The Port Authority of Zanesville and Muskingum County breathes a sigh of relief now that the Halliburton deal is done.
Port Authority Executive Director Mike Jacoby said that it’s a relief to have extra money in the general fund, but that doesn’t mean the port will be spending. The Port Board discussed possibly investing in other job ready proprieties outside of Eastpointe, rail lines and possibly paying down a loan used to repave Eastpointe Drive. Jacoby believes it’s about investing for the long term and putting money away for other opportunities.
"Ideally, if we’re improving sites, that’s an asset we can convert to cash at some point. If we have a rail transfer station where we’re charging for usage that should be a revenue stream. That’s kind of what we’re thinking," said Jacoby.
The port also drafted a proposal to the Zanesville-Washington Joint Economic Development District to regain some of the money used to invest into Eastpointe.
"As we take the proceeds from land sale to Halliburton when we improve a site at Eastpointe we like to have an agreement that when a company buys that site some of the income tax proceeds go to repay our investment into improving the site because the Joint Economic Development District allows the income tax to be split between the city, county and a little into the township."
Jacoby said that Halliburton will soon take soil borings of the land at Eastpointe to figure out where to place foundations. The company hopes to begin construction on the first of several buildings at the property this spring. The company will provide 300 jobs to the area.