OTTUMWA — Unity Ethanol officials remain optimistic about the creation a of an ethanol plant in Wapello County, but more investors for the project are being sought.

“We can’t say that it will happen yet, because the key to ethanol is getting the investors lined up and I think the delay we have got so far is not moving as rapidly as they thought ... ” said Wapello County Supervisor Jerry Parker.

“It all comes down to the financial portion of it,” said Unity Ethanol’s Chief Operating Officer Jason Egli. “It has nothing to do with the supply of corn.”

“The big delay is not starting anything until we are 100 percent financed. There is no need to start a project until you can finish it,” said Unity Ethanol Board Secretary Tom Fullenkamp.

Fullenkamp said the organization is close to acquiring all the financing they need.

“These are large-scale investors and they want to know what exactly they are investing in and how the process works. They want to know where their money is going to be spent,” he said.

Egli said the cost of the facility is nearly $250 million.

“It is all coming from financing,” he said.

Egli said the organization has received one main grant for the project — a RISE grant — Revitalizing Iowa’s Sound Economy.

A week ago the Wapello County Board of Supervisors approved another extension for the location of the facility. That gives the investors another six months to gain the proper financing.

“We hope to have it started within six months,” Egli said.

“It was a week ago [Tuesday] that they took out the last extension,” said Parker, adding this is the organization’s third extension on the land.

“We were told by an official of the company that they probably wouldn’t need another extension because things would be wrapped up during this period. They think they will be able to complete financing before [December],” Parker said.

Egli said the organization hopes to have the financing secured by the end of July.

The extension on the land options gives Unity Ethanol “first dibs” on the land should another party express interest before the extension date has expired.