Eyeing second bond installment

BENTONVILLE — The city of Bentonville is preparing to dip into the second installment of voter-approved bond money. And there are some advantages to doing so now, according to Mayor Bob McCaslin and Financial Director Denise Land.

"I would say, so far, the bond money has gone 20 to 30 percent further than we anticipated," McCaslin told the Bentonville City Council at its regular meeting Tuesday night.

In 2007, Bentonville voters approved more than $110 million in bond money to be used on various infrastructure, facilities and beautification projects throughout the community. The city has spentabout 90 percent of its first installment of $36 million, issued in 2007, on a number of projects, including the downtown Bentonville Square renovation, various road-expansion projects, the ongoing construction of Orchards Park and more.

On Tuesday, Land suggested it may be a good time for the council to issue a second installment, this one totaling approximately $30 million.

"We've just received a higher rating and, with that, we'll be doing about onequarter percent better on the interest rate," Land said. "So we'll be saving about $900,000 (on the second installment)."

While the continued struggle of the national and regional economies have created challenges for everyone, having voterapproved bond money in hand has allowed Bentonville to take advantage in several areas. Many of the projects carried out with the first installment of funding came in well under budget, and the city expects that trend may continue into thecoming year or two.

On Tuesday, the council voiced support for Land's recommendation to move forward with issuing the second installment of bond money. That decision will be made in the form of a vote at the council's meeting on Oct. 13.

The council voted to approve the following on Tuesday:

◊An agreement with Barker Rinker Seacat for the programming, feasibility and conceptual design for a Bentonville Community Center near Arkansas highways 12 and 112;

◊An agreement with Jacobs Engineering Group in the amount of $36,660 for the concept master plan for the 35 acres at the site of the new community center;

◊A rezoning request at 602 S.E. Eighth St.;

◊A lot split at 602 S.E. Eighth St.;

◊A public hearing and ordinance for an alley vacation at Gilmore Park;

◊A contract with Bonds Excavation to construct a slope and road bed along Northeast A Street;

as surplus to be sold at public auction;

◊A resolution certifying the rate of taxation levied on real and personal property in the city of Bentonville;

◊Setting a public hearing regarding the placement and amount of liens to be placed on certain properties for mowing and remediating unsanitary and unsightly conditions;

◊A land-lease agreement with Trust and Transit LLC for a 7,200-square-foot hangar and associated private parking area at the Bentonville Municipal Airport;

◊A bid award of $46,410 to Fleming Electric for the purchase and installation of new lights for the tennis courts at Brightwood Park;

◊An agreement with Jacobs Engineering Group in the amount of $206,660 for the concept master plan, construction documents and construction oversight for renovations of Phillips Park;

◊A resolution to approve the Selective Traffic Enforcement System; and

◊A resolution in support of Meth Awareness Month for October 2009.