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.