Business Facilities - September 2008 - (Page 59)

CORPORATE MOVES West Virginia By Jack Rogers First Major U.S. Coal-to-Liquids Plant to be Built in Benwood T PHOTO: WEST VIRGINIA OFFICE OF THE GOVERNOR he nation’s first modern coal- include a river terminal facility, Credit—a state tax break that to-liquids plant will be built in where products will be stored in allows a company to apply 20 perthe Marshall County Industrial tanks for off-loading into barges for cent of a project’s investment as a Park in Benwood, WV. delivery to energy users. credit against the company’s corpoConsol Energy Inc. and SyntheAccording to press reports, the rate net income and business fransis Energy Systems Inc. (SES) West Virginia Development Office chise taxes over 10 years. intend to jointly develop their first offered incentives worth up to $196 The value of this incentive is U.S. coal gasification and liquefac- million to the Consol Energy and projected to be $160 million, but is tion plant in an $800-million SES joint venture. limited by the project’s actual state When Gov. Manchin and the tax liability, the memo reads. investment. Consol and SES have The memo also says formed Northern that if the project Appalachia Fuel LLC moves forward as (NAF) to develop the planned, the Regional new plant. Economic DevelopGov. Joe Manchin ment Partnership will and Sen. Jay Rockehost a meeting with feller, with support the Marshall County from Sen. Robert C. Commission, at which Byrd and West Virtime the joint venture ginia’s Congressional can request a tax-incredelegation, company ment financing plan executives and offiagreement with the cials from the county for utility and Regional Economic major infrastructure Development Partnership (RED) Gov. Joe Manchin joined Sen. Jay Rockefeller and officials from Consol Energy, Synthesis improvements. The announced the proj- Energy Systems, and the Regional Economic Development Partnership to kick off a project tax-increment financto build the nation’s first modern coal-to-liquids plant in the state’s Northern Panhandle. ing plan is estimated to ect in July. Coal will be converted to syn- companies announced plans for be worth up to $35 million. Tax-increment financing uses thetic gas using SES proprietary the plant, Manchin’s office said technology. The synthetic gas will Consol, SES, the state and the increases in property tax revenues be used to produce about 720,000 Regional Economic Development from a designated district for inframetric tons per year of methanol Partnership had signed a memo- structure improvements. The memo also says the that can be used as a feedstock for randum of understanding under the chemical industry. Officials which the state and the partnership Regional Economic Development expect the project will be capable will provide financing and tax Partnership will sell the joint venof converting methanol to about incentives to the project over a 10- ture 23.5 acres in the Marshall County Industrial Park contingent 100 million gallons per year of 87- year period. The state will provide the project on terms outlined in an April 3 puroctane gasoline. As envisioned, the project will team the Economic Opportunity chase agreement. BUSINESS FACILITIES 59

Table of Contents Feed for the Digital Edition of Business Facilities - September 2008

Business Facilities- September 2008 Contents First Word Snapshots Corporate Moves:�Mississippi Editor's Location Picks 2008 The Palmetto State Reaches Across the Sea Corporate Moves:�Tennessee Metro Spotlight:�Spokane, WA Biotech: Building Block for Development Wind Power Lifts Iowa Germany:�Europe's Economic Juggernaut California Here We Come Up, Up and Away in North Carolina Corporate Moves:�West Virginia Metro Spotlight:�Decatur/Greensburg, IN Advertiser Index Ask the Expert

Business Facilities - September 2008

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