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Investment company to finance Baard land purchase
EAST LIVERPOOL
A Florida-based investment company has agreed to finance the purchase of land needed by Baard Energy to create a plant to turn coal into liquid fuel.
Planck Trading LLC of Boca Raton, Fla., entered into the agreement with the Columbiana County Port Authority, Tracy Drake, the port’s chief executive officer, said Tuesday.
Baard Energy of Vancouver, Wash., has been unable to find private funding for the estimated $6 billion plant near Wellsville.
Under the new plan, Planck will pay an estimated $5 million to close on the Baard options. The port authority at its meeting approved a memorandum of understanding that it will transfer its options on the land to Planck when it either puts up money for the site acquisition or pays the authority.
The state has lent the port authority $4.5 million to complete the purchase of the land for the fuel facility.
The involvement with Planck will free the $4.5 million for other uses.
State Rep. Linda Bolon of Columbiana, D-1st, has met with Gov. Ted Strickland’s staff to make sure the funds stay in Columbiana County.
Bolon and Drake said that they are working on another economic-development project that could use those funds.
Drake said the state must make a decision on whether it will release the money to the port authority for the unnamed project.
Drake said it will involve an intermodal company. The port authority’s facility connects rail, water and road transportation.