VeraSun late in paying first half property taxes

With the passing of the May 1 deadline for payment of 2008 first half property taxes last week, one important Boone County tax bill remained unpaid.

VeraSun Energy Corp., which filed Chapter 11 bankruptcy last October, had not paid its 2008 first half taxes as of Tuesday, May 5, so interest charges are accruing on the delinquent amount of $895,000. With interest added, the total was already up to nearly $897,000 by Tuesday.

County Treasurer Laurie Krohn said the company has called her several times recently, and a spokesman has expressed the intent to have the taxes paid by this Friday, May 8.

The company owes $437,558 in personal property taxes and $457,599 in real estate taxes on its plant southeast of Albion, which was shut down last December. Sale of the plant to Valero Energy Corp. was approved in March by the U.S. Bankruptcy Court, but the sale closing has not yet taken place.

VeraSun’s bill for the entire year of 2008 on the Albion plant, counting both real estate and personal property tax amounts, is $1,790,316, according to the Treasurer’s office.

See the Albion News Print Edition, May 6, 2009, for complete details.