Intermodal Board discusses prospects and railroad crossing

By Tim Kessler

Southeast Arkansas Regional Intermodal Facilities Authority board members made some progress towards enticing an industrial prospect during their monthly meeting Wednesday at Bradley County Economic Development Corp.

The board was represented by Chairman John Lipton, Dr. Bettye Gragg and Nita McDaniel. Also present were accountant Bob Milton, BCEDC/Bradley County Chamber of Commerce Executive Director Ashley Foreman, project engineer Charles Cullen of Garver Engineers and members of the news media.

Cullen said Union Pacific Railroad officials had made a few changes in an agreement to construct a railroad crossing. The biggest change was that the estimate of $181,000 construction costs had gone up to $222,000 plus a $20,000 fee for UP’s costs. Board members said they realized they had no choice but to approve the agreement in order for the long-standing project to go forward, so they authorized Lipton to sign it.

McDaniel said an industrial prospect would need access to the crossing if the project came to fruition so she said it needed to be stressed to UP that “time is of the essence.”

As is customary, she said the prospect required a non-disclosure agreement. She said that such companies are highly competitive and they needed to keep proprietary information about their company confidential. She said the BCEDC Executive Committee would deal with details of any agreement but did say the company was forestry-related.

“If we don’t get the crossing, this one may go away. Any public entity is entrusted to do what is right for the taxpayers,” McDaniel commented.

Motions were approved to allow Lipton to sign a non-disclosure agreement and to sign a letter of intent giving the company the option to purchase 80-100 acres of Intermodal property at a negotiated price. If the company agrees to locate at the property, C&L Electric Cooperative may be contacted about putting in an electric substation, which could take about 18 months to construct.

Lipton said there is also a second forestry-related prospect looking at the Intermodal property.

In the only other business, Milton gave a financial report. He said total cash balances in three bank accounts were $193,179.37, including about $230 per month gained in interest from a First State Bank account.

A motion was approved to pay invoices of $21.16, C&L Electric Cooperative; $175, Milton’s services; and a bill still to be received from AT&T.

Receivables from the four SEARIFA partners (Monticello, Drew County, Warren and Bradley County totaled $100,953.45, but it was noted that Bradley County had done some in-kind labor with heavy equipment and had not submitted a bill against the $127,760.99 shown that the county owed the Intermodal.