HOPEWELL, Va. (AP) — Hopewell officials and the owners of a defunct ethanol plant have agreed to settle delinquent taxes totaling more than $1 million.
City attorney David Fratarcangelo tells the Richmond Times-Dispatch (http://bit.ly/14VD58F ) that the details will be released when the deal is officially completed.
Osage had planned to produce ethanol for gasoline blends used in local markets. The company began building the plant in 2008 but it never reached full production. Osage put the plant up for sale in 2011 and laid off most of the workers. The plant is now known as Appomattox Bio Energy.
City officials had expected the plant to generate $2 million a year in tax revenue.
Information from: Richmond Times-Dispatch, http://www.timesdispatch.com