Montgomery, NY, OKs $270M Bonds for Biomass PlantMontgomery, NY, OKs $270M Bonds for Biomass Plant
June 23, 2015
Jim Taylor’s 15-year quest to build a plant capable of turning waste into energy turned a corner on Monday when the Town of Montgomery’s Industrial Development Agency approved a resolution declaring itself a pass-through for up to $270 million in bond funding.
Taylor and a representative from Orange Environment Inc. were the only two people to speak during a public hearing on the project, which is to be built at the Neelytown Road property where Taylor operates a recycling facility.
After the hearing closed the IDA’s board voted in favor of between $235 million and $270 million in tax-exempt bonds for the project. In April the IDA voted to establish a local development corporation to act as facilitator for the bonds, which Taylor is confident can be sold to private investors.