The Iowa Economic Development Authority on Friday approved $6 million in tax breaks and refunds for Cargill Inc., whose new chemical production line will employ 14.
The Monroe County Board of Supervisors added $5.5 million in tax abatement. IEDA determined Monroe County is “distressed” economically.
The $230 million project will include wages of at least $17.46 per hour for the 14 jobs, the state reported.
The new production at the $1 billion corn-milling plant will be a bio-based chemical to be used in packaging, resins, fibers, paints and coatings, the company reported. It already makes corn sweeteners and food additives at the 2,000-acre campus.
Cargill plans new production facilities with added bioprocessing and fermentation equipment, and an improved wastewater-treatment facility.
The economic development board also approved $25,000 proof of commercial relevance loans to these startups:
- Curiosity Labs, a data acquisition company in Ames, that develops computer platforms to use a camera to detect crop parasites.
- Providence Data Technologies, operating as Distynct, which uses artificial intelligence and smart camera technology to help producers monitor hogs.
- Dhakai of Cedar Falls, a business-to-business online sourcing marketplace for apparel companies.
- DeWitt-based mobile and web platform FarmHand App, which helps farmers and ranchers find people to hire.