WARREN, Ark. – In a special called meeting Monday evening, the Warren City Council unanimously approved a lease agreement that will give the City of Warren control over a soon-to-be-acquired large industrial property located northeast of the city along the Hwy 189 Bypass and adjacent to the railroad.
Council members present included Emily Moseley, Latanza Atkins, Memory Burks-Frazer, Joel Tolefree, Chanel Hooper (by phone), and Dorothy Henderson (via Zoom). Mayor Gregg Reep presided over the meeting.
The agreement centers on a pending land purchase by the Bradley County Economic Development Corporation (BCEDC), which is preparing to close within days on a $953,280 deal for the industrial property. The purchase, backed by the Arkansas Development Finance Authority (ADFA), is financed at 3 percent interest over 25 years, with payments deferred for the first 12 months.
Though the BCEDC will officially own the property, the approved lease grants the City of Warren full control of the site, including responsibility for marketing the land for future industrial development. Attorney Ricky Roper, representing the BCEDC, explained that the lease structure ensures the city maintains a key leadership role in promoting the property to prospective businesses and industries.
Under the terms of the lease, the City will pay $100 a month for the first year. Beginning in year two, the payment of $4,647.33 per month will be split between the City and the BCEDC, with the third years’ payments being split evenly between the City and BCEDC.
Council member Joel Tolefree made the motion to approve the lease, contingent on revised language that clearly states the second and third years’ payments will be shared 50/50. Latanza Atkins seconded the motion, and the Council voted 6-0 in favor.
Mayor Reep thanked the Council for attending the time-sensitive meeting and for their support of a project that could significantly impact Warren’s economic future.
