City’s $5 million ‘secure’

Posted on August 21, 2015

While BioNitrogen, the company working to construct a $300 million urea fertilizer plant in Taylor County, continues to experience delays, local officials say the $5 million collateral guarantee provided by the City of Perry last year remains secure.

As part of an incentive package designed to entice the company to build here, the Perry City Council agreed in September 2014 to offer the company a cash collateral guarantee for a $5 million loan BioNitrogen secured from Community & Southern Bank for work on the proposed Taylor County plant. In addition to engineering work, the company used those loan funds to purchase a 55-acre parcel located on Foley Road (CR 30) to house the future plant, a property which they then deeded to the city as collateral.

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