The Levelland Economic Development Corporation Board of Directors met yesterday in a special meeting.
The board approved allowing the Executive Director and/or Board President to continue negotiating and ultimately executing an agreement with Pipeline Plastics. The new company in the Industrial Rail Park has already seen a need for expansion and has inquired about a possible lease/purchase option on the remainder of Lot 1 in the rail park which is near their current property. The company has said they plan to begin operations in January, 2015.
The board also authorized the director/board president and attorney to submit a bid to Lakeshore Foods, which is handling the bankruptcy sale of the Clint Williams Peanut Company. The board has authorized obtaining a line of credit of $650 thousand dollars initially with the advanced authorization to obtain a second line of credit if needed not to exceed a total of One Million Dollars. It was noted that the LEDC would only purchase Building and Land and would not be purchasing Inventory or any Equipment.
The board also authorized ongoing negotiations with local companies and authorized the EDC Director, President and Attorney to act in the best interest of the EDC in those negotiations.