The recent plan for Arcadia Metalcraft to overcome their debt with new contracts and increased production has not played out as projected. On March 5, at the City Council meeting, during the administration report, the Board of Alderman discussed the plans of Arcadia Metalcraft. It was noted Arcadia Metalcraft had defaulted on their payment plan by missing the February 28 payment and were subject to cut-off on March 2. Arcadia Metalcraft owes the City a total of $163,726.92 as of last billing period.
Prior to the shut-off of Arcadia’s utilities per policy, a new investor, Ken Freeman, of Missouri Metalcraft in Minnesota, inquired his interest of purchasing Arcadia and placed a $45,000 deposit for city utilities to remain on at the current building.
Mayor John Long explained the situation, stating, “Arcadia has sold out and the new owners have taken over with a new utility cycle. The City is left with what did not get paid from Arcadia.”
The new $45,000 deposit creates a new utility account with the new owner, who will not assume the debt of Arcadia Metalcraft. City Administrator Jackie Pangborn shared, “The deposit ensures utilities to the building no later than April 1.”