Grand Forks County will help a biorefinery sell $80 million in bonds.
Commissioners approved a resolution this week that would allow Red River BioRefinery to issue the bonds through the county. The tax-exempt bonds would help the company pay for a refinery it plans to build north of Grand Forks.
Wisconsin-based renewable energy company BioMass Solution proposed the 80,000-square-foot project for an 11-acre plot of land near Simplot. The biorefinery would use waste from sugar beets and potatoes to make ethanol that would be sold in Canadian and Californian markets, according to Grand Forks City staff reports.
Executives behind the project have declined to give a timeline for the facility or an estimate on its cost. The Grand Forks City Council approved a five-year declining tax exemption in the amount of $456,600.
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The bonds will be used to cover the costs of the project.
The county is not liable for the bonds, meaning taxpayers will not see a tax increase because of the issuance.
The application now moves on for approval through the state of North Dakota.
