SOUTH POINT — There could be a fourth spec building at The Point in the near future, if the Lawrence Economic Development Corp. can secure the remaining financing to build and market the structure.

Right now, there is about $1 million in federal funding the LEDC has for the building and is looking at the possibility of Empowerment Zone money to cover the remainder.

“What we build will be worth more than what we have in it,” Dr. Bill Dingus, LEDC executive director, told the LEDC executive committee Tuesday morning.

That will go into a projected $17 million budget for The Point industrial park that is expected to be made up of approximately $10 million in logistics grant money; $3 million from Economic Development Authority loans; and $400,000 Homeland Security funding and other grants.

“Next year your balance sheet will go through the roof,” Dingus said. As part of the continuing development of The Point about 12 contractors showed up for a pre-bidding meeting on the first phase of the project that will be utilizing the $3.6 million stimulus money the industrial park was awarded.

Phase I will be building a 4,000-foot extension of Valley Drive down to the Ohio River that will open up the site more.

“(This will) link the river to the main site and give us options to develop the riverfront,” Jeremy Clay, industrial park director, said.

Construction is estimated to be at a cost of $980,000.

Bids are due on Dec. 31 with the opening on Jan. 4.