Published May 21, 2008 10:00 pm -

EDC approves $5.8 million bond sale

By Sherry Koonce
The Port Arthur News

Port Arthur's Economic Development Corporation agreed Wednesday to the sale of $5.8 million in bonds to fund construction of a building in the Port Arthur Business Park.

The building is incentive for ENGlobal — an energy and professional services company that has offices all over the U.S. including Beaumont — to expand its fabrication and automation units to Port Arthur.

Former Jefferson County Judge Carl Griffith, who now heads Carl R. Griffith and Associates in Port Arthur, said ENGlobal was one of his clients, and that the project to expand into Port Arthur was one of the best he's worked on.

The business is expected to initially employ 525 permanent employees, possibly as many as 700 later, Floyd Batiste, chief executive officer of the EDC, said.

The average annual salaries with ENGlobal range from $47,500 to $96,000. About 20 to 25 percent of those jobs would be entry level positions that could be filled with local people

ENGlobal has talked with Port Arthur Independent School District about the company's need for training, and hopes to partner with the district to grow a workforce, Batiste said.

"These folks know they have to build a workforce," Batiste said.

High school students would be trained for the higher level jobs utilizing software applications such as AutoCAD, an industry standard computer-generated drafting and design program.

The bonds would be repaid with the EDC's portion of sales tax revenue over a 15-year period. The bond payment, which has not yet been calculated, would be offset by the lease payment from ENGlobal.

EDC board members authorized Vinson Elkins as bond counsel and First Southwest Company as financial advisors for the sale of bonds.

Bonds are expected to be sold in 60 to 120 days, Batiste said.

"To have something like this in Port Arthur is truly a win-win situation," Roosevelt Petry, EDC board member, said.