For Immediate Release

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.