Wednesday’s Industrial Development Board meeting was filled with several hot topics, several of which surround Recovery Zone Facility Bonds.
Royal Phoenix Development Hotels LLC picked up $3.5 million in Recovery Zone Facility Bonds from Chism Hardy Enterprises LLC in addition to the original amount of $6.97 million.
Poag and McEwen Lifestyle Centers-Memphis LLC received a $6.975 million redistribution of the federal bonds for the Highland Row project next to the University of Memphis campus after Memphis Bioworks Foundation withdrew its Memphis Specialized Laboratory LLC project due to the company’s inability to meet the end-of-the-year deadline.
The water bottling plant was one of three projects picked for the $17 million allocation of federal recovery zone facility bonds. It was to get $3.5 million with the Bioworks project and Royal Phoenix Hilton Hotel to get $6.97 million each.
On behalf of Chism Hardy, Carolyn C. Hardy, president and CEO of Hardy Bottling, confirmed a letter to the board, stating the withdrawal of her application for the recovery zone bonds.
But Hardy made no reference to Yuengling in her Oct. 4 letter to Charles Gulotta, executive director of the IDB.
“We have worked extremely hard to secure a contract to bottle water utilizing Memphis great water,” Hardy said. “Based upon meetings with Duncan Williams and my legal counsel, the bong interest rate will not be attractive if I do not have a contract.”
Hardy went on to say: “Due to the short time period remaining for the application process, I want to provide as much time as possible for other interested parties with viable projects to utilize these funds.”
Hardy’s letter comes a week after D.G. Yuengling & Son Inc. announced the Pennsylvania based company had signed a letter of intent to buy the brewery turned bottling plant in Hickory Hill.
Terms of a possible sale are still being negotiated.
To read more about Yueling’s expansion: http://www.memphisdailynews.com/editorial/Article.aspx?id=53550