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Biofuels of Helena-West Helena, Arkansas - June 2008
Re: RBE Arkansas Makes Progress on Financial Package
HELENA-WEST HELENA-While it may not be time to start a party, members of the Phillips County Port Authority can finally start considering the design of the invitations after Executive Director Martin Chaffin reported that RBE Arkansas has a firm offer to finance the entirety of its proposed $1.8 billion facility planned for the Helena Harbor.
Chaffin, while upbeat, remained cautiously optimistic. He said, "While nothing is ever certain until the names are on the dotted line and the money changes hands, I can honestly say this month has seen significant progress. Rod Miller, the leader of the RBE Arkansas project, has two firm financing packages to choose from. Board Member Henry Richmond and I were a part of a recent conference call on the matter. This represents a significant leap forward after months of negotiations."
RBE Arkansas has been working with the Port Authority for over a year. Its proposal calls for a facility that will produce food grade products for assorted manufacturers, biofuels, and fish pellets from the byproducts. The plans also call for the construction of a power plant at the site to provide some of the facility's electricity. Construction of the facility will be done in three phases at a cost of approximately $1.8 billion. Estimates call for 2500 construction jobs over the next four years if final approval is given to the financing package.
Chaffin said, "This has been a tedious process involving representatives from overseas hedge funds. However, the outlook is bright concerning this project. We are getting cooperation from state economic development officials and the principal players are all coming together. Anything can happen, but this has the potential to be a gamechanger for the Delta region."
While RBE's proposed project dominated the discussion, other prospects continue to remain interested in the Port's facilities as well. A steel fabricator from Mississippi plans to make another visit to the site soon and has indicated to Chaffin that the Helena Harbor has all of the infrastructure it needs for its operation. Chaffin reported that the prospect is serious about the Helena location and that he has started working with state economic development officials on incentives that would be appropriate for this kind of project. He indicated that the facility, if constructed, would have at least 50 permanent jobs.
Also remaining interested in the Helena Harbor is an automobile company considering an automobile assembly plant at the harbor. Chaffin reported that the group has been contacted by a firm in India about the possibility of manufacturing a car for their company.
Chaffin closed by saying how upbeat he felt about the prospects for the Port Authority. He said, "We have labored so long and expended so much energy building this facility. We are near a breakthrough. If things continue as planned, we could see the entire regional economy reshaped by the activity in Phillips County."
In other business, Board Members are still considering an initiative first proposed by Board Member Todd Stewart to solicit proposals from individuals and firms who are experts in managing, marketing, and evaluating port facilities. While Stewart's original proposal was rejected by the Board, a meeting between him, Board Member Charles Sibley, and Board Member Jim Frazier led to Frazier's offering of a compromise proposal with some minor modifications that will be voted on at the Port's July meeting.
Biofuels of Helena-West Helena, Arkansas - May 2008
For Immediate Release
Re: Chaffin Reports Progress on RBE Arkansas Financing
HELENA-WEST HELENA-After months of negotiations with potential financiers on a proposed $1.8 billion project, Phillips County Port Authority Director Martin Chaffin reported that representatives of RBE Arkansas had made significant progress toward finalizing its financing package and the Port Authority Board approved an extension based on the report indicating that the potential financiers had committed to meeting timelines that would allow construction of the plant to begin this fall.
Chaffin reported that the foreign investors are making arrangements that will allow them to take full advantage of the Euros strength against the dollar. Because of that currency dynamic, the German-based funding group wants to put the money forward to expedite construction of all three of the proposed phases of the project. This would reduce the total construction time from 60 months to approximately 42 months. It would also mean the presence of 2200 construction workers instead of the originally estimated 1500. However, making these arrangements requires considerable paperwork, including the establishment of a holding company abroad.
Chaffin said, "We finally have tangible timelines and goals set by the financiers themselves that are the basis for the request for this extension. This is the most significant movement toward the finish line in the past few months. I am excited that we are nearing the final stages."
Chaffin reported that RBE Arkansas has all of its permit applications completed and ready for submission as soon as the funding is finalized, which is estimated to happen this summer. Also, negotiations with the state are continuing on the state's incentive package for the project, which has qualified for superproject status. Chaffin called the package of incentives as "unfinalized, but substantial."
Assuming Phase I of the project begins in October, that phase could be completed and online in February 2010 with 200 permanent jobs. The Board unanimously approved the extension.
