De­vel­oper of­fers to buy Ark-Mo land

The Weekly Vista - - Front Page - LYNN ATKINS latkins@nwadg.com

A lo­cal de­vel­oper’s pro­posal for the Ark-Mo land came be­fore the POA Board of Di­rec­tors dur­ing Thurs­day’s work ses­sion.

The Ark-Mo land — so named be­cause it strad­dles the Arkansas-Mis­souri state line — is 367 acres dis­sected by Gor­don Hol­low Road. The land was pur­chased in 2000 when the Prop­erty Own­ers As­so­ci­a­tion con­sid­ered build­ing a new golf course. At that time the ex­ist­ing cour­ses — six 18-hole cour­ses and two nine-hole cour­ses — were of­ten full and mem­bers could not al­ways get a tee time. The prop­erty on ei­ther side of the Arkansas-Mis­souri state line is owned by the POA, but is not com­mon prop­erty. It was never de­vel­oped.

Linda Lloyd, prin­ci­pal bro­ker at Acorn Realty and a mem­ber of the Bella Vista City Coun­cil, told the board that she has been look­ing for land to de­velop. The ArkMo land was not her first choice, she said, ex­plain­ing that there are some chal­lenges to over­come.

A por­tion on the east side of the tract is prob­a­bly un­us­able be­cause it is so steep and so dif­fi­cult to ac­cess. That could be­come com­mon prop­erty for her new de­vel­op­ment or it might be sold with the lots that bor­der it. Lloyd said a flood plane study will be nec­es­sary be­fore a more-de­tailed plan can be pro­duced.

Al­though the ex­act terms of her of­fer were not dis­cussed in the open meet­ing, Lloyd asked the board to help fi­nance her project for two years. She would pay 5 per­cent in­ter­est on the loan. At the end of two years, she would re­fi­nance if nec­es­sary and pay off the POA-fi­nanced loan in full, she said.

Af­ter the meet­ing she said her of­fer was for $1.1 mil­lion dol­lars, which is slightly more than the POA paid 17 years ago. There’s lit­tle risk to the POA, she said, be­cause the loan would only cover the cost of the land. All other costs for sur­veys and a flood plane study would be paid by her com­pany. The up-front ex­penses would have to be paid be­fore any lots are sold.

Be­cause the Arkansas sec­tion of the tract falls un­der the ju­ris­dic­tion of the city’s Plan­ning

Com­mis­sion, adding in­fra­struc­ture there would be dif­fi­cult. Her plan is to use the ex­ist­ing roads and di­vide the prop­erty in es­tate lots along with smaller lots with road frontage. Those lots would prob­a­bly have well wa­ter and a sep­tic tank, al­though she hasn’t ruled out Bella Vista util­i­ties.

“I’m a green de­vel­oper,” Lloyd said. Her de­vel­op­ment would be en­vi­ron­men­tally friendly and res­i­dents would be­come mem­bers of a new POA or home­own­ers as­so­ci­a­tion with its own covenants. Al­though her de­vel­op­ment would not be part of the Bella Vista POA, she would pro­vide mem­ber­ship lots in Bella Vista so each new owner could use the ameni­ties.

In the Mis­souri part of the tract, new roads would be eas­ier to build be­cause there are fewer reg­u­la­tions. The most densely pop­u­lated sec­tion of her plan would be in Mis­souri and would in­clude a co-hous­ing de­vel­op­ment and a tiny-house de­vel­op­ment.

“Linda Lloyd is a well re­spected lo­cal real es­tate agent and a city of Bella Vista City coun­cil­man,” POA Board mem­ber John Nut­tall said af­ter the meet­ing. “I’m sure she has very good knowl­edge of the lo­cal real es­tate mar­ket. She has ex­pe­ri­ence do­ing sim­i­lar projects in other parts of the coun­try. Her eco-friendly busi­ness plan is sound and would be good for the area.”

Be­cause Thurs­day’s meet­ing was a work ses­sion, the board did not vote on the pro­posal. Chair­man Ron Strat­ton said the board will con­sider it.

In other busi­ness, the board heard about an air-con­di­tion­ing is­sue in the kitchen at Lake­point Events Cen­ter and ap­proved an emer­gency mea­sure to make Strat­ton an au­tho­rized signer for the POA.

Im­age sub­mit­ted

This ae­rial pho­to­graph’s red lines mark the ap­prox­i­mate lo­ca­tion of the bound­aries of the Bella Vista Prop­erty As­so­ci­a­tion’s so-called Ark-Mo land. Bella Vista real es­tate agent Linda Loyd pro­posed she buy the land so she can de­velop it into res­i­den­tial hous­ing. Note that the lines in red are for illustration only.

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