The land and facility portion of the project will be owned by CGH, LLC and leased to Hicks Plastics Company, Inc. The machinery and equipment portion of the project will be owned by Hicks Plastics, which will manufacture plastic products for the automotive and marine industries.
The company plans an expansion in the next few years on the acquired land. Industrial Development Revenue Bonds (IDRBs) are issued to finance projects for manufacturers, solid waste/cogeneration companies and certain nonprofit corporations. IDRB financing lessens the cost of borrowing because the interest paid to the bond buyer is exempt from federal, state and local taxes.
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