The Kosciusko Redevelopment Commission and County Council approved a bond issue for North Central Cooperative Inc. during a special meeting Thursday.
The 25-year, $900,000 max bond was first presented to Redevelopment at its Aug. 13 meeting, but members postponed action on it until they could see some figures on repayment. The Tax Increment Finance District around North Central’s Mentone facility is projected to capture more than enough extra tax revenue, they heard, but the bond will be issued, guaranteed and potentially repaid by the county if the TIF fails to perform as expected.
North Central’s $8.26 million expansion of the site – including fertilizer mixing, liquid nutrient and rail to truck propane distribution facilities – is expected to see the transfer of 40 employees to Mentone and another 15 jobs added. The bond will cover the installation of fiber optic lines and repaving of CR 900W between Ind. 25 and the railroad crossing.
Those Redevelopment and Council members who attended the special meeting all approved the bond issue after hearing from Rob Zeldenrust, North Central senior agronomist, about why the TIF and the infrastructure upgrades it will fund are important to the facility.
The site receives material almost excusively by rail, he noted, and explained that the idea for site expansion goes back to the propane shortage the country saw in recent winters and the need it demonstrated “for a reliable and cost-effective supply of propane.”
Also Thursday, an additional appropriation resolution for the infrastructure work was introduced, which will be voted on at future meetings of both boards.
(Story By The Times Union)
