Re: Port Authority Meets:  RGM Marketing nears completion of financing

 

HELENA-WEST HELENA- Phillips County port Authority Director Martin Chaffin directed a very short, but pivotal session of the Phillips County Port Authority Board of Directors this month with the Port’s largest prospect in years nearing completion of its financing package.

 

According to Chaffin, Rod Miller of RGM Marketing, which is based in Missouri, is weighing several financing proposals and that a decision is imminent.  Once the financing is in place, the purchase of the land at the harbor can be completed and the process of permitting and construction can continue.  Chaffin said, “He is getting offers from several additional entities wanting to be a part of this project.  I expect that he will be here in the next couple of weeks.”  Miller’s group plans to build a facility that some estimates place at approximately $1.8 billion dollars.

 

Also on the agenda this month was a report on the process of the final phase of construction for the bridge crane.  This final work will extend the bridge crane over the railroad facility.  Board member Jim Frazier reported that construction is still on schedule to be completed by June 1^st.

 

Chaffin said a couple of other firms had been working with the port, including one looking at Helena for an ethanol plant and another seeking to construct a manufacturing complex to build an automobile specifically for law enforcement in the military.  However, these projects are in the earliest stages of development. 

 

The Port also heard a presentation from representatives from Arkansas Midland Railroad, which is the short line railroad company that connects the harbor with Lexa’s interchange with Union Pacific.  The railroad pledges to do anything it can to land the prospects currently looking at the Port.

 

Chaffin also added, “We have a considerable amount of interest in our port facility.  RGM’s proposal is still our most promising.  The next two weeks are going to be a very important 14 days for our harbor as we await the information from him on the finalization of his financing package.  When that is in place, things are going to pick up fast at our harbor.”

 

With just barely a quorum of board members present, the financial report was tabled until Mr. Henry Richmond could attend.  Also, Chaffin said that if a special meeting was needed in the next two weeks, one would be called and the appropriate media outlets would be notified.