Re:  Phillips County Port Authority Holds Monthly Meeting    

HELENA-WEST HELENA-It was a rather uneventful and quiet meeting of the Phillips County Port Authority as the Port heard an update on RBE Arkansas and one other prospect.

Executive Director Martin Chaffin gave his monthly industrial development report.  He informed the board that the status of RBE Arkansas's financing for its proposed $1.8 billion project at the Helena Harbor.  Chaffin said, "There are only five or six banks in the country that can handle the construction loans, which total $600 million each.  Rod Miller continues to work with his banks.  He has commitments for permanent financing.  These things just take time."

Board Member Todd Stewart expressed some concerns at the delay and asked several questions.  Also asking some questions about the financing time line was Board Member Gordon Cunningham.  Board Member Tommie Shackelford pointed out that Miller would have to look carefully at these options and that no bank could do this transaction in a quick fashion.

Chaffin said, "I remain optimistic concerning this project.  Progress is being made.  It isn't as fast as any of us would like, but I have had assurances that this is going to work out."  Chaffin also pointed out that Board Member Jim Frazier sat in on one of the recent conference calls and Frazier verified the information provided. 

In other business, Chaffin said that the steel fabrication firm that has expressed interest has visited with him again this month and has also had some conversation with state economic development officials.  Also, Chaffin reported that the annual dredging of the harbor had taken place.  Chaffin said, "They are making progress.  The next step is to try to get a firm cost estimate of the infrastructure this firm will need."

In the absence of Board Member Henry Richmond, the Board deferred action on its monthly financial report.