July 23, 2014 at 2:10 p.m.
Third ethanol company is searching (03/07/06)
Jay County Development Corporation
By By MARY ANN LEWIS-
A third ethanol company is looking at Jay County as a possible site.
Bob Quadrozzi, director of the Jay County Development Corporation, 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 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 Corporation 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.[[In-content Ad]]Preliminary figures are in, and two local officials say those figures don’t appear to be as bad as some had thought.
The financial impact statement for the Tax Increment Financing (TIF) funding was released last week, and initial findings appear favorable for those governmental units concerned that TIF could cost them significant increases in future revenue.
Portland Mayor Bruce Hosier said he has seen the numbers and expects the entities to be pleased with the results.
“I think the news will be positive. I’ll let the numbers present themselves,” Hosier said this morning. “I think the comfort level will be fine for everyone involved. I think the facts will speak for themselves.”
Copies of the impact statement are available for inspection at the Jay County Public Library.
Bob Quadrozzi, director of the Jay County Development Corporation, who serves as president of the five-member Portland Redevelopment Commission overseeing the use of the TIF funds, echoed Hosier’s thoughts.
“I’ve been told it’s a very favorable report,” Quadrozzi said. “I think we’ll be very pleasantly surprised. I think the impact is not as substantial as thought.”
The entities which will receive the statements include Jay School Corporation, Jay County Public Library, the city of Portland and the Jay County Auditor’s office.
Hosier announced during Monday night’s Portland City Council meeting that Greg Guerrettaz, president of Financial Solutions Group, Inc., who is serving as an advisor to the city on TIF, will be discussing the tax impact statements for taxing entities at a March 16 public hearing.
TIF funding is designed to capture additional taxes from new real property investments and is being implemented as a way to provide additional funding for infrastructure within the designated TIF district in Portland.
Some of the projects targeted for the funding include extending Lafayette Street to Industrial Park Drive, widening and improving Industrial Park Drive, and revitalizing Portland’s historic downtown.
Bob Quadrozzi, director of the Jay County Development Corporation, 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 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 Corporation 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.[[In-content Ad]]Preliminary figures are in, and two local officials say those figures don’t appear to be as bad as some had thought.
The financial impact statement for the Tax Increment Financing (TIF) funding was released last week, and initial findings appear favorable for those governmental units concerned that TIF could cost them significant increases in future revenue.
Portland Mayor Bruce Hosier said he has seen the numbers and expects the entities to be pleased with the results.
“I think the news will be positive. I’ll let the numbers present themselves,” Hosier said this morning. “I think the comfort level will be fine for everyone involved. I think the facts will speak for themselves.”
Copies of the impact statement are available for inspection at the Jay County Public Library.
Bob Quadrozzi, director of the Jay County Development Corporation, who serves as president of the five-member Portland Redevelopment Commission overseeing the use of the TIF funds, echoed Hosier’s thoughts.
“I’ve been told it’s a very favorable report,” Quadrozzi said. “I think we’ll be very pleasantly surprised. I think the impact is not as substantial as thought.”
The entities which will receive the statements include Jay School Corporation, Jay County Public Library, the city of Portland and the Jay County Auditor’s office.
Hosier announced during Monday night’s Portland City Council meeting that Greg Guerrettaz, president of Financial Solutions Group, Inc., who is serving as an advisor to the city on TIF, will be discussing the tax impact statements for taxing entities at a March 16 public hearing.
TIF funding is designed to capture additional taxes from new real property investments and is being implemented as a way to provide additional funding for infrastructure within the designated TIF district in Portland.
Some of the projects targeted for the funding include extending Lafayette Street to Industrial Park Drive, widening and improving Industrial Park Drive, and revitalizing Portland’s historic downtown.
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