Written by David Smith, Arkansas Democrat-Gazette

March 17, 2019

The Arkansas Development Finance Authority paid $26 million last month for an office building and parking lot at 1 Verizon Drive.

Alltel Corp. was still listed as the owner of the property on county records, and therefore as the seller. But Verizon was the actual owner since it bought Alltel for about $28 billion in 2009.

The finance authority is the state’s largest source of financing for low-cost housing. It also is responsible for the financing of most state buildings, said Brad Henry, vice president for development finance for the agency.

The state government will use the building for additional office and administrative space, said Derrick Rose, spokesman for the finance authority. Rose said he had no information on which agencies will move into the building.

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