The Monroe County Board of Supervisors inked a resolution sponoring Cargill’s application to the Iowa Economic Development Authority’s High Quality Job program that will serve as the final piece in the puzzle to a $128.3 million “project upgrade” at the Iowa Biotech Center near Eddyville.
Albia Industrial Development President Dan Tometich attended Tuesday’s meeting to describe the project that will include the $128.3 million in upgrades, along with 17 jobs averaging $80,000 per year in salaries. There will be 11 production jobs, one research manager’s position and five research development positions.
Monroe County will offer the same kind of tax abatements it has offered companies (like Relco) in the past which includes a seven year incremental tax abatement. The tax abatement will save the company about $1.2 million in taxes over the seven-year period. Eventually, the project will contribute about $350,000 in new property taxes each year.
The project includes about $12 million in new building construction (including new office space, wastewater treatment upgrades and ethanol production upgrades), $113 million in machinery and equipment and $3.3 million in research and development.
“This is a really good project,” said Tometich.