The Blue Earth City Council has approved a property tax abatement agreement with Devenish Nutrition tied to planned renovations at its 140,000 square foot facility.
Devenish plans to invest about $1.5 million in improvements to the existing building, with renovations expected to begin by November 1st and be substantially completed by April 30th.
The company plans to begin operating the site as early as February.
Under the agreement, the city will reimburse $15,000 in property taxes annually for the first five years, followed by $25,000 annually for five years, beginning with taxes payable in 2028.
The total city abatement cannot exceed over $200,000 over the ten year perior.
The agreement also requires at least ten jobs paying a minimum of $20 an hour.
The property sale is expected to close around October 1st.
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