“While the expiration of the Hurricane Ike Bond designation is a disappointment, it by no means indicates that the project is dead. The refinery is a good project in an exceptional location. The outpouring of support from local community leaders has been outstanding. We are committed to delivering the project and working with ANRA and local community leaders to bring this project to fruition.”
ANRA General Manager Kelley Holcomb added in the release, “While the Hurricane Ike Bond Program offered tax exempt investment opportunities for virtually all of the Rusk County refinery projects' estimated capital costs, the time allotted for the tax exempt public bond offering was limited in light of the Program's expiration at the end of the year.”
According to a news release, ANRA Industrial Development Corporation offers several other funding mechanisms without the same time constraints attached to them.
“The project owners are working with ANRA to finalize a funding package that meets the projects objectives…,” Holcomb said in a news release.
“I want to thank Governor Rick Perry, his staff and the Texas Bond Review Board for their commitment and hard work on the refinery project. I believe they are still committed to the project and we intend to work closely with them to look for other financing options.”