The Cedar Rapids City Council has approved Cargill's plan to invest tens of millions dollars in one of its plants.
The total sum of what Cargill wants to invest is more than $37.6 million.
At Tuesday's meeting a Economic Development Analyst for the City presented the ag company's plan to the city council. Counselors then voted on a resolution that will require the City to help them in their efforts which passed unanimously.
The money from Cargill will be used to invest in a 27,000 square foot expansion of their facility on C avenue Northeast.
$31.5 million will go towards things like updated machinery, equipment, and design. More than $6 million will be used for construction.
The City will also have skin the game. Over a 10 year period the City has agreed to exempt Cargill from $367,700 in taxes. The city also will sponsor Cargill's application to get tax credits from the state for which the company hopes to get $429,800 in incentives.
The project will create no jobs but it will keep 48 in Cedar Rapids and is expected to generate $2.1 million in tax revenues over the next decade.