The University of Arkansas at Fort Smith will relocate some of its business services, including workforce development, in a historic part of the city's downtown.
That's according to a long-term lease approved Tuesday by University of Arkansas System trustees.
UAFS will first have to build out the space to accommodate it for its offices, which will be on two floors of the Fort Smith Bakery Building.
The space will eventually house the UAFS Center for Business and Professional Development, the UAFS Family Enterprise Center and a new regional office, in partnership with the University of Arkansas at Little Rock, of the Arkansas Small Business and Technology Development Center.
The lease will be for 20 years, with options for three five-year renewals, with $165,154.80 annual rent due. The university will end a rental agreement with an event space and use the funds toward rent on the new Bakery Building space, Chancellor Terisa Riley told trustees.
Trustee Sheffield Nelson motioned to approve the lease, noting that the city's downtown is a "growing, thriving area." Trustees approved the measure without opposition.
In addition to the lease, trustees approved issuing bonds for the University of Arkansas for Medical Sciences and two land purchases by the University of Arkansas, Fayetteville.
UAMS will issue $168 million in bonds for capital improvement projects, including the new radiation oncology center and a new surgical annex. Any money left over can be used for other capital projects, according to the proposal approved by trustees.
Trustees approved of the projects earlier this year but tabled approving the underwriters of the bond issue.
The oncology center will cost $65 million, and the surgical annex will cost $85 million.
The oncology center will make UAMS the only medical provider in Arkansas that can take part in studies and trials that involve proton beam therapy, a radiation treatment. Additions to the project approved without discussion by trustees earlier this year more than doubled the original cost estimate of $25 million.
UA will buy property on Arkansas Avenue, owned by Mid-South District Lutheran Church Missouri Synod, for $1,350,000 for the School of Art.
UA also will buy property on South School Street, from Julian L Edwardene Watts Family Trust, for $365,000 for the Arkansas Research and Technical Campus. The university will have to demolish the building on site, at an estimated cost of $30,000.
Both purchases will be made using university reserves.
Information for this article was contributed by Kat Stromquist of the Arkansas Democrat-Gazette.