Articles

ADAGE Announces Key Economic Data on Proposed Gretna Biopower Project

- Posted: 02/23/10
Contact: Erin VanSickle (850) 339-3184

Project Would Create Hundreds of Jobs, Provide Millions in Tax Revenue

ADAGE LLC, a joint venture owned by affiliates of AREVA SA and Duke Energy Corporation, released an independent economic impact analysis today showing that ADAGE’s proposed Gadsden County project would create hundreds of jobs and generate millions of dollars in much-needed tax revenue.

“The ADAGE project represents a $250 million investment, providing a significant benefit across the Gadsden County economy,” said Dr. Julie Harrington, Director of the Florida State University Center for Economic Forecasting and Analysis (CEFA) and author of the analysis. “During construction, ADAGE would inject over $40 million directly into the local economy and pay millions of dollars every year thereafter in clean fuel purchases within a 50-mile area directly around the facility.”

Dr. Harrington’s primary research efforts are in the areas of environmental, energy, aerospace and education economics, and economic development. She currently operates Economic Research Enterprises, specializing in research and economic analyses in the areas of energy, economic development and natural resources.

“We’re proud that the tax money that ADAGE would pay to the School District in just the first ten years would equate to more than $12 million” said Steve Simmons, Vice President of Business Development for ADAGE. “ADAGE looks forward to being a new member of the community and a significant contributor to Gadsden County Schools.”

Key findings of the economic analysis include:

During the first 2.5 years of construction and operation, when our economy is most in-need of help, the ADAGE proposed project would generate over 1100 jobs. These include:

• 471 long term construction jobs at the facility, long term jobs in the forest, and shorter term construction jobs
• 525 indirect jobs supporting the construction.
• 109 induced jobs in consumer goods and services (restaurants, stores, service stations)

Once construction is complete, there would be:

• 168 direct permanent jobs operating the plant and in the forest supplying the fuel
• 457 indirect jobs such as agriculture and forest industry support jobs
• 56 induced jobs in consumer goods and services (restaurants, stores, service stations)
• Job creation will generate over $21 million in income every year
• The total annual economic impact (indirect salaries, local purchases) will exceed $83 million

Local Tax Revenues

• Each year, ADAGE would contribute more than $5.3 million in state and local taxes
• In the first year alone, the project would contribute more than $1.7 million in school taxes for Gadsden County schools.
• Over 10 years, ADAGE would pay about $12 million dollars in taxes to the Gadsden County School District. This could equate to approximately 335 new teachers or 19,230 new computers for classrooms across the county.
For more information, go to www.adagebiopower.com.