PORT ARTHUR — The board of directors of the Port Arthur Economic Development Corporation approved the purchase of 7.295 acres of land on Texas 73 for a new industrial park at their last meeting. Now all that awaits to seal the deal is approval from the Port Arthur City Council.
An agenda item calls for directors to consider and approve a request to the city council to amend the PAEDC Fiscal Year 2007-2008 budget to purchase the land and infrastructure to develop the property at their regular meeting, Wednesday, Aug. 13 at the PAEDC building, 4173 39th St. The price tag is $250,000 according to Chief Executive Officer Floyd Batiste.
Batiste said the PAEDC would like to purchase the property this year rather than next year because a company interested in a tract.
Able Fastener currently has a facility in Beaumont and they’re expanding operations to Port Arthur. They wish to purchase 40,000 square feet in the park pending the board’s approval.
Directors will consider approval of a settlement agreement between Pleasure Island Shrimp House and the PAEDC.
Batiste said the shrimp house’s attorney called for a settlement on a defaulted $500,000 loan.
Victor Tran, owner of the shrimp house asked the PAEDC for a $250,000 loan two years ago and a conditional grant for $500,000 based upon the number of people hired and wages paid at the business. Tran received the $250,000 loan, but he didn’t receive the grant until he met the requirements based on the number of people working there and wages paid.
Tran asked the PAEDC to accelerate the grant to be processed as a loan in order to get his business back on line after damages received from Hurricane Rita. The loan was short-term for six months. Tran never paid back the loan.
And the last order of business, the board will consider approval of a lease agreement with the option to purchase between the PAEDC and ENGlobal Systems, Inc. If approved, construction will begin soon at the Port Arthur Business Park at Spur 93 and FM 365.
ENGlobal purchased an 11-acres tract from the PAEDC and will construct a 100,000-plus square foot facility employing 525 people and generating a $100 million annual payroll. The project will cost $5.5 million to complete.
Business
August 12, 2008
New PAEDC industrial park nearing completion
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- New PAEDC industrial park nearing completion The board of directors of the Port Arthur Economic Development Corporation approved the purchase of 7.295 acres of land on Texas 73 for a new industrial park at their last meeting. Now all that awaits to seal the deal is approval from the Port Arthur City Council.
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