Ethanol Products to erect matching building on North Webb Road
Ethanol Products plans to build a futuristic new building to match its existing one on North Webb Road.
The company will ask the Wichita City Council for a letter of intent to issue $7 million in industrial revenue bonds. The bonds would earn the project a 77.5 percent tax abatement for five years, with a likely second five years to come.
Founded in 2000 as the marketing subsidiary of South Dakota-based ethanol producer Poet Ethanol, Wichita-based Ethanol Products is the country’s second-largest supplier of ethanol for fuel to gasoline blenders, at 2 billion gallons a year.
It also buys, sells and transports grain for ethanol, CO2 and natural gas liquids. It is also building a CO2 storage facility in Lyons.
All of the company’s businesses have grown since it moved into its current building in 2008, said CEO Bob Casper, and the company needs more space.
The new building will sit adjacent to the existing 29,000-square-foot building. Casper said it will be 15,000 to 20,000 square feet and match the style of the existing building.
It will be connected to the existing building and house corporate offices and training rooms, meeting areas, customer-hosting facilities, a larger central Information Technology server room and a storm shelter.
The company estimates it will invest $7 million in the building and $1.5 million for new machinery and equipment. Poet currently employs 121 in Wichita and promises to add 15 new employees over the next five years at an average annual salary of $54,800 per year.
The company plans to break ground in late summer or fall, and open a year after that.
Casper said the 15 additional promised jobs is modest, but said the company considerably exceeded its promise last time. It had promised to add 45 jobs when it sought tax exemptions for its current headquarters, but has added 77 jobs.
Dan Voorhis: 316-268-6577, @danvoorhis
This story was originally published April 29, 2016 at 6:03 PM with the headline "Ethanol Products to erect matching building on North Webb Road."