COAL GROVE, Ohio — Pure Cycle Technologies is seeking $300 million in bond from the Southern Ohio Port Authority and the Lawrence County Port Authority to build a plant to recycle plastics at the former Dow Chemical plant on County Road 1A west of Hanging Rock.
The Lawrence County Board of Commissioners on Tuesday approved a resolution to approve the tax-exempt bonds to pay for construction of the plant. The resolution basically indemnifies the county from the bonds, which are to be sold before construction can begin, according to Commissioner Colton Copley.
The Southern Port Authority is taking the lead on the project to get financing for it, according to Bill Dingus, executive director of the Lawrence Economic Development Corporation and the county port authority.
“We have done these bond issues for companies like Verifit and Superior Marine,” said Commission President DeAnna Holliday. “They have worked out well. We’re very excited about this one. It could provide upwards of hundreds of jobs. It’s always good when we can partner with local business and industry.”
“We are in support of the company and this project,” Copley said. “It means local jobs.”
PureCycle has built a pilot plant prior to starting construction of a new plant in Lawrence County, Dingus said Tuesday.
The corporate bonds have to be sold before construction can begin, hopefully later this year, Dingus said.
“PureCycle has the potential to recycle old plastics to good, usable plastics,” he said.
The plant initially was planned in the Franklin Furnace area in Scioto County before moving to the former Dow Chemical plant in Lawrence County, Dingus said.
Currently, plastics aren’t recycled and end up in landfills and into oceans, Dingus said.