Ethanol commitment made, groundbreaking in the works

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March 30, 2007

Frank Denzler The Rushville Republican Fri Mar 30, 2007, 11:21 AM EDT

This the second of a two-part series on the anticipated arrival of an ethanol plant north of Rushville. Although there’s no visual indicator of the plant that will be located off SR 3 adjacent to INTAT Precision Inc., it is many city leaders’ hope that will change in the months to come.

Mayor Bob Bridges stated earlier this week that the commitment is there and equipment for the facility has been placed on order.

“There is a firm commitment to build the ethanol plant north of Rushville. Equipment has been ordered that will be used at the plant and we take that as a firm commitment,” Bridges said Wednesday.

He continued by saying that he and other officials anticipate the construction to begin in the not too distant future.

“It is my understanding that a realistic time frame for a groundbreaking would be in early May,” Bridges said.

When asked to elaborate on the delay the mayor said one reason may have been that in recent months corn prices have risen to over $4 per bushel and the price of oil saw a decline. Both had an impact.

Rush County ECDC executive director Greg Griffin shed another light on the pre-groundbreaking delay, although he is equally enthusiastic and optimistic about the project moving forward.

Griffin said the delay has been due in part to a restructuring of the participants involved in financing the project.

“There has been some delay due to reorganization and restructuring of the participants in the Rush Renewable Energy/DRS Venture Ethanol Plant project. However, we have been assured that the project is moving forward and will happen,” Griffin said.

According to the ECDC director, it is his understanding that the final phase of the financial puzzle is nearly complete.

“The project is anchored by Walbridge Aldinger and another major real estate investor. Significant contractual agreements have been worked out and the project is now preceding with the finalization of the financing for the project. In addition, orders for long lead equipment have been placed,” Griffin said.

Once complete and operational, it is anticipated that the local ethanol facility will consume roughly 20 million bushels of corn annually and in turn produce 60 million gallons of ethanol.

Rush Renewable Energy officials have said that the $90 million facility will create jobs for up to 300 construction craftsmen during the building stage and an additional 35 to 40 full-time positions upon completion.

“We anticipate the announcement of the groundbreaking date very soon,” Griffin said.

Frank Denzler can be contacted at (765) 932-2222 ext. 106 or via e-mail at frank.denzler@cnhimedia.com. To add a comment to this story visit our Website at www.rushvillerepublican.com.

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