Baldwin County Commissioners awaiting megasite bond rating

Posted 7/13/11

ROBERTSDALE, Ala. — The Baldwin County Commission reprised a financial presentation Tuesday which was seen last week by New York City bond-rating firms regarding a proposed $25 million issue to purchase a 3,000-acre megasite in North Baldwin to …

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Baldwin County Commissioners awaiting megasite bond rating

Posted

ROBERTSDALE, Ala. — The Baldwin County Commission reprised a financial presentation Tuesday which was seen last week by New York City bond-rating firms regarding a proposed $25 million issue to purchase a 3,000-acre megasite in North Baldwin to attract industry.

The county also plans to earmark $10 million from the general fund to supplement the project.

Commission Chairman Frank Burt, Commissioner Tucker Dorsey, County Administrator David Brewer and Clerk-Treasurer Kim Creech made the presentation during a two-day trip last week. As of press time, county officials had not received a rating for the issue.

During the presentation Tuesday at a work session in Robertsdale, Burt asked for the re-enactment to disclose the financial status of the county and provide more information.

The presentation will be recreated Tuesday morning at the commission meeting in the Baldwin County Administration Building in Bay Minette.

Burt said he met with a Lillian delegation Monday who had “issues” with the financial proposal.

“They had genuine concerns,” Burt said. “We have not presented this to the public, and there are lots of questions and confusion.”

Baldwin County Economic Development Alliance Director Robert Ingram, who holds the purchase option for conveyance to the Commission, gave a brief history of the megasite concept, which he will present Tuesday.

Ingram said when the auto industry began looking at industrial sites in the last decade, large tracts began receiving certification as having completed environmental-impact studies, access to utilities, available rail, seaport and interstate access, and other factors which would make a site “shovel ready.”

Ingram said similar sites have drawn major industry and pumped millions into local economies.

Ingram said he has had numerous inquiries from manufacturers.

“I get a query about once a week,” Ingram said. “It is actively being marketed and we want to put someone there.

“There are no guarantees, but it is an incredible site. Our ownership would put us in a great situation.”

The Commission may agree Tuesday for Burt to sign a warrant purchase agreement between the county and Frazer and Lanier Co., and authorize Burt to sign and file documents with the state examiner’s office.

The site is east of State Road 287 and south of Interstate 65.