Port Authority Holds Meeting

by Brittany Harris on May 18, 2011 at 5:07 am

The Muskingum County Port Authority is working on ways to generate revenue.

Executive Director Mike Jacoby said their biggest issue has been the downturn in the commercial real estate market. He said they had a good year in 2007 because they sold a lot of land, but they haven’t seen much activity since.

"We’ve had a long period of investment and now we’ve not had since 2007 not had any land sales and that’s a big part of our revenue," he said.

He said now they are investigating a line of credit to pay for some short term capital expenses and hope to pay that off when they are able to sell more land.

"Part of what we do is market the community and the sites that we’ve got," said Jacoby. we are signing on with CB Richard Ellis a large commercial brokerage so that they can reach out to their network and help us market what we’ve got, so we’ll keep plugging along, it is getting better, it’s just a slow climb."

At Wednesday’s Meeting, they also discussed future plans for the Washington Township JEDD agreement and postponing the rail line project at the Job Ready Site.