(Emmetsburg, IA) — A settlement agreement with the state of Iowa lets a closed Emmetsburg ethanol plant off the hook. The plant received millions of dollars in tax incentives based on its promise to produce millions of gallons of ethanol from crop waste.
The Iowa Economic Development Authority gave its approval to the settlement with Poet D-S-M Advanced Biofuels.
Fifty-two workers were laid off when Poet stopped operations in July. The company had received about 20 million dollars through grants, forgivable loans, sales tax refunds, and tax credits. All that was based on a promise the plant would employ 35 workers through 2024.
The authority has agreed not to try to pursue repayment of those benefits.
