Boone County Commission approves tax abatement for $200 million Italian meat plant
COLUMBIA, Mo. (KMIZ)
Swift Prepared Foods $200 million Italian meats processing plant is one step closer to setting up shop in Columbia.
Thursday afternoon, the Boone County Commission approved the company's Chapter 100 bond application for a 75% tax abatement that applies to its personal property and real estate taxes.
Boone County Presiding Commissioner Dan Atwill said the plant will be beneficial for the local economy.
"[The plant] brings jobs to the community that meet certain wage levels, so these are good and sustainable jobs," Atwill said.
The company plans to create 251 new full-time jobs over a four-year period with an average annual wage of $52,693. Jobs will range from warehouse work to upper-level management.
Swift Prepared Foods has reserved the right to back out of the project, however, Atwill said the commission has never had a company go this far in the process and choose to change course.
"I think they will go ahead with the project, I asked what the schedule for their activities is and I think they may break ground in the next couple of months," Atwill said.
Swift Prepared Foods was looking to place this facility in a number of different locations throughout the Midwest. If it lands in Columbia the plant could start operations next year.
The property under consideration for the site would generate more than $14,000 in tax revenue over the next 10 years. However, under the new plan, it would generate more than $3 million in taxes.
Bernie Andrews, the Vice President of the Regional Economic Development Inc said Columbia City Council must also sign off on the project. The council will start discussing the future plant in March.
