The Columbiana County Port Authority Board of Directors approved some preliminary agreements Monday in preparation for a possible $100 million tax-exempt revenue bond proposal by Noble Environmental for a project at its Penn Ohio Landfill in Negley.

“At this point, we’re just saying to them, if they bring us a project, we’ll review it and if we approve it, we’ll issue a bond,” CCPA Assistant Executive Director Brittany Smith said.

Smith explained that Noble Environmental contacted CCPA about four months ago to pursue a tax-exempt revenue bond through the port authority due to the port authority’s bonding capability. The proposed maximum amount according to the agreement was listed as $100 million.

The board approved a resolution of intent to reimburse original expenditures with proceeds of tax-exempt revenue obligations, a resolution for a preliminary agreement with Noble Environmental, Inc. for the Penn Ohio Solid Waste Project and a resolution to engage Bradley Payne LLC for municipal advisory services related to the bond financing.

Smith said the proposed project is “to make their current operations more efficient.”

The Penn Ohio Landfill is licensed to accept construction and demolition debris material only at this point.

According to the bond resolution, Noble Environmental “has made or expects and intends to make, expenditures to acquire, construct, install, develop and equip solid waste disposal facilities to be used in connection with the disposal, conversion or reclamation of solid waste generally located at the company’s Penn Ohio Landfill at 7555 North Street, Negley.”

A press release issued by Noble Environmental announced the approval of “an inducement resolution by the Columbiana County Port Authority in support of Noble’s proposed tax-exempt bond financing for solid waste processing and recovery projects in the state of Ohio. The adoption of the inducement resolution does not constitute a final approval or issuance of the bonds. Rather, it signifies the Port Authority’s intent to assist Noble in pursuing this financing mechanism, subject to further due diligence, regulatory compliance, and final bond issuance approval.”

The resolutions do not obligate the CCPA to do anything at this point, with Smith noting that any costs incurred by CCPA related to the inducement resolution and bond issuance, if it happens, will be paid by Noble Environmental. Those costs could include a flat fee of $45,000 to Bradley Payne and other fees related to the bond issuance, such as closing costs and legal fees.

Noble operates solid waste landfills and transfer stations in Pennsylvania, Ohio and Maryland, with Penn Ohio Landfill the only site in Ohio according to map on the Noble Environmental website showing locations.

When asked for a timeline, Smith estimated 12 to 18 months as the time for the company to do its due diligence before moving forward.

mgreier@mojonews.com