Arvest Recommended for $3M Police Facility Financing
City of JonesboroCity · Jonesboro, AR- Disclosed value
- $3,000,000 financed at 4.83% interest (estimated interest cost $382,820 over five years; net financing cost about $145,043 after investment earnings)
- From minutes
- Document date
- Aug 6, 2026
- Renews
- Free account
The 30-second brief
Jonesboro’s Finance Director announced that Arvest Bank submitted the most favorable bid for a $3 million Amendment 78 loan at 4.83% interest to finance the Shelter Insurance building purchase and related improvements. The five-year, monthly amortizing loan would be repaid from the general fund and can be prepaid without penalty, preserving city reserves for other priorities.
Arvest Bank holds this financial services contract with City of Jonesboro. Its other public contracts on record include work for Grady County and City of Cassville.
The renewal date is on record. A free account shows it, with the renewals for every City of Jonesboro contract.
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Contract details
- Contract type
- Financial Services
- Amount
- $3,000,000 financed at 4.83% interest (estimated interest cost $382,820 over five years; net financing cost about $145,043 after investment earnings)
- Document date
- August 6, 2026
- Term
- Five-year monthly amortizing Amendment 78 loan
- Renews
- Free account
- Vendor
- Arvest Bank
- Agency
- City of Jonesboro
- Source document
- City of Jonesboro Finance & Administration Council Committee Meeting Minutes 2026-08-06 (Minutes)
Arvest Bank's other public contracts
More City of Jonesboro contracts
Questions about this contract
Who was awarded the financial services contract by City of Jonesboro?
Arvest Bank was awarded this financial services contract by City of Jonesboro, as recorded on August 6, 2026. The contract value is $3,000,000 financed at 4.83% interest (estimated interest cost $382,820 over five years; net financing cost about $145,043 after investment earnings).
How much is the Arvest Bank contract with City of Jonesboro worth?
The Arvest Bank contract with City of Jonesboro is valued at $3,000,000 financed at 4.83% interest (estimated interest cost $382,820 over five years; net financing cost about $145,043 after investment earnings), covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a minutes record, structured as a not-to-exceed (ceiling) agreement.
Where was this contract approved?
This contract appears in City of Jonesboro Finance & Administration Council Committee Meeting Minutes 2026-08-06 (Minutes), dated August 6, 2026 from City of Jonesboro. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Arvest Bank hold?
Arvest Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Jonesboro currently buying?
Explore City of Jonesboro's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.