Ohio County backs out of multi-million dollar recycling project-Shanghai Metals Market

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Ohio County backs out of multi-million dollar recycling project

Industry News 09:02:34AM Apr 11, 2016 Source:SMM

By  (ScrapMonster Author)

April 08, 2016 08:26:59 AM

CLEVELAND (Scrap Monster): The Solid Waste Authority of Central Ohio (SWACO) has announced that it had decided to cancel the ambitious $100 million recycling project next to Franklin County landfill. Ty Marsh, SWACO’s executive director stated that the contract with Team Gemini LLC has been terminated and that the Authority has taken possession of the property it had leased to the company towards development of recycling and waste-to-energy WTE) facilities.

The massive recycling project had been in the works for nearly three years. The developer, Team Gemini LLC had initiated construction activities on the first phase of the project way back in 2014. The second phase of the project had promised construction of a green energy park. According to SWACO officials, the developer was supposed to pay nearly $350,000 as rent for the leased property, the deadline for which had expired two month back. However, it noted that the company failed to make payment even after the completion of 60-days extension period granted to them.

Following this, SWACO authorities had sent a letter to the company’s lawyer, informing its decision to cancel the deal. The letter stated that the company not only failed to make the rent payment, but also suspended the project improperly. There have been reports that the work on project has been delayed due to multiple reasons.

According to the agreement, SWACO had leased nearly 350-acres of land to build the $100 million facility which would remove recyclables from the trash dumped by garbage trucks. The company was supposed to buy the materials from SWACO and sell them in the open market. The rest of the trash would be dumped in the landfill.

The fall in prices of recyclable commodities had a significant role to play in the delay. The disagreements between the top management of SWACO were another reason for the delay.


Key Words:  scrap metals  scrap recycle 

Ohio County backs out of multi-million dollar recycling project

Industry News 09:02:34AM Apr 11, 2016 Source:SMM

By  (ScrapMonster Author)

April 08, 2016 08:26:59 AM

CLEVELAND (Scrap Monster): The Solid Waste Authority of Central Ohio (SWACO) has announced that it had decided to cancel the ambitious $100 million recycling project next to Franklin County landfill. Ty Marsh, SWACO’s executive director stated that the contract with Team Gemini LLC has been terminated and that the Authority has taken possession of the property it had leased to the company towards development of recycling and waste-to-energy WTE) facilities.

The massive recycling project had been in the works for nearly three years. The developer, Team Gemini LLC had initiated construction activities on the first phase of the project way back in 2014. The second phase of the project had promised construction of a green energy park. According to SWACO officials, the developer was supposed to pay nearly $350,000 as rent for the leased property, the deadline for which had expired two month back. However, it noted that the company failed to make payment even after the completion of 60-days extension period granted to them.

Following this, SWACO authorities had sent a letter to the company’s lawyer, informing its decision to cancel the deal. The letter stated that the company not only failed to make the rent payment, but also suspended the project improperly. There have been reports that the work on project has been delayed due to multiple reasons.

According to the agreement, SWACO had leased nearly 350-acres of land to build the $100 million facility which would remove recyclables from the trash dumped by garbage trucks. The company was supposed to buy the materials from SWACO and sell them in the open market. The rest of the trash would be dumped in the landfill.

The fall in prices of recyclable commodities had a significant role to play in the delay. The disagreements between the top management of SWACO were another reason for the delay.


Key Words:  scrap metals  scrap recycle