Re: Port Prospect estimates start of construction within 60 days

HELENA-WEST HELENA- The Phillips County Port Authority heard from a representative of RGM Marketing at its January meeting and learned that construction on the estimated $1.6 billion facility could commence within 60 days.  With that information in hand, the Port Authority Board unanimously extended the company’s land option for 60 days.

According to company representatives, RGM, which has said that its plans will result in one of the largest investments in the region, is finalizing its construction financing.  The Port Authority Board learned that company officials were in New York last week working on the final details.  Director Martin Chaffin said, “The domino is leaning and it looks like this one is going to fall.  If it does, we are in a whole new ballgame.  This plant will change our economy.”  Company representatives told the board that the plant would be “something that’s never been done before.”

Company officials refrained from providing details concerning the financing of the deal, but pointed out that Helena-West Helena had been moved ahead of its Tennessee site where an identical plant is also going to be constructed.  The necessary permits are nearing completion, and the company has announced that it has an outline for a construction timetable completed.  Chaffin said, “Things just continue to develop in a positive fashion on this project.  With the food-grade processing operation, the alternative fuel production, and the spin-off manufacturing that this facility will provide, I am confident that the hard work and investment made by this community is about to result in the fruition of our hopes for industrial development.  While we are giving a sixty day extension, there is a small possibility that everything could start within a month.”

In other business, Chaffin reported that a company that wants to build automobiles under the Studebaker label has contacted the port and has been working with Arkansas’s congressional delegation on legislation to aid its plans.  Board Member Jim Frazier updated the progress of the construction of the bridge crane extension over the railroad tracks at the harbor.  The extension is the final phase of the project and is on schedule to be completed in June. 

Also, the Port Authority negotiated an agreement among the county’s school districts to share the ad valorem taxes generated by the Port since the facility is supported by sales taxes paid by all county residents.  Those taxes will be distributed by the County Treasurer to the school districts based upon enrollment.  The Port also expressed appreciation for his service given to the organization for several years.  Carpenter has retired from the Board.  The Board plans to hold an event in the near future to honor Carpenter.

In closing, Chaffin said, “This is the most optimistic I have been about our prospects in a long time.  It seems as if everything is falling into place.  Hopefully, this spring will see the beginning of substantial industrial development and significant job creation that will stimulate our economy in a way that lifts all boats in our community and region.”