KEMPTVILLE- The skeptics stayed home and many of the 100 shareholders seemed to breathe a sigh of relief. The annual general meeting of the Seaway Valley Farmers’ Energy Co-operative was one of cool optimism.

A contract with a Canadian designer and builder is expected to be signed by year end and the new hope is that construction will begin on a Cornwall-based corn-fed ethanol plant next spring.

Although seven other ethanol plants are now proposed for Ontario, Seaway President Richard Lavigne, calls it " a lot of hype."

The Seaway proposal "has a lot of things in its favour" that other proposals are missing, including federal, provincial and private funding, as well as all the environmental and government permits, he said. The Seaway proposal, however, does face new cost increases by about $10 million, which could mean a new round of share offerings. They want the money raised by year end, Lavigne told shareholders. Total project cost was not released but was estimated at about $45 million several years ago.

Lavigne, who represents about 2,800 investors, noted that the idea for an ethanol plant was hatched in Alfred Vogel’s kitchen 14 years ago. "I had no idea it would take this long but we must ride this through," he said, then expounded on the many benefits of project. The plant also offers corn producers a direct link to consumers by becoming processors.

Co-ops have proven to return 56 per cent more of profits back into the community than do private enterprises, stimulating local growth, he added.

Moreover, the price of corn has spiked. "I’ve said that corn will be $300 a tonne when we flick the switch" at the new plant, he said. "That looks like the way it’s going."

He concluded: "The next annual general meeting we’ll come in here with big smiles on our faces because the plant will be under construction."

Seaway Grain processors president Alain Leduc, who heads the project, said that the Canadian company that will design and build the plant is anxious to sign a contract and get to work.

"It takes a lot of heart, tenacity, and effort. Everybody says, why so slow? There are projects everywhere. But nobody’s stuck a shovel in the ground."