MASCOUTAH, ILL.(KMOX)-The tough economic market prompts the man behind the six-million dollar MidAmerica Airport warehouse to ask for an extension.
New York businessman John G. Hewitt asked for and recieved that extension Thursday from the St. Clair County Board of Commissioners. St. Clair County Board Chair Mark Kern says the extension is for eight months.
This is the second extension for Hewitt, the owner of H Trading LLC, of New York. Kern says if he doesn’t complete the project, he have to reimburse the $250,000 he received from the county. Kern says the board and Hewitt are still confident the warehouse, planned as part of a Chinese air freight hub, will be built.
The renegotiated lease also changes the size and cost of the warehouse, from a minimum of 60-thousand square feet to a minimum of 30-thousand square feef and from 26 acres to 1.7 acres. A smaller warehouse will cost less as well from six million to three million.
Hewitt, a Wall Street veteran whose career includes more than a decade at both the New York Stock Exchange and Goldman Sachs, requested renegotiation of certain elements of the lease due what he described as, “the economic conditions in the US and world economy that is just now providing international trade and business activity to make the air cargo business case successful.”