Johnson County-based Elona Biotechnologies may be facing foreclosure within the next few weeks.
Greenwood City Attorney Krista Taggart says construction has been stopped on Elona Biotechnologies‘ planned facility near I-65 in Greenwood.
Three years ago, the city gave Elona almost $8.5 million in incentives to build an insulin manufacturing facility. Incentives included a $6 million loan for construction.
“It’s unfortunate that it’s not working out,” Taggart says. “It’s important to not allow this deal to color our perception of economic development and economic deals as a whole. I think there is a place for them. I think Greenwood has to continue to play in that market.”
The facility would have employed 70 workers.
There is still time for new investors to take over the company and keep the project afloat.