ADM: Ill. to set precedent with past perksArcher Daniels Midland Co. says perks Illinois gave to Sears Holdings Corp. and other companies set a precedent that ADM would like to see followed as it tries to get tax breaks.
By: David Mercer, Associated Press
CHAMPAIGN, Ill. — Archer Daniels Midland Co. says perks Illinois gave to Sears Holdings Corp. and other companies set a precedent that ADM would like to see followed as it tries to get tax breaks.
ADM has announced plans to move its headquarters from Decatur, Ill., but hasn’t settled on a new location yet. The Illinois General Assembly is considering giving the company up to $24 million in tax breaks to stay in the state.
That bill has gotten a cold reception from lawmakers and a threat of a veto from Gov. Pat Quinn if lawmakers don’t deal with the state’s pension problem first.
Illinois offered tax breaks to Sears to keep its headquarters in suburban Hoffman Estates and to ADM competitor Tate & Lyle to keep its North American headquarters in Illinois when it decided to leave Decatur a few years ago.
Tate & Lyle moved its headquarters to Hoffman Estates after receiving a deal for $15 million in incentives. The Sears deal included about $100 million
ADM says it wants to move about 100 high-level jobs to a new global headquarters in a city with an airport that offers easy access to its overseas operations and a strong talent pool to hire lawyers, marketers and others from. Another 100 or so new IT jobs would be created there, too. The company would leave some 4,400 jobs in Decatur, which would become the company’s North American headquarters.
The incentives bill was harshly criticized by Democratic lawmakers during a legislative hearing earlier this month,Quinn’s office did not immediately respond to a request for comment Tuesday.
ADM hasn’t said which cities it is considering, but Podesta says the list is short. Officials in Chicago have said they’re on that list and news reports have placed St. Louis and Minneapolis on it, too.