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State officials and Eastman Kodak Co. have agreed to operating terms for the Eastman Business Park, which includes a $49 million environmental trust fund, as Kodak emerges from Chapter 11 bankruptcy, officials said Wednesday.
The agreement includes three major components.
Kodak will fund the environmental trust fund to be managed by the state Department of Environmental Conservation, upon approval of Kodak’s reorganization plan. The money will pay for remediation at the business park and the Genesee River.
The agreement calls for Recycled Energy Development LLC to own and operate utilities at the business park.
It also calls for Kodak to maintain a critical mass of its operations at the business park, including a variety of advanced manufacturing operations, the Kodak Technical Center. It also calls for Kodak to lease space to two companies at the business park it intends to sell as part of its bankruptcy.
The business park holds 35 companies with total employment of more than 6,000.
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