80 Acres, the largest vertical farming company in Greater Cincinnati, landed $140 million worth of public bonds from Boone County to expand their facility near Florence.
Hamilton, Ohio-based 80 Acres is adding another “grow zone” to its over 200,000-square-foot facility at 7455 Empire Dr. in unincorporated Boone County. At the moment, the facility features two grow zones where the company utilizes hydroponics to farm greens, basil, microgreens and other produce. 80 Acres purchased the 22-acre plot in Boone County for $6.73 million, according to county property records.
“You’ll see this product in the Kroger stores now and the 80 Acres label,” Boone County Judge/Executive Gary Moore said. “They grow a crop of lettuce every 29 days year round with very little water.”
The project is expected to increase employment at the site by 35 jobs and expand 80 Acres footprint by 60,000 square feet.
On Tuesday, the Boone County Fiscal Fiscal Court approved a resolution that allowed the county to activate $140,000,000 worth of Industrial Revenue Bonds to pay for the project’s various costs, including installation, equipment, and construction. Boone County Administrator Matthew Webster said the project is estimated to cost $20 million to $25 million.
“With the approval of the bond resolution tonight, the bond offering may move forward and the project may begin,” Webster said.
In March, the fiscal court approved an inducement resolution that cemented the county’s intention to issue the bonds at a later date and outlined the agreement’s parameters and expectations. The bond inducement resolution also capped the maximum amount for the bond issuance at $140 million.
“What it does do is support a very exciting venture that is doing very well here in Boone County,” Webster said.
Jim Parsons, an attorney with Keating Muething & Klekamp PLL who represented 80 Acres as bond counsel for the project, noted that the bonds would not be the county or taxpayer’s debt.
“This is not the debt of the county,” Parsons said. “This is totally the debt of the project. The county has no liability whatsoever on this.”
In January 2022, 80 Acres announced they would invest $95 million into a then-vacant 200,000-square-foot building on Empire Drive to transform it into a vertical farm. The building was previously occupied by The Hennegen Company, which operated a printing facility on the property that closed in 2020. To date, the farm is 80 Acres’ largest facility.
