Fri11282014

Last updateMon, 27 Nov 2017 12am

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Terra Products LLC moving forward EDA to hold hearing next month on bond issuance for new business

Claude Shaffer, president of Terra Products LLC, is moving forward with establishment of his new company in King George at Dogue. The company plans to produce about 12 varieties of sand and gravel products in 40-50 pound bags to be sold at garden centers and home improvement stores, along with some small concrete products, including ‘pavers.’

In May, Terra Products LLC had received unanimous approval by the King George Board of Supervisors for a rezoning and a special exception permit to operate the business for sand and gravel processing inside a vacant building near Dogue owned by Steve DeBernard.

The zoning and permitting action had likewise been unanimously recommended by the Planning Commission the previous month, in April, following a first public hearing on the request.

The 25.641 acre industrial property at Cleve Drive (Route 692) was the site of the former White Packing factory. The company will be established adjacent to 700+ acres of existing Industrial zoning where sand and gravel mining and processing is taking place.

HEARING ON NOV. 14 FOR BOND ISSUE
Shaffer told the county’s Economic Development Authority (EDA) earlier this month about his plans during the EDA’s monthly meeting on Oct. 10. He was present to talk about his business and answer questions about his application submitted for tax-exempt industrial revenue bond financing through the EDA.

After hearing from EDA bond counsel Dan Siegel, the EDA went forward with approval of an inducement/reimbursement resolution for the bonds. The resolution calls for revenue bonds in an amount not to exceed $5 million to assist Terra Products with costs to start up operations.

The next step is for the EDA to hold a hearing, scheduled for Nov. 14, to take comment on the bond issuance. Siegel noted there is no liability for the EDA nor for the county for the bond issuance and the issuance is not considered to be debt by the county.

The EDA would receive an annual administrative fee equal to 1/8th of one percent of the outstanding principal balance on the bonds. All costs for the issuance of the bonds, including all attorneys’ fees are to be paid by the applicant.

Siegel explained that action on the inducement resolution taken earlier this month allows Terra Products to go forward with such things as purchasing the property and equipment in the meantime, with the ability to reimburse themselves for those expenditures with bond proceeds, if that goes forward next month.

TERRA PRODUCTS’ PLANS
The DeBernard property to be purchased contains existing industrial buildings totaling about 100,000 square feet and was formerly occupied by White Packing, The building has been vacant for over a decade. The company will purchase extracted materials from the adjacent mining operation to produce commercial and home improvement products by processing sand, gravel, and stone to create various bagged aggregates and to manufacture concrete products used as ‘pavers.’ The entire manufacturing process will take place inside the buildings.

The company will employ 40-60 people, in addition to a staff of 12 sales people, with annual payroll projected at over $2,000,000. Once Terra Products is established, it is projecting annual sales of $40 million.

Bagged products will consist of several grades, sizes and colors of different gravels and sands. The products will have been washed, screened and graded off-site, and will be ready to be dried and bagged when delivered.
The property where the business is to be established is served by an existing private waste water treatment facility and private well. Prior to commencement of business activity, site plan approval is needed along with all building permits and any other state, local, and or federal permits as required.

Next month, the King George Economic Development Authority (EDA) will hold a public hearing on Nov. 14 regarding the proposed issuance of bonds for Terra Products LLC.

Following the EDA’s hearing, the Board of Supervisors is currently slated on Nov. 19 to also take action on the request for bond issuance.

Phyllis Cook

 

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