News Column

County vote on cereal plant abatement slated

January 28, 2014

By Brad Kellar, The Herald Banner, Greenville, Texas

Jan. 28 -- GREENVILLE -- The Hunt County Commissioners Court intends today to take a second vote to give a tax break for a cereal company planning to come to Greenville . After approving a tax abatement agreement last month for International Grains and Cereal, the commissioners are scheduled to vote on an amended version of the agreement during the regular session, starting at 10 a.m. inside the Auxiliary Courtroom, 2700 Johnson Street in Greenville . Details of the amended agreement were not immediately available. Both the City of Greenville and Hunt County voted in December to approve both a tax abatement and tax reinvestment zone for International Grains and Cereal. The city and county were competing against locations in Kansas and Oklahoma for the facility. The company is wanting to commence operations inside the former Lance plant at 6902 State Highway 66 in Greenville . Under tax increment reinvestment, also known as tax increment financing, a portion of the taxes assessed on increased property values is used to help repay the investment provided to install the infrastructure needed in the zone. International Grains and Cereal is expected to provide an estimated 50 jobs and invest more than $18 million for the facility and machinery. The company was seeking a 60 percent tax abatement on increased value for six years on real property and a 60 percent tax abatement for four years on business personal property. International Grains and Cereal intends to produce corn based products with proprietary technology to serve the US, Canadian, Central American, Caribbean and European markets. ___ (c)2014 The Herald Banner (Greenville, Texas) Visit The Herald Banner (Greenville, Texas) at Distributed by MCT Information Services

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Greenville Herald-Banner (TX)

Story Tools