MITCHELL - (February 12, 2022) - The Lawrence County Redevelopment Commission is considering constructing a shell building within the Mitchell Industrial Park.
The cost of the project has not been disclosed at this time.
The RDC consider on how to fund the project. One of those options is a Build/Operate/Transfer for the proposed 50,000 square feet building.
A build - operate- transfer contract is a model used to finance large projects through public-private partnerships.
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The RDC will give to a private company once built will transfer the property over to that company, after a certain period of time. The company will operate the project for a certain space of time with the private company paying back the investment to the RDC.
The Lawrence County Commissioners and County Council may have to create a resolution for the funding for this project. A cumulative capital fund may have to be created so this project can move forward.
According to Jeff Quyle, president of the Lawrence County RDC, there have held discussions with Mitchell Mayor J.D. England about the shell building and a Memorandum of Understanding has been drafted for the Mitchell City Council to consider.
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At this time Lawrence County RDC is only considering the options on how to construct the building and encourage economic development into the Mitchell Industrial Park.