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.