November 19, 2019
The P3 Group delivers $12 Million to West Memphis, AR in 117 days!
The P3 Group Inc. delivered $12 Million of capital under a design, build, finance public private partnership with the city of West Memphis , Arkansas. Under the agreement The P3 Group acquired 3 sites and has begun construction of 2 fire stations, a police substation, and a new municipal courthouse. These are the first municipal facilities built in the city of West Memphis since 1974. This is also the first Public Private Partnership executed in the state of Arkansas.
The P3 Group financed the project for the city using a tax-exempt lease purchase agreement. The facilities are all expected to be open by the end of the 4th quarter 2020. Additionally, The P3 Group refunded a 2006 bond series and reissued them at a lower interest rate for the city of West Memphis, AR.
This project is a great example of what can be accomplished when the public sector leverages private resources.