Commissioners on Tuesday approved an agreement between the City of Owensboro and Big Rivers Electric Corporation as part of the company’s relocation from Henderson to downtown Owensboro. The agreement authorizes financial incentives from the City and allows Big Rivers to take over four properties located along West 2nd and 3rd streets for its new corporate office.
Financial incentives from the City include a rebate of the purchase prices of real estate located at 700, 710, and 711 W. 2nd Street along with 711 W. 3rd Street — all of which will be declared surplus properties. The memorandum of agreement also authorizes the mayor to execute a real estate agreement with the Daviess County Fiscal Court for its 15% interest and real property located at 711 W. 3rd Street.
The MOA will allow the mayor to execute deeds transferring those properties to Big Rivers.
The announcement of Big Rivers’ relocation was made late last November. The project involves approximately 120 jobs with a total payroll of $14 million a year, according to officials.
Big Rivers will be located on the block immediately west of Boardwalk Pipeline Partners on 2nd Street — the site where The Royce restaurant was located for many years.
The City already owned a portion of the block before acquiring the remaining properties around a year-and-a-half ago, City Manager Nate Pagan said. The block was purchased with the intent to locate a “headquarters-type project” on the site.
“So our plan is turning into a reality,” Pagan said. “This municipal order approves the incentive agreement for the project.”
Pagan said the incentive includes selling the property to Big Rivers for the value as assessed by the Property Valuation Administrator and subsequently rebating the purchase price back to the company, as well as a 10-year 50% general fund occupational tax rebate.
The MOA requires Big Rivers to retain its occupational headquarters in downtown Owensboro for 40 years, Pagan said.
“Big Rivers CEO and President Bob Berry has already signed the agreement for the company and has sent it back,” he noted. “This is a good partnership. The mayor was heavily involved. Of course Brittaney Johnson from the Economic Development Corporation and, as the motion said, the County provided their property at no cost as well.”
