State awards $10M in incentives to Buena Vista County soybean crushing plant
The Iowa Economic Development Authority has awarded more than $10 million in incentives to a soybean crushing plant in Buena Vista County, a project that will create 51 jobs that will pay a qualifying wage of $22.32 per hour.
The award was among a list of four projects that were awarded incentives today that total nearly $13 million. Combined, the projects will create more than 130 jobs.
The largest award was to Platinum Crush LLC to develop a $350 million soybean crushing plant near Alta, in northwest Iowa’s Buena Vista County.
According to IEDA documents, the plant, when it becomes operational in 2024, will crush 38.5 million bushels of soybeans a year, or about 110,000 bushels each day. The company will produce soybean oil that can be used for livestock feed, the human food industry and the renewable biodiesel sector.
Buena Vista County has also approved a 15-year 65% tax increment finance rebate valued at more than $4.6 million for the project, IEDA documents show.
Other awards approved today:
- $1.521 million to Hydrite Chemical Co. in Waterloo for the construction of a 13,500-square-foot office and 9,600-square-foot maintenance shop. The company, which has expertise in chemical distribution, food and dairy sanitation, food ingredients, organic processing, and water treatment, also plans to expand its transportation fleet and add a 10,000-square-foot tanker wash and chemical loading facility, and a 41,000-square-foot warehouse. The $21.3 million project will add 20 jobs that pay a qualifying wage of $20.01 per hour.
- $458,913 to Cold-Link Logistics Sioux City LLC, for the purchase of 40 acres and the construction of about 185,000 square feet of cold storage space, office and retail space, truck docking area and other site improvements. The more than $58 million project will create 60 jobs, 56 of which will pay a qualifying wage of $23.06 per hour.
- $700,000 to Cargill Inc. in Fort Dodge to expand value-added corn production for its food ingredient market by adding a new process building, process tanks, storage tanks and transload capacity. The nearly $48.3 million project will not create any new positions.