EL DORADO, Ark. (AP) — An oil and timber town that was Arkansas' richest community nearly a century ago believes that building a $100 million arts district in its historic downtown will spark a "cultural infusion" that can reverse a decadeslong population slide.

El Dorado, with about 18,300 residents near the Louisiana border, believes that after shoring up its tax base, infrastructure and school system, the entertainment hub will bring back the glory years that followed a 1920s oil boom.

"We have to create a destination," said Terry Stewart, the former CEO of the Rock and Roll Hall of Fame in...