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Algenol ends standoff in Lee County, FL

April 22, 2014
AlgaeIndustryMagazine.com

algenol-logoDavid Albers reports in the Naples (FL) Daily News that Algenol Biofuels and Lee County, Florida, have come to a “semantic agreement” they say will keep an expansion project in the county that could create as many as 400 jobs.

After months of friction over whether Algenol was meeting the job creation benchmarks of a $10 million economic incentive agreement between the company and Lee County, the county has submitted a conciliatory letter to local newspapers. The letter states that Algenol – which grows algae and converts it into biofuels – has surpassed job creation and capital investment goals outlined in the economic incentive deal.

As of February of this year, Algenol had received nearly $10 million in taxpayer money from the county’s Financial Incentives for Recruiting Strategic Targets program, a $25 million fund created in 2008 to lure high-wage businesses to Lee County. Algenol’s fourth quarter 2013 ADP payroll report states the company had 127 employees as of January.

On April 17, Woods announced on local television that he would keep Algenol’s planned algae growing materials manufacturing plant in Lee County.

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