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BioNitrogen Receives $5 Million Loan Commitment in an Agreement to Purchase Land in Taylor County, FL
BioNitrogen Receives $5 Million Loan Commitment in an Agreement to Purchase Land in Taylor County, FL.
About this update from Bio Nitrogen Hldgs Corp
[{"type":"text","content":"\n \n \n BioNitrogen Receives $5 Million Loan Commitment in an Agreement to Purchase Land in Taylor County, FL\n \n \nBioNitrogen Receives $5 Million Loan Commitment in an Agreement to Purchase Land in Taylor County, FL\n\nCompany Will Receive Over 50 Acres in Land From Taylor County Development Authority to Be Used Toward Plant\n\n \n WEST PALM BEACH, FL--(Marketwired - Mar 10, 2014) - BioNitrogen Holdings Corp. (PINKSHEETS: BION), a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today that it reached an agreement to purchase for $1 over 50 acres of land in Taylor County, FL from the Taylor County Development Authority (\"TCDA\"). Under the terms of the agreement, the TCDA will also furnish BioNitrogen with a $5 million loan to be used for plant engineering and site development work to be repaid upon the tax free bond closing of the plant. This is one of several planned facilities in the State of Florida and the southeast regional footprint for BioNitrogen.\n Located in Perry, FL, this location is ideal for a BioNitrogen plant, because it is well located for feedstock and comes equipped with access to rail services, trucking and vehicular transportation, electricity, water, natural gas and telecom services. Closing of the land purchase and loan is expected to occur as soon as practical.\n As part of the agreement, BioNitrogen agrees to construct a plant with an investment in excess of $200 million and provide a minimum of 45 direct full-time employees in Taylor County. The plant will produce approximately 200,000 tons per year of urea fertilizer and use local solid waste biomass such as wood waste as its feedstock. Closing of the bond and funding for this plant is expected to occur within 180 days, subject to the timing of approvals and government commitments. \n \"On behalf of the Taylor County Development Authority and Taylor county citizens, we look forward to working closely with the BioNitrogen management as they begin construction of the fertilizer plant. Not only will the plant bring excellent, high paying jobs to Taylor, but the plant builds on the County's development plan designed to bring robust manufacturing industry to the County. The construction of this new environmentally friendly fertilizer plant in...