Property planned for future industrial development

By STEVE BANDY, Marshall News Messenger

Wednesday, April 01, 2009

The Marshall Economic Development Corp., pending approval of the city commission, will purchase 54 acres of prime real estate for future industrial development.

The tract of land, near the intersection of Interstate Highway 20 and U.S. Highway 59, is the former site of the Marshall Farm and Ranch.

"We were presented an extremely attractive opportunity to purchase this property," Leslie Chambers, member of MEDCO's properties committee, told board members at their regular meeting Tuesday.

She said the property will cost MEDCO $1.25 million, a price tag she called "a good deal considering what comparative property in that area is going for."

Ms. Chambers said the tract will be subdivided into industrial property in the future.

The proposal must go before the Marshall City Commission because, per its by-laws, MEDCO must get commission approval for all expenditures in excess of $50,000.

The city commission also will be asked to consider approval of a MEDCO board plan for early retirement of bonds.

Keith Purvis, treasurer, explained that the current interest rate on the bonds, which become due in 2013, is about 4 percent while the interest rate on MEDCO's bond retirement fund is earning less than 1 percent.

"With such a wide discrepancy, we'll save $185,266.67 if we pay off these bonds today," Purvis told the board.

Purvis said it will cost MEDCO about $2.1 million to retire the bonds now whereas making payments until the maturity date will cost a about $2.3 million.

In other action Tuesday night, the MEDCO board:

Tabled discussion of incentive packages for two projects — code named Project Silo and Project Sand — at the request of MEDCO board chairman Bill Marshall, who said he was "not sure MEDCO was ready to discuss or finalize" the plans.

Approved a request from the Greater Marshall Chamber of Commerce to join as a sponsor of the May 20 Business and Industry Luncheon at a cost of $1,000. Marshall pointed out that this is something MEDCO has dons for "at least the past three years."

Appointed Executive Director Donna Maisel as MEDCO's representative to the Marshall 2020 Vision Committee.

Approved the expenditure of up to $1,500 for participation in a trade show that targets consultants, real estate agents and developers. The total cost of the booth will be shared with three other communities, according to Ms. Maisel.

Tabled preliminary plans to rehabilitate the MEDCO-owned railroad spur in the Marshall Business Park until more complete project specifications are compiled.

Approved the hiring of Gary Traylor of Traylor and Associates as a grant consultant for application of EDA Stimulus funds, which will be earmarked for infrastructure projects, such as railroad spurs.