Council approves tax breaks for company
The Greenville City Council voted Tuesday to grant a tax abatement and establish a tax reinvestment zone for International Grains and Cereal LLC.
A company is wanting to commence operations inside the former Lance plant at 6902 State Highway 66 in Greenville.
International Grains and Cereal intends to initiate manufacturing operations in the facility, which had most recently been occupied by Fritz Industries, which in turn is opening a manufacturing and office facility in the former Newell-Rubbermaid plant.
Under tax increment reinvestment, also known as tax increment financing, a portion of the taxes assessed on increased property values is used to help repay the investment provided to install the infrastructure needed in the zone.
International Grains and Cereal is expected to provide an estimated 50 jobs, all but nine of which will exceed the average wage in Hunt County, and invest more than $18 million for the facility and machinery.
The company was seeking a 60 percent tax abatement on increased value for six years on real property and a 60 percent tax abatement for four years on business personal property.
The council took multiple votes Tuesday, all unanimous, to establish the reinvestment zone and approve the tax abatements.
The company will also be seeking the same abatements from Hunt County.
International Grains and Cereal intends to produce corn based products with proprietary technology to serve the U.S., Canadian, Central American, Caribbean and European markets.