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Monday, October 10, 2005
Ind. Econ. Dev. - Financing ethanol plants
The Decatur Daily Democrat has a story today titled "Ethanol plant builder seeks Wells aid." Some quotes:
BLUFFTON, Ind. (AP) — The company planning to build a $135 million ethanol plant in Wells County is seeking $50 million in guaranteed bonds from local governments to help pay for its construction.Indiana Bio-Energy will also be funded by private investments, bank financing and investment capital, said David Dale, an attorney and one of the project’s investors. Without the financing from Wells County and Bluffton officials, the project will not be possible, he said. * * *
Dale told local officials the financial risk for the area governments is small and the plant’s revenue will pay off the bonds.
The proposed ethanol facility would be built on about 330 acres just outside the town. It would produce about 100 million gallons of ethanol a year and have as many as 55 employees.
Indiana’s only current ethanol plant is in South Bend, but four more are under construction and plants also have been proposed in Marion, Hartford City and Winchester. * * *
Officials said the plant will absorb about 25 percent of corn produced in a nine-county area surrounding the site.
Indiana Bio-Energy’s 12 investors include a Wells County commissioner and the husband and son of the county’s assessor.
Posted by Marcia Oddi on October 10, 2005 04:51 PM
Posted to Environment | Indiana economic development