Atlantic Sapphire Salmon Farm Seeks $250 Million Public Loan
May 13, 2024 | 1 min to read
A Norwegian fish-farming complex near Homestead aims to become the world's largest aquaculture facility, producing 1 billion servings of salmon annually. This ambitious project is set to receive a $250 million loan through industrial revenue bonds pending county commissioners' approval. Although the commission approved the loan package in April 2023, new authorization is necessary due to the federal tax code's one-year limit on bond issuance.
A Norwegian fish-farming complex that plans to produce at build-out 1 billion servings of salmon a year near Homestead at what would be the world’s largest aquaculture facility is to get a $250 million loan boost via industrial revenue bonds up for approval by county commissioners this week.
The commission already approved the loan package in April 2023, but under the federal tax code that OK to issue bonds was only good for a year and the county’s industrial development authority hasn’t issued them yet, so new commission approval is required.
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