Development Authority hears of new projects “Phoenix”, “Neptune” and “Market Garden”

Published 3:09 pm Thursday, March 28, 2024

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The Bainbridge-Decatur County Development Authority met last Thursday for a Board of Directors Meeting. Following the call to order and invocation, the board approved their quarterly financial statement.

Next, the Authority heard a report on the Chamber of Commerce from Chamber President Karen Tobin, who spoke to the Authority about this year’s Rivertown Days festival.

Following this, the Authority went into executive session to discuss legal matters, as well as possible acquisition of real estate in regards to “Project Phoenix”, Carport Central LLC, and Bainbridge Manufacturing.

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After returning from executive session, the Authority heard the Director’s Report from Rick McCaskill. The first item of old business brought up was the Anovion project. According to McCaskill, the project is projected to start construction within a couple of months.

“The thing that’s driving the construction schedule right now, or maybe I should say is giving them the time that they’ve got right now,” he said, “is the long-range equipment that they’ve already ordered.” He elaborated, “It just takes so darn long to get it built and get it in, they’ve adjusted their construction schedule so that it better fits.”

Next, Bainbridge Manufacturing’s bond deal was discussed. According to McCaskill, per the deal, if by its 10th anniversary, certain goals were not met, a recovery payment would be due. The recovery payment is $1,373,437.49. A motion was made to transfer the title of the building and land at 100 Industrial Blvd. to Bainbridge Manufacturing upon them making the recovery payment. The motion was approved.

Next on the agenda, McCaskill gave a brief overview of a recent industry roundtable, where the high school’s workforce programs were discussed.

For new business, projects codenamed “Neptune” and “Market Garden” were mentioned.

“Both of these together, we’re looking at $25 million in investment,” McCaskill said, “and a couple hundred jobs. We’re just in the early stages of the project development.”

After this, another project, “Project Phoenix”, was discussed, specifically an inducement resolution for the project. This resolution would allow for development loan and construction cost adjustment. McCaskill described “Project Phoenix” as a large development off Tallahassee Highway. The resolution was approved.

Lastly, the Authority considered a lease/purchase agreement for Carport Central. “The Authority will get a five-year loan from First National Bank of Decatur County, secured by the building and lot on Taurus Way. The Authority will give the bank a first-position security deed on the building and lot. The bank requires the city to guarantee the loan, and the city requires the guarantee and second,” McCaskill explained. McCaskill elaborated that the city would receive the loan proceeds to reimburse itself of the construction costs, while the Authority would enter a lease option agreement with Carport Central, with CC paying rent to the Authority. The agreement was approved.

Prior to the meeting’s adjournment, McCaskill mentioned a cabinet company, Italkraft, that is moving into the old Propex building, having already done some remodeling of the building already.

Following this, the meeting was adjourned.