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IDA financing sought for 2 expansions

Two companies are seeking $5.5-million in financing assistance from the Hillsborough County Industrial Development Authority to expand or open new facilities in the area. Heartland Industries of Tampa Inc. is seeking $3-million in industrial revenue bonds to open a tire recycling plant. The company, a subsidiary of Heartland Industries Inc. of Dexter, Mo., is considering two sites in Tampa: one at Port Sutton, near the Port of Tampa, the other at the Tampa East Industrial Park.

The Tampa operation, which will be on about 15 acres, will employ about 35 people.

The plant will be capable of recycling about 3-million tires annually, said Lane Grayson, a company executive. The recycling process yields steel, oil, methane gas and carbon black, which is used to color tires.

Vigo Importing Co., an importer of Spanish and Italian food products, is seeking $2.5-million in industrial development bonds to acquire and renovate a 115,000-square-foot building at Anderson Road and Comanche Avenue.

The company also plans to use the money to equip and renovate 50,000 square feet of its existing building at 4701 Comanche Ave.

The expansion plans should result in about 25 new jobs in the Tampa area, said Thomas Morrison, attorney for the IDA.

The authority will meet Wednesday and again on Monday to consider the applications. The bonds offer financing at below-market rates and are subject to the approval of the Hillsborough County Commission. However, they are not backed by the government.