OVU Executive Vice President Jeff Dimick gives a presentation to the Wood County Commission Monday about the OVU-ACE Project as attorney Paul Wisor and OVU Business Department Chairman Daniel Blair look on. (Photo by Brett Dunlap)

PARKERSBURG — The Wood County Commission unanimously approved a motion Monday to allow Ohio Valley University’s Alternative Clean Energy (ACE) project to sell bonds to finance the project.

Officials appeared before the commission Monday, pursuant to the requirements of the Internal Revenue Service, for a public hearing before a public body to discuss the project. Representatives of the ACE Education Foundation plan to enter into an agreement with the Public Finance Authority, based in Wisconsin, to issue bonds.

”The county is not incurring any liability in respects to this project and will not be looked to to make any of these payments,” said attorney Paul Wisor. ”The liability is totally on the foundation and the Public Finance Authority.”

It will also not impede the county’s authority to issue bonds nor obligate the county to pay for the bonds.

The IRS requires that when it issues these bonds a hearing must be held to provide an opportunity for the public to raise any concerns, he said.

OVU Executive Vice President Jeff Dimick said they have been working on the alternative energy project for around five years.

The project has the opportunity to transform, through steam reform/gasify, carbon containing feedstock into usable energy products, with a patented cost effective, environmentally clean and fully functioning demonstration complex, officials said.

The proposed complex would be located near Parkersburg, off of 29th Street inside the floodwall, on the old Dover Steel property, Dimick said. The site will have railroad, river and highway access.

”The bonds will provide the initial financing for this,” Dimick said. ”We are looking at an initial $5.5 million bonds to get the plant started and do some of the pre-engineering work.”

Dimick is working on financing issues through the foundation and others that will allow them to make payments on the bonds. They are also trying to get a demonstration unit up and running within six months, which will create other opportunities to bring in revenue.

”That would then provide revenue that would then allow us to meet these payments,” he said.

The university has a coal asset, which can bring coal into the area by railroad for use in this project.

Once financing is in place, it will take over two years to build the full plant. The full investment would be around $250 million-$300 million.

The gasification part would employ 60 full-time employees, the aquaponics section could employ 20-30 people and the rare element research section would employ a number of people, but Dimick did not now how many yet.

”(The whole facility) could employ around 100 people here in the county,” Dimick said.

Dimick said students will play a role at the facility, doing internships and other contributions.

”It will give them some good opportunities,” he said.