The Fairmont, MN, City Council unanimously approved a 10-year tax abatement for CHS Inc. on Monday, but council members stressed that the soybean-processing plant take steps to address safety issues caused by semis backed up on the road during peak times.
The Fairmont Sentinel reports the company, which will continue to pay taxes on the existing property, requested the abatement on $5.3 million of a proposed $100 million capital investment, or $59,000 per year for the city’s share.
Brandon Nordstrom, CHS plant manager in Fairmont, and Tom Malecha, senior vice president of the processing and food ingredients division, told the council that five additional storage buildings will be added and two existing ones will be modified, enabling the plant to increase capacity and processing by 30% a year. They estimated the project will be completed by the end of 2021.
