A growing agri-technology company could receive a 10 year property tax abatement as it plans a major investment in Blue Earth.
The Blue Earth City Council is being asked to approve a tax agreement for Devenish Nutrition, which plans to purchase the former Nortech building in the West Industrial Park. The company says it would invest about $1.4 million in improvements after purchasing the property for roughly $1.5 million.
The proposal would cap the city’s share of property taxes at $12,500 annually for the next 10 years, with taxes above that amount abated through a development agreement.
Headquartered in Fairmont, Devenish Nutrition provides animal nutrition products and services across the U.S. and Mexico. The company plans to use the Blue Earth site as a warehouse and distribution center, creating 5 to 10 jobs initially, with employment expected to grow to about 20 positions within two years.
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