Exhibit 10.3
LOI WITH SCIA TO ACQUIRE PROPERTY
LETTER OF INTENT
This Letter of Intent is made and entered into as of the 12th day of November,
2005, by and between Green Plains Renewable Energy, Inc. and the Shenandoah
Chamber and Industry Association.
It is the intent of Green Plains Renewable Energy, Inc. to construct an ethanol
plant that will produce in excess of 40,000,000 gallons of fuel grade ethanol
annually. It is the intent of Green Plains Renewable Energy, Inc. to locate the
plant in the North half of Section 25, Township 69 North, Range 00 Xxxx xx xxx
0xx XX, Xxxxxxx Xxxxxx, Xxxx.
To accomplish this construction, Green Plains Renewable Energy, Inc. requires
the acquisition of two parcels of land owned by the Shenandoah Chamber and
Industry Association described as follows:
Parcel 1: 6.8 acres, more or less located north and west of the BNSF Railroad in
the Southwest 1/4 of the Northeast 1/4 of Section 25, Township 69 North, Range
00 Xxxx xx xxx 0xx XX, Xxxxxxx Xxxxxx, Xxxx.
AND:
Parcel 2: 4.1 acres, more or less located in the Northwest 1/4 of the Northeast
1/4 of Section 25, described as that land south and west of rail spur running
form the BNSF Railroad, north and west to the Xxxxx Mfg. Plant, and east of land
owned by Xxxxxxx X. Xxxxx, all in Township 69 North, Range 40 West of the 5th
PM, Fremont County, Iowa.
It is agreed by Green Plains Renewable Energy, Inc., and the Shenandoah Chamber
and Industry Association, that within 5 days from the date that Green Plains
Renewable Energy, Inc. successfully completes and closes its anticipated equity
fund drive and secures and closes the debt commitments that it will need to
complete construction of the aforementioned ethanol Plant, the Shenandoah
Chamber and Industry Association, will transfer its ownership in the above
described real estate by Warranty Deed, free from all liens and encumbrances, to
Green Plains Renewable Energy, Inc. for $1.00 and other valuable consideration.
In witness thereof, the parties have executed this Letter of Intent on the day
and date first written above.
/s/ Xxxx Xxxxx /s/ Xxxxx Xxxxxxx
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Green Plains Renewable Energy, Inc. Shenandoah Chamber and
By: Xxxx Xxxxx, Vice President Industry Association
By: Xxxxx Xxxxxxx,
Executive Vice President
/s/ Xxxxxxx Xxxxxxxx
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Shenandoah Chamber and Industry Association
By: Xxxxxxx Xxxxxxxx, President
