Saturday, June 09, 2012

June 9, 2012 Freedom Energy Diesel Going Overseas for Financing

Above is a video of a meeting of the Industrial Development Board (IDB) of Morristown. The meeting took place at 8:30 AM on June 5 in the lower level of the Chamber of Commerce building on West First North Street.  Jack Fishman presided.

The main topic was Freedom Energy Diesel, a project dubbed "Project Victory"when the IDB announced one year ago that FED was coming to Morristown. 

In June 2011, the City sold 116 acres in the East Tennessee Project Center to FED at a deeply reduced price with the provision that the property would revert to the City on June 27, 2012, if FED had not begun construction on its building by thar date.

Construction on the FED building has not begun, so FED representative David Wild, a local contractor, came to the IDB to ask that the IDB recommend that the City give FED another year to get its financing in place and start construction. 

Wild said that a lot of gradework has been done, but final gradework has been halted while FED goes overseas to try and obtain "final" financing.

The IDB Board voted unanimously to send a recommendation to the City of Morristown asking that the City give Freedom Energy Diesel an extra year to get its financing in place and start work on its building in the East Tennessee Progress Center.

The recommendation will go to the City Council for a vote on June 19.

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