FCRA preps for groundbreakings, business relocations

story by Marla Cantrell
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October will be a big month for industry at Chaffee Crossing.

At the monthly meeting of the Fort Chaffee Redevelopment Authority on Thursday (Sept. 16) Ivy Owen, executive director of the FCRA, announced Mitsubishi Power Systems will break ground on its $100 million wind turbine plant at 3 p.m. on Oct. 7. The ribbon cutting for the 100,000 square foot Umarex USA facility, the air guns and rimfire manufacturer, is set for Oct. 13, at 10 a.m.

A resolution was approved that allows a deed restriction for Mitsubishi’s Foreign Trade Zone.

“The U.S. Customs Service requires a setback, because of security reasons, of six feet from the nearest property line,” Owen said.

Owen said he’s sees a new market for Chaffee Crossing in commercial businesses that have outgrown their current downtown location. He cited new tenant Trotter Electric as an example of a company that needed a sprawling space where equipment could be kept inside.  He thinks there are others in the same situation.

“We’re going to identify the buildings in the same area that would be suitable for renovation instead of demolition,” Owen said.

The board approved a one-year extension of a first right of refusal contract for TJSJT Properties. The extension included a decrease in the earnest money for the 39.9 acres from $25,000 to $10,000. The company has already purchased 15 acres in Barling for commercial development.

The board also approved a resolution supporting two Arkansas ballot initiatives, Issue No. 2, House Joint Resolution 1004; and Issue No. 3 House Joint Resolution 1007. If approved by voters in November, the issues would amend the state’s constitution.

“These are the two most important economic development issues we’ll consider this year,” Owen said. “Issue 2 is to raise the usury limit in Arkansas so we can be competitive issuing industrial revenue bonds. … I know we weren’t as competitive when the interest rate was way down and not as competitive when we sold because of the usury laws. Issue 3 lifts the limits on Superfund money. Right now, in order to get Superfund money you have to a $500 million capital expenditure, or 500 jobs created.  And in today’s economy, after the recession, that’s just not practical anymore.”

In August, shale mining revenues totaled $56,534. Timber harvests netted $11,675.

The next FCRA meeting will be held Oct. 21.