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The city had been set to apply for a $62 million state loan to build the facility.
November 4, 2016
1 Min Read
A plan to build a gas-to-energy facility in Augusta, Ga., got nixed with supporters of the project saying it was due to the city not understanding the potential financial benefits of the plan.
The city had been set to apply for a $62 million state loan to build the facility. It stood to make $4 million annually in revenue from the project. But commissioners who opposed the idea felt the profits were not large enough for the city general fund.
WJBF.com has more:
Supporters say the commission missed out on a big pay off with little risk to the taxpayers.
“It’s a 62 million dollar investment at a two percent note that’s guaranteed by an insurance company that puts Augusta Richmond county at zero risk but the good thing about it Over a twenty year period It’s a 152 million dollar net profit and I don’t think my colleagues understood that,” said Commissioner Wayne Guilfoyle.
…
The commission was facing a deadline of yesterday to apply for the loan.
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