The Levelland Economic Development Corporation met in a regular meeting Thursday and approved the sale of $500,000 in Revenue Bonds for Rail Improvements to the Rail line going west of town.
The bonds were sold to BB&T Bank out of Salem, North Carolina, which submitted the best interest rate of 2.85% which is well below what was estimated. It was pointed out that all Commercial Bank in Levelland was delivered a packet and had the opportunity to submit a bid. 44 other banks in the region also received the packet. The LEDC only received 5 bids and only 1 of those was from a local institution. The money will be paid back by West Texas Lubbock Railway Company through rail car tariff’s which is charged to all rail cars that go over that section of track west of town. It was noted that the LEDC is borrowing the money because they can borrow it cheaper than the railroad company can corporately.
The LEDC also approved a contract for a short term lease of 6 months of the Zane’s Specialty Building at 1111 Austin Street. The purpose will be to give the LEDC up to 6 months to do due diligence in researching the possibility in renovating the building to be used as office/office suite space. It was noted that through the past several months the business retention program unit of the LEDC had surveyed local businesses and discovered that office lease space is badly needed in Levelland. Executive Director, Shawn Kirkpatrick noted that oil companies and other companies have expressed an interest in leasing office space here if they could, otherwise, he said many of them are looking at having to relocate their offices to Lubbock and other cities where space is available. The EDC board ok’d the Board President to sign the contract pending a review by legal counsel.
The LEDC also approved Elgin Connor, board president to sign the employment contract with EDC Director Shawn Kirkpatrick after the boards legal counsel gives his final approval. The initial 18 month contract begins October 1. The contract will be extended to a rolling 2 year contract pending Kirkpatrick’s employee review in April 2015.
The LEDC also approved issuing a request for proposals for legal services for the Economic Development Corporation. The board will review the proposals at their next meeting and the legal representative selected will begin on October 1.