ADFA Settles Old Tax Bill for Little Rock Verizon Building

The state bought Verizon’s last office building in the former Alltel corporate campus for $26 million. (File photo)

Did you know that the Arkansas Development Finance Authority recently settled a tax bill for property in Riverdale for the 2019 tax year?

The amount paid?

$60,272. The amount includes $5,463 as a penalty.

The property in question was tied to ADFA’s purchase of the Verizon Building 4 at One Verizon Drive in Little Rock in 2019.

“Due to an error at closing, the tax bill for one of the parcels of the Department of Commerce complex was overlooked requiring the tax payment,” Jennifer Davis, chief privacy officer at the Arkansas Department of Shared Administrative Services, said via email. The error “was unknown to us, including the closing agent, at the time of closing.”

Building 4 at One Verizon Drive is fully occupied by the Department of Commerce.

Back in 2018, ADFA’s board approved a resolution to spend up to $26 million on the building and its parking lot, then use the property for “office and administrative purposes.”

The six-story, 303,355-SF building was built in 1995 on 17.47 acres.