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Looking for the PDF Edition? The PDF of the Print Edition can now be read by clicking the "Print Editon" button at the top of the screen. KEDC signs agreement with Rank Group Kilgore Economic Development Corporation last night reassigned an economic development agreement with one company and terminated a lease with another. With the sale of Alcoa packaging and consumer businesses to the Rank Group, Ltd., KEDC Board of Directors agreed to reassign the economic development agreement from Alcoa CSI to the Rank Group. The Rank Group is now responsible for future growth to meet the demands of the agreement. In addition to reassignment of the economic development agreement, board members also agreed to recommend the city, Gregg County and Kilgore College agree upon reassignment of a tax abatement agreement as well. The Rank Group is a privately held New Zealand company. Alcoa businesses included in the sale are: Closure Systems International; Consumer Products including Reynolds Wrap branded products; Flexible Packaging; and Reynolds Food Packaging. Board members also approved termination of a lease agreement with Kennedy Gourmet, a seasonal candy maker, which shut down abruptly last week. In an e-mail to Amanda Nobles KEDC, executive director, Read Boles said the company is now in "liquidation mode." KEDC owns the USDA-certified facility in Kilgore Industrial Park and hopes to lease or sell the building upon termination of the Kennedy Gourmet lease on May 18. The board did enter into executive session to discuss two prospects, but reconvened in open session and took no action. |
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