RICHMOND, Va. (AP) — The Chinese company behind a proposed paper manufacturing plant near Richmond has failed to meet a deadline for repaying a $5 million state incentive grant.
The Richmond Times-Dispatch reports Tranlin Inc. informed state economic development officials Tuesday it couldn’t fully repay the loan. Instead, the company wrote a $150,000 check and promised to repay the balance in six monthly installments with interest. It also agreed to a lien on 58 acres in Chesterfield.
The grant was part of a $29.5 million state financial incentive package, and the company agreed to the repayment deadline in July.
In a statement, its acting CEO apologized and said the company is committed to remaining in Virginia.
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The Chesterfield plant was originally scheduled to be in operation by 2019, but that’s been pushed back.