from Rush B. Deacon, President
Do I Call ADFA
To Get My
Car Tags Renewed?
pNo Answer: No.
Not a day goes by here at the Arkansas Development Finance Authority (ADFA) that an employee doesnt get a call about renewing their car tags (that would be the Arkansas Department of Finance and Administration), or from someone trying to contact the Arkansas Department of Economic Development. In fact, many Arkansans dont even know that we exist, much less understand the resources that we offer.
In short, the program activities of ADFA can be divided into three broad categories: economic development finance, housing finance and governmental finance. ADFA serves as the primary public source in the state for importing capital for these development activities. Capital is imported to the state both by ADFAs issuance of bonds and by its administration of funds from federal and private foundation sources.
If you get bored with the action while sitting in your seat on the floor and would like to learn more about ADFA, just open your computer and go to ADFAs web page at <www.state.ar.us/adfa>.
Of course, the old fashioned way of finding out about us still works, so please feel free to pick up the phone and call me any time. Id appreciate the opportunity to visit with you or even come to your community for an "ADFA Roadshow." It is an excellent opportunity for us to visit with community leaders and explain more about our organization, products and services.
To give you a better understanding of the daily activities that take place at ADFA, I like to profile a member of my staff each month.
Hi! My name is: Bob Crum.
What I spend the taxpayers money doing at ADFA: I spend half my time lending money raised through public bond issues to quality businesses who create jobs for Arkansans. I spend the rest of my time explaining to our other business borrowers that I just rented them the money and expect to be paid back.
Years at ADFA (including time spent for good behavior): 35. At least thats what my dog told me to tell you.
My state senator is: A great neighbor who lives just down the street from me in Stuttgart, Kevin Smith.
My state representative is: Bobby Glover from Carlisle, who I see once a month at the Stuttgart Industrial Development Corporation Board meetings.
My President is: Nationally speaking: Dubya. However I do locally recognize the Supreme Master of All He Surveys, the leader we all know and love, El Presidente Rush Deacon. [Presidents note: See why I picked Bob?]
Last book read (or that youd like people to think youve read so youll sound smart): Im in the middle of a book on Greek Mythology. Did you know Thalia was the Greek Muse of comedy and one of the three Graces? Actually, the last book I read completely was Barneys Great Adventure.
My favorite Arnold Schwarzenegger movie is: Total Recall.
My fantasy potluck dinner guests (with assigned dishes for each guest): My wife Cindy - Red Velvet Cake, Chuck Yeager - Pan Broiled Trout, Andrea Parker (from the TV show Pretender) - Oysters, Ted Nugent - Venison, Faith Hill - she could bring her Alltel cell phone so we could order pizza, and my Portfolio Management Professor from Fayetteville Dr. Robert Kennedy - Scotch. I would also reserve the right to invite Shania Twain and she could bring any darn thing she wanted.
If I were a legislator, Id pass a law that: Allows me to pass as many additional laws as I please, without opposition of course.
ADFA Board of Directors approved the following actions during its December and January board meetings:
Approved the commitment of $25,686 in 2001 Low Income Housing Tax Credits to the Vanadis Group. The Credits will benefit the East Side Lofts on 9th Street in Little Rock.
Approved $300,000 in HOME Program funds for Wedington Place Senior Apartments located in Fayetteville, AR.
Approved an additional $75,000 in HOME Program funds (added to a previously approved $300,000) for the Northwest Arkansas Regional Housing Authority for a multifamily development in Wynne, AR.
Approved a tax-exempt conduit bond issue in the amont of $15 million to expand the Environmental System Company located near El Dorado, Arkansas, in Union County. The company currently employs approximately 325 people.
Approved a tax-exempt bond issue with an ADFA guarantee in the amount of $2,950,000 for the City of Warren to finish out a speculative industrial building. The building will be leased to H & L Poultry, LLC in order to custom process chickens. Approximately 288 jobs will be created.
Granted conditional approval to Sweet Goods Inc. to assume debt and obligations of Koehler Bakery in Sherwood, AR in the amount of $2,185,000. Conditional approval also of a tax-exempt bond issue with an ADFA guarantee in the amount of $1,835,000 to fund acquisition of new equipment. Approximately 100 jobs created initially, increasing to 225 by year end.
Granted conditional approval to Burlington Rug Company of Monticello, AR, for an $8 million loan secured through the Federal Home Loan Bank of Dallas, with an ADFA guarantee in the amount of $4 million and an ADED guarantee for an additional $4 million.
Approved $200,000 in HOME Program funds to renovate existing units at the Washington Plaza Apartments located in Fayetteville, AR.
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