ANTHON, Iowa (KTIV) -
Farmers in Anthon, Iowa, and the surrounding area will soon have another option to drop off their grain this harvest season.
The new facility will not only help out the farmers, but the residents of Woodbury County, as well.
On Friday, officials from Platinum Ethanol, which produces the renewable fuel in a production facility near Arthur, Iowa, got one step closer to building a new grain elevator near Anthon. Named Platinum Grain, the new $5 million grain elevator will be a closer option for farmers.
"I think they're very excited to have a new spot to dump grain. To go shorter than 5-7 miles at their busiest time of year, they're very excited to have another asset out there," said Nick Bowdish, General Manager for Platinum Ethanol.
The residents of Woodbury County will benefit, as well.
"TIF processes have not existed in this county yet. It occurs in many other areas obviously Sioux City has been using TIF for years but counties are starting to get into the game of economic development," said Rob Marqusee, Woodbury County Rural Economic Development Director.
TIF, which is tax increment financing, will be used on expected future gains in taxes to help finance improvements and the funding of the construction, right now.
"So it depends what ultimately the assessed and taxable value are of the facilities. They've estimated at $1.7 million investment for the first phase," said Marqusee.
The business, which will be spread over 20 acres, will bring in one-full time job with the potential of hiring more.
"But as the facility grows certainly it can grow into multiple positions, maybe as many as 3-5," said Bowdish.
With a proposed total capacity of 1.5 million bushels, "planting" this business should mean growth for the AG industry this season.
"There are about 100 farmers who are going to reduce their overall cost and increase their overall income in their grain business," said Marqusee.
Construction is set to begin this spring.
It could be done in time for the fall harvest.
