Another one bites the dust

CHENOA — Citing high corn prices and a tight money supply, Chenoa Mayor Walt Hetman announced last week that developers for a $180 million ethanol plant have decided not to renew their option to buy.

In November 2006, Hetman announced U.S. Ethanol was interested in building a 100-acre ethanol plant on the 550-acre industrial park located south of U.S. 24. The plant would create up to 500 construction jobs and 65 full-time workers.

Pat Hinner, owner of AGRA Industries which was hired to build the plant, said the plan would have processed as much as 40 million bushels of corn a year into 100 million gallons of ethanol annually. Hinner added the plant would have operated 24 hours a day, been able to store up to one million bushels of corn, and receive grain by truck and rail.

The plant was to be the first of six U.S. Ethanol planned to develop over the next few years. There is no word whether the company will continue developing the other plants.

Erm, let me take a guess on that last bit. I'll go for it won't.