The Warren County Commission approved more than $900 million in bond money for the new American Food Group's plant near Wright City, Missouri.
The Warren County Commission authorized issuing its Taxable Industrial Revenue Bonds Series 2023 as part of the new AFG project.
The bonds were approved Sept. 19.
The bonds are purchased directly by the company, according to Warren County Presiding Commissioner Joe Gildehaus.
The bonds are being used to accommodate the private investment being made by AFG, Gildehaus said.
The first is not to exceed $800 million for the purpose of providing money to pay the costs of acquiring, constructing and equipping a facility for the project.
The second is not to exceed $114 million for a new wastewater treatment plant.
“In a highly competitive environment for attracting new jobs and investments to the community, it is important to respond in a competitive manner,” Gildehaus said.
“The benefits of this bond project are specifically designed to offset development costs and infrastructure costs being borne by the company.”
Gildehaus said that the economic benefits to Warren County, which are estimated to be more than $1 billion annually plus the 1,377 jobs, will provide “tremendous immediate and long-term benefits” to the county.
“In the absence of this program, the project would not be happening,” Gildehaus said.
About the author: Jason Koch is the editor of The Warren County Record, and covers local news and government for the newspaper. He has won multiple awards from both the Indiana and Illinois APME and from the Illinois Press Association. He can be reached at 636-456-6397 or at firstname.lastname@example.org