Arkansas Business headlines Dec. 5

    7:14 AM, Dec 5, 2012   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- Investors appear ready to sit on the sidelines while President Barack Obama and Speaker John Boehner trade jabs at the other's proposals to avoid going over the fiscal cliff.

    Also yesterday -- October home prices in the U.S. up 6.3 percent from a year ago. It's the biggest jump in a year since July 2006.

    Here in Arkansas, state revenue ahead of last year's figures and expectations.

    The Department of Finance and Administration says the state took in $350.6 million in November, nearly $8 million more than last year and $4.6 million more than expected.

    Revenues since July 1 when the state's fiscal year began total nearly $2 billion, so far.

    Elsewhere in Arkansas, word that the Great Passion Play in Eureka Springs is closing its doors for good.

    The Lovely County Citizen newspaper reporting that the play will turn everything over to its bank, Cornerstone Bank, in what's being called an amicable foreclosure.

    Sources told the paper couldn't make payments on a $1.2 million mortgage, and a slow economy was keeping donations from paying it off.

    Open since 1968, the Passion Play stages the final days of Jesus Christ leading up to His crucifixion.

    And finally, those coaching changes at the University of Arkansas and Arkansas State University mean big money to university programs and the local economy.

    Both programs have major construction projects riding on the success of athletic programs.

    Officials at Arkansas State University had millions of dollars in facilities upgrades -- many identified by Guz Malzahn, now headed to Auburn.

    Those plans included a $25 million indoor practice facility and football operations center.

    ASU System President Charles Welch saying the university remains -- quote -- "firmly committed" to those upgrade plans."

    And in Fayetteville, the UA famously unveiled more than $320 million in upgrades it wanted in the Bobby Petrino era.

    And last week, it took the first step toward part of that -- a football stadium expansion that could cost at least $78 million.

    This, as the Razorbacks seem poised to pay $3.2 million per year for its new coach, Wisconsin's Bret Bielema, scheduled to be introduced in Fayetteville at 4 pm today.

    (Source: Arkansas Business)

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