By MARY ANN LEWIS, Commercial Review
A third ethanol company is looking at Jay County as a possible site.
Bob Quadrozzi, director of the Jay County Development Corp., told board members Monday afternoon that Jay County has “an excellent shot at getting an ethanol plant.”
Quadrozzi said he was unable to release the name of the company, which is based in South Dakota and Minnesota, but added company officials have looked at possible sites in Redkey and Dunkirk and an additional site they had not revealed to him.
In February, Jay County Commissioners approved an incentive package to be presented to two companies — Cardinal Ethanol, an Iowa-based firm, and The Andersons Inc. of Dunkirk. That package will also be offered to the unnamed third company.
That package includes a maximum allowable local tax abatement, a five-year loan of up to $250,000 from county Economic Development Income Tax funds with collateral to be negotiated at the time of closing; up to $50,000 of EDIT funds to be made available to cover costs of any training not covered by state programs and documentation and reimbursement costs, and local Jay County Development Corp. staff will provide economic development services to assist in accessing any state incentives.
“This was the most professional presentation from any of the three,” Quadrozzi told JCDC board members about the newest possible development.
Additionally Monday afternoon, Quadrozzi told the board the financial impact statement for the city’s proposed Tax Increment Financing (TIF) has been provided to all taxing entities in the county that are affected by the project (see related story).
While a time line for implementing the TIF has not been determined, Quadrozzi emphasized it will not be for 30 years.
“My hopes are 15 to 20 years maximum,” he said. “Less than that if possible. We can’t say for sure how long until after the figures (for proposed projects) come in.”
Additionally Monday afternoon, Quadrozzi publicly thanked Toru Nasu, president of FCC (North America) Inc. for that company’s recent announcement to expand.
The company said last week its plans call for an additional total new investment of $6 million by March 2007. The expansion will help the company attain its target of 560 employees in the next year. It now employs about 540.