The Albany Port District Commission on Monday approved a proposal to build a $350 million ethanol plant on 20 acres of riverfront property.
Albany Renewable Energy LLC will pay $20,000 a year to lease the 20-acre site for at least 20 years, commission Chairman Robert Cross said. The project is expected to generate between 300 and 400 jobs during construction and employ between 50 and 60 full-time employees with average salaries of $60,000.
The plant is scheduled to create 600,000 tons of cargo and bring 350 barges a year in and out of the Port of Albany, Cross said. Currently no barges travel through the port.
"We're very excited. this is the largest development project in the history of the port," Cross said.
Bio Pro Resources of North Carolina will build the facility. Officials plan for a completion date of late 2009 or early 2010.
Albany Renewable Energy was chosen from four bidders. Financing for the plant has not been finalized yet.
Albany Renewable Energy LLC will pay $20,000 a year to lease the 20-acre site for at least 20 years, commission Chairman Robert Cross said. The project is expected to generate between 300 and 400 jobs during construction and employ between 50 and 60 full-time employees with average salaries of $60,000.
The plant is scheduled to create 600,000 tons of cargo and bring 350 barges a year in and out of the Port of Albany, Cross said. Currently no barges travel through the port.
"We're very excited. this is the largest development project in the history of the port," Cross said.
Bio Pro Resources of North Carolina will build the facility. Officials plan for a completion date of late 2009 or early 2010.
Albany Renewable Energy was chosen from four bidders. Financing for the plant has not been finalized yet.