An eastern Indiana county is giving a $50 million assist to a food-processing company that plans to restart a closed factory.
The Wayne County Council on Wednesday approved the bond issue as part of Sugar Creek Packing Co.'s plans to expand and refurbish the former Really Cool Foods plant near Cambridge City, about 60 miles east of Indianapolis. The company will be responsible for repaying the bonds within 30 years, the Palladium-Item reported.
Sugar Creek executive Tom Bollinger said $28.5 million project is expected to start next spring, with the plant in operation by mid-2014. The Washington Court House, Ohio-based company expects the plant to have 400 workers processing pork and chicken products by 2016.
Really Cool Foods closed the plant last year after going bankrupt and never coming close to its plan of hiring the 1,000 workers it announced in 2007.