Ohio Agency Plans Financing for Cincinnati Recycling Plant

The Ohio Air Quality Development Authority last month authorized the issuance of $32 million of tax-exempt bonds for a new recycling plant in Cincinnati, marking the agency’s first federally tax-exempt financing for a recycling facility.

The authority approved the issuance at its December meeting.

The borrowing is on behalf of Rumpke Consolidated Companies Inc., one of the largest private waste recycling firms in the U.S.

The new 84,000-square-foot recycling plant will replace one damaged by a fire last spring, the authority said in a press release.

“This creative financing package will allow Rumpke Recycling to install a state-of-the-art facility that will operate with maximum efficiency and retain our regional capacity at optimal levels,” said Phil Wehrman, chief financial officer of Rumpke Consolidated Cos. “In addition, the federal income tax exemption on OAQDA’s bonds truly helped make this project come together,”

The air quality authority plans to issue the tax-exempt facility revenue bonds in two series.

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