The Strother Field Commission is in the process of purchasing an industrial property and land that will be leased to a private business.
The property will be purchased for $1.3 million with the help of general obligation bonds issued by the City of Winfield, according to documents available on the city’s website. The Strother Field Commission will have 10 years to pay off the bonds.
The cities of Winfield and Arkansas City manage Strother Field together through an interlocal agreement. Strother Field is on U.S. 77 between the two cities.
Winfield City Manager Taggart Wall said the cities of Winfield and Arkansas City take turns issuing bonds for Strother Field when it needs financing for projects. This time, it happened to be Winfield’s turn, he said.
Winfield will provide a debt service schedule, and also collect and remit the monthly payments from Strother Field, Wall said.
“To guarantee payment, Winfield and Arkansas City have signed an interlocal agreement saying that, if Strother Field does not make payments, then the cities will,” Wall said.
Wall referred questions about the business that will be leasing the property to Strother Field Manager Shawn McGrew. A message left for McGrew was not returned before deadline.