City attorney Shane Black explained to the Industrial Development Board that the company is growing beyond expectations.
"They are up to 55 employees," said Black. "They are running at 70-percent capacity and are looking to going to 100 percent and expanding."
Black said the city expects a further follow-up when the company purchases the 50,000-square-foot building. He said the railway would remain under the city and officials could decide on whether the city would retain it.
Custom Polymers received a $200,000 Community Development Block Grant to build a rail spur to serve the plant. Because of delays incurred by the Alabama Department of Economic and Community Affairs, the agency, which coordinates the grant, the company missed the timeline for building the rail spur. Athens and the Limestone County Commission pledged local matching funds of $508,800 for the project.
Black, said under the newly approved terms of the grant, the company would pay $302,500, followed by the city and county matching portion, before the grant funds are expended. If there are any remaining costs, Custom Polymers will pay for overruns.