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County Signs Off On $53 Million Bond Issue For New Century Factory
February 22, 2013
The Escambia County Commission approved a $53 million industrial development bond issue Thursday night for a new wood biomass pellet manufacturing facility to be constructed just outside Century.
John Colquitt of Renewable Fuels in Savannah, GA, told the commissioners that the new plant will be constructed by an affiliate of his company, North Florida Biomass Fuels, LLC. The $53 million will be used to finance the design, construction and equipping of the solid waste disposal and wood biomass pellet manufacturing facility on a 25 acre site at 600 Tedder Road, just west of the Century Correctional Institution.
“The project will make a significant contribution to the economic and public health of the region of the county and shall provide or preserve gainful employment, and will serve a public purpose by protecting the environment and advancing the economic prosperity and the health, safety and welfare of the state and its people, Colquitt said during a scripted exchange with County Attorney Alison Rogers.
Colquitt told commissioners that the project will create 34 new jobs in the mill itself, plus 13 trucking jobs.
The conduit bond issue will not obligate the credit of the county or pose any obligation, risk, or liability for Escambia County. No county funds will be used for the project; the bond issue through the county simply provides a tax-free financing opportunity for the developers.
The Tedder Road property to be used for the pellet plant is currently owned by the Town of Century, but is outside the town limits. The Town of Century has not yet formally approved selling or leasing the property to the company.
Coquitt told NorthEscambia.com that the end product to be produced by the Century facility will be marketed in Europe.
Pictured top: This map highlights the planned 25 acre location of a wood pellet manufacturing facility just outside Century. NorthEscambia.com graphic, click to enlarge. Pictured inset: John Colquitt of Renewable Fuels in Savannah, GA, addressed the Escambia County Commission Thursday night.
Comments
6 Responses to “County Signs Off On $53 Million Bond Issue For New Century Factory”
ANSWERING:
“Does anyone know why a tax free financing opportunity is offered?”
Sorry I took so long to answer, I figured one of the others would’ve done so by now.
They’re issued as a means of making it easier for new businesses to start up, thereby improving the local economy. (It doesn’t always work that way, but that’s the idea.) They figure fewer taxes now, more people working and paying taxes later.
From
http://www.investopedia.com/terms/i/idrb.asp
“Industrial Development Revenue Bonds are issued by a government to assist a private company that might otherwise be unable to obtain financing for its industrial venture or unwilling to undertake the project on its own. The government’s goal in providing the debt securities is to improve the economic and employment conditions of its region. “
David for civil answers
@Just Thinking, I don’t think DOC will complain about the proximity of the Bio Mass Plant.
As our laws progress, it may prove to be a coincidence of convenience.
Might give problem inmates and repeat offenders, something to consider.
Does anyone know why a tax free financing opportunity is offered?
I’m glad no county money will be used.What about state or federal money?Monopoly money?euros?Surely not TAX money!
Looking at the aerial map shows a great stand of timber, the Town should cut the timber, declare it surplus, take bids and get out of landlord business. I need your land, give me a $53 million grant and I’ll buy it. What is this solid waste disposal? Century has a golden goose in DOC, I would see how they felt about this facility being so close.
This is great news for Century. I just hope that this man and his company have been properly vetted and that our city and county officials have actually visited his company in Savannah, GA and have spoken with city and county officials in Georgia about this company’s “good neighbor” practices.
The people of Century were dispointed a couple of years ago when a “semingly nice” gentleman promised to bring jobs to Century. We all remember how that ended.