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.