FORT DODGE, Iowa - The planned Cargill Inc. corn milling operation west of Fort Dodge has been awarded a $2 million loan and tax credits worth up to $603,000 from the Iowa Economic Development Board.
The Department of Economic Development said that half of the loan will be forgiven and the other half will be repaid over five years with no interest.
The tax credits will come in the form of a refund of sales, service and use taxes paid during construction.
Cargill, which is based in Minneapolis, bought the unfinished Tate & Lyle corn ethanol plant last month for $57 million according to The Messenger newspaper.
The plant is expected to employ 104 people and begin operating in 18 to 24 months.
Cargill spokeswoman Nicole Reichert said the plant will make 115 million gallons of ethanol annually.
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