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December 9, 2013

Tax reinvestment zone sought for cereal company

GREENVILLE — The Greenville City Council is scheduled to vote Tuesday on establishing a tax reinvestment zone for the former Lance plant, which is to be the home of International Grains and Cereal LLC.

A public hearing is scheduled during the council’s regular session, starting at 6 p.m. Tuesday, regarding the proposal to create the zone for the site at 6902 State Highway 66 in Greenville. A council work session is scheduled for 5 p.m. Tuesday.

The Greenville Board of Development announced in August that International Grains and Cereal intended 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.

In a memo to the council, Greenville Board of Development President CEO Greg Sims said the proposal has been recommended for approval by the board and the Reinvestment Zone Advisory Committee.

 “The project will create an estimated  50 new jobs  and all but 9 jobs are estimated to exceed the average county wage of Hunt County,” Sims said. “The company’s estimated investment will exceed $18 million for the facility and machinery.”

The company is 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.

Sims said in the memo the company would be seeking the same abatements from Hunt County.

International Grains and Cereal intends to produce corn based products with proprietary technology to serve the US, Canadian, Central American, Caribbean and European markets.

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