's "Large Standing Figure: Knife Edge."

Brent Birch, executive director of the Tech Park, says that part of the sale agreement with the Stephens entities is that they get to keep any distributions from the improvement district. The following is language from the agreement on the Five Main Building; it is part of all the agreements relating to the Stephens properties. 

click to enlarge metro.jpg

Frank Thomas, spokesman for the Stephens Inc. said there would be no comment, but clearly there is anticipation that the district will dissolve, or as John Flake said yesterday, permanently suspend operations, and the city's landmark sculpture will be sold. 

Stephens also declined comment on whether it favors dissolution of the improvement district, though reliable reports say that's the case. An alternate proposal to keep the commission alive with a small annual budget of about $80,000 has been rejected by those hoping to end the taxing authority and sell assets.

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