Simmons Bank Proposes $14 Million Revitalization Effort For Downtown Pine Bluff

Pine Bluff-based Simmons Bank has made an offer to its headquarters’ hometown that it hopes the city can’t refuse.

On Friday, details of a potential $14 million proposal from Simmons Bank to invest in the decaying and deteriorated downtown Pine Bluff area were made public. The commitment includes:

1. Establish a pool of $2,000,000 for owner-occupied home improvement loans for residents of Pine Bluff to make repairs necessary to bring property up to code. The criteria would be established in conjunction with the city because the city would guarantee the repayment of these loans. The maximum loan amount per individual would be $10,000, the interest rate on these loans would be 2.5%, the maximum term would be 24-months, and the owner would personally guarantee the loan.

2. Establish a pool of $5,000,000 for non-owner occupied [rental properties] improvement loans to make repairs necessary to bring the property up to code. The loan would require personal guarantees from all owners, full collateral security, have a maximum loan amount of $25,000, a maximum term of 24 months and an interest rate of 5%.

3. Establish a pool of $5,000,000 for owner-occupied commercial property improvement loans to bring the property up to code. The loan would be fully secured, require personal guarantees from all owners, have a maximum loan amount of $50,000, a maximum term of 24 months, and an interest rate of 5%.

4. Simmons would establish a Downtown Planning group and fund the study to produce a practical plan for the redevelopment of Downtown Pine Bluff – defined as Lake Pine Bluff on the North, Eighth Avenue on the South, Convention Center Drive on the East, and Walnut Street on the West.

5. Simmons would identify an appropriate consultant to analyze and recommend change to city codes, the implementation of which would facilitate a swift identification and code enforcement action for all real property in Pine Bluff and fund the study.

6. Simmons would commit $2,000,000 to the redevelopment of Downtown Pine Bluff. The application of the funds would be totally at the discretion of Simmons based on the results of the Downtown Redevelopment Plan, full implementation of all requirements of city government outlined in the plan, and would not be used for demolition of properties.

KATV’s Matt Mershon reports:

Mayor Debe Hollingsworth is calling it a blessing and potential shot in the arm for the city. Simmons Bank, headquartered in Pine Bluff is offering millions of dollars to the city and its residents in an effort to revitalize Pine Bluff – focusing on downtown.

Downtown Pine Bluff needs some repairs and no one knows that more than George Makris, Pine Bluff native and CEO of Simmons First National Corporation. Makris said it’s why Simmons Bank is stepping up to the plate with a multi-million dollar proposal.

“Two of my three sons are back in Pine Bluff working in our family business,” said Makris. “I want them to have the same benefits that I had growing up and I want my new grandchild to have those same benefits – it’s personal.”

“After we received the proposal, I just had to pinch myself to make sure that this is real,” joked Mayor Hollingsworth.

Hollingsworth said there had been talks with Simmons about concerns about the city and ways to improve Pine Bluff, but the mayor said she had no clue about the scope of the project Simmons has in mind for the city.

The plan itself consists of several pools of money totaling $12,000,000, all offering low-interest loans to Pine Bluff residents to bring homes, rental properties and commercial structures up to code.

The proposal also mentions Simmon’s intent to set up a Downtown Planning group to discuss downtown revitalization.

The bank plans to funnel another $2,000,000 into the actual revitalization of downtown.

But the plans also seek to identify a consultant to analyze the city’s code enforcement policies.

“This is sort of the carrot for the city council for them to make some tough decisions on what they’re willing to allow and what they will enforce in the city of Pine Bluff,” said Makris.

Pine Bluff’s eight-member city council will also have to approve the proposed private-public partnership. Mayor Hollingsworth remains optimistic, that despite some revisions that may want to be made, she believes city council members will approve.

“We’re receiving a gift of money, free money,” said Hollingsworth. “How can you turn down free money?”

Watch the full Ch. 7 report or leave comments at this link.