2014 VitAg Tax-exempt Bond Authorization Request
VitAg Biosolids-To-Fertilizer Plant – Zellwood, FL
A Sustainable Biosolids Process Manufacturing A High Nitrogen,
Dry, Granular, Organically-enhanced Fertilizer Product
 Effective biosolids solution
 Safe manufacturing process
 Environmentally-friendly product
 High-value slow-release fertilizer
 Proven technology and experienced team
 Green sustainable business
VitAg Process – Safe – Green -- FL Class AA+ Product
AM Process Overview
CHEMICAL ADDITION
Municipal
Biosolids
Storage
Bin
Conditioning
Mixer
Hydrolysis
Vessel
Hydrolysis
Vessel
Recycle
Screens
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Dryers
Granulator
Cooler
Coater
Product
Storage
Process brings together two large volume industries
Safely processes biosolids, sulfuric acid and ammonia into fertilizer
Relatively low temperature and pressure
Sterilizes biosolids; breaks-down macromolecules
Standard materials & equipment widely used in fertilizer industry
Community friendly; 12 issued U.S. Patents
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The VitAg Zellwood Plant: A Safe Design – Popular Product -Environmentally-Friendly
Zellwood Property Plant Location
CDM Smith 3-D VitAg Plant Modular Design
VitAg Accomplished Project Milestones
•Plant engineering design achieved 100% completion
•EPC construction contract with CDM Smith Constructors Inc.
•62 acres (see above) under lease/purchase contract
•All permits procured for construction including FL Domestic Wastewater Permit
•20-year biosolids feedstock agreement executed for 230 wet tons per day
•30% of production sales secured through off-take agreements
•Strong project support from Orange County
VitAg Plant Project Impacts
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VitAg Tax Exempt Bonds
• Amount to be authorized = $65,000,000
• Increased from $55,000,000
• Rating = unrated with credit protection
• OCIDA requirements: 25% equity, 1.25 DSCR
• Actual: 33+% equity, average >2.5 times DSCR
• Issuing authorities = OC Industrial Development Authority
OC Board of Commissioners
State of Florida
• Lead Underwriter = Citigroup
• Timing
Authorizations – May 2014
Marketing/Pricing – June 2014
Project closing - Late June 2014
Requested Action
Approval and execution of the TEFRA resolution
entitled “Approving the issuance of Orange
County Industrial Development Authority Industrial
Development Revenue Bonds (VitAG Florida LLC
Project), Series 2014, in an aggregate principal
amount not to exceed $65,000,000.
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