(Storm Lake)– Supervisors in Buena Vista county have approved the first reading of an urban renewal area Tax Increment Financing ordinance pertaining to the Platinum Crush soybean crushing plant that is being constructed between Storm Lake and Alta. Tax Increment Financing is a public economic development tool for subsidizing development and infrastructure up-front. The city councils in both Storm Lake and Alta have approved the urban renewal area, which was necessary since it is within two miles of both communities.
Next Tuesday at 9am, the Supervisors will hold a public hearing regarding the development agreement between the county and Platinum Crush. That will be followed by the second reading of the urban renewal area ordinance.
One of the Platinum Crush project developers, Mike Kinley, previously said that fundraising for the plant has been going well. Platinum Crush plans on releasing more information on their fundraising efforts either later this month or in early April.
(Courtesy Community First Broadcasting station KAYL in Storm Lake)
