CDC Purchases AEP Power Plant, ELT Assumes Environmental Liabilities
Gov. Mike Pence: "could unleash enormous economic investment"
Commercial Development Company, Inc. (CDC) is pleased to announce the acquisition of the 725-acre "Tanners Creek" coal-fired power plant, formerly owned and operated by AEP and Indiana MichiganPower (I&M). Environmental Liability Transfer, Inc. (ELT) has assumed responsibility for legacy environmental liabilities.
"While I&M's expertise in generating power is no longer needed at this site, ELT will use their talents to prepare the site for potential future use and continued benefit to the community,"said Paul Chodak III, President and Chief Operating Officer of Indiana Michigan Power.
CDC will now reposition the "Tanners Creek" power plant and develop a market-ready plan to return the retired industrial asset to productive use and create new jobs for the community and surrounding area. CDC has received tremendous support for this ownership transfer and for the future redevelopment of the site from local and state leadership.
Earlier this month, the Ports of Indiana identified the retired power plant site as a favorable location for the development of the state's fourth port.
"CDC has tremendous experience with redevelopment and remediation projects, which coupled with our team's maritime and logistical expertise, creates a unique opportunity to pursue development of a port at this location,"said Rich Cooper, CEO for the Ports of Indiana.
Earlier this year, Governor Mike Pence urged the Ports of Indiana to "vigorously explore the building of a fourth port in the far southeastern part of our state, which could unleash enormous economic investment throughout the southeast region of our state."
EnviroAnalytics Group (EAG) will now commence a series of environmental cleanup projects including: soil and groundwater remediation, asbestos abatement, ash pond closure, removal of residual coal, environmental monitoring, and demolition of most of the existing structures. EAG is working with the Indiana Department of Environmental Management (IDEM) to finalize a remedial plan that will clear the way for new development activity.
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