CLINTON, Iowa -- Agribusiness giant Archer Daniels Midland plans to make $106 million in improvements at two Iowa corn processing plants pending approval of tax incentives, officials said.
The company plans to invest $44.7 million at its Cedar Rapids plant and $62.1 million at it's Clinton plant, said Hugh LaMont, president of the Clinton Area Development Corporation.
"It's a number of different improvements that will take place over the next couple of years," he said.
Improvements include efficiency improvements, safety upgrades and environmental controls. More details will be announced at a Clinton City Council meeting on Tuesday.
Decatur, Ill.-based ADM is seeking support from the council for participation in the Iowa Department of Economic Development's New Jobs and Income Program, which offers tax incentives and other benefits.
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Along with the improvements, ADM will add at least 15 new non-management jobs, according to documents filed in Clinton and Cedar Rapids.
Farmland given more time in bankruptcy
KANSAS CITY -- Farmland Industries has another month to disclose how much of its $800 million-plus debt it expects to be able to repay to unsecured creditors.
The disclosure plan was to have been filed by June 30 in U.S. Bankruptcy Court. There were no objections to the agricultural cooperative's fifth request for more time, and the delay until July 31 was granted by Bankruptcy Judge Jerry Venters.
Farmland filed for Chapter 11 bankruptcy protection in May 2002. In its motion asking the delay, the nation's largest farm cooperative said it was in sensitive negotiations over the direction of its remaining pork business..
The company previously said that it was negotiating with possible buyers of its pork business but that if it didn't get a sufficient offer, it would propose that it continue operating the business and pay creditors back over time.
House OKs special bankruptcy provisions
WASHINGTON -- The House passed legislation last week to extend for six months special bankruptcy protections that allow family farmers to hold onto their assets while reorganizing debt.
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The 379-3 House vote would extend the protections beyond their June 30 expiration until Dec. 31. The Senate is expected to act quickly on the House version, sending it to President Bush for his signature.
The provision -- Chapter 12 of the U.S. Bankruptcy Code -- gives family farmers filing for bankruptcy extra room to protect their land and equipment from creditors while pulling themselves out of debt. A family farmer is defined as having debts of less than $1.5 million, 80 percent of which comes from farming operations.
House Judiciary Chairman James Sensenbrenner, R-Wis., who introduced the bill, said the extension is needed because other bankruptcy laws do not adequately protect farmers. He also noted that Chapter 12 filings have risen more than 60 percent over the past year.
Grassland Reserve sign-up began June 30
WASHINGTON -- The first sign-up for the Grasslands Reserve Program will begin nationwide on June 30. The 2002 farm bill amended the Food Security Act of 1985 to include authorization for the program.
Privately-owned grasslands and shrublands cover more than 525 million acres in the United States.
Applications will be accepted on a continuous basis as local USDA service centers. Once funding has been exhausted, eligible applicants will remain on file until additional funds become available.
Ag secretary Ann Veneman announced that $49.9 million in fiscal year 2003 funds are available to implement GRP. GRP offers producers several enrollment options: permanent easements, 30-year easements, rental agreements from 10 years to 30 years and restoration agreements.
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Garst Seed names Suter as farm liaison
SLATER, Iowa -- Garst Seed Company has named Eugene Suter as farm management liaison for the company.
Suter's role will be to work with farm managers to provide agronomic outlooks, product information and other resources that will help managers.
Suter has already established a farm management task force.
Garst is headquartered in Slater.
