project update
Since formation of the company on June 21, 2006, Liberty has completed a number of actions towards the construction and completion of the proposed ethanol plant, including:
> Liberty has drilled three test wells to check the quality and quantity of the groundwater which does meet the requirements for an industrial on-site well system.
Wilcox Professional Services also completed an extensive aquifer study analysis to insure there will be no adverse groundwater impact.
> Liberty has executed a contract with Wilcox Design-Build, LLC of Cadillac, Michigan who will provide supporting planning and management services in the coordination, engineering, design and construction of the plant site.
> Liberty awarded an excavation contract to Fisher Contracting of Mt. Pleasant, Michigan, for site excavation and earthwork beginning January 2007. In March 2007, the Michigan Department of Environmental Quality issued to Liberty a minor source air permit for construction of the plant, including a 6,000 bph grain dryer to receive wet corn during harvest and up to 121 million gallons ethanol production per year.
> Liberty has entered into a construction contract with ICM of Colwich, Kansas, to design and build our 110 million gallon per year dry-mill ethanol plant. ICM has been involved in over 100 ethanol plant projects and has been involved in the research, design and construction of ethanol plants for many years. ICM mobilized to the site and begain constructing the plant in July of 2007.
Construction of the project is anticipated to be completed during the first quarter of 2009 if all goes as planned.
> The Economic Development Corporation of the County of Gratiot has passed a resolution of inducement authorizing the EDC to issue, subject to provisions, its limited obligation economic revenue bonds, not to exceed $85 million, for the purpose of paying for a part of the project costs. The State Treasurer has also allocated $85 million of its state volume limitation for private activity bonds to the Gratiot County EDC for the Liberty project.
> Liberty has executed agreements with Zeeland Farm Services to market distiller grains and C&N Biofuels to market ethanol, targeting Michigan, the United States and international markets.