OEDC Seeks $7 Mln for Two Major Projects
The Olney Economic Development Corp. is seeking federal assistance for two major economic development projects that leaders say could bring new jobs, new industry, and long-term investment to Olney.
During its June 10 meeting, the OEDC board learned that applications are being submitted for USDA grant and loan funding to support a modular home manufacturing facility on the west side of town and a new aircraft maintenance hangar at Olney Municipal Airport.
OEDC Executive Director Tom Parker said OEDC had hoped to pursue several federal projects this year, but ultimately narrowed its focus to the two largest opportunities due to application deadlines and federal restrictions that limit each tax identification number to a single project application during the current funding cycle.
The larger of the two proposals is a planned modular home component manufacturing operation led by developer Steve Bezner and housing-industry veteran Terry Horton, co-founder of Dallas-based housing giant D.R. Horton. The proposed facility would be located on approximately 10 acres behind Dairy Queen and Sonic on the western edge of Olney. Mr. Horton came to Olney last year to watch GrovesPK install foam panels he designed for a new home at 305 W. Oak St. The panels are components of an affordable housing package he is testing worldwide.
Mr. Parker described the operation as a modern home-building factory that would manufacture preassembled kitchen and bathroom modules, as well as other building components for modular homes. The concept centers on constructing the most code-intensive portions of a house in a controlled factory environment before shipping them to building sites where wall panels and other components are assembled around the modules.
T he entire project package—including land acquisition, utilities, engineering, construction, equipment, and six months of working capital— million. He told board members the operation could generate as much as $10 million in annual revenue once fully operational.
The second project involves the construction of a new hangar for Neal Aircraft at Olney Municipal Airport. OEDC board member Rick Turner would be a partner in Neal’s expansion. The Neal expansion at the Olney Airport would specialize in aircraft parts, maintenance, and serve as a completion center for Air Tractor aircraft. The facility was expected to move into the maintenance and repair of general aviation aircraft, Mr. Turner said. .
The airport project is seeking approximately $1.2 million in funding. Mr. Parker said the application requests assistance for the entire development package, including infrastructure, building construction, and related improvements.
Because federal rules allow only one project application per tax identification number, Young County has agreed to serve as the applicant and administrator for the airport project, while OEDC will submit the application for the modular housing facility.
Mr. Parker said approximately $27 million in USDA funding is available statewide through the program. Applications for both projects were scheduled to be submitted by June 16, with funding decisions expected by Sept. 1.
If approved, the projects would represent two of the most significant economic development investments proposed in Olney in recent years, potentially expanding both the city’s manufacturing base and its aviation industry.