PERRY, FL (WTXL) - A company planning to open a facility in Perry has filed for bankruptcy, but that isn't halting their plans to expand to the area.
BioNitrogen, a company that specializes in fertilizer, is planning to build a $300-million plant in Taylor County.
The company met with the City Council Tuesday evening to discuss its re-organization plans, which the Council unanimously approved.
That agreement has the company paying back all money the City has invested in the project which totals over $3-million.
BioNitrogen also agreed to pay the city royalties on fertilizer produced at the plant for the first four years of operation, which is estimated to bring $350,000 for the city yearly.
City Manager Bob Brown says that having the plant in the area will create will create an estimated 50 high paying jobs, and will have a local economic impact of more than $25 million a year.
"We are pleased to have this agreement with BioNitrogen and we look forward to their successful restructuring through the Chapter 11 process and their immediate focus on Taylor County as a first place to build," said Brown. "The City of Perry and the community are committed to providing whatever logistical and technical assistance we can to BioNitrogen to bring this project to life".