EMMETSBURG, Iowa (AP) — Iowa's economic development arm and a shuttered ethanol plant at Emmetsburg that had promised to produce millions of gallons of ethanol from crop waste have reached a settlement that lets the company off the hook for millions of dollars in tax incentives.
The Des Moines Register reports that the Iowa Economic Development Authority approved a settlement with Poet DSM Advanced Biofuels last week.
Poet idled the plant in July and laid off 52 workers this year.
Iowa had given the company about $20 million through grants, forgivable loans, sales tax refunds and tax credits on the promise that the plant would retain 35 employees through 2024.
The authority will not seek to be repaid those benefits.