BPW approves $100 million AGP agreement

Ag Processing Inc. will be moving ahead with a $100 million expansion project at its soy processing facility in Hastings thanks to an economic development agreement with the city and the final approval of the deal given Wednesday by the Board of Public Works.

AGP announced its intent to expand its Hastings operations in August, but said the project was pending utility and tax incentive discussions with city and county officials. The consent of the BPW marks the last of those negotiations.

"This will be a great asset to the city and we appreciate the hard work of staff members on this project," said BPW acting chairman Jeanette DeWalt at the meeting.

The board has been discussing Hastings Utilities' contribution to the AGP agreement in several executive sessions over the past month. HU staff and the board will give AGP reduced utility rates through a partial rate reduction incentive program initiated by the city, HU and the Hastings Economic Development Corp. in 2012.

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