Chaffin also reported that other prospects are seriously considering the port. Among those are an auto assembly plant and a steel fabrication facility. The State of Arkansas is also bringing in a prospect next month that is looking for a site. The nature of the operation was not disclosed.
In other business, Todd Stewart, the chairman of a subcommittee studying the possibility of hiring a consultant to help the port assess its situation and develop some strategic plans, presented a request to seek a request for qualifications from experts in the field of port management. Stewart said, "I feel passionately about doing the best we can to bring in jobs and making sure that we have the best resources to do that. This doesn't commit us to anything other than asking for information.
Board Member Gordon Cunningham, who was on the committee that made the unanimous recommendation to seek the request for qualifications, offered a motion to delay final action for a couple of weeks. It was decided for everyone to review the document and submit their responses by mail. Once those are tabulated, if a majority of the board agrees, then Stewart will send out the request for qualifications to an agreed upon list of companies.
Biofuels of Helena-West Helena, Arkansas - April 2008
Re: Chaffin Reports on Numerous Prospects Showing Interest in Harbor
HELENA-WEST HELENA- At the regular monthly meeting of the Phillips County Port Authority Board of Directors, Executive Director Martin Chaffin gave a lengthy report detailing progress with RBE Arkansas and interest from numerous other prospects.
Chaffin began his report with an update of the progress being made by RBE Arkansas in its efforts to finalize its financial package for its proposed $1.8 billion facility at the Helena Harbor. Chaffin held a series of meetings with Rod Miller, the head of RBE Arkansas, members of his financial team, engineers, state economic development officials, and others who would like to have projects that would work in conjunction with RBE’s proposal.
Chaffin said, “Over the past fourteen days, I have been meeting steadily with Rod and his associates. Right now I can report that the interim financing should be in place in 3-6 weeks, which would allow RBE Arkansas to finalize the land purchase, begin the permitting process, and start the construction. Permanent financing should be in place within 2-4 months.”
He continued, “Everyone involved is being very positive. Everything continues to look good and I remain optimistic. We continue to get closer to finishing this deal every day.”
Chaffin also reported that a chemist from Auburn University with a technology to turn algae into alternative fuels also met with him and Miller. The chemist would like to bring his technology to the project in the second phase of the construction. If that could be managed, the cost of the alternative fuel produced at the site could plummet making it very affordable on the energy market.
Chaffin also reported interest from firms ranging from a German company with an undisclosed type of manufacturing referred to Chaffin by the state which plans to visit in May to a Dutch windmill producer, to an automotive assembly planet. All of these are in very early stages of the process, but Chaffin said that a couple of the projects have real potential to have a significant economic impact if they can obtain financing.
Chaffin also reported that the Port Authority continues to benefit from the unloading of pipe being used to build the state’s new natural gas pipeline. He said, “We are receiving all of the traffic that was supposed to go up the Arkansas River to Little Rock and Conway because of the flooding. I think we have had 26 more barges of pipe unload at our site than was originally anticipated.” Port Member Jim Frazier added, “That’s a significant asset that we have at this port. We are open 365 days and are able to handle the excessive water. Ports on the Arkansas River have been forced to close.”
The Board concluded its business with a financial report from Treasurer Henry Richmond and a promise from Board Member Todd Stewart to have a report from his committee that will include a draft request for qualifications asking consulting firms to submit proposals for marketing the harbor.
Biofuels of Helena-West Helena, Arkansas - March 2008
Re: Port Authority Gets Industrial Recruitment Update
HELENA-WEST HELENA-The Phillips County Port Authority held its regular meeting Monday night and was updated on the industrial prospects by Executive Director Martin Chaffin.
The top prospect for the harbor remains RBE Arkansas, LLC. RBE’s Rod Miller continues to work on the financing package for his $1.8 billion project proposed for the Helena Harbor. Chaffin said, “We continue to be optimistic and progress continues to be made. Rod has been slowed by some unrelated issues and I expect that we will soon witness some movement on the financing. This remains an excellent project and I have personally been involved with some meetings with those he is working with on financing. I remain confident that we will be able to see this project, which has the potential to reshape our entire economy, come to fruition.”
