According to a Tom Giambroni article in yesterday's papers the Port Authority has requested another loan extension with the Ohio Dept. of Development. The $4.5 million loan, originally approved in 2009, is intended for the Port Authority to purchase most of the 522 acres for the proposed site for Baard's proposed coal-to-liquid fuel plant. In turn Baard will repurchase the land from the PA, probably on a long term agreement.
The loan arrangement with the Dept. of Development was set to expire June 30. Tracy Drake of the Port is reported to applying for a three month extension on that arrangement. Drake was quoted in the papers as saying Baard expects to have "sufficient equity in July to allow the project to move forward and for them to break ground". Once that happens the Port will be able to move forward buying the hill top land.
When asked what exciting news she had State Rep. Linda Bolen advised us that she was working with Mr. Drake to get the extension. We talked to Rep. Bolan at the balloon launching June 13. Bolen has been an ardent supporter of the proposed plant since the beginning. Bolan stated she feels getting an industry such as the ORCF started would be the beginning of turning the area economy around.
Baard has been on the drawing boards since 2007. Financing arrangements were delayed with environmental group's concern being contested on EPA permits. Then the economy went sour nationwide. We believe that all the appeals file by the environmental groups have been dismissed. One of the first things Baard did was to get approval for all the EPA permits required. They even went the extra step with plans to capture most of the carbon dioxide emissions that would be generated using the process to convert coal and biomass materials into diesel fuel.
ole nib
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Nib, environmental appeals haven't been dismissed. The truth is that Baard suddenly fired their law firm - perhaps because they couldn't afford to pay legal fees any more - and so the hearings have been postponed. See http://ohiocitizen.org/?p=2465 for Baard's filing. Keep in mind this comes just a couple months after Baard was sued in federal court by their former contractor for failure to pay over $75,000 in fees.
This is crazy... the company that can't pay its $75,000 consulting fee is literally telling Tracy Drake 'Don't worry, the $6 billion is coming in a couple of months.' But I guess they've learned that as long as they keep popping up in the newspaper every couple of months, no one in Wellsville will ever ask a tough question.
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