On Thursday, the Southern Ohio Port Authority (SOPA) passed two items that could lead to a possible $100 million investment and the creation of 60 jobs.
The measures were passed by the SOPA to entice PureCycle LLC to locate in Scioto County.
The board passed a finance and term sheet between SOPA and the company. The agreement states that PureCycle LLC will pay $15,000 as a deposit to SOPA for associated legal fees.
Secondly, the board passed an inducement resolution.
“This (inducement resolution) does not bind us to anything, this is just the first step in the process. If this company decides to actually make their site location here, we’re going to have 10 more things we’re going to have to vote on before we’re bound to anything,” Jason Kester, executive director of SOPA said. “The purpose of this is to allow them (PureCycle LLC) to say yes, the port authority has agreed to work with us and that allows them to close out their financing with banks.”
The term sheet outlines what PureCycle LLC is looking to do, where ever they locate. They intend to develop a solid waste disposal facility, with a $107 million investment that would create 60 jobs.
The documents also indicates, the Port Authority will undertake to authorize and issue the Bonds, in one or more series, in a principal amount not to exceed $85 million for the purpose of financing the project. According to the resolution, the Port Authority’s agreement to issue the Bonds is contingent upon a number of measures.
Kester said PureCycle LLC is a recycling operation and the final product is polypropylene, which is a form of plastic.
He said in conversations with the company, he should know within the next 90-180 days if the company chooses Scioto County as their location.
“The company has not made a final decision yet, hopefully within the next three to six months I’ll know if they choose us,” Kester said.
He said PureCycle LLC is looking at a number of sites and Scioto County is one.
“Once we figure out if they are coming here, we (SOPA Board of Directors) will have to do a bunch more voting,” Kester said.
He acknowledged this was the first time the SOPA Board voted on a project to possibly locate in Scioto County.
Wayne Allen can be reached at 740-353-3101 ext. 1933