Re: Port Authority Gives 75 day extension to RGM

 

HELENA-WEST HELENA-  In a rare special session of the Phillips County Port Authority, the board granted an extension of 75 days to complete matters for closing RGM's purchase of property at the Helena Slackwater Harbor where it plans to build a $1.8 billion facility.

 

Martin Chaffin, Executive Director of the Port Authority, explained why the process is becoming lengthy.  He said, "I know this is taking what seems a long time.   However, we are making progress on closing what is potentially the biggest business deal for Phillips County in over a half century."

Chaffin reported that RGM and the Port were negotiating final language for the contract to sell the property and that RGM had ordered the necessary surveys.  He also reported that an environmental assessment required by the company's lenders was in progress and that the applications for the necessary permits were ready to submit immediately upon completion of the contract of sale.

Chaffin said, "This process is complex, but it is moving with all deliberate speed.  I am reminded of the story of the The Tortoise and The Hare.  While the Hare ran fast, he didn't finish the race.  This process is taking a long time, but we are like the tortoise.  We make progress every day, and we are almost to the finish line."

In closing, Chaffin said that he hoped this would be the final extension needed before the land was sold, and money changed hands.  Shortly after that process is completed, construction should begin.

 

Re:  PA hears Progress Report on RGM; Endorses 2-cent sales tax

HELENA-WEST HELENA- The Phillips County Port Authority Board of Directors met in regular session this week and heard a progress report on RGM Marketing and endorsed the City of Helena-West Helena’s proposal to implement a two-cent city sales tax.

 

Martin Chaffin, Executive Director of the Port Authority, updated the board on the progress made by RGM Marketing.  RGM plans to build a $1.8 billion plant at the Helena Harbor that would result in 1000 constructions jobs over a four-year period and at least 300 permanent jobs. 

 

Chaffin said, “RGM continues to make progress.  The title work on the property they are going to purchase is completed.  The detailed survey required by RGM’s creditors should be completed by the end of this week.  A contract of sale has been drafted and is being reviewed by attorneys for RGM and the Port Authority.  Once those are completed, I anticipate that the environmental assessment will be the next item tackled.  As I previously reported, RGM also has started preliminary work on the necessary permit applications.”

 

Chaffin continued, “RGM represents an opportunity to restart the economy of this area.  I know this process is taking a long time.  However, each day we progress a little farther down the road to success.  When this deal is completed, this entire region will be affected as workers locally and from the surrounding area have new employment opportunities.”

 

Chaffin concluded by adding that he is more confident about the success of this deal than he has ever been about a prospect.  Completion of this facility should also result in the location of related industries to increase employment even more.  Chaffin said, “With our infrastructure finally completed, we have a real chance for a project of this magnitude to become a reality.  If this deal continues to fruition, this will revolutionize the Delta.”

 

The Port Authority also heard that the final stage of the bridge crane remains on schedule for completion in June and let bids for various parts of the last stage of that project.

 

In other business, the Port Authority Board unanimously approved an endorsement of Helena-West Helena’s sales tax and bond proposal after hearing a presentation from Mayor James Valley.  Valley answered several questions about the status of the city’s financial records and pledged to bring in a CPA to help the city work through the problems with some of its records.  Board members told Valley that they understood that the city inherited some problems but agreed that an outside CPA was a good idea.  Following the question and answer with Valley, that also included a discussion of the city’s debt situation, the board members voted to endorse the tax with no opposition.