MITCHELL – During the Thursday morning Lawrence Redevelopment Commission meeting, Commission President Jeff Quyle shared the proposal of a shell building to be constructed in the Mitchell Industrial Park.
The RDC took into consideration a way to fund the venture, including a build-operate-transfer (BOT) for the proposed 50,000 rectangular ft construction. A build-operate-transfer is a contractual relationship in which an organization hires a service provider to set up, optimize and run an IT or business process service delivery operation with the contractually stipulated intent of transferring the operation to the organization as a captive center.
The RDC will supply to a personal agency once the building is constructed and will switch the assets over to that agency, after a period of time. The agency will operate the building and the private company would pay and return the funding back to the RDC.
In order to fund the project, the commission may consider creating a funding resolution or even the use of cumulative capital funds to move the project forward.
The Lawrence County Commissioners and County Council might also additionally create a decision for the investment for this venture. A cumulative capital fund might also additionally be created so this venture can circulate forward.
A memorandum of understanding (MOU) has been created for the consideration of the Mitchell City Council after Commission President Jeff Quyle and Mitchell Mayor J.D. England discussed the shell building possibilities.
There has been no pricing information released for the cost of the building at this time.