News & Events
December 18, 2014
Logansport, Indiana Angling for $400M SG Preston Renewable Diesel Production Project
The City Council of Logansport, IN preliminarily approved an economic development incentive package to attract a $400 million renewable diesel production project.
Philadelphia-based S.G. Preston Company is currently conducting a site selection process that could result in one or more of their bio-fuel production facilities being located in Indiana.
The company is looking for sites for green bio-diesel and bio-jet fuel production and processing facilities. At a special meeting called earlier this week, the Logansport City Council approved a $550,000 forgivable loan for SGP as part of an incentive package for the project.
Following the meeting, the City entered into a memorandum of understanding (MoU) with SGP that provides the framework for discussions about the development of the project on property located with the City and its zoning jurisdiction.
According to the MoU document, SGP will make an investment of $400 million, and the project is expected to create 100 direct and at least 600 indirect jobs in Logansport and Cass County.
If SGP ends up picking a site in Logansport, the development activity is set to begin within six months. The Logansport economic development incentives provided as a loan will be forgiven if the company substantially fulfills its investment and job creation commitments within 48 months after the preliminary development work begins on the project.
This is SGP’s second such proposed waste feedstock-to-diesel production facility in the Midwest. Earlier this year, the company announced the selection of Lawrence County, OH as the location for its first $400 million renewable diesel production facility with a production capacity of 120 million gallons.
The South Point, OH facility, which is also expected to create 100 jobs, received extensive support from the Lawrence County Economic Development Council, including 62 acres of land and other incentives for the project. Non-profit Ohio economic development organization JobsOhio and the Appalachian Partnership for Economic Growth also played a role in securing the project for southern Ohio.
Announcing the Ohio project back in August, SG Preston CEO R. Delbert LeTang said in a release that the project announcement was an important milestone and part of a larger vision of partnering with local communities and global refining technology partners to develop a portfolio of renewable diesel and jet fuel refineries targeting 1.2 billion gallons per year.
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