CEDAR RAPIDS, IOWA, U.S. — The Cedar Rapids City Council on Jan. 8 gave preliminary approval for a planned $37.62 million expansion and facility modernization at Cargill’s Cedar Rapids east soybean processing plant, according to The Gazette.
The newspaper noted that Cargill plans to use approximately $31.5 million to install and upgrade machinery and equipment, design and engineering. The remaining $6.12 million is earmarked for building construction and site preparation.
The Cedar Rapids City Council passed a resolution in support of Cargill’s application to Iowa Economic Development Authority for $429,800 in tax credits. The council also agreed in principle to provide a local match, which is estimated to be valued at $367,700 in tax breaks over 10 years, The Gazette said.
“Any time you see an existing business invest and reinvest in the tens of millions dollars, it points out why they want to be in Cedar Rapids and their long-term commitment not only to keep the high quality jobs but also the offshoots of having those high quality jobs here,” said Scott Overland, a member of the Cedar Rapids City Council. “I feel very good about a company investing $37 million in their existing facility for the long term.”
Cargill has approximately 400 employees in Cedar Rapids. The company operates east and west soybean plants in the city, a corn milling plant in southeast Cedar Rapids and Diamond V, an animal nutrition company that Cargill acquired in 2017.