Arkansas Convention Center Facing Foreclosure
The Arkansas Convention Center in Texarkana, Ark., is facing a foreclosure attempt for non payment of loans.Mid South Bank has filed a complaint in Miller County Court for foreclosure and is attempting to get about $10 million dollars in loans repaid. Texarkana Hotels, LLC., is named along with the owners.
The City of Texarkana, Ark., previously provided funding and incentives to the owners to help bring the project to fruition, and that has been a long standing source of controversy.
Mayor Ruth Penney Bell, who was on the board, but not mayor at that time said today, "It's never good to see a foreclosure like this and it will adversely affect businesses particularly those with close association with the hotel and convention center."
However, Bell says the city's part in funding the project and all the controversy surrounding that is in the past saying, "we can't look back, we must look forward."
While the mayor sees this as a terrific set back and expects a long tedious process, she is hopeful that an investor with experience running such an operation will step forward.
"Such an investor would receive a warm reception."
Bell says keeping the convention center up and operating is imperative. "We can't have a tombstone" out there, she said.
While she said she is distressed by the situation involving the convention center, Mayor Bell is very upbeat about the direction of the city and of the current city board and interim city manager. She says it's like a breath of fresh air and that you can see and feel the difference and that morale is high among city employees and leaders.
Mayor Bell was very complimentary of the interim City Manager Kenny Haskin, who she called, "honest and truthful," about all goings on at the city.
Lastly, the mayor said she feels that this will work out and emerge OK, however, she asks the citizens,"for their good thoughts and prayers."