The Herald Banner, Greenville, TX

December 2, 2013

Tax reinvestment zone sought for cereal plant

By BRAD KELLAR
Herald-Banner Staff

GREENVILLE — A tax reinvestment zone is being sought for the former Lance plant in Greenville, which is to be the home of International Grains and Cereal LLC.

A public hearing is scheduled during the Greenville City Council regular session December 10, regarding the proposal to create the zone for the site at 6902 State Highway 66 in Greenville.

The Greenville Board of Development announced in August that International Grains and Cereal intended to initiate manufacturing operations in the facility, most recently been occupied by Fritz Industries, which 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 intends to produce corn based products with proprietary technology to serve the US, Canadian, Central American, Caribbean and European markets.

The purchase and retrofit of the facility is expected to exceed $18 million over time and the company intends to employ up to 50 personnel in Phase 1 of the project, with plans for future expansion.