Orleans EDA approves loan for Albion recycling operation
ALBION – The Orleans Economic Development Agency has approved a $150,000 low-interest loan to a Canadian company that will turn a long-vacant warehouse into a base for recycling electronics.
The EDA board of directors on Friday approved the financing for BOMET Recycling, Inc. The company expects to close on the sale next month for a warehouse on McKinstry Street in Albion.
BOMET intends to hire 30 people for the site within three years. The company is led by Zhan “Bo” Zhang of Cambridge, Ontario. BOMET recovers metals from electronics and other recyclable materials and reported a $25 million revenue for its operation based in Canada, according to a report from the Orleans Economic Development Agency.
The Orleans EDA has owned the property at 152 McKinstry St. since 2002. The EDA has accepted a $176,000 offer from BOMET to buy the 52,000-square-foot property.
The company will spend about $700,000 in addition to the purchase price by replacing the roof, making other building upgrades and buying equipment for the Albion operation.
The EDA board also approved tax incentives that will save the company $94,347 over 10 years. The company will pay $61,034 in local taxes over the next decade as part of the tax agreement approved today.
The site currently isn’t generating any property tax for the village, town, school or county because the EDA has owned the property.