Monday, February 1, 2010

Mortgage burning anyone?


Rick Platt and Erin Grigsby burn the mortgage

About eight years ago, the Heath-Newark-Licking
County Port Authority acquired 300 acres contiguous
to the south of the former Newark Air Force Station.
To make the acquisition the Port Authority mortgaged
the land and borrowed $4,500,000.

Our intention was to protect the Base, preserve
industrial zoned land for future industrial development,
and to be able to improve traffic flows in the neighborhood.

Occasionally a plan does come together. Boeing and its
partners at the Base continue to do important work in an
excellent manner. A new building was built for a
new-to-Licking County industrial company that now
employs about 100 folks. We still have several hundred
acres of rail served land ready for development for
manufacturing uses. The former James Parkway
cul-de-sac now connects to both S.R. 79 and Irving Wick
Drive.

As of today the loan is paid off and the land is free
and clear. Feels good.

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