(Red Oak) The Red Oak City Council this week approved a Tax Increment Financing agreement with A & M Green Power. The new facility will be located on Fourth Street on the West side of Highway 34.
“We listened to a presentation by Randy McCunn of A & M Green Power talking about the facility they planned to construct on the north part of Red Oak,” stated Red Oak City Administrator Brad Wright. “Their estimated construction cost is $4.7 million for a facility that will house their service and sales center for John Deere tractors and all the retail that goes along with that.”
Wright adds, “it is going to be a beautiful facility and the council was supportive, so we will be working on a development agreement between the city and A & M Green Power.”
The details include; 75-percent abatement the first year, which would then be reduced by 15-percent each year. The new facility would have a valuation estimate of $4-million to $4.7 million which gives the implement company either a $454,000 or $386,000 incentive.
The company currently employs 300-people, 31 of those employees are in Red Oak. Construction is scheduled to start this summer, with completion slated for sometime in 2014.
April 26, 2013