EDC Approves Transfer of Land to Toray Plastics

Toray Plastics is getting almost 10 acres of land following the discovery of a clerical error.

During a meeting of the Rhode Island Economic Development Corporation's board of directors this week, the group learned that the industrial manufacturer had paid off a $20-million bond issued by the EDC in 2006. According to the Providence Journal, the bond was used to finance Toray's recent expansion at its location in the Quonset Business Park. Per the agreement, Toray was supposed to get the land where they had expanded, as well as the facilities and equipment on it. 

An EDC representative stated that, due to a clerical error, the land and facilities were not transferred over to Toray properly. The board voted 10-0 to transfer the 9.75 acres over to Toray.