Sustainable Beef LLC, the Nebraska firm that announced plans to build a 1,500-head per day beef slaughter facility in North Platte, will seek $21.5 million in tax increment financing (TIF) from the city. Sustainable Beef presented their proposal along with its formal redevelopment plan to the city this week, according to the North Platte Telegraph.
The plan will be reviewed by the Community Redevelopment Authority on Nov. 2 to determine if the proposal will be referred to the city council and planning commissioners for public hearings and votes by the end of the year, the North Platte Telegraph reported.
Sustainable Beef’s plans include $142,000 for an 80-acre retired city sewer lagoon as the site for the proposed 555,000-swquare-foot facility. Plans to raise the height of the lagoon are projected to cost $18 million. Total construction costs are estimated at $280 to $325 million. Sustainable Beef said it has initial investor equity of $185 million and the rest of the construction cost covered by a lender.
North Platte city officials also released a study from Creighton University economists that estimated Sustainable Beef and the businesses it would lute to North Platte could generate an average of 1,974 combined jobs and $1.16 billion in economic output by 2024.
City officials also released a companion study in which Creighton University economists Ernie Goss and Scott Strain estimate Sustainable Beef and the businesses it would lure to North Platte could generate an average of 1,974 combined jobs and $1.16 billion in economic output by 2024. Once operational, the new processing facility is expected to employ 875 workers.
