West Palm Beach, Fla. — BioNitrogen Holdings Corp., which plans to turn biomass into urea, has announced the signing of a term sheet for a $9 million investment supported by the Florida New Markets Capital Investment Program (NMTC). The investment will be to Hendry BN Construction & Fertilizer Services LLC, a newly-formed subsidiary of BioNitrogen. The $9 million allocation will translate into a new cash investment of approximately $1.5 million for BioNitrogen. The cash proceeds will be used for capital equipment, engineering, closing costs, and improvements to the Hendry County site, including feedstock and fertilizer services and related equipment. Hendry BN will operate on approximately 15 acres at the Weekley Industrial Park and provide mulch, feedstock, construction, and fertilizer services to the site, Hendry County, and surrounding areas. The business is expected to provide five full-time jobs over the next year. The investment is expected to close in April. NMTC is a federal community development program designed to stimulate the flow of investment capital in underserved communities. Taxpayers that make qualified equity investments in designated Community Development Entities (CDEs) receive a tax credit that is claimed over a multi-year credit allowance period. Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments and job creation in low-income communities.
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