SERGEANT BLUFF, Iowa (AP) — An Omaha, Nebraska, soybean processor has proposed a nearly $72 million expansion of its soybean-crushing plant south of Sioux City and is seeking nearly $1.5 million in state and local money to help finance the added capacity.
Ag Processing Inc.’s expansion of its Sergeant Bluff plant is expected to be completed in the fall of 2023 and would create two new jobs, the Sioux City Journal reported. The complex currently employs 128.
“AGP currently processes only a fraction of the soybeans grown in the region," a report to the Iowa Economic Development Authority Board released Thursday said. “Since production of soybeans has and is expected to continue to grow, AGP does not believe there will be a significant impact to other current users of these inputs.”
The board is considering AGP’s application for $842,000, including $500,000 in investment tax credits and $342,000 in sales, service and use taxes paid during the construction. The state assistance is contingent on a local government match of nearly $580,000 in tax breaks from Woodbury County over five years.
The plant complex has seen several expansions over the years. In 2017, the co-op constructed a $90 million vegetable oil refinery, which refines beans at the site, and also completed a $38 million expansion of its biodiesel plant.
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