A Florida start-up, which plans to build five fertilizer plants in Pointe Coupee Parish, has acquired a 50-acre site in Taylor County, Fla., for $1 as well as a $5 million loan from the Taylor County Development Authority.
The property will be the site of one of BioNitrogen Corp.’s agriculture waste-to-fertilizer plants. The loan will be used for plant engineering and site development work.
BioNitrogen will repay the loan with the proceeds of a tax-free bond issue.
Under the agreement with the Development Authority, BioNitrogen agreed to build a plant with an investment of more than $200 million and create a minimum of 45 direct, full-time jobs in Taylor Country. The plant is expected to produce 200,000 tons of urea fertilizer per year using wood waste and other local waste biomass.
In Louisiana, BioNitrogen plans to use scrap trees and waste from saw mills and sugar-cane bagasse plants to make fertilizer.