Perpetual Recycling Solutions Nears Groundbreaking

The council previously approved $26 million in bonds for PRS, but the company has sought additional assistance as it nears the construction phase of the project. According to a report in the Palladium-Item, the company was seeking an additional $8 million to retrofit an existing building in Richmond.

When fully operational, PRS says the facility, scheduled to open in 2012, will be able to produce 110 million pounds of rPET flake.

The company says it has multiple non-objection letters from the U.S. Food and Drug Administration in addition to having received all permits and approvals for the building.

PRS presently operates a plastics recycling facility in East Farmingdale, N.Y.

A spokeswoman for the company says PRS already has sold 105 million pounds of the rPET, though the building renovations have yet to begin. Renovation is expected to start by October 2011, and PRS plans to hire 55 people when the Richmond plant is fully operational.

According to the spokeswoman, the equipment being installed at the facility will “create a unique process that allows PRS to produce high quality output that has the ability to come in contact with food and beverages. This process features advanced sorting, separating and cleaning that is only possible when this collection of equipment comes together under one roof.”

She adds, “Given the growing demand for quality rPET, PRS is in a unique position to serve a growing market.”

The bonds being used for the project come from federal disaster relief funds and are allocated by the Indiana Finance Authority. Under the Midwestern Disaster Recovery Act, which was introduced to encourage re-investment in certain areas destroyed by flooding in 2008, certain municipalities, counties and states have the ability to allow for-profit companies to access the municipal bond market via their jurisdiction.

According to one report, the Richmond Power & Light Board of Directors also approved transferring about 15 acres of land to the Economic Development Corp. of Wayne County (Indiana) for the project. The agency was then to transfer the land to Perpetual Recycling.