The Albany Port District Commission has approved a proposal to build an ethanol plant on port property which officials say it the largest development project in the history of the port.

According to the Albany Times-Union, the developer, Albany Renewable Energy LLC, would bring in 60 million bushels of corn annually — about what is produced in all of New York state — from regional and Midwest farmers.

The plant still needs to obtain financing and permits from the state Department of Environmental Conservation before construction can begin. Company officials say construction would take 6 to 12 months.

The Schenectady Gazette reports that the plant will be designed and built by ICM Inc. of Kansas, and that the company is also looking to acquire the rights to build another smaller production facility at the port. The total cost of the two plants could reach $350 million.

Albany Renewable Energy plans to send processed ethanol from its plant by barge to terminals at the major ports in Boston, New York City and Philadelphia.