After years of financial troubles, lawsuits and a foreclosure, the BN National Trail Biodiesel LLC biodiesel plant will soon have a new owner.
BN National Trail Biodiesel LLC, purchased and planned to complete the unfinished scalable 50 million gallon per year multi-feedstock capable biodiesel plant. During construction, the company fell behind on payments to vendors, contractors and its lender, Iuka State Bank. BN National Trail ultimately lost the real estate and equipment through foreclosure. Iuka State Bank now owns the land and all assets, which will be sold through a sealed bid auction next month.
The plant, while not totally complete, has produced biodiesel and is now idle. The 13.5-acre property is located in an Enterprise Zone, Opportunity Zone and TIF District in one of the busiest trucking corridors in the country. The site includes modular upgradable design with a partially completed rail spur and mostly completed infrastructure with extensive financial incentives. The Sealed Bid Auction allows buyers the ability to purchase the assets in tracts or as an Entirety. Sealed Bid offers are due to the auction company by July 22 at 4 PM CT. Maas Companies Inc is conducting the auction and specializes in the sale of commercial and industrial assets with an emphasis on renewable energy assets.
The City of Newton and Jasper County Economic Development are willing to fully cooperate and assist a new buyer to get the plant completed. Additional incentives include: TIF District Incentives, Opportunity Zone, Enterprise Zone, Commercial/Industrial Electric Rate incentive, City of Newton Revolving Loan Fund, along with the South-Central Illinois Regional Planning and Development Commission (SCIRPDC). The site also has room to expand in several directions. Most of the infrastructure is installed: utilities include city water and sewer, heavy power, and available natural gas by Ameren. All water lines, fire loop water mains, sanitary sewer lines, storm lines and detention basin are completed, along with an oil water separator for waste water with digital discharge meter.
Tyler Maas, with Maas Companies states, “This is a great opportunity for the new buyer, as the plant site has had millions of dollars spent to date and is mostly complete with plenty of financial incentives for the next owner to get the plant completed and back in production.”
Bidders interested in the property should contact the auction company to receive access to all the due diligence documents prior to the auction.