Minot, N.D., group recommends aid for milling companyA Minot committee is recommending $350,000 in startup money for an Idaho milling company to open a plant in the city's industrial park.
By: Associated Press,
MINOT, N.D. — A Minot committee is recommending $350,000 in startup money for an Idaho milling company to open a plant in the city's industrial park.
The Minot Daily News reports that Midwest Milling has proposed investing more than $6 million in an oats and barley processing facility in Minot. The money from the city's Magic Fund would go toward building a rail spur to bring in raw products to the facility.
A Magic Fund screening committee has recommended the city council approve the request.
The financial package includes a $200,000 grant and a $150,000 loan that will be forgiven if the company employs nine people by 2015 and sustains the jobs for three years afterward.
Copyright 2012 The Associated Press.