FORT SMITH, Ark. — Funding for the city of Fort Smith’s new lease of the Blue Lion facility will be split among five city funds with the city’s water and sewer operating fund providing the largest portion of the funding.
The Fort Smith Board of Directors approved a resolution on April 6 authorizing an agreement with the Board of Trustees of the University of Arkansas wherein they would assume the lease of the Blue Lion facility at 101 N. Second St. in downtown Fort Smith.
The board approved $118,022 be added to the 2021 budget to pay for the lease for the year and for upgrades.
Of that, $30,000 would go to the purchase of equipment at the facility that is owned by UAFS and another $20,000 for dais, tables and audio/video.
It also includes $9,000 for nine months of utilities; $1,350 for nine months of property insurance and $9,000 for nine months of janitorial services.
The UA has leased the facility as the Blue Lion at UAFS Downtown since 2012.
They paid an initial payment of $15,005 and made monthly payments of $5,408 in a 15-year lease-to-own agreement with the Central Business Improvement District (CBID), which owns the building, city records show.
At the end of the 15 years, the university had the option to purchase the building for $10.
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