The Ag Innovation Campus (AIC) processing plant in Crookston, MN, has officially ceased operations, marking the end of a bold venture aimed at fostering agricultural innovation. The announcement comes after years of effort by the AIC Board of Directors and the support of various stakeholders, including research organizations, private investors, and public institutions.
The AIC, which was conceived as an incubator for agricultural innovations, aimed to create jobs, foster new products, and increase the value of agriculture in Minnesota and beyond. Minnesota Governor Tim Walz lauded the initiative at its groundbreaking, recognizing its ambitious goals.
Despite early successes and strides in establishing innovative processes for value-added soybean products, the AIC faced financial challenges. Funding for the project came primarily from loans advanced by Ag Country Farm Services, as well as private investments and institutional grants. However, the AIC Board has now decided to bring the project to an end.
The AIC has made an Assignment for the Benefit of Creditors, a legal process allowing creditors to recover their funds through the sale of the AIC's assets. The assignment places Alex Smith of Creative Planning Business Alliance, LLC as the designated assignee or receiver, responsible for handling the sale of assets and distributing proceeds.
The AIC Board expressed deep gratitude for the community's support and the contributions made by various organizations.
The closure of the AIC plant is a significant moment for the region, but the Board remains proud of the efforts made to advance agricultural innovation.
