An ordinance authorizing the issuance of bonds related to the AgroRenew Project has been approved by the Knox County Council.

The approval came at the recommendation of the Knox County Economic Development Commission which met prior to Tuesday’s council meeting and held a public hearing on the matter.

The Knox County Taxable Economic Development Tax Increment Revenue Bonds are in the amount of 4 million dollars.

County officials stressed that the county is NOT giving the 4 million to AgroRenew and the actions concerning the bonds are all a part of an economic development agreement entered into with AgroRenew.

Company founder Brian Southern recently commented to us that the agreement enables the company to utilize a special tax incentive program which is known as a TIF bond.

Groundbreaking for the $83 million AgroRenew Plant which will turn local produce waste into biodegradable plastics is one week from today at the plant site on Elkhorn Road.