Panda Biotech still working to purchase old Delphi building

Updated: Jun. 16, 2021 at 8:53 PM CDT
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WICHITA FALLS, Texas (KAUZ) - Panda Biotech, an industrial hemp company, is coming to Wichita Falls and they are working to buy the old Delphi building they are moving into.

Dixie Carter, President of Panda Biotech, is assuring everyone that they will buy their new home, and they are taking another look at their financing options.

“The bonds that we had applied for are really unique bonds. They’re not traditional bonds, they’re special waste to value bonds that the state of Texas issues to projects and our project was so sustainable it qualified for $140 million in bonds,” said Carter.

“And as they sold, and they saw that that was happening, they said well we can either let the deadline expire and the bond review board will take those bonds away or we will voluntarily withdraw, put our names back on the list and keep working toward the development of the project and that’s what they’ve done,” said Henry Florsheim, President of the WF Chamber of Commerce.

Carter pointed out the reason Panda Biotech withdrew the bond from the State of Texas was because of the state’s deadline. The bond isn’t the only way the company can pay for the building.

“Just because you don’t have bonds doesn’t mean the project doesn’t go forward or you cannot purchase the building,” explained Carter.

Panda Biotech said they will buy the building by the end of the end of summer.

“The company has been funded by the CEO and chairman of Panda Biotech who has developed this project,” added Carter.

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