Mankato's KEYC-TV-12 covered the story, with an assist from the Free Market Institute’s David Strom. Here is a timeline, pieced together from the Channel 12 report, along with reports from the Mankato Free Press and the Minneapolis Star Tribune.
Genesis Poly Recycling planned to take plastic film from agricultural uses and recycle the material into plastic furniture, outdoor decking, etc. Sounds like a great idea and one that would help the environment and create dozens of jobs.
Late 2008: AGSI Recycling goes bankrupt. Same investors and same technology reform as Genesis Poly Recycling.
November 2009: Mankato City Mankato
for $850,000, using money from the state’s Department of Employment and Economic Development (DEED). City rents location to Genesis.
for $850,000, using money from the state’s Department of Employment and Economic Development (DEED). City rents location to Genesis.
November 2009: U.S. Bank lends Genesis $7,440,000, with 70 percent of that amount backed by the U.S. Department of Agriculture (USDA loan guarantee).
City of Mankato
State’s Pollution Control Agency (PCA) lends Genesis $100,000
January 2010: City approves subsidy for unrelated parking ramp project, contingent on repayment of loan to Genesis.
April 2010: Genesis Poly Recycling opens
October 2010: Genesis Poly Recycling evicted from City-owned building. Had not paid rent in four months.
June 2011: Auditors instruct City to write-off $500,000 loan to Genesis
This timeline is priceless research. Thanks for putting it together in one post!
ReplyDelete