Reinbolt Assists With Ohio's First Commercial Ethanol Project
POET Energy LLC, a South Dakota ethanol producer, began production at Ohio's first commercial ethanol facility. On January 10, 2008 more than 3,000 people attended POET's grand opening in Leipsic, Ohio (southwest of Toledo). The new ethanol facility will employ up to 40 people and requires approximately 22 million bushels of corn for its annual ethanol production.
POET is building additional commercial ethanol facilities in Fostoria, Ohio and Marion, Ohio. Most of the corn used at the POET ethanol facilities comes from farms within a 90 mile radius of the facility. These three POET Energy facilities represent approximately $360,000,000 of new capital investment in Ohio.
Firm member, Steven D. Reinbolt worked with POET to complete negotiations of POET's real estate tax abatement agreements with the local governments. Successful real estate tax abatement was critical to POET's decision to invest in these Ohio facilities.
POET Energy is a world leader in ethanol production. More information on POET Energy as well as ethanol production can be found on POET's web site, www.poetenergy.com.
Mr. Reinbolt's principal areas of practice include property acquisitions, sales and leasing, public and private real estate financing, land use planning and business law. Mr. Reinbolt published an article in LawTrends, the Firm's newsletter, regarding tax real estate abatements which can be viewed on our web site.
For more information on real estate tax abatements or other commercial real estate issues, please contact Mr. Reinbolt at our Toledo office (419-241-6000).