Chaffin also reported to the board that there are seven active prospects currently at various stages of considering projects for the port. Two of those projects, which are both in the very early stages, are referrals from state economic development officials. Chaffin said, “We have provided them with all of the information that was requested through the state. I expect one to make a visit real soon. Both would represent a significant investment. One is a facility that would be engaged in the fabrication of metal. Another would be an automobile assembly plant. Funding will be the key to the success of both projects.”
Chaffin also reported that he has recently met with Allen Hammonds about the Port’s marketing strategy. As part of those discussions, Chaffin also reported that he met with Joe Black, the Vice-President of Southern Financial Partners, to discuss ways that the Port could collaborate with SFP’s efforts in marketing the area. He said, “There are some real possibilities to work together with them and the Chamber of Commerce. Hopefully, we can get together and make that happen as well.”
Port Authority Attorney David Solomon also met with the Board to provide his opinion concerning what kinds of organizations can receive Port funds in the wake of a discussion about providing funds to the Boys and Girls Club of Phillips County. Solomon informed the group that money given to groups like the Chamber of Commerce fall within the statutory provisions allowing the Port to have expenses to promote itself and economic development. That statutory provision would not allow for donations to organizations involved in activities not related to the Port’s function, such as the Boys and Girls Club of Phillips County.
Board Chairman William Quiney also appointed a committee at the request of Board Member Todd Stewart to investigate the possible hiring of a consultant to evaluate the Port’s efforts and make recommendations for improved. Stewart said he had been investigating some of these types of firms and was really impressed. Joining Stewart on the committee are Edward Carter and Gordon Cunningham.
The next scheduled meeting of the Port Authority will be held April 28 at 6:30.
Biofuels of Helena-West Helena, Arkansas - February 2008
For Immediate Release
For More Information contact Martin Chaffin @ (870) 338-1418
Re: Port Authority Holds Monthly Meeting; Chaffin Delivers Industrial Report
HELENA-WEST HELENA- The Phillips County Port Authority Board of Directors held its regular monthly meeting Monday night and heard an industrial development report from Executive Director Martin Chaffin and a financial report from Treasurer Henry Richmond.
Chaffin updated the Board on the progress being made by RBE Arkansas, which has been working for several months to obtain financing for its proposed $1.6 billion facility at the Helena Harbor. Chaffin said, “We are continuing to move forward. We are making steady progress. Rod Miller was here with some Canadian consultants examining the site three times during the past month. These individuals have some technology for making alternative fuels out of rice and wheat straw.”
Chaffin continued, “One of the foreign banks has a few more things to complete before the financing package can be finalizes. Unfortunately, in this era where national security is so important, foreign funds are highly scrutinized, which makes deals such as these move extremely slow. However, I remain highly optimistic.”
The Board also discussed the possibility of beginning to study the expansion of the Port’s marketing, which could include the expansion of the staff. However, no decisions were made on those ideas at the meeting. Chaffin did report that he had been working with some other firms interested in a wide array of possible projects.
Richmond delivered the financial report, which showed the Port Authority to be in good financial health. The Board also is awaiting an Attorney General’s opinion on whether or not it can provide funding to business development organizations like Main Street Helena and community development and quality of life enhancement activities such as those provided by the Boys and Girls club of Phillips County. Chairman William Quiney hoped the AG opinion would be available by the next meeting and also pledged to have Attorney David Solomon on hand to offer his opinion as well.
Biofuels of Helena-West Helena, Arkansas - October 2007
Re: PA grants one-year extension to RBE Arkansas; $300,000 payment required
HELENA-WEST HELENA-A short meeting resulted in big decisions at the monthly meeting of the Phillips County Port Authority Monday night with the board unanimously accepting the recommendation of Executive Director Martin Chaffin to grant a one-year extension of RBE Arkansas’s land option if the firm makes a $300,000 nonrefundable payment.
RBE Arkansas, which plans to construct a $1.8 billion facility at the Helena Harbor, has been working on its financing package for several months and has been making steady progress. The firm has already made one nonrefundable payment of $100,000. Chaffin said, “I still feel good about this project. I have been meeting with the hedge fund investors and all of those representatives are saying good things about this project. They are just working on their due diligence process.”
Chaffin continued, “We have a really good project proposed here. Because of the diversity of operations ranging from food-grade products to fish pellets to biofuel, this project continues to be viewed optimistically by investors at a time when firms exclusively dealing in alternative fuels are not able to gain interest from investors because of rising costs. As I have said before, this project has the potential to permanently alter the economy of the region. I remain optimistic that we are going to land this facility.”
Board members all noted that the interest shown by this firm has been steady and the financial commitment being made suggests that this firm is serious about its plans. Chaffin has also been working with state officials to make sure that when financing is approved, RBE is able to expedite its permitting and construction process.
After the discussion, the Board unanimously approved the extension as long as the payment is made. Chaffin told the Board that he expects the payment to be made by wire transfer and that he would be continuing his discussion with RBE officials and their potential investors Tuesday morning.
The Board also learned that the dredging of the harbor is schedule for November 5 and received a financial report from Treasurer Henry Richmond that showed the Port to be in sound financial health.
Biofuels of Helena-West Helena, Arkansas - September 2007
Re: Negotiations continue with RBE Arkansas
HELENA-WEST HELENA-In a relatively short regular meeting of the Phillips County
Port Authority Board of Directors, the Board of Directors heard a progress
report from Executive Director Martin Chaffin on the RBE Arkansas project.
Chaffin told the Board that RBE Arkansas continues negotiations with a group of
potential hedge fund investors to finance its proposed $1.8 billion facility at
the Helena Harbor. He said, “I have talked to Rod Miller (President of RBE
Arkansas), and he is continuing to meet with the hedge funds to do everything he
can to expedite their due diligence process so that this project can begin. We
are negotiating an amount for him to pay to receive a 120-day extension on his
land option. I continue to be optimistic. While we haven’t moved any dirt,
things still look very good for this project.”
Chaffin also reported that two other firms have made early visits to the
facility and are considering locating plants at the harbor. He said, “We have a
firm looking to produce alternative fuels that has made a couple of visits. On
the last trip, they had some engineers. We have also had contact from a firm
that wants to manufacture wood pellets that can be used to produce alternative
fuel. I have put the two in contact with each other. Hopefully, these
preliminary discussions will turn into something concrete and positive soon.”
Chaffin also informed the board that he is negotiating with a company that is
moving large pipes for the new natural gas pipelines being built about using the
newly completed bridge crane to move the large volume of pipe. He hopes to have
a proposed deal with that firm soon. The firm would need to use the crane six
days per week for a period of four to eight weeks. Chaffin also suggested that
the Port Authority not hire a company to manage the crane and terminal until
there is more activity with the crane.
Port Authority Member Jim Frazier reported that the Corps of Engineers had
started its annual dredging later than usual this year, but the Corps should be
able to dredge the Helena Harbor within the next month.
Re: Short Meeting Results in RBE Extension
HELENA-WEST HELENA- In a relatively short meeting, the Phillips County Port Authority met in regular session on Monday and gave Executive Director Martin Chaffin the authority to negotiate an extension of RBE Arkansas’s land option as the firm continues to work with hedge fund investors on its financing plan.
Chaffin told the Board that an extension was appropriate. He said, “I still feel good about this deal. I am on the phone with company representatives and people from the hedge funds almost every day. They think the project looks good, but they have procedures to follow in terms of their due diligence for a project of this size.”
RBE Arkansas has plans to build a $1.8 billion facility at the Helena Harbor that would produce food grade meal and oil, alternative fuels, electrical power, and fish pellets for Asian fish farms from the fuel byproducts. Chaffin continued, “This is our best prospect, and I think it is worth another extension provided they make an additional payment of earnest money.” The board gave Chaffin permission to negotiate the amount of the payment with company representatives. If an agreement is reached, then the board has authorized Chaffin to execute a 120-day extension.” All of the board members present approved the arrangement, and Chaffin assured them that he and RBE representatives would be able to reach an agreement.
Chaffin also reported that there are several other prospects examining the Helena Harbor. One recently made a second site visit. E-Fuels Inc., also has a land option to build an alternative fuels facility as well.
In other business, the Port Authority Board heard financial reports from Treasurer Henry Richmond and approved a request from Arkansas Blues and Heritage Festival Fundraiser Linda Broome to provide support for the annual October event in Helena-West Helena. The board agreed to contribute $2000.
Chaffin said the Board would meet again on September 17. He promised to have an RBE status report at that meeting. A special meeting is possible to execute the land extension with the firm.
Finally, the Port’s extension of the bridge crane is basically completed. This piece of infrastructure has greatly enhanced response from the Port’s prospects. Also, Chaffin reported to the board that the new and improved web site has resulted in several potential prospects calling him after learning about the facility from the web.
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