Newton council approves financing plan for ABI Group’s $6.5M project

Newton City Council approved this week a financing proposal for Wichita-based ABI Group’s plans to build a chemical manufacturing facility at the Newton City-County Airport.

The financing proposal was from Citizens State Bank, according to information from the city of Newton.

The project cost is estimated at $6.5 million, which includes a 20,000-square-foot manufacturing facility, 5,000-square-foot hangar and taxiway. ABI Chemicals plans to use the space to produce high-tech aerospace coatings that are being developed in conjunction with Wichita State University’s National Institute for Aviation Research.

According to the city of Newton, it facilitated a loan for the construction, with Citizens State Bank serving as the lender. The city will lease the facilities to ABI Chemicals for 20 years at rates that will cover debt service payments.

This story was originally published August 28, 2014 at 11:06 AM with the headline "Newton council approves financing plan for ABI Group’s $6.5M project."