Pharos-Tribune
At a brief special meeting, the Cass County Council approved a $2 million commitment in County Economic Development Income Tax (CEDIT) funds for a new ethanol plant. The vote was 6-0.
The appropriation may be the largest ever committed to one company in Cass County using CEDIT funding, but there are clawback provisions that require The Andersons to repay funding if it does not meet its goals for the plant.
According to the ordinance, the county will pay $1 million to The Andersons if construction begins by June 1, 2006 and the plant becomes operatonal near Clymers by Aug. 1, 2007. The Andersons will receive $1 million on March 1, 2007, or the point when the plant produces 80 million gallons of ethanol or more. If The Andersons fails to produce more than 80 million gallons of ethanol annually in the first year following completion of the plant and employ 20 workers, it will be responsible for $200,000 payments to the county every year for five years.
If The Andersons meets the deadlines, $200,000 will be presented to the company in 2008, 2009, 2010, 2011 and 2012. The payments will be made in equal installments in May and October of those years.
The Andersons will only receive the second $1 million if salaries reach $1.75 million in 2008, $1.807 million in 2009, $1.86 million in 2010, $1.9 million in 2011 and $1.975 million in 2012.
Logansport-Cass County Economic Development Foundation President Skip Kuker said the Indiana Economic Development Corporation could fund infrastructure improvements such as improvement of the road to the plant from Ind. 25 at a cost of $250,000.
© 2005 The Logansport Pharos-Tribune.