BREAKING NEWS Minnesota health officials announce 5th Coronavirus-related death as positive tests hit 441 Full Story
SEVERE WX : Wind Advisory View Alerts
CLOSINGS: View Closings

Mason City approves development deal with Golden Grain Energy

Tax rebates will be granted for company's new expansion project.

Posted: Dec 3, 2019 8:29 PM
Updated: Dec 4, 2019 7:11 AM

MASON CITY, Iowa – The City Council has unanimously approved a new development agreement with Golden Grain Energy.

The ethanol processor has begun a $23,000,000 expansion of its Mason City plant, something that is expected to create 10 new jobs. To help out the project, Mason City has now agreed to provide an annual property tax rebate of up to $2,000,000 on the Golden Grain expansion as long as the company creates 10 new jobs by the end of 2021 and maintains at least five of those new jobs through the length of the 10-year development agreement.

If the company does not meet its job commitment, the development agreement will be suspended and they will have to repay the city the most recent tax rebate.

The deal approved Monday night is similar to a previous 10-year development agreement between Mason City and Golden Grain. That deal ended in June and the city is now collecting 100% of the property taxes on Golden Grain’s Mason City plant, which has an estimated value of almost $19,000,000.

Article Comments

Mason City
Overcast
44° wxIcon
Hi: 50° Lo: 36°
Feels Like: 44°
Albert Lea
Overcast
41° wxIcon
Hi: 44° Lo: 34°
Feels Like: 35°
Austin
Scattered Clouds
45° wxIcon
Hi: 47° Lo: 37°
Feels Like: 41°
Charles City
Broken Clouds
52° wxIcon
Hi: 50° Lo: 36°
Feels Like: 52°
Rochester
Overcast
42° wxIcon
Hi: 44° Lo: 34°
Feels Like: 36°
Severe weather Saturday before the sun comes out
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Albert Lea Fire Reassurance Program expanded

Image

Mayo's Madsen brothers prepping for Cincy

Image

First full day of stay at home order in Minnesota

Image

Sean Weather 3/28

Image

Weekend setup for rain, storms, and snow

Image

Seniors give their best quarantine advice

Image

Coronavirus claims Alden coffee shop

Image

How Corona Impacts Weather Forecasts

Image

Man Missing after boat accident

Image

Minnesota girl's basketball all-star series highlights athletes without games

Community Events