August 12, 2008 08:01 am
—
Two industrial development
agencies have approved loans totaling
$175,000 to four residents
who plan to open a plant for making
grass or wood pellets to burn
for heat.
Robert and May Miller and
their son, Michael, and daughterin-
law, MaryLou Miller, will open
the Enviro Energy plant on state
Route 7 in Wells Bridge, said
Carolyn Lewis, Otsego county economic
developer. The Otsego Industrial
Development Agency has
approved a loan for the project
of $100,000 for 15 years at a 4 percent
interest rate, she said, and
the project will create five jobs.
Lewis said the loan was the first
time the Otsego IDA has funded
a project also supported by the
Delaware County IDA.
The Millers, who live in Delaware
County, also received a loan
of $75,000 from the Delaware
County Industrial Development
Agency for a term of 10 years at 5
percent interest, said Bill Willis,
county economic development
specialist.
The plant is under construction,
officials said, and both loans
are for equipment and machinery.
The $450,000 project also is supported
with $70,000 in equity from
the owners, plus bank financing,
according to the plan.